Discussion in 'Retail Brokers' started by david Lee, Jul 26, 2007.
You may also want to check out a couple of other low commision- cost brokers which I came across:
I personally do not have any experience with Zecco or the above mentioned; however, they are worth considering especially for 'active' traders!
I hope this somewhat helps and would also be interested in your and others' evaluations of these brokers.
these freebie brokers will end up costing you much more in bad execution. if you can't afford the comms of IB for ex, then I think you should try saving somemore money before trading....
I agree with slow down. I used Zecco to play around a bit with a small amount of cash, but I saw that I was paying top dollar for stock. If you use them, use limit orders. I think TradeKing is much better and worth the commission. But if you want to trade just small amounts, you may be stuck with Zecco, because maybe you're only making $5 all together, so then use limit orders to buy and maybe to sell too. I don't think they have trailing stops, which I really like -- saved me today.
I went to their presentation last night at the SF MoneyShow and the most interesting thing to me is their ZeccoShare which is a community of people sharing stock ideas.
Their aim is to seems to be turning Zecco into a portal.
They dont have level II yet, or ANY AH trading and you can't get electronic confirmations (only paper), so I think they might be a year away or more from getting all the stuff he talked about up and running.
One of the big money guys was the guy who sold Skype to E-bay, so it seems like they have good backing.
have an account with Zecco and would say that you have to pay for these free trades one way or another.
Most execution have been OK but on several occasions had stops triggered when the price was still 10% away ( I am not joking)
When I complained about it, was told to take my business somewhere else.( thats customer service for you)
For what I gathered customer service doesnt seem very knowlegable about trading.
I m waiting to find a better broker and will indeed take my business somewhere else as suggested.
i have been with IB for a long time. But i switched to zecco too just to check it out because they allow 40 free trades a month. i think its good. Execution has been fine. no slippage. I dont think they have trailing stops either. However, I do plan on making a switch back to IB.
Zecco trading is good. Use it.
why would anyone pay for commission if its free.
zeccos makes money on the interest on the deposits. they aren't interested in daytraders who close their account within 6 months.
well. IB has a better user interface. zecco has no trailing stops, so i basically have to check in a lot more. Plus IB is pretty cheap too.
Another huge thing- IB has a wayyyyyyyy better inventory on shortable stocks. I was looking to short agix at 3, but i couldnt do it with zecco, IB did.
If someone is looking to make just 1000 a month or something, it moght be worthwhile for them.
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