Zecco Trading is the online discount broker, every month it offers 10 free trades to their investors. For some customers, the online broker experience is almost dictated by commission prices. In the online broker industry, Zecco offers one of the cheapest commissions, at only $4.50 for most trades. But cheap cost is not the only thing Zecco offers; it also offers powerful investing tools, great customer service and a community for concurring investors to share their investing tips and portfolios. The Zecco.com is home to the Zecco Share Community of over 150,000 investors.
Zecco offers a range of trading products including stocks, mutual funds, exchange-traded funds (ETFs) and even FOREX. Every month it offers 10 free trades, if you maintain a $25,000 account minimum or make at least 25 trades a month. If your account balance is under $25,000 or less than 25 trades a month, it gives $4.50 trade commission. Zecco is one of the few discount online brokerages, offers safe environment to test and improve trading skills and strategies. Zecco shines as one of the best brokerages for beginners. No account minimum, no inactivity fees and free dividend reinvestment are great too.
Zecco Commissions and Investment Products:
- 10 free stock and ETF trades/month with $25K min. account balance OR if you make 25 trades/month
- Treasury: $24.50 per transaction
- $4.50 per stock trade (if not meeting above requirements)
- Investments: stocks, mutual funds, options, Forex, Bonds, Treasury bonds, ETFs
- Minimum to open account: $0
- Options: $4.50 plus $0.50 per contract
- Mutual Funds: $10
- Bonds: $4.50 per bond, with $22.50 minimum per transaction
Zecco Trading Features:
Fees/Commissions: Up to 10 trades per day or 40 trades per month, Zecco offers $0 commissions. Commission fees are $3.50 after the free trade requirement is met. Options trading are $3.50 + $0.60 per contract. They offer no-load mutual funds for $10 a transaction.
Security: Zecco has two layers of security. First, Zecco is an SIPC member. And second, you must access your myZecco page, where you can login to any of your trading accounts using a different password.
Platform Features: Zecco's platform gives real-time quotes graphs, and options chains. MyZecco, informal platform, has place and blogs for investors/traders to exchange ideas and questions.
Trading/Investment Tools: This service provides some educational tools for stocks, options and currency exchange trading in addition to some video tutorials with some unusually interesting presenters. They also offer market updates, market movers and streaming news. In the investment tools they include screeners, alerts and option analytics.
Ease of Use: Zecco trading platform was not easy to use as TradeKing's, but for the first time investor, it is sufficient. In order to join their money market sweep program, you have to contact their customer service directly.
Support: Zecco posts trading, FOREX and holding FAQs online. As mentioned, they also host a trading community and you can contact them by email, chat or telephone. Their telephone support hours are 9AM-6PM (EST).
Zecco Trading Advantages
- Two layers of security
- FREE Commissions (as long as you don't pass their limits)
- Trade pricing; 10 free trades is unmatched among online brokers
- Money market sweeps average about 4%
- ACH link was extremely quick (about 2 business days)
- Allow for beginning options trading with little to no investing experience
- Daily snail mail transaction reports
- Referral bonuses
Zecco Trading Limitations
- Money market sweeps requires minimum of $500 in your cash account to be eligible
- Fees for access to trading platforms
- Sales of equities can take a couple of business days to clear into your account
- ACH deposits can take a couple of business days to clear
- No after hours trading
- Not the most appealing platform
How to open Zecco trading account?
Zecco trading system uses easy and automatic web interface. You can easily enter and cancel your orders but you can't modify them.
Open a zecco trading account within 10 minutes. There are no lengthy forms to fill, you need to enter your address, date of birth, social security number, and employer information. To get started, go to the zecco.com site and click on trading option and a use the pink button (open an account). Fill up form with your personal information like your name and email address and then you can start trading application. And fill this application form with address and Social Security Number. The next step involves agreeing to Zecco’s terms and conditions and providing an electronic signature. Then Zecco will send approval email on your e-mail address. After approval of new account you can use all features of the Zecco.com website.
Zecco Account Pros/Advantages
- Free/very low commissions
- No account minimum or inactivity fees
- Minimum to open account: $0
- No surcharges for large orders, penny stocks and extended hours trading
- Virtual trading environment
- Forex trading
- Free dividend reinvestment
- Great investing community
Zecco investing basic Tutorial video from YouTube:
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