Many online brokers are suited quite well for penny stocks, others, however, are horrible. The first and foremost feature to check is share limitations. With penny stocks you will be purchasing as many as a million shares or more at a time. A half a penny extra per share over say 1000 shares doesn't sound like much, but a million shares will cost you an extra 5000 dollars, and thatâs just to get in. Most brokers that offer no share limitations typically charge a tiny bit more per trade, but it is definitely worth the cost. 1) With all of the online brokers today, which one best fits the description? 2) Can you buy penny stocks with options? Calls, puts, ect.