Probably the biggest question I get from people is what broker do I recommend for those who have a small account ($500) and E*Trade, which is my favorite broker, is not friendly to the little guys (neither is the United States). But there is a solution to this problem, a broker that I had questions about and was skeptical of called SureTrader. I began doing research on it and opened an account. I started trading on it to get used to their software and see what its all about before writing a review on it and recommending it to others.
SureTrader charges you $4.99 per trade on every 1,000 shares, which isn’t great for us penny stock traders, I found out if you call they’ll raise the 1,000 shares to 10,000 which is a game changer. Cheap commissions, only thing it isn’t good for is stocks under .50-.75 because you’ll be buying more then 10,000 shares, but for stocks $0.75+ its perfect.
6:1 Intraday Margin and a complete short list that works with Interactive Brokers, so in the United States there are pattern day trader rules, where you need $25,000 to short, trade on margin, etc! With SureTrader all you need is $500 and you get all the perks a US day trader has, 6:1 margin means intraday you can short/buy with $3,000 instead of $500, so yes more risk, but it can help you grow your account out exponentially! Follow my strategy about minimizing risk, and SureTrader is a home run for you!
SureTrader is my favorite broker for those of you starting off with a small account, you get all the perks and are able to trade on margin to grow your account out, just be careful because you can lose more too. If you follow the strategy I teach to my subscribers SureTrader is the best broker out there for someone with $500-$20k and wants to be a day trader! I recommend opening an account and also taking advantage of the free accounts they have where you can paper trade with 100k of fake money to get a hang of trading! It does have a lot of security when opening an account because its a Bahamas based broker, so take the time to verify your identity!