Hey guys, in this video, I'm just gonna cover a question I get a lot, which is, you know, what broker? Should I trade? How should I pick a broker? Which one's the best which one's the best for shorting which one's the best for going long. So, I just wanted to make a relatively short video on, on how to pick a broker and how to find one that fits your needs. So I'm just going to cover a few of them.

If you guys want me to talk about one that I haven't covered, just leave a comment or contact me and I'll make a video on a specific broker. But for now, I have a list of a couple that I'm going to go through to discuss with you guys that are used for penny stock trading. So one of the most, I guess. Popular brokers is TD Ameritrade. And the reason for that is because they have this great platform called thinkorswim. Which is, first of all, they provide free level two I've talked about it before, if even if you don't trade with these guys, you want to have an account with them, because they provide free level two.

So you know, saves you money. Okay saves you different platforms that have you pay $50 a month, $100 a month, I think sure a trader charges you 40 or $50 a month to have level two access. But you can get it for free with TD Ameritrade. And they don't require any minimums, though, if you want a margin account with them, you have to put up a minimum of 2000. But if you just want to have a regular account, which I wouldn't recommend, but hey, you got to start somewhere. Right.

TD Ameritrade is is a good one. They have a thinkorswim which is a great trading platform. And one that I use even today. And Timothy Sykes used to use it and it's just a great platform overall. And it's a very popular one because even people who don't engage in penny stock trading but you know, the article poco investors and the people who invest long term in stocks like Apple and Google and you know maybe your parents or you know you people out work that you know your colleagues or your co workers they probably use TD Ameritrade or even you probably have use TD Ameritrade or having an account with them just for your normal trades. Okay, and another one just like that is a trade.

Okay. Yeah, you can use them for for trading penny stocks, but they cost they have and some people do I did for a while. It's just about what you're comfortable with. These stocks don't really have. Sorry, I'm brokers. So, he traded like I said it they have no minimum.

It's a very popular one. But again, this is more like a mainstream broker. Okay, let's move on to ones that a lot of penny stock traders know about and that's sure trader Okay. Sure trader is one that a lot of people recommend some people like Timothy Sykes. And Tim Brittani and pretty much the reason they recommend it is because it allows you to get through the pattern day trader rule. Which if you don't know what that is, either you're lucky or you have because you have more than $25,000 or you haven't started trading yet.

So the pattern day trader rule, I have a video on it, but it's, it's Oh, sorry, they have Sorry about that. They just limit limits the amount of trading you can do so this because it's not the pattern day trading rule is a sec regulation that limits the amount of day trades that you can do unless you have more than $25,000 in your account. And the way shirt trader gets around this is that they're not based in the United States, so they don't have to follow that law. To me, that's kind of shady. I'm lucky enough though, that I don't have to worry about the $25,000 rule. And I'm not restricted to the pattern day trading rule.

So if you use that This is at your own risk. I have a video on it watch it, you know sure trader though the reason they're good though is because they have shares too short. They have a decent amount of OTC and pink sheet and lower price shares to short whereas the other ones that I mentioned TD Ameritrade in a trade technically or don't have them that often. Okay, the next one I'm going to move on to are kind of like the big guys okay, these are the ones that the top traders use. And these are the ones that are amazing for penny stock traders and what should be your goal to move on to and that's interactive brokers. This is an amazing one.

However, as you can see here, they require a minimum of $10,000. So as soon as you hit that milestone, you know first pat yourself on the back for having that much in your account, hopefully through day trading, but then definitely get an account with interactive brokers because they have very fast fills on your executions and they also If you're into shorting, they allow you the ability to reserve reserve shares too short. So they're just a really high quality ones that prioritize people who invest in OTC bebe and Pink Sheets and and lower price stocks whereas because they know their clientele is that whereas the other ones like TD Ameritrade and ETrade they're not trying to appeal to you so and then the this is almost like a top secret one this is what the big guys use a and by big guys I mean it's like the ones who trade with hundreds of thousands of dollars or millions of dollars and what we should all aim for.

And what you guys should definitely try to make as your milestone centrepointe securities with them you need a minimum of I believe $30,000 but they have super fast fills and I think they give you like special traders and special routing fees and brokers But in general, this is a good one to aim for once you have 30,000 or more but before I end this video, I just want to go over specific criteria that you need to know about your broker before you choose them. And that Sorry about that. That is definitely their pricing. You know the commission that they charge per trade, and that's usually very easy information to find. So you can see here TD Ameritrade charges about $10 per trader, okay, and you also have to see you have to watch out sometimes they charge you based on the amount of shares your trading, okay, so keep an eye out for that.

TD Ameritrade doesn't do that but you have to keep an eye out for that. Also, keep an eye out for some brokers require I mean, charge you more if you trade with lower price stocks, okay. And again, these are like the mainstream brokers because, like I said they don't appeal to penny stock traders or day traders. They appeal to more of the normal retail average person who just knows about stocks like Apple and Google and Twitter and get caught up in all that hype. So make sure you know, you know how much they're gonna charge you for a certain price of the stock. And then finally, you need to know about software fees, annual fees, recurring fees, but see, here's a great example.

Sure trader, it's great that they charge you only 495 per trade, but then here in the small writing they that's only up to 1000 shares. And then after 1000 shares, they charge you point 005 cents per share. Okay, and that doesn't sound like a lot, but if you're trading penny stocks and you're trading a small stock, and you buy 10,000 shares, it's gonna charge you an additional sorry, let me do the math here real quick. Oh my God, if you buy it, for example, you're trading a 10 cent stock, right and you're trying to buy 10,000 shares which is Isn't that much you're going to pay not only $5 for the trade, but an additional $50 in commission, so, you know, keep an eye out for that or else you'll get killed by the Commission fees. And then finally, one thing, the last criteria that you have to have to have to know about your broker is when or not when you can trade after hours, whether or not they allow it whether or not they charge you extra and their criteria on it.

You know, for example, TD Ameritrade allows you to trade pre market and after hours but not 15 minutes before or after. So, you know, as traders, it's important to know that, oh, I can trade from 915 to 930 right before the bell rings every morning. So, you know, definitely those are the criterias that you should know and look out for when you're trying to choose a broker. And the goal is to once you hit 10,000 And to move on to interactive brokers and then 30,000 to move on to places like centrepointe securities, unless you find one that you're comfortable with, then stick with that. But that's the video on how to choose a broker and which broker you should choose. And again, if you have any questions on a specific one, or if you want me to go into more detail about any specific broker, or criteria, just let me know, comment below, and I'll get on that as soon as possible.