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Warning: Vanguard no longer allows OTC trading in some micro-caps


Ricky Perkins
(@sawyeryocumgmail-com)
Active Member
Joined: 4 months ago
Posts: 18
Topic starter  

I just found out the hard way.  I sold some stock that created a taxable event and was intent on buying some SHWZ and discovered the new VANGUARD policy which started today; 4/29/2022.  They no longer do trades on over-the-counter stocks that have a sustainable market cap less than $300 M.  This will apply to many of the cannabis stocks. 

I also use Schwab, but I have previously enjoyed the low fees, website, and fast trades with Vanguard. Are we allowed to get broker recommendations on cannabis investing newsletter?  Obviously, Robin Hood is out until they trade OTC stocks.

Thanks in advance.


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Jeff Spahn
(@jeffspahn2011gmail-com)
Trusted Member
Joined: 8 months ago
Posts: 60
 

 IMHO Fidelity is best no cost trades

Blessings to All


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Gary Osborne
(@gosborne403outlook-com)
Active Member
Joined: 10 months ago
Posts: 9
 

@jeffspahn2011gmail-com 


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Matt Paul
(@mattpaul02yahoo-com)
Eminent Member
Joined: 3 months ago
Posts: 37
 

I use Ameritrade and really like how there platform runs.

 

 

Regards,
Matt P.


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Ricky Perkins
(@sawyeryocumgmail-com)
Active Member
Joined: 4 months ago
Posts: 18
Topic starter  

@mattpaul02yahoo-com 

Hey Matt, I heard that TD Ameritrade had also started restricting trades on cannabis stocks.  I don't know myself I just saw from investors on that site that has about 500K persons on there.  Just letting you know.


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Ricky Perkins
(@sawyeryocumgmail-com)
Active Member
Joined: 4 months ago
Posts: 18
Topic starter  

@mattpaul02yahoo-com 

Matt, my bad! I called TD Ameritrade.  No restrictions on any size otc stock including cannabis stocks unless there is fraud suspected with a company. $6.95 per trad no matter the size of the trade.  I am going to miss the free trades at Vanguard, but I am pissed they are telling me what I can and cannot trade.

Thanks for the info


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Matt Paul
(@mattpaul02yahoo-com)
Eminent Member
Joined: 3 months ago
Posts: 37
 

@sawyeryocumgmail-com -- many thanks for clearing the air.. 

On Ameritrade you only have to pay the $6.95 if the company is not listed on the NASDAQ..

 

 

 

Regards,
Matt P.


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Mike Korner
(@mikekorner)
Eminent Member
Joined: 12 months ago
Posts: 27
 
Posted by: @jeffspahn2011gmail-com

 IMHO Fidelity is best no cost trades

Blessings to All

Fidelity works well for me, too, for cannabis stocks. No hassles and $0.00 fees for trades even for penny stocks. 

If only they could just make the prices go up for our cannabis stocks!

 

 


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