Zecco has been around for a while and it’s changed its free trading commission structure a few times. However, Zecco is still one of the few discount brokers who offer anyone free stock trades. What’s the catch? Let’s find out in this review.
Zecco Discount Broker’s Commission Structure
The brokerage firm still offers free stock trades, but you need a minimum of $25,000 in the account or trade 25 times or more to receive them. In addition, you only get 10 free trades per month. It sounds pretty restrictive and it is, but it’s better than nothing since its competitors generally don’t offer anything commission free. On top of that, stock trades are only $4.50 and options are only $0.50, which is one of the lowest (if not the lowest) in the industry.
Zecco Trading’s Research and Tools
Financial information is literally all over the web these days, but it’s nice to see a well built out information portal within the trading platform. Call me crazy but I just think it’s easier when everything is in one place. Don’t you?
What I really like is Zecco’s stock screener, where I can easily filter out stocks that meet certain criteria. With a few clicks of the mouse, I’m able to narrow down the list of stocks that I can research on.
Zecco’s Account Opening Process
It doesn’t get much easier than opening a Zecco account (having a super easy process certainly makes sense since they don’t want us to give up) as it takes minutes to open. My account was opened in less than 10 minutes and I was up and running in no time.
Unlike most of the competition, Zecco offers currency trading via its Zecco Forex trading platform. This is welcomed because I always encourage a single point of control for all your trading needs. However, I just want to quickly point out that currency trading is very volatile and much riskier because of the ability to use extreme leverage.
Zecco’s Complaints On the Internet
While I was doing my due diligence, I found that there were some complaints about Zecco’s customer support not being as good as others. It certainly put some doubts in my mind but since the account opening process was free, I signed up anyway to see for myself. So far, I have no complaints, even though I consider myself pretty self sufficient and may not need as much hand holding as the average novice investor. In any case, I encourage you to sign up and find out for yourself before you commit significant capital to the broker.
Should I Go With Zecco Discount Broker?
I really like the stock screener and its educational tools, so I would recommend checking them out. I wish Zecco still provide free trades for all but I rather see a profitable company who will continue to invest in the technology, support necessary to run a solid brokerage firm. Besides, $4.50 a trade is still extremely low in this day and age even for people don’t meet the criteria for free trades. Like I always say, opening an account is free so why not give it a spin?
- Zecco Trading – Official Site