Investors Are Bullish And Bearish On Zecco With Free Trades

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Maybe you joined your investment website because of those hilarious Super Bowl monkey commercials from a few years back. Or maybe you’re a “Law & Order” TiVo freak and have a thing for TD Ameritrade’s Sam Waterson.

Everyone has tried to push themselves as the alternative, affordable and expert source for D.I.Y day-trading, but Zecco actually has some features that differentiate it from the pack. With $0 trades, a cool community section and a design that’s refreshingly less stiff than a Wall Street suit, the investment newcomer has a lot going for it.

Zecco stands for “Zero Commission Cost,” and it works like this: If you’ve got at least $2,500 in your account, you get 10 free trades per month. If you haven’t reach that portfolio threshold, trades are only $4.50. Above and beyond its bread and butter trades, Zecco also accommodates calls and puts, strangles, butterflies and other fancy financial strategies, and provides all the necessary tools and resources in house.

In addition to its bargain pricing, Zecco also offers a community for investors called ZeccoShare, where users can blog, compete against each other’s portfolios, join groups and contribute to threads. Think of it as a boiler room happy hour without the $17 martinis.

Blogosphere reviews of Zecco have been mostly favorable, with a few grumbles and complaints about the customer service level and money transfer time. In fact, Smart Money Magazine’s 2008 Broker Survey ranked Zecco’s customer service the worst. But most say the low-cost service and easy sign-up more than makes up for this. And being a little guy comes with certain advantages; for example, Zecco dropped commissions for all trades in October because of the sinking economy.

Your move, E*Trade…

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3 Comments
  1. tonyleachsf

    October 8, 2008 at 11:41 am

    Mike –

    Thanks for the kind works. We're very glad you like what Zecco is doing – and the best is coming up soon!

    Tony Leach (Zecco Product Manager)

  2. Beda

    October 20, 2008 at 4:30 am

    Stay away from them.
    They lost me over $50,000 over this year, all because of their “margin requirements”. They exercised unauthorized trades in my account, even though I had enough cash, had a margin account, and was not using any of their money (did not borrow anything!).
    Their software is vastly inferior to other brokerages. They send you completely outdated information or provide no information on margin calls which they then upload just at the last minute and ante-date it so to appear as if they sent it a day before. They also can mark your account as a day trading account even though you had not made any trades at all!

    I am currently seeking an arbiter to file a complain. Please, if you know a good one let me know. I also would join any class suit against this company.

  3. Beda

    October 20, 2008 at 9:30 am

    Stay away from them.
    They lost me over $50,000 over this year, all because of their “margin requirements”. They exercised unauthorized trades in my account, even though I had enough cash, had a margin account, and was not using any of their money (did not borrow anything!).
    Their software is vastly inferior to other brokerages. They send you completely outdated information or provide no information on margin calls which they then upload just at the last minute and ante-date it so to appear as if they sent it a day before. They also can mark your account as a day trading account even though you had not made any trades at all!

    I am currently seeking an arbiter to file a complain. Please, if you know a good one let me know. I also would join any class suit against this company.

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