Best Brokers for Penny Stock Trading of 2026

Written by Jessica Inskip
Director of Investor Research

Edited by Jeff Anberg
Senior Editor

Fact-checked by Steven Hatzakis
Director of Online Broker Research

Reviewed by Blain Reinkensmeyer
Managing Partner

May 05, 2026

Fact Checked

Jessica Inskip
Director of Investor Research

Jessica Inskip is Director of Investor Research at StockBrokers.com, bringing 15 years of experience in brokerage and trading strategy. Jessica focuses on investor education and brokerage industry research.

See full bio

Why you can trust us

Led by Jessica Inskip, Director of Investor Research, the StockBrokers.com research team collects thousands of data points across hundreds of variables. We evaluate features important to every kind of investor, including beginners, casual investors, passive investors, and active traders. We carefully track data on margin rates, trading costs, and fees to rate stock brokers across our proprietary testing categories.

Our researchers open personal brokerage accounts and test all available platforms on desktop, web, and mobile for each broker reviewed on StockBrokers.com. Learn more about how we test.

Penny stocks — typically stocks priced under $5 — often trade on over-the-counter (OTC) markets rather than traditional exchanges. In these markets, transparency is low, liquidity thin, and risks high. Unlike listed securities, OTC stocks aren’t held to the same financial disclosure or listing requirements, making it hard to know what you’re really buying. That’s why they’re so often linked to price manipulation, pump-and-dump schemes, and outright fraud.

I don’t advocate for penny stock trading, but if you're going to venture into this space, you should do it with your eyes wide open and the best tools at your disposal. Many brokers restrict OTC access or tack on extra fees, so choosing the right platform makes a real difference. I evaluated 14 brokerage firms to find the ones that offer the most access, transparency, and control for penny stock traders. Below are my top picks, along with key insights to help you navigate one of the riskiest corners of the market.

Best Brokers for Penny Stock Trading

Based on my hands-on testing of 14 brokers, these are the best platforms for trading penny stocks — including those that offer OTC access, low fees, and the tools needed to trade microcap stocks effectively.

Overall Score

5.0/5

$0 OTC trades

Minimum Deposit: $0.00
Stock Trades: $0.00
Options (Per Contract): $0.65

Why we like it

Review

Fidelity is a value-driven online broker offering $0 trades — including penny stocks, unlike many of its competitors. Combined with industry-leading research, excellent trading tools, an easy-to-use mobile app, and comprehensive retirement services, Fidelity is a winner for everyday investors. Read full review

Pros

Excellent research and mobile app
Top-notch education
Decades of reliable client service

Cons

No dedicated mobile app for active trading

Overall Score

3.5/5

$0 OTC trades

Minimum Deposit: $0.00
Stock Trades: $0.00
Options (Per Contract): $0.00

Why we like it

Review

Firstrade offers no-commission stock and ETF trades, including penny stocks, and it placed among Best in Class for this category in our 2025 Annual Awards. Though it trails industry leaders in some core categories, it’s a particularly attractive option for Chinese-speaking investors. Read full review

Pros

$0 options contract fees.
Streamlined, options-focused mobile app.
Caters to international investors from over 20 global regions.

Cons

High margin rates.
No crypto, futures, or forex.
Gaps in research and lopsided education.

Overall Score

5.0/5

$6.95 flat fee per OTC trade

Minimum Deposit: $0.00
Stock Trades: $0.00
Options (Per Contract): $0.65

Why we like it

Review

Schwab’s thinkorswim desktop platform has easily customizable watchlists that are ideal for monitoring dozens of stocks with a glance. Read full review

Pros

thinkorswim is the industry benchmark for professional-grade trading and charting.
Best in Class Research features actionable daily updates and deep fundamental data.
Top-tier education with webinars, videos, and courses.

Cons

No spot crypto trading (limited to ETFs and futures).
"Stock Slices" (fractional shares) are limited to S&P 500 companies.
Base margin rates are significantly higher than dedicated low-cost competitors.

Overall Score

4.5/5

$6.95 flat fee per OTC trade

Minimum Deposit: $0.00
Stock Trades: $0.00
Options (Per Contract): $0.65

Why we like it

Review

Though it charges $6.95 for penny stocks, E*TRADE was a top-performing broker for our 2025 Annual Awards and offers standout platforms — including an impressive mobile app — that are feature-rich and easy to use. Read full review

Pros

High-quality experience for both passive investors and active traders.
Access to Morgan Stanley’s deep market analysis and interactive reports.
Excellent bond resource center and a user-friendly ladder tool.

