Who Is the Best Penny Stock Broker?

[savage1]

I ask this because until just now I was with Bank of America(and for that matter for many years) and had my discretionary penny stock account, which is made up of all penny stocks and which was linked to my checking account.
This in essence meant that I didn't have to do a thing-when I bought or sold a stock, all proceeds went into and out of my checking account via ach to take care of the transaction.
They also had great rates varying from $0 to max of $5 depending on how much money was in my checking account.
The problem is that now Bank of America has passed the torch to Merrill Lynch with my account and all acounts for that matter.
The biggest problem here is that Merrill will not allow you to buy any stock in the account if the overall holdings are already in excess of 10%.
Well since mine are 100%, it means that I have to look else where to buy penny stocks.
I called Merrill and told them that even though I have 100% of my holdings in penny stocks in this account(worth about 100k), I have another professionally managed account with good high quality stocks worth a lot more than this one, and that the penny stock account go to zero, and I wouldn't be affected very much-I also said I could provide them proof of this other account.
They said in short "Sorry no exceptions."
So far I looked around at Ameritrade;while they don't have any restrictions on what percentage of your account can be in penny stocks, they have some other absurd rule that on a otc stocks and in penny stocks in general, you have to wait three additional days after the settlement if you sell something for the funds to become available;also there is no ach.
Their fees are $9.99 per transaction-acceptable although higher than BOA because I don't trade that much.
Anyways, I want to close my account at Merrill as soon as possiblle and transfer my stocks to a new firm because Merrill is acting like Big Brother and infringing on my rights by telling me what I can and cannot own in my own personal self-directed account.
Anyways, sorry for going on so long-the question is does anyone know of a good reliable discount brokerage house for penny stocks with good rates, no restrictions and hopefully with some kind of ach to make things easy?

[savage1]

PS I forgot to mention that I also checked Scott Trade.
Forget them-in addition to a standard base rate, they want some kind of a percentage of the monetary value of a trade to buy or sell a penny stock-in most cases, that would be infinitely more than I would be willing to pay as commission.

[tech fan]

try berniemadoff.com

[BettorsChat]

www.fidelity.com
www.ETRADE.com
OptionsHouse.com
Online Trading | Stocks, Options & Futures Broker | optionsXpress
Buy Stocks Online and invest your money at ShareBuilder
Online Broker | Online Stock Trading | Online Options Trading - TradeKing
Online stocks, Stock Investing, ETF, Stock Trade, Options Trading Stocks
www.thinkorswim.com owned by TDAmeritrade but may have different rules

Penny Stock Brokers | TheThirdDimension.net this site compares a bunch of them

[savage1]

www.fidelity.com
www.ETRADE.com
OptionsHouse.com
Online Trading | Stocks, Options & Futures Broker | optionsXpress
Buy Stocks Online and invest your money at ShareBuilder
Online Broker | Online Stock Trading | Online Options Trading - TradeKing
Online stocks, Stock Investing, ETF, Stock Trade, Options Trading Stocks
www.thinkorswim.com owned by TDAmeritrade but may have different rules

Penny Stock Brokers | TheThirdDimension.net this site compares a bunch of them

Thanks Monte-I called several of these places, and it looks like Fidelity in terms of the rates, ease of trading, etc. wins hands down.
Also and most importantly they don't have a 10% penny stock restriction on their account-Fu k Merrill Lynch. They can me
I am going to begin the process of transferring my stocks over there tomorrow.

[BettorsChat]

Thanks Monte-I called several of these places, and it looks like Fidelity in terms of the rates, ease of trading, etc. wins hands down.
Also and most importantly they don't have a 10% penny stock restriction on their account-Fu k Merrill Lynch. They can me
I am going to begin the process of transferring my stocks over there tomorrow.

That will probably take 2 weeks

[savage1]

That will probably take 2 weeks

Actually they said roughly four days.
What I think I am going to do for now is simply open up a new account now so that I can buy and sell as soon as possible and then start the not so urgent process of transferring the other stocks to the new account.
I say that because with my present account I can sell any of my present holdings but simply cannot buy any more penny stocks because of the 10% rule.

[BettorsChat]

Actually they said roughly four days.
What I think I am going to do for now is simply open up a new account now so that I can buy and sell as soon as possible and then start the not so urgent process of transferring the other stocks to the new account.
I say that because with my present account I can sell any of my present holdings but simply cannot buy any more penny stocks because of the 10% rule.

It's hard to believe you have $100k in penny stocks. Not saying that I don't believe you just hard to imagine as I would never put that kind of money in penny stocks or OTC, pink stocks etc.

What are some of the ones that you own?

[savage1]

It's hard to believe you have $100k in penny stocks. Not saying that I don't believe you just hard to imagine as I would never put that kind of money in penny stocks or OTC, pink stocks etc.

What are some of the ones that you own?

