Margin account is required for trading securities priced less than $1
In some cases, after the corporate action the security can be restricted from trading for 2-3 days, so you see your position but can't sell it until the processing is over.
Webull
Minimum Investment
$0
Multiple Accounts
Yes, can have one cash and one margin account plus an IRA. Can also open a second account using a different phone or email address.
Time to Process
1-2 days
OTC Securities
No
Notes
Buy orders of less than 100 shares are prohibited if stock is less than $1 per share. The workaround for this is to buy 100 shares then immediately sell 99 shares, leaving one share.
Robinhood
Minimum Investment
$0
Multiple Accounts
No
Time to Process
2-3 days
OTC Securities
No
Notes
After the reverse split, they would remove the security from your positions list so that you don't see it, but it will reappear in 2-3 days.
Charles Schwab
Minimum Investment
$0
Multiple Accounts
Yes
Time to Process
1-2 days
OTC Securities
No
Notes
-
Public
Minimum Investment
$0
Multiple Accounts
No
Time to Process
12-18 days
OTC Securities
No
Notes
12-18 days!
First Trade
Minimum Investment
$0
Multiple Accounts
Firstrade supports individual, joint, education, and IRA accounts. You cannot have two of the same type.
