Comments on: Zecco Discount Online Brokerage Account Opening Review

By: Dave

Dave — Thu, 13 Oct 2011 13:57:23 +0000

I used to have Zecco. After all the changes that was happening I couldn’t handle it. I moved to Scottrade and I love their system over Zecco. I wish I would of moved years ago. Thank you Zecco for changing your fees so much. Otherwise I wouldn’t of gone to Scottrade.

Scottrade has a new 2011 and 2012 referral code that will get you 3 free trades when you open any type of account.

Scottrade referral code: (3 free trades for you and also me)

I love Scottrade’s new streamer they came out with. Very nice system..

Dave

By: Scott

Scott — Wed, 16 Jun 2010 03:42:07 +0000

I opened an account with Zecco when they first got going but did a majority of my trading with a different brokerage. It was a hassle having multiple brokerage accounts, so I decided to consolidate them with a single brokerage, and I ended up choosing Zecco.

The Good:
Two accounts that qualify for 10 free trades each, an individual and an IRA.
Paperless statements.
BOA checking account linked for easy transfers.
Everything can be handled through email – no faxes, notarizations, etc.
BONUS: Account transfer fee reimbursment – $75/account.

The Bad:
$30 yearly maintenance fee for IRA account.
Website layout could use a little more polish.
Have to subscribe to Gainskeeper tool if you want to track gains/losses. ($50/year)
Tax documents could be improved.

I look for the cheapest way to do things and Zecco is hard to beat.

By: Flexo

Flexo — Wed, 24 Mar 2010 18:01:43 +0000

Yes, I’m doing this just for educational purposes. I don’t expect to make a killing.

By: Investor Junkie

Investor Junkie — Wed, 24 Mar 2010 17:46:52 +0000

I agree it’s a small amount. But is then for education purposes then? Or are you really hoping to make a killing with such small transactions?

By: Flexo

Flexo — Wed, 24 Mar 2010 17:41:25 +0000

I’m talking about ten shares in TM. This is a tiny portion of my total investments, which are almost all in index funds, or in the case of my 401(k), an aggressive combination of large cap, mid cap, small cap, and international funds. Anything I do with stocks or options would have just a small effect on my overall diversity and allocation.

By: Investor Junkie

Investor Junkie — Wed, 24 Mar 2010 17:34:02 +0000

“I’ve made about $20 after fees on that purchase so far.” $20 Seriously? I’m not mocking you for investing, everyone has to start somewhere. Don’t take this comment the wrong way.

I’m just wondering for amount of shares/dollars you are talking about, why not continue investing in index funds? For the amount of money invested you are not being diversified. Knowing your NW and amount invested in the market, what advantage do you have investing in stocks at this moment? Unless your are talking about a pure speculation account. Which again at your NW, which is normally no more than 5% of your investments, would be a very very small amount.

Unless you are doing this to help improving your trading skills and putting your toe in the water.

Same as you mentioned in your tweet about using options. Unless you are doing some sort of hedge (again the amount of money your talking about for say Toyota isn’t that much), why not put a stop loss order in instead? Again unless you are only educating yourself about options. IMHO options for anything else is pure speculation and it appears you don’t have the NW yet to warrant the risk taking.

By: BrIan

BrIan — Wed, 24 Mar 2010 14:40:16 +0000

I like mine for the most part, especially since I made around 40% on my account last year! I have pulled it all out at this point though to pay off a credit card, but I plan on building up some more fun money in the coming months to start again. It’s really no frills and I wish Zecco had an iPhone app because that would make trading a little easier. However, that’s really the only complaint I have. Trades seem to be very quick and almost always at the prices I expect.

By: Craig Schroeder

Craig Schroeder — Wed, 24 Mar 2010 13:18:59 +0000

Zecco had my money locked up for a year without my being able to touch or trade, because my *brother* is a stock broker. They were requesting that his employer provide them a 407 letter for *me.* Of course they refused, and then it took Zecco a year to finally break down and give me back my money once I sent them a letter declaring that my brother did not live with me and was not my dependent. Freaking ridiculous.