Anyone hear about Zecco broker. Do they really have no commissions on trades?

Question

www.zecco.com

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What do you mean slow? When I say buy 20 shares of xyz, it takes them 5 minutes?

Answer 1

I took a quick look and the fees don't look too bad. It all depends on how large your account is, how you trade, and how often you plan to trade.

Although they have very low transaction fees, you need to be aware about their fills. Perhaps they don't get as good of a price as other brokerages. Or if you do a lot of transactions (non trade related), you'll rack up a lot of fees.

Now if you just trade occasionally or do some option trading, the prices aren't too bad.

There are a lot of good brokerages depending on what you like and how you trade.

Here's some info on other online brokers so you can do a little more research and pick who you think is best.

Barron's has a great article on brokerages that they publish each year. (Latest one was in March 6, 2006 though the 2007 article “just” came out). Kiplinger does one too.

Here’s the link to the 2006 Barron’s article.
http://webreprints.djreprints.com/1550280182488.html

Here’s the link to the new Barron’s 2007 – Best online Brokers 3/5/07
http://online.barrons.com/public/article/SB117288684364425609-wsYkdd74F9ukYSQgQJifDpHYwsY_20070402.html?mod=mktw

Here’s the link to the Kiplinger’s July 2006 article which isn’t bad either.
http://www.kiplinger.com/magazine/archives/2006/07/brokers.html


For basic stuff, E*Trade, Ameritrade, and Scottrade are sufficient. For more complex trades, I'd recommend Optionsxpress, ThinkorSwim, or interactivebrokers.

Based on what you put in your question, I'd recommend one of the first three, but all are very good. Cheapest probably is scottrade (of the larger online firms). Yes there are cheaper like interactivebrokers, but you'll have to get used to their software based platform (which is doable). They're only about $1/contract on options!

Brokerages like Fidelity are horrible for anyone with any decent experience.

So, decide what's important to you as a trader and compare the brokers! You can use the article, or go to each website as they all seem to have comparison charts!

And if there are particular things that you want to mention as being most important to you (such as executions, cust svc, cheapest trade, flexibility on allowing you to do certain types of trades, stop and stop limit orders, contingent orders, great graphing, what if scenarios, training, etc), I'll be glad to help discuss this with you too!


If you have any questions, let me know.

Hope that helps!

P.S. I just found a link to a review of reviews as well! Here it is:
http://www.consumersearch.com/www/internet/online-brokers/reviews.html

Answer 2

Yes, it's true, although there is a limit on the number of free trades allowed. I know someone with Zecco and he says it's rather "bare-bones" and a little slow, so depending on what kind of trader you are, it may or may not work out for you.

Edit: No, by slow I don't mean 5 minutes. I assume he means a few seconds slower on average, which could mean a significant difference in the price you get. If you're a longer-term trader, it's probably not that important.

Answer 3

It relies upon on your desires. Interactive brokers is extremely good. decrease priced expenditures, and the better quantity you commerce (extra shares) over a quantity of time, it gets extra inexpensive. you besides mght have the alternative to put in orders directly to the exchanges, and you gets rebates particularly situations (including liquidity on the nasdaq) which pays you cash for putting in a bid or an supply, which will the two make your commerce extra inexpensive, unfastened, or perhaps make you some money on it! some brokers may well be extra desirable, it relies upon on in case you have different forms of desires. even if you do regardless of the shown fact that, do no pass with a economic corporation, eg. TD Waterhouse, their expenditures are criminal. i desire this helps, good success.