Cons

Base margin rates, starting at over 12%, are significantly higher than top competitors.
You can’t buy Bitcoin or Ethereum directly; crypto exposure is limited to ETFs and futures.
You can’t buy fractional shares of individual stocks.

Overall Score

3.5/5

$0.005 per OTC share (min $1, max $50)

Minimum Deposit: $0.00
Stock Trades: $0.00
Options (Per Contract): $0.80 info

Why we like it

Review

When using TradeStation for trading OTC penny stocks, the cost under the TS Select and TS Go pricing plans is $0 per trade up to 10,000 shares ($0.005 per share thereafter). TradeStation ranked among Best in Class in our Range of Investments and Futures Trading categories for 2025. Read full review

Pros

New Titan X platform.
Tools for futures and options.
"Why is it Moving?" and "Hot Lists" tools on price action.

Cons

Not a good choice for beginners or casual investors.
Annual IRA maintenance fees and steep option exercise charges.
No spot cryptocurrency trading, fractional shares, or robo-advisory services.

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Top picks for penny stock brokers

1. Fidelity - Best broker for penny stocks

Company	Overall	Minimum Deposit	Stock Trades	Options (Per Contract)
Fidelity		$0.00	$0.00	$0.65

Why Fidelity stands out for penny stocks: Fidelity earns its spot on this list because it doesn't tack on extra fees for low-priced stocks and it's known for strong order execution. Some brokers charge more for penny stocks or restrict trading altogether, but Fidelity lets you trade them commission-free. It also doesn't accept payment for order flow (PFOF), which means execution quality is geared toward price improvement rather than routing kickbacks. In a volatile corner of the market like penny stocks, where fractions of a cent matter, that can add up over time.

Research tools: Fidelity gives penny stock traders a solid amount of data to work with. The stock detailed quote page covers VWAP, float, short percentage, sector classifications, block trades, and dividend info in one spot. I also like that you can build watchlists grouped by sector and view them as a heat map to get a quick read on sentiment. Some features are tucked away and take a minute to find, but once you know where to look, the depth is hard to beat.

Trading dashboard with positions displayed, SPY detailed quote and options statistics displayed

Fidelity’s trading dashboard brings everything together in one place. Here, I’ve linked SPY across all widgets for a seamless view. You can dive into options statistics, volatility indices, and my personal favorite: the trade breakdown activity, which gives great insight into how traders are positioning.

Platforms & tools: Fidelity's mobile app and Active Trader Pro give traders flexibility depending on how they like to work. The flagship app is clean and modern, and I'm a fan of the Discover tab, which blends short-form educational content with research. Active Trader Pro, recently relaunched in beta, runs on the same codebase as the desktop platform, so charts and layouts sync across devices. The new multi-leg options builder was my favorite part of testing the platform, with net Greeks and a probability of profit calculator built in.

Jessica's take:

"Fidelity's a retirement firm for a reason, but their depth across asset classes, research, and execution quality makes them just as relevant for active traders looking at penny stocks."

Jessica Inskip
Director of Investor Research

Bottom line: Between commission-free trading, no PFOF, deep research, and platforms that work for both casual and active traders, Fidelity's worth a look for anyone trading penny stocks.

2. Firstrade - Best for zero-commission pricing

Company	Overall	Minimum Deposit	Stock Trades	Options (Per Contract)
Firstrade		$0.00	$0.00	$0.00

Why Firstrade stands out for zero-commission pricing: Firstrade is one of the few brokers that takes zero-commission pricing all the way. A lot of brokers waive stock commissions but quietly add per-contract fees on options or charge for exercise and assignment. Firstrade doesn't. You'll pay $0 on stocks, ETFs, and options, including no contract, exercise, or assignment fees. For penny stock traders who run high-volume orders, those savings add up over time.

Ease of use: There's no account minimum, so you can start small without committing much upfront. The mobile app is sleek and modern, and I found it genuinely easy to use, pulling quotes, building watchlists, and placing trades all happen quickly. The options chain on mobile is one of the better ones I've tested across brokers, with color-coding, all the Greeks, and a simple multi-leg builder. The platform isn't as deep as thinkorswim or Trader Workstation, but for cost-conscious traders who want something straightforward, it gets the job done.

