Comments on: The end of free trades at Zecco and my review of them http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the Sun, 03 Jul 2011 02:33:03 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Greg http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the/comment-page-1#comment-123672 Greg Wed, 08 Jul 2009 05:25:33 +0000 http://www.myfinancialjourney.com/?p=291#comment-123672 It's pretty telling that the post you predicted would be deleted has been, you guessed it, deleted. I got in on Zecco just as the free trades were going away for small accounts. I have also had significant problems with their website. Frequently orders and even executions do not show up on the site. On my first trade, I ended up putting a buy order in twice because the first order did not display in my account, nor did I get any email confirmation of an execution. I assumed that I'd simply missed the last "confirm" step, etc. When I started getting urgent e-mails from Zecco I knew something was amiss. So I transfered enough cash in to cover the double order (which they executed, oddly, despite the fact that the funds were not available). I chalked it up to experience and moved on, thinking I must be to blame. Fast forward to yesterday, when I placed a buy order around 9am for 175 shares. The order executed immediately and showed up under both Orders and Executions. Hmm, Zecco gets it right. Wrong. Later that night, the transaction did not display in either Order or Executions, leaving me scratching my head. And despite the fact that I specifically called customer service to make sure that I was receiving e-mail trade confirmations, I didn't get an e-mail yesterday. The e-mail did finally arrive - about 10pm tonight....36 hours after the trade executed. I'm a cost-conscious (cheap) consumer and $4.50 trades are nice, but I really can't recommend Zecco. It’s pretty telling that the post you predicted would be deleted has been, you guessed it, deleted.

I got in on Zecco just as the free trades were going away for small accounts. I have also had significant problems with their website. Frequently orders and even executions do not show up on the site. On my first trade, I ended up putting a buy order in twice because the first order did not display in my account, nor did I get any email confirmation of an execution. I assumed that I’d simply missed the last “confirm” step, etc.

When I started getting urgent e-mails from Zecco I knew something was amiss. So I transfered enough cash in to cover the double order (which they executed, oddly, despite the fact that the funds were not available). I chalked it up to experience and moved on, thinking I must be to blame.

Fast forward to yesterday, when I placed a buy order around 9am for 175 shares. The order executed immediately and showed up under both Orders and Executions. Hmm, Zecco gets it right. Wrong. Later that night, the transaction did not display in either Order or Executions, leaving me scratching my head. And despite the fact that I specifically called customer service to make sure that I was receiving e-mail trade confirmations, I didn’t get an e-mail yesterday. The e-mail did finally arrive – about 10pm tonight….36 hours after the trade executed.

I’m a cost-conscious (cheap) consumer and $4.50 trades are nice, but I really can’t recommend Zecco.

]]> By: MFJ http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the/comment-page-1#comment-123608 MFJ Wed, 11 Feb 2009 18:30:05 +0000 http://www.myfinancialjourney.com/?p=291#comment-123608 Thanks JD - I have heard of them before. I will check them out. Thanks JD – I have heard of them before. I will check them out.

]]> By: JD http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the/comment-page-1#comment-123607 JD Wed, 11 Feb 2009 18:25:40 +0000 http://www.myfinancialjourney.com/?p=291#comment-123607 Hi there, long time reader, and fan. I would recommend Interactive Brokers, if you are looking for a decent low cost borkerage. No, I dont work for them, im just a relatively happy customer. The only gripe is their Java platform they use for placing orders, its a bit clunky, but I guess its to be expected from a java app. Hi there, long time reader, and fan. I would recommend Interactive Brokers, if you are looking for a decent low cost borkerage. No, I dont work for them, im just a relatively happy customer. The only gripe is their Java platform they use for placing orders, its a bit clunky, but I guess its to be expected from a java app.

]]> By: MFJ http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the/comment-page-1#comment-123600 MFJ Sun, 01 Feb 2009 18:18:59 +0000 http://www.myfinancialjourney.com/?p=291#comment-123600 You can do a full account transfer (in-kind transfer or ACAT) that transfers all of your stocks directly over for free. You will get hit with a $50 withdrawal fee from Zecco for closing your account though. This way you don't have to buy all of those stocks at your new broker and ring up all of the commissions. You can do a full account transfer (in-kind transfer or ACAT) that transfers all of your stocks directly over for free. You will get hit with a $50 withdrawal fee from Zecco for closing your account though. This way you don’t have to buy all of those stocks at your new broker and ring up all of the commissions.

]]> By: RedStorm http://myfinancialjourney.com/archive/the-end-of-free-trades-at-zecco-and-my-review-of-the/comment-page-1#comment-123599 RedStorm Sun, 01 Feb 2009 16:41:06 +0000 http://www.myfinancialjourney.com/?p=291#comment-123599 I am on the same boat. I don't have 25K so now I no longer have 10 free trades. This is just like bait and switch. Now that I have 2 accounts with them, it will cost me over $100 to transfer my account to someone. I may now consider tradeking, sogotrade or someone else who fits my budget. I am on the same boat. I don’t have 25K so now I no longer have 10 free trades. This is just like bait and switch. Now that I have 2 accounts with them, it will cost me over $100 to transfer my account to someone. I may now consider tradeking, sogotrade or someone else who fits my budget.

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