Zecco Review
If you have ever looked for a discount stock broker, you will have probably have come across Zecco. They have become well known for their free stock trades. The deal they offer is 10 free stock trades per month for any account over $25,000. They also offer 10 free stock trades to smaller accounts if you make more than 25 trades per month.
Account opening
The process of opening an account with Zecco really was very quick and straightforward. It took me about ten minutes to fill in the online forms and submit them. I just had to give them the normal details like name, address, SSN, trading experience.
Within 15 minutes I received an email from Zecco approving my account. I was quite surprised I was expecting it to take at least 24 hours and I thought I would probably need to send additional ID documents like my drivers license or passport.
Customer Support
I am now sure about you, but one thing that really annoys me is bad customer support. I am happy to report this hasn't been the case so far with my experience with Zecco. For many queries I have had, i've used their liveperson support. Operators dealt with any problems I ran into in a very quick and friendly manner. They also offer phone and email support too.
Zecco Community
A definite advantage with Zecco over some brokers is now they are so big, they have a friendly community you can engage with. Zecco has a very active community forum with thousands of regular readers. Whilst I like this, it's always good to be careful and not completely trust or believe everything you read. Many stock traders lose money, so you don't necessarily want to be taking their advice.
Trading Fees
Standard trades cost $4.50 each. As mentioned above you can get 10 free trades a month. Broker assisted trades cost $19.99, rather pricey I thought. Margin rates at the time of writing are 7.20%, about average at this time.
Other charges
Nothing irritates me more than hidden charges. I'm happy to say I haven't yet come across any yet with Zecco. There are no inactivity fees or anything silly like that. There are no extra charges for trading high numbers of stocks, making them an ideal option for penny stock traders.
Overall Verdict
It's difficult to find faults with Zecco. I like their platform, execution, free trades and trading community. Whenever i've needed customer support, they've always been there. Trading commissions are also highly competitive in the industry. I currently use them as my primary broker. The only thing I can think of to say of anything adverse is the fact that optionshouse has cheaper stock trades and margin rates, that could make quite a difference to your bottom line.
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