Honest review of CenterPoint Securities

New broker

August 03, 2024

After 3-4 years of downtime, I started trading penny stocks actively again May 1.

By June I’d already put up a $40,000+ month (not typical) in JasonBondPicks.

But I still felt like I was missing trades.

For years my broker has been TD Ameritrade — now Charles Schwab.

When it comes to trading penny stocks there’s 2 problems there:

  1. Can’t trade between 4-7am EST like you can at CenterPoint, Webull and Interactive Brokers

  2. Can’t short penny stocks (to short is to bet against a stock and make money if the stock goes down)

JasonBondPicks mostly alerts and buys penny stocks. But having the ability to short them is a nice tool in the toolbelt.

So after crushing it in June, I moved my money out of Charles Schwab and over to CenterPoint Securities.

At first I regretted it because learning DAS Trader (their software) was a bit overwhelming. I think we’re all creatures of habit, so change is hard.

But I stuck with it and I sure am happy I did.

Here’s my review of CenterPoint Securities. I am not an affiliate and will make no money if you switch over too.

  1. Learning DAS Trader (trading software) was a bit frustrating at times but I fount Centerpoint’s support to be unmatched

  2. Within a few weeks I saw the power of their ‘short penny stocks’ locate software and give this 10 out of 10 stars, it’s f’ing amazing

  3. I do a lot of option spread trading in the $2,000 Small Account Journey and there was a learning curve for order entries but no issues now (I wouldn’t be opposed to using TastyTrade for $2K SAJ)

  4. Back to penny stocks, you can hide trade size which is nice, executions are also lightning fast and NO slippage like Charles Schwab (i.e. my fills are precise, if I go for 5,000 shares at $2.03, they fill that under a second, it’s insane) so another 10 out of 10 on speed and fills — a month ago or so I went to buy 10,000 shares of a stock and Schwab jumped $.05, which is $500 of slippage etc…

  5. I’m an early bird and found trading between 4-7am EST a nice feature as I do my morning scans for JasonBondPicks and $2,000 Small Account Journey — in fact I made nearly $2,000 Friday short selling VSEE which was up 200% premarket but down the rest of the day — can’t trade at Schwab until 7am EST and good luck trying to short VSEE at Schwab, E*TRADE or Fidelity etc… CenterPoint delivers here and again 10 out of 10 for hours of operation (Webull and Interactive Brokers also trade form 4am EST - 8pm EST)

Friday’s 5-minute intraday chart of VSEE shows how active it was BEFORE 7am EST Friday morning… like I said, nearly $2,000 Friday for me, most of which came from short selling the pump and dump…

Shares went from upper $4’s to low $7’s at 5am EST, a great long penny stock trade — and then you could have gone short like I did across the rest of the day.

In summary, change is hard and even after I moved my money out of Schwab to CenterPoint, I resisted learning something new. But after forcing myself to give it time and stick with it, I’m thrilled I made the move and am already making more money trading than I could have had I stayed at Schwab.

I give CenterPoint Securities a 10 out of 10 for long / short penny stocks and options trading. Their fills, speed and functionality is exactly what I was looking for and a good fit for a guy like me who trades a lot.

DAS Trader (software) does what I need it to do but it gets 8 out of 10 for aesthetics both on desktop and the APP. My view here is aesthetics don’t make traders money, speed and precision fills with the ability to go long and short do.

Fees are competitive so no concerns there and the margin is a nice feature in which there’s no cost so long as you’re not holding overnight. Same with borrows, no interest if you’re out of the short by close.

Overall score is 9 out of 10 and I plan to continue using CenterPoint securities as my main broker.

Options trading blueprint for small accounts — learn more here

Eat, sleep and trade,

Jason Bond

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