Penny stocks are the inexpensive form of common stock that cost less than $5 to buy and sell. They are very cheap to get into, and you can quickly own many penny stocks as compared to other types of stocks. In addition, they are easily accessible on the internet through online discount stockbrokers.
Some of the most popular online discount stockbrokers include E*Trade and Scottrade. Their websites are online, and you can quickly compare their fees, terms and conditions, commissions, and the quality of their services. Choose any of the online stockbrokers and you can instantly set up a trading account with them. You'll have to add some initial funds to your online account and you can transfer money with bank to bank money transfers, checks or wire transfers.