My biggest one by far is actc-a stem cell stock which is around $.07-I am behind in it now, but they have just been awarded some important patents, and I honestly feel that with patience and time this will be a big winner.
One of the the reasons that the price is so low is because there has been quite a bit of dilution for assorted reasons-also if you have been reading the news, there have been attempts to overturn some of the Obama legislation in this area for religious and other reasons meaning the stem cell area is very controversial.
At one time during the last few years the price of the stock was at around .26 or so with a lot less good news to back it then as opposed to now.
I also own some ormp(Oramed Pharmaceuticals), which is at around .35. I think there is promise there also.
There is a list of other penny and sub penny stocks of which I own shares most of which to put it bluntly is hyped garbage-I have resolved not to buy any more of this crap because I am way behind in most of them(pump and dump in many cases).
And yes you are correct-I admit I have way too much in this particular portfolio, and am simply hoping that my biggie-actc(close to 900000 shares at this point)does something big so that I can take some of the proceeds and pay off the remaining mortgage on the new house I bought in May.
As stated before though, I have much much more of my money in a professionally managed account which has done quite well over the years in high quality stocks most of which pay dividends, etc. and I couod well afford to lose all of my penny stock portfolio(it would hurt a bit but not be devastating).
The whole point of all this is though that I don't feel Merrill Lynch or anyone else for that matter should dictate to me in a self-directed account what percentage of my holdings can be in penny stocks especially since I did not open my account with them in the first place but instead had my account transferred there when Bank of Americ decided they wanted them to handle their brokerage business.
I hope above helps you to understand where I am coming from.

[Guns]

My biggest one by far is actc-a stem cell stock which is around $.07-I am behind in it now, but they have just been awarded some important patents, and I honestly feel that with patience and time this will be a big winner.
One of the the reasons that the price is so low is because there has been quite a bit of dilution for assorted reasons-also if you have been reading the news, there have been attempts to overturn some of the Obama legislation in this area for religious and other reasons meaning the stem cell area is very controversial.
At one time during the last few years the price of the stock was at around .26 or so with a lot less good news to back it then as opposed to now.
I also own some ormp(Oramed Pharmaceuticals), which is at around .35. I think there is promise there also.
There is a list of other penny and sub penny stocks of which I own shares most of which to put it bluntly is hyped garbage-I have resolved not to buy any more of this crap because I am way behind in most of them(pump and dump in many cases).
And yes you are correct-I admit I have way too much in this particular portfolio, and am simply hoping that my biggie-actc(close to 900000 shares at this point)does something big so that I can take some of the proceeds and pay off the remaining mortgage on the new house I bought in May.
As stated before though, I have much much more of my money in a professionally managed account which has done quite well over the years in high quality stocks most of which pay dividends, etc. and I couod well afford to lose all of my penny stock portfolio(it would hurt a bit but not be devastating).
The whole point of all this is though that I don't feel Merrill Lynch or anyone else for that matter should dictate to me in a self-directed account what percentage of my holdings can be in penny stocks especially since I did not open my account with them in the first place but instead had my account transferred there when Bank of Americ decided they wanted them to handle their brokerage business.
I hope above helps you to understand where I am coming from.

Have you looked at ACTC's balance sheet? They better hit something big or they are going to choke on their debt. Hard to service that debt load with their revenues. I would be careful with this one.

As far as financial institutions dictating what you can and can't do, you better get used to it. With all the new regulations coming down the pike, you will have no choice.

You may be smart enough to make your own choices, but the government doesn't think you are. I would love to invest my Social Security in private funds...after all it is my money. The odds are I will never see all of what I have invested or will invest in this so called "Trust Fund".

The same will be true with financial reform and your checking/savings/investment accounts....just wait and see.

[savage1]

Have you looked at ACTC's balance sheet? They better hit something big or they are going to choke on their debt. Hard to service that debt load with their revenues. I would be careful with this one.

As far as financial institutions dictating what you can and can't do, you better get used to it. With all the new regulations coming down the pike, you will have no choice.

You may be smart enough to make your own choices, but the government doesn't think you are. I would love to invest my Social Security in private funds...after all it is my money. The odds are I will never see all of what I have invested or will invest in this so called "Trust Fund".

The same will be true with financial reform and your checking/savings/investment accounts....just wait and see.