Research tools: Firstrade brings more research to the table than you'd expect from a deep-discount broker. Morningstar powers most of the stock and fund research, with star ratings, fair value assessments, and analyst commentary baked into the quote pages. Trading Central handles the technical insights, flagging events and giving directional bias on various time frames. FirstradeGPT, the beta AI tool, is an interesting addition, and the OptionsPlay integration adds genuinely useful trade idea screeners for options strategies.

Firstrade stock research economic calendar

Firstrade’s economic calendar goes beyond listing events, it adds valuable analysis by showing how past releases have impacted market movements, particularly in currencies. It’s a detailed, data-driven tool that helps investors understand not just what’s happening, but why it matters. A great resource for those who want to connect economic trends with price action.

Bottom line: Between truly free options trading, no account minimum, and a mobile app that's easy to navigate, Firstrade's a reasonable fit for traders who want to keep costs low while trading penny stocks.

3. Charles Schwab - Best trading platform for penny stocks

Company	Overall	Minimum Deposit	Stock Trades	Options (Per Contract)
Charles Schwab		$0.00	$0.00	$0.65

Why Charles Schwab stands out for penny stocks: Schwab earns its place on this list because it gives traders access to thinkorswim, one of the more advanced trading suites out there. With 350+ technical indicators, customizable watchlists, and real-time data, it covers what active traders need to track fast-moving, low-priced stocks. The platform's ladder trading and pattern recognition tools help spot potential breakouts, and the advanced order types give you precision on execution. Schwab's $6.95 OTC trade fee is higher than some competitors, but for traders who lean on professional-grade tools, the trade-off may be worth it.

Detailed research: Schwab's research is one of my favorite parts of the platform. Analyst reports, valuation metrics, and economic data help you assess risk before committing capital, and the equity ratings report is a real differentiator. The report pulls in third-party commentary alongside Schwab's own ratings, with context on why each rating sits where it does. The screener is another standout: I was able to filter S&P 500 stocks by forward P/E, EPS growth, and revenue growth, which is rare on broker-provided tools. For penny stock traders, that kind of forward-looking data matters.

Advanced web and mobile apps: Schwab's mobile and web platforms keep traders connected whether they're at a desk or on the go. The flagship Schwab Mobile app handles research, real-time quotes, and even integrates the daily Schwab Market Update podcast, which is a nice touch for keeping a pulse on the market in under 10 minutes. Thinkorswim Mobile is the go-to for active traders, with sophisticated charting and the order flexibility you need for multi-leg trades.

Schwab’s options trade ticket on mobile features a trade calculator view with both a P/L diagram and detailed table analysis. In this example, a 30-day-to-expiration at-the-money (ATM) cash-secured put on AAPL is displayed, clearly showing limited profit potential capped at the premium received—regardless of how high the stock rises. The payoff diagram also illustrates the increasing downside risk, mirroring the risk profile of stock ownership and highlighting the neutral to bullish bias of this strategy.

Bottom line: Between thinkorswim, deep research, and platforms that scale across devices, Schwab's a solid option for penny stock traders who want professional-grade tools at their fingertips.

4. E*TRADE from Morgan Stanley - Best for active options traders

Company	Overall	Minimum Deposit	Stock Trades	Options (Per Contract)
*ETRADE**		$0.00	$0.00	$0.65

Why E*TRADE stands out: E*TRADE earns its spot here largely because of Power E*TRADE Pro, the dedicated platform built for active traders. It comes with 6 workspaces, 120+ tools, speed keys for quick execution, and a refreshed calendar that lets you drill into earnings data, including implied moves and historical reactions, which is genuinely useful for traders timing penny stock plays around catalysts.

Tools and research: I'm a fan of the multi-leg options trade builder, which lets you drag and drop directly from the chain to construct a spread. The IV constellation at the top of the chain is another nice touch for assessing volatility ahead of events. E*TRADE's research is solid too, with Trend Watch reports from LikeFolio offering insights on what's actually driving a stock, like search volume, tariff impacts, and revenue drivers, which can matter when you're trading speculative names.

5. TradeStation - Best for advanced charting and analysis

Company	Overall	Minimum Deposit	Stock Trades	Options (Per Contract)
TradeStation		$0.00	$0.00	$0.80 info

Why TradeStation stands out: TradeStation's whole platform is built for active traders, and it shows. The new Titan X charting interface is one of my favorites, with a clean, modern look, and packed with 105+ technical indicators that you can drag, drop, and modify all at once. Drawing tools snap to exact prices, which sounds small but matters a lot when you're working with penny stocks and need precision on support and resistance levels. There are 19 chart types, customizable layouts, and pre-built templates for day traders, swing traders, and options traders to get you started.

