Penny Brokers - How Do I Know The Right One For Me?

So, you've decided to switch brokers or better yet you are here because you haven't picked one

. If you're switching, then you should list out what you didn't like about the previous broker. Also, list out what you liked about them. Now with these two lists on hand, lets go over your options.Brokers come in two varieties:1) Full Service BrokerA full service broker usually gives a lot more personal attention to you - the client. They will first ask you about your investment objectives and goals. Once they have a better idea of what sort of returns you are looking for in the short and long-term they will suggest different investments to help you meet your goals. Not only will you get advice, but guidance through the trading transaction including timing and price. What will all this cost you? As you can expect, full service brokers don't come cheap.The commission is usually $100 or more. It depends on what other bells and whistles are being offered. Wondering why there is a need for full-service brokers? Investors with large portfolios or those need more guidance and have less time to spare for investing but have the funds to grow should use these brokers. When you use a full-service broker you will not be trading that often. For those looking to invest in penny stocks, a full-service broker might not be the best idea. You are more likely to be investing smaller amounts frequently. Also, these commissions will take a large bite out of your profits. Lets go over a broker that will help you out more.2) Discount BrokerUnderstandably, these brokers don't offer all the services that full-service ones do. You will get the level of service you require for quick and efficient trade execution. These brokerages advertise a lot on TV. There is one where the brokerage is trying to show you that buying stocks is so easy a baby on the screen can do it. There are others but the message is the same. Why pay extra for advice that might not even help you beat the market? We couldn't agree more.So what services should you look for in a discount brokerage?You should be able to access it online and also be able to speak to an agent with basic questions. Through the online access, you will be able to track your activity, place different types of orders and get up-to-date market information. Some discount brokerages even give you real-time quotes for a small additional fee. You should have access to your account 24 hours a day, 7 days a week especially if you are going to be investing in penny stocks.


Penny Brokers - How Do I Know The Right One For Me?

By: Mike Singh

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