-To buy penny stocks, a discount broker such as E*TRADE, TD Ameritrade, Fidelity etc. is your best bet. Each broker has it's pros and cons. Overall, our opinion is that TD Ameritrade and ETrade are the best discount brokers for trading penny stocks. Another broker to consider as a primary, or secondary service is Fidelity. Learn when and how to buy penny stocks from stock market experts. Find information on what penny stocks are and if penny stocks are worth your money and time. Don't get burned by penny stocks Penny stocks are ultra-low-cost stocks that you can buy and sell for less than one dollar per share. This means they are often bought and sold in high volumes, and while this kind of stock may look “cheap,” do keep in mind that penny stocks are high risk and are not usually considered part of a well-balanced investment portfolio.