There is not on central location,computer or servor, therefore most firms will not and can not accept limit orders for penny stocks.
The only obligation a brokerage firm has is to try to get you the best price possible and with the penny stock market the way it is, this is a very difficult task and one regulators do not want to get involved with
Welcome to the world of penny stocks, when it comes to executions you have to accept what ever you can get, there are no rules.
I don't have much experience but I have been reviewing E-Trade and a couple other places. I can't seem to predict what is good though.
I don't have a bunch of experience investing, but was curious about Limit Orders.
Since Limit orders will only execute at the specified price or lower, does it matter how high you set the Limit Order to execute if the asking price is already lower than your Limit Order?
In other words...if a Penny stock's ask price is 50 cents does it make a difference if I put in a limit order at 55 cents or 1 dollar if I want the order to execute asap?
Thanks!
