I personally use this online broker and they are hands down the worlds best broker for serious penny stock traders. Most brokers either will not allow their customers to trade penny stocks (stocks priced under $5.00) or they will allow it, but provide terrible executions and have high commissions.
For this reason I suggest avoiding most brokers including brokers such as Scottrade, Zecco, Questrade, Fidelity Investments, Sogotrade, Thinkorswim, Investrade, Firstrade, Sharebuilder, Just2trade and TD Ameritrade. Like any other broker if you want to be an active day trader and places more than 3 day trades in a 5 day period, then you must maintain a balance of at least $25,000. For this reason some of these brokers may take up to several minutes to exectute your trades at times and in volatile penny stocks, this can result in your losing thousands of dollars. You need a broker that will allow you to to get in and out of penny stocks quickly, and provide low commissions so that your profits are not eliminated by transaction costs.
A big reason 95% of people lose at trading is because they do not have access to these features that the best penny stocks broker provides.
This rule is definitely a hinderance but you certainly can overcome it pretty quickly once you acquire a trading strategy that works and can execute your strategy through the best penny stocks broker.
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