Tools and order entry: The options chain on Titan X got a major upgrade, with 25+ columns and visual liquidity bars on open interest. I also liked the order ticket's intuitive take-profit and stop-loss builder. You fill in either a price or dollar/percent target and the other updates automatically. The hot list scanner offers 50+ pre-defined screens across price, volatility, and volume, which is genuinely useful for spotting penny stock activity.

Penny stock fees comparison

Company	Overall	Minimum Deposit	Penny Stock Fees (OTC)
Fidelity		$0.00	$0.00
Firstrade		$0.00	$0.00
Charles Schwab		$0.00	$6.95
*ETRADE**		$0.00	$6.95 info
TradeStation		$0.00	$0.01 info

FAQs

What are penny stocks?

I think of penny stocks as microcap companies with prices under $5 that only trade over the counter. That said, definitions of penny stocks vary. According to the U.S. Securities and Exchange Commission, or SEC, "penny stock" generally refers to a security issued by a very small company (i.e., micro-cap) that trades at less than $5 per share. Many trade for pennies per share (less than $1).

What’s the difference between penny stocks and OTC (over-the-counter) stocks?

There isn’t a universally accepted definition for penny stocks, but a popular definition is an over-the-counter stock that trades for $5 or less per share. Penny stocks are considered riskier than higher-priced OTC stocks because they are most likely cheap for good reasons, including failed business models, distressed financials or simply falling out of favor in the stock market.

Over-the-counter stocks trade between stock dealers instead of a stock exchange. OTC Markets Group has three tiers that each have different listing requirements, with OTCQX stocks meeting the most stringent requirements. OTCQB stocks are subject to less demanding standards and OTC Pink (named from the printed pink sheets the quotes used to be printed on) has the most lax standards.

What are the pros and cons of trading penny stocks?

One of the key advantages of trading penny stocks is the potential for finding undervalued opportunities. Since small companies are rarely followed by major analysts or institutional investors, astute individual traders can identify stocks that may be overlooked. I’ve seen cases where the illiquidity of these stocks means they trade at a discount to their true value, giving savvy investors a chance to capitalize on price inefficiencies. For those willing to research and take on some risk, penny stocks offer the allure of high returns from small investments.

However, penny stocks come with significant risks. They’re often targeted by fraudulent schemes, such as pump-and-dump scams, which can result in substantial losses for unsuspecting investors. In my experience, the wide bid-ask spreads typical of penny stocks make exiting a position more expensive, cutting into potential profits. Additionally, these companies usually provide limited financial disclosure and face less regulatory oversight, which means traders often lack the reliable information needed to make informed decisions.

How much does it cost to trade penny stocks?

The cost of trading penny stocks depends on the online broker you use. If you use a broker that offers flat-fee trades instead of per-share rates, trading penny stocks is not expensive; some brokers even extend their free stock trading policy to include penny stocks. We also recommend avoiding brokers that charge a monthly platform fee, data fees, or monthly minimums, as those costs quickly add up.

Example 1 (flat-fee): Charles Schwab charges a flat-rate $6.95 per OTC trade, while Fidelity charges $0 (no charge). Thus, your cost to buy OTC shares is just $6.95 and $0, respectively.

Example 2 (per share): Interactive Brokers charges $.0035 per share with a max cost of 0.5% of the trade value. You buy 20,000 shares of penny stock XYZ at a price of $.13 per share ($2,600). 20,000 shares x $.0035 per share is $70, while $2,600 x .5% is $13. Thus, your cost to buy the shares is $13 (0.5% of trade value).

How do you buy penny stocks?

For beginners who want to buy penny stocks, the following checklist can help improve your experience buying and trading.

Choose a reputable broker: Pick a trustworthy firm to open an online brokerage account.
Analyze details: Research the penny stocks you are considering as much as possible, which will probably be difficult given the lack of reporting required by OTC exchanges.
Don’t get scammed: Avoid penny stocks that are susceptible to market manipulation such as those targeted by "pump-and-dump" schemes, or that you may have heard about on online forums and in chat groups.

Who is the best penny stock broker?