Thanks for responding. I am sure you are correct about a good part of what you say..
re:actc-I am quite aware of their balance sheet-I am also aware of their patents and especially with their research regarding curing forms of blindness with approval from the FDA hopefully in the near future;they also have a lot of other stuff in the works.
The risk is there for sure but so is the potential for this stock and for that matter the industry in general to take off once/if the legal hurdles are overcome.
ACTC also has one of the most brilliant scientists in the country in Robert Lanza.
Sure the comopany could go bankrupt, but the potential is also unlimited if their research ever reaches fruition and people are cured or the quality of their live improves and/or their actual longetivity increases.
At this point I have invested a relatively small portion of my overall investement holdings with this company(not an amount to sneeze at by most folks' standards) with the confidence that this will be a very successful investment with time and patience.
ps

[savage1]

This is why most of my discretionary(can-afford-to-lose money if everything goes wrong) money is in actc-(if everything goes right, well lets just say that my bank account will increase considerably as well as the number of vacations, and other luxuries, etc.):
Broad Patent Covers Methods for Treating Retinal Degeneration

MARLBOROUGH, Mass.--(BUSINESS WIRE)-- Advanced Cell Technology, Inc. (“ACT”; OTCBB: ACTC), a leader in the field of regenerative medicine, announced today that it will be issued U.S. Patent Numbers 7,795,025 and 7,794,704 on Tuesday, September 14th, which continue to extend the company’s patent portfolio covering its retinal pigment epithelial (RPE) cell programs. In particular, the claims that will issue in patent number 7,794,704 broadly cover methods for treating retinal degeneration using human RPE cells differentiated from human embryonic stem cells (hESCs). Issuing with 68 claims, this patent covers methods of treatment with hESC-derived RPE cells that includes, but is not limited to, Stargardt’s disease, retinitis pigmentosa, and macular degeneration. The 41 claims issuing in US Patent 7,795,025 contribute to the development of the company’s protection of the processes for manufacturing RPE cells from human ES cells. The patent covers fundamental methods for generating transplantable cells for treatment of human patients.

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Advanced Cell Technology Inc

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“Another wonderful milestone for ACT! These patents continue the recognition of the inventions and innovations resulting from our scientific team’s ongoing research, and further protects the platform technology underlying our RPE program, one of our key therapeutic programs,” said William M. Caldwell IV, ACT’s Chairman and CEO. “A valuable addition to our strong intellectual property portfolio, these patents should help position ACT as the dominant player in this potentially very large market. Our RPE technology is safe and scalable, and has tremendous potential for treating some 200 or more diseases of the retina.”

“ACT is developing first-in-class treatments for degenerative disorders of the retina,” said Robert Lanza, M.D., ACT’s Chief Scientific Officer. “The use of RPE cells created from human embryonic stem cells should open the door to potential treatments for many diseases of the retina that impact sight. According to the World Health Organization, macular degeneration alone is known to affect 30-40 million people worldwide, and this represents only a handful of the 200 diseases that may be treated using our RPE cells. We have worked hard to develop an efficient method for producing a renewable source of transplantable RPE cells that can be used to target diseases such as Stargardt’s Disease and Age-related Macular Degeneration. For many of these patients there are no available treatments. We have demonstrated that our stem cell-derived RPE cells can rescue visual function in animals that otherwise would have gone blind. We are looking forward to starting our clinical trials with the hope that these cells will be similarly efficacious in patients.”

“We believe that these patents are especially important as they extend the company’s patent coverage of the scalable manufacturing of human RPE cells for therapeutic use, which are core to our technology and product portfolio,” continued Mr. Caldwell. “This IP further expands our patent estate with respect to protecting the use of RPE cells in a wide range of treatments, offering additional validation of the strength and breadth of our patent portfolio. This development also dovetails nicely with the prospect of initiating our human clinical trial for our RPE program. We are optimistic that the methods-of-treatments and the culturing processes covered by these two new patents, along with the Company’s proprietary detection technique for final product release, will establish a formidable barrier to entry for any potential competitors. Once we have begun to treat Stargardt patients, we plan to initiate another clinical trial relating to the use of RPE cells in the treatment of dry Age-Related Macular Degeneration (AMD). At present there is no approved treatment for dry AMD, despite the fact that it represents a $20-30 billion potential market.”

ACT’s Single Blastomere technology used for isolating hESCs does not require the destruction of embryos. The RPE and other hESC-derived cells the company intends to produce for clinical use all begin with these “embryo-safe” stem cells. ACT does not rely on government funding for any of its research or development efforts, and accordingly has not been impacted by the recent court injunction against federal funding of hESC research. Nevertheless, the company’s hESC lines and cells made for those lines (such as RPE cells) should fall outside the scope of the court order. While the injunction has been stayed, it is widely believed that this is only a temporary reprieve, with a permanent injunction a real possibility perhaps as early as the end of this month. Should that come to pass, ACT stands ready to offer its human stem cell lines to the research community, pending their approval by the National Institutes of Health (NIH).

About Advanced Cell Technology, Inc.

Advanced Cell Technology, Inc. is a biotechnology company applying cellular technology in the field of regenerative medicine. For more information, visit Advanced Cell Technology.

[BettorsChat]

Where does ACTC get the funding to take their trials into phases on actual people to get FDA approval?

[Guns]

Where does ACTC get the funding to take their trials into phases on actual people to get FDA approval?

Probably hard money from private investors. Expensive way to fund, but not too many other options.

[savage1]

Where does ACTC get the funding to take their trials into phases on actual people to get FDA approval?

That is one of the reasons why all of the controversy and its ultimate outcome about federal funding for stem cells are so important.