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Author Topic: Zecco.com.....free trades?
DrZ
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I found this trading service where the first 40 trades a month are free, then $3.50 for each trade after that. Anyone ever hear of this service? What if you dont trade 40 times a month? Gimmick? Hidden fees for OTC trades?

Any imput would be greatly appreciated.

Thank you in advance,
DrZ

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PCola77
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LOL. Talk about timing. I just signed up for an account with them about 2 hours ago.

I'll let you know how my experience is.

For the record, I do know someone who's been using it. They don't trade often at all but haven't run into any problems thus far. Seems to be legit.

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T e x
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ya, i know a couple, too. think it will be my next account. Doubt if join one of their "communities," though...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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*Mag*
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quote:
Originally posted by DrZ:
I found this trading service where the first 40 trades a month are free, then $3.50 for each trade after that. Anyone ever hear of this service? What if you dont trade 40 times a month? Gimmick? Hidden fees for OTC trades?

Any imput would be greatly appreciated.

Thank you in advance,
DrZ

Well they got to get paid somehow; so this is whats not free....

Options Orders
With no minimum contract size, and no minimum commission charge for option trades, our commission fees are among the lowest in the industry.



Online Options Trades
Options Exercises & Assignments $3.50 plus $.60 per contract with no minimums
$3.50


Mutual Funds Orders
Mutual Funds No Load Only
Online Trades $10 (Not Included within the 40 free Stock & ETF basket of zero commission trades)

Note
If you require the assistance of a live-broker, trades are only $19.99 for stocks and mutual
funds, and $19.99 plus $.75 per contract for options.

Other Charges


144 Sales $35.00 plus regular commission
Accommodation Transfers $25.00 plus certificate fees per issue
Automated Customer Account Transfer (ACAT) $50.00 per account
DTC Transfer Fee
Physical Stock Deposit $25.00 per request
$50.00

Prepays on Customer Trades $20.00 plus interest to settlement date
Reg. “T” Extension $10.00 per request plus interest from settlement date until paid
Reorg Items and Tenders $15.00 per request plus interest from settlement date until paid
Research & Statement Copies $15.00 per hour (1 hour minimum)
Returned Checks $20.00 plus interest from the earlier of the settlement date or date of deposit
Returned ACH Fee
Securities purchased against Non-Cleared Funds
$25.00
Interest on balance (see margin interest rates)
Taxpayer ID Penalties At Cost
Transfer Fees At Cost
Wire Funds $15.00
Foreign Wire Fee $55.00
Saturday Delivery Checks $25.00
Overnight Check Delivery (U.S.) $15.00
Overnight Check Delivery (Int’l) $25.00
Stop Payment $25.00 per check (only if check is 10 or less days old)
Overdrawn NSF Fee $35.00
Restricted Stock processing fee $35.00 + transfer agent fee to re-register and FedEx
FedEx Overnight Fee $15.00
FedEx Saturday Fee $25.00
Transfer and Ship (Certificates) $50.00 per request
IRA Annual Fee $30.00 annually
IRA Closing Fee Free


Margin Rates
Margin interest rates will vary with the base rate determined by the going market rate.
Your margin interest will be based upon the margin rate and your average debit balance for a predefined period; normally monthly.


Dollar Range Above/Below Base Rate* Margin Rate
Above $999,999 Give us a call at
909 657 6655
From 8.0%
$250,000 - $999,999 + 0.75% 8.75%
$100,000 - $249,999 + 01.25% 9.25%
$ 50,000 - $ 99,999 + 1.50% 9.50%
$ 25,000 - $ 49,999 + 2.00% 10.00%
$ 0 - $ 24,999 + 2.50% 10.50%

Base Rate is currently calculated using various market interest rates and internal costs. The Base Rate is subject to change without prior notice.

If you have a question regarding a service and its associated fee that is not listed here, please contact us for further information at customerservice*zeccotrading.com.

Disclosures:
All fees and commissions are quoted in US Dollars. All charges are subject to change with 10 day notice to you.
Options Trading is not for everyone, and includes substantial risks.

Transfer fees may be charged against your account by your existing brokerage firm.

--------------------
^..^

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PCola77
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Communities being? Do they have their own message boards or something?

quote:
Originally posted by T e x:
ya, i know a couple, too. think it will be my next account. Doubt if join one of their "communities," though...


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T e x
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oh, yeah... the idea is "track your trades"

which is noble--and I understand the effort, given PnDs--but I ain't going there.

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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DrZ
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*Mag*, PCOLA77 and Tex,

Thank you for your help. I appreciate it. I just might have to look into it. I know I could look it up, but is there a minimum balance that must be maintained?

Happy trading,
DrZ

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PCola77
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Supposedly no minimum balance ($2,000 if you want a margin account, but I think that's law, not subject to broker discretion)
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jordanreed
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sounds really good

--------------------
jordan

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ctr8604
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I have had an account with them for about two months now. Their trading platform is no-frills as you would expect. I opened the account with something like $500 just to try the service out, so I am assuming that there truely is no minimum balance requirement. I have executed a few small trades on everything from mega-caps to pinksheets and everything was filled without a problem. There seems to be no catch to the free trades other than the fact that you can only have 40 a month. This is something that I believe would only affect true day traders, and they are generally shelling out several $K a month on a Bloomberg subscription and are dealing with alot more money than I mess around with, so I am sure that the commissions from their brokers don't really bother them [Wink] . The only thing that I could complain about would be the clearing time (from when you sell a particular security to when the proceeds from said sale are back in your account to re-invest). All-in-all, pretty damn good for the price haha.