The best penny stock broker is Fidelity due to its zero-commission OTC trades and exceptional order execution. Unlike many brokers that charge additional fees for penny stocks, Fidelity allows you to trade these low-priced shares without hidden costs, which is crucial for minimizing expenses in the volatile penny stock market. I’ve found that Fidelity also offers some of the best price improvement in the industry, often securing better fills for your trades, a significant advantage when every cent counts in penny stock trading. With its first-rate research tools and technical analysis capabilities, Fidelity is my top choice for traders looking to succeed in penny stocks.

Can you make money with penny stocks?

Yes, you can make money on penny stocks, just as you can with any stock. Penny stocks carry more risk because they are less liquid and often the target of investing scams. However, as in many markets in the financial world, high risk can sometimes offer high rewards. Do careful research before investing in a penny stock. And, before you day trade penny stocks, read our take on why most investors may wish to avoid day trading.

Before jumping in, make sure you’re using a broker that allows OTC stock trading with transparent fees. The best brokers for penny stocks are those that combine low commissions with solid tools and research. These qualities give you the best chance to make smart decisions in a high-risk market.

Our testing

Why you should trust us

Jessica Inskip is Director of Investor Research at StockBrokers.com, bringing 15 years of experience in brokerage and trading strategy. A former FINRA-licensed rep, she held Series 7, 63, 66, and 4 licenses. Jessica focuses on investor education and brokerage industry research, appears regularly on CNBC, Bloomberg, The Schwab Network, Fox Business, and Yahoo! Finance, and hosts the Market MakeHer podcast.

Blain Reinkensmeyer, co-founder of StockBrokers.com, has been investing and trading for over 25 years. After having placed over 2,000 trades in his late teens and early 20s, he became one of the first in digital media to review online brokerages. Today, Blain is widely respected as a leading expert on finance and investing, specifically the U.S. online brokerage industry. Blain has been quoted in The New York Times, The Wall Street Journal, Forbes, and Fast Company, among others. Blain created the original scoring rubrics for StockBrokers.com and oversees all testing and rating methodologies.

How we tested

We used our own brokerage accounts for testing.
We collected thousands of data points across the brokers we review.
We tested each online broker's website, desktop platforms, and mobile app, where applicable.
We maintained strict editorial independence; brokers cannot pay for inclusion or a higher rating.

Our research team meticulously collected data on every feature of importance to a wide range of customer profiles, including beginners, casual investors, passive investors, and active traders. We carefully track variables like margin rates, trading costs, fees, and platform features and use them to help rate brokers across a range of categories measuring ease of use, range of investments, research, education, and more.

At StockBrokers.com, our reviewers use a variety of computing devices to evaluate platforms and tools. Our reviews and data collection were conducted using the following devices: iPhone SE running iOS 17.5.1, MacBook Pro M1 with 8 GB RAM running the current MacOS, and a Dell Vostro 5402 laptop i5 with 8 GB RAM running Windows 11 Pro.

Each broker was evaluated and scored on over 200 different variables across seven key categories: Range of Investments, Platforms & Tools, Research, Mobile Trading, Education, Ease of Use, and Overall. Learn more about how we test.

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About the Editorial Team

Jessica Inskip is Director of Investor Research at StockBrokers.com, bringing 15 years of experience in brokerage and trading strategy. A former FINRA-licensed rep, she held Series 7, 63, 66, and 4 licenses. Jessica focuses on investor education and brokerage industry research, appears regularly on CNBC, Fox Business, and Bloomberg, and hosts the Market MakeHer podcast.

Jeff Anberg is a Senior Editor at StockBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.

Best Brokers for Penny Stock Trading of 2026

Best Brokers for Penny Stock Trading

Top picks for penny stock brokers

1. Fidelity - Best broker for penny stocks

Jessica's take:

2. Firstrade - Best for zero-commission pricing

3. Charles Schwab - Best trading platform for penny stocks

4. E*TRADE from Morgan Stanley - Best for active options traders

5. TradeStation - Best for advanced charting and analysis

Penny stock fees comparison

FAQs

What are penny stocks?

What’s the difference between penny stocks and OTC (over-the-counter) stocks?

What are the pros and cons of trading penny stocks?

How much does it cost to trade penny stocks?

How do you buy penny stocks?

Who is the best penny stock broker?

Can you make money with penny stocks?

Our testing

Why you should trust us

How we tested

Trading platforms tested

Read next

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About the Editorial Team