Are there any good brokers out there for otc bb stocks ? Ideally direct access , fast executions and cheap like IB.
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.
I think you can use datek, but it must be a complete hassle to do that and aggregate accounts for a hedge fund.
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 .
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.
"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)