by jonruh on 2011-04-07 11:22:19Bait and Switch is the Zecco way. They built up a client base then jacked up rates and charged anyone that wanted to leave the full ACAT fee. They also refused to do JRT transfers when those were an option. They simply refused to sign the form and left investors stuck with them or paying their high fees. They also censored their forums and blocked anyone talking about what Zecco was doing to them or mentioning of other brokers. Their customer service is rude and will actually laugh at you when you explicitly show them they are breaking their contract. They deny it and withhold your securities until you pay them. This is a very unethical company and will hopefully be bankrupt soon. I'm looking to put together a class action lawsuit against them with at least two other customers so far. If anyone else is interested email the site moderator and ask to contact me.
by Stockspicker on 2011-03-16 19:39:163-16-2011....I have had good luck with Zecco trading for some time now. I usually get a better price when I sell. I also use Scottrade and TDAmeritrade. I liked the 10 free trades per month with Zecco, but that is ending at the end of March. I would use Scottrades graphs and Ameritrades Level II quotes, (because those are extras on Zecco) and make my trades on Zecco. Trade executions were very fast. I am now considering dropping them and going to either BOA (Merrill) or Well Fargo for the free trades. I average about 10 to 20 trades a month. I don't like the way that Zecco upgrades your account balances during the day but that is getting better. Customer service has always been good. Good Luck to All.
by barebull on 2010-06-04 17:42:54Okay, let me start by saying their customer service is really bad. I was switching from ETrade a bit ago and was thinkng of going to Zecco because of the free trading. Well, it's not really free trading because I didn't have $25,000 and I think they even changed that policy to make it more costly within the last year or so. I think the site is clunky and the tools are inferior to other discount brokers. I also wanted to learn options trading but i didn't find their tools and resources very helpful. Ultimately, I decided to go to a different broker than Zecco. Not saying it isn't for you. I just wasn't for me at all.
by ys2009 on 2010-05-09 23:27:04Been trying out Zecco for a month, and I don't really like the experience
Pros:
-Among the cheaper commissions, with 10 free trades if you meet requirements, with no minimums
-Account setup was relatively fast, account activated within a day, no need to send/fax additional forms
-Provides S&P reports for applicable stocks
Cons:
-Interface is still a bit buggy, according to the forum, the watchlist is problematic, even the log in screen gives me trouble sometimes
-ACH fund transfer is slow, took it 4 days to go through and another day for it to be available.
-Stock screener is rather limited, though I have seen worse
-the Gainskeeper option is only available through a premium plan, while other brokes provides Gainskeeper/Maxit, so Zecco would be a pain during tax time
time to move on....as soon as Zecco makes my funds available for transfer (according to their forum, that's going to take another few more days)
by chan78 on 2009-12-08 08:59:03Before starting with zecco, I was worried about the trade execution times because zecco is not a direct access broker. I am primarily a swing trader and need fairly quick executions. I did a lot of research and decided to give zecco a try anyway to get the free trades with my account. The account creation process was quick and I was trading right away. My initial fears of slow execution times were erased within a week of using zecco. I am very satisfied with the execution times and with zecco's overall services.
by gotfrank on 2009-10-24 16:13:28I have been a member of Zecco since its inception in 2006. The key attractions at this broker are 10 free monthly trades and low fees. It is a simple online brokerage firm for the less-demanding traders or for most long-term investors. It is a basic online brokerage (hence it is able to offer low costs) that focuses on a low-cost business model. If you are an advanced trader, Zecco may not be enough for you. Zecco lacks a decent quote and charting platform. If you are the majority of all other retail traders/investors, Zecco is a really great place for brokerage and retirement accounts. There is no trading platform, so all trades, research, quotes are on the website. Trade execution is decent and the trading community feature of Zecco is interactive. I recommend it to all new traders and traders that do not need a highly sophisticated trading system. It is unanimously the best online brokerage firm that targets services for 90% of the retail investors.
Here's the breakdown for the different types of traders.
***New traders:
-Low costs, low minimums
-Plenty of investing information through tools and the Zecco community
-Fast, reliable website
-Customer-centric business model
-Simple, straight forward user interface
-Great customer service
***Casual/Semi-experienced Traders:
-Low costs, low minimums
-Options trading available with additional tools
-Currency trading through Zecco Forex
-Great for swing traders that trade often enough, but do not need a full powered trading software platform.
***Advanced Traders:
-Cheap trades, but not cheaper than other brokers that trade high volume
-Lacks a powerful trading platform
-Lacks sophisticated trade routing system
-Lacks superior trading data
-Does not offer futures trading
***Algorithmic/Proprietary Traders:
-Lacks algorithmic trade execution programming
-Lacks a powerful trading platform
-Lacks sophisticated trade routing system
-Lacks superior trading data
-Does not offer futures trading
by marketeer on 2009-09-29 15:07:22I only recently started using zecco and really like it. I don't have enough money to qualify for free trades, but it's nice to know that if my account ever surpasses 25k, I can get free trades.
There is a community forum on zecco which is nice, but I don't visit it very often. It's less spam chat than a yahoo! message board.
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