otc bb brokers

Discussion in 'Retail Brokers' started by babe714, Dec 31, 2002.

  1. babe714


    Are there any good brokers out there for otc bb stocks ? Ideally direct access , fast executions and cheap like IB.
  2. Someone in the other thread said you can trade up to 300,000 shares for $12.95 at www.mytrack.com.

    Even if you could use IB (which you can't because OTC BB is not electronic) their current commission on 300,000 shares would be $1,500.

    You can open a cash account at MyTrack with just $500 minimum deposit.
  3. I think you can use datek, but it must be a complete hassle to do that and aggregate accounts for a hedge fund.
  4. babe714


    Someone in the other thread said you can trade up to 300,000 shares for $12.95 at www.mytrack.com.

    Yes 12.95 plus a bunch of per share charges depending on how you route the order. Still My Track looks like about the only software based direct access type set up I've seen .

    problem with Ameritrade/ Datek is they put your order on pending while they review it if its 50,000 shares or more . same with brokerage America , have to review it if its under 3.00 stock price , supposedly for our benefit . But I don't see how we'll benefit much from 5 minute market orders .
  5. tuna


    The 2 Ecn's that they offer are hardly ever showing in any bb stock anyway,Nite,Schb,Hrzg(Goldman) will get you in and out with no per share charges.
    I use Nite 95% of the time with no trouble,Goldman as a last resort because of their 100 fill hit and run games.

    Just as a side note that 300,000 figure changes with the price of the stock,It drops to 150,000 over a certain price,can't remember what that level is tho.
  6. "This limit is 50,000 shares/$500,000 for OTC Bulletin Board Securities for orders with stock prices $0.10 or higher, and 300,000 shares/$30,000 for orders with stock prices less than $0.10."

    So a 10 cent stock would be limited to 50,000 shares for $12.95
    (IB rates would be $500 for 50,000)
  7. And you can buy 300,000 shares of any stock that trades at or below .0016
  8. babe714


    Thanks a lot all, you guys were real helpful , think I'm going to go with My Track .
  9. Correction: IB rate for 50,000 shares would be $250. Sorry

  10. Who is "Nite"?
    #10     Jan 11, 2003