-----
CTR

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bilgert
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I opened an account about 3 weeks ago for under $500. The application process was a little bit of a pain, but it wasn't outrageously difficult. I sent a check to fund the account and was eligible to trade in 6 business days. My understanding is that people who transfer over securities to Zecco have problems, but I don't know if this is the case first hand.

I've performed 2 small trades in OTCBB land and they both filled relatively quickly. The interface is a little low rent and a little clumsy, but for free it does the job.

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32counter
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Used it for a month and wish I had known of it earlier. has saved me "a lot" of money this month. Kept E-trade for the research.
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The Bigfoot
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So...

It's been a few months. You guys still happy with the platform?

It's got a real time level 1 streamer correct?

Thinking of getting away from Scotty at the end of the year.

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DrZ
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Havne't thought about Zecco for a while, but I'm still intrigued. Any other comments and opinions from those who still have Zecco accounts?

Thanks in advance,
DrZ

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32counter
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I am not sure what the downside would be. There are no trailing stops if you own under a hundred shares. Research is not good but you can use other places. Never had trouble with customer service. I have kept e-trade for my long term holds so I still have the tools. I input my zecco portfolio at etrade so I get better tracking numbers. I really don't see why anybody who likes to trade would not use zecco. It is the pinnacle of the off shore sports books. It has been great
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skip
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I don't use it all the time, but it's easy when I do. They use Penson for their clearing firm, so, it feels a bit like Choicetrade. Which is my "main" broker, so it feels familiar. I am think of moving more cash into it and using it more often, you just can't beat free trades.
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PCola77
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Update, trades no longer free for small accouns:

October 1, 2007

Dear XXXX,

Important News About Your Free Stock Trades

Free trading is here to stay. Our mission today is the same as it was a year ago; to level the playing field for the self-directed investor. If you're like the majority of our customers (and over 98% of online investors), you trade less than 10 times per month, much less than the 40 free trades we now offer. You are, however, clamoring for more sophisticated trading functionality and the superior customer service you deserve. We hear you and we're adjusting our offer to get you more of what you need.

Beginning next year, each qualified account will get 10 free stock trades per month. Additional trades cost only $4.50, a deal we think is hard to beat. If you have more than one account of the same type (individual, joint, Rollover IRA, Traditional IRA, and Roth IRA), you'll get free trades in the first account of that type.

Minimum Balance
Equity Trades
Options Trades

$2,500 or above
10 free trades/month,
$4.50 thereafter
$4.50 per trade
+
50 cents per contract

Below $2,500
$4.50 per trade


Instead of paying for free trades you may not use, we're investing that money in the tools and functionality that you will. Over the coming months you can expect:

Significant investments in the number of service representatives and training.
Addition of 3 and 4 legged options strategies so you can trade butterflies, condors, and more.
Release of a sophisticated options analytics platform.
Access to ZeccoShare, the ground-breaking investor social network at zecco.com. Independent of Zecco Trading, ZeccoShare lets you share your brokerage holdings, trade history and performance anonymously, and view the same of others. Now, you can debate stocks with other investors and know that they are putting their money where their mouth is.
And much more, including fantastic new premium services at a typically fantastic Zecco price:

Streaming quotes, news and charts.
Tax planning and performance tools powered by GainsKeeper®.
No changes to the trade commissions until January 1, 2008

For your accounts applied for or opened before 12:01AM PST, October 1, 2007 you'll continue to get 40 free trades a month, 10 free trades a day and pay $3.50 each additional trade until December 31, 2007. For options trades, you'll pay $3.50 per trade plus 60 cents per contract till then. The new commissions kick in January 1, 2008. If you apply for or open a new account on/after 12:01AM PST, October 1, 2007, your new account gets the new deal from the start.

For more details, visit: www.zecco.com/trading/newofferfaq

We're proud to offer you what we believe to be the best deal in the industry. Thank you very much for your business. Your support of Zecco Trading has helped us to transform the online brokerage industry and bring free stock trading to tens of thousands of investors just like you. We will constantly strive to give you the best value in the business.

Regards,

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toothpick
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Hey guys,

I just started using zecco and I am a bit confused.

I dont understand 'buying power'. Its double my cash balance. What is the charge when I start using money beyond my cash balance?

Also, I just sold some stock but my cash balance has not changed to the value of the sale? why is that and when will it change?

regards,

Jason

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bilgert
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There is a variable interest rate, depending on the value of your account and the amount you utilize over the cash balance.

Zecco usually takes about 2-3 days to post the cash to your account. I have a cash account though; it could be different for a margin account.

quote:
Originally posted by toothpick:
Hey guys,

I just started using zecco and I am a bit confused.

I dont understand 'buying power'. Its double my cash balance. What is the charge when I start using money beyond my cash balance?

Also, I just sold some stock but my cash balance has not changed to the value of the sale? why is that and when will it change?

regards,

Jason


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