Hi all Does anyone here have experience with Zecco, and have allready opened an account and want to share their experiences. They opened with a bang giving away free hot-dogs in wall street under the motto: "there is such thing as a free lunch" But is it so? Since the launch they have been quite quiet, and on their forums there in almost no activity. - Are free trading really free? -Trading experience? -Hidden costs? Cheers, Peter
I'd assume they make their money on the spread, but I'm also interested in hearing what anyone who's actually used them has to say.
They limit the number of times you can trade free. Plus if you do I think 3 turn around trades with in a week you are labeled a trader so they can take away the free trade status. AB
AB, Do you (or somebody you personally know who) use Zecco Trading? According to Zecco, 40 free trades per month is for both <$25k and >=$25k accounts.
Guys, they have GOOGLE ads on their web site for cripes sake. That must be part of their business plan ROTFLOL. Even Elite trader has not sunk as low as Google text ads... :eek:
I have a Zecco account and use it for longer term trades, i.e. I only enter/exit positions in stocks trading on NYSE with market orders at the open. It works perfect for me. I also have an account with IB for my shorter-term trades.
I just took a quick look when they were on Squawk. I use MB trading .01 per share and I am happy with them. Remember nothing is ever free, one bad fill and you could have payed for a 100 trades
NoWorries, Do you mean Zecco offers Market-At-Open order type? What type of equity orders do they offer? How is their financial transaction? I heard they withhold taxes on sale orders for some people unless you submit W-9 or so long in advance. Do they withhold taxes for you?