Around since 2006 and based in San Fransisco, California, Zecco Trading (“Zero Cost Commission”) is an online brokerage that offers low cost stock and options trading- priced at $4.95 plus $0.65 per contract- and represent one of the best values in the brokerage industry. Their online stock and ETF commission rates are 30 to 50% lower than other top competitors with the lowest assignment and exercise fees of all discount brokerage firms – $4.95. Mutual funds are just $10 per transaction. There are no surcharges for large orders but the company charges $2 per trade more on penny stock trades. There is no minimum deposit required to open or maintain an online trading account. In addition to their low cost stock and options trading, Zecco is well known for the ZeccoShare social network, an exclusive innovative online trading community that provides the perfect environment for developing strategies, obtaining trading ideas, money management skills and advice from other traders who’ve been there and seen it all.
- Stocks: $4.95 per trade (equities with a trade price of less than or equal to $1.00 per share are $6.95 per trade).
- Options: $4.95 per trade + $0.65 per contract.
- Broker assisted trades are $19.99.
- Zecco’s price structure is ultra cheap and easy to understand.
- Forex spreads as low as 0.7 pips for major pairs.
- Margin rate: 4.5%
- Investments offered: Stocks, Options, Bonds, FOREX, ETFs, Mutual Funds, Retirement Accounts, Education Savings Accounts.
- Deposit funds by linking your bank account, paper check, wire transfer, transfer from another broker (Zecco will cover up to $150 in account transfer fees).
- ZeccoShare social network- an exclusive innovative online trading community
The trading platform has a nice simple design. It’s very intuitive to use, you should easily be able to place an order without having to spend a lot of time training. However, Zecco’s trading tools don’t offer some of the more advanced features used by very active trades. There’s no volatility charts, trading patterns or stock alerts, and while streaming data is available, it costs extra. Therefore, this is a platform that’s clearly aimed at the beginner. On the plus side, it has everything the smaller trader or those just starting out will need. Sometimes less is more, and that’s definitely the case here. There’s also a fully functioning mobile platform so you can execute trades on the move.
Overall, Zecco is a good choice for you if you’re an experienced trader looking for a low price and solid service. Education resources are a bit thin but still OK, and let’s not forget how useful the social networking feature is to share notes, tips and trading strategies with other successful traders. They are a broker tailored towards the beginner. And that’s no bad thing because we all have to start somewhere. They have a full virtual trading platform, perfect for mastering your strategy along with one of the best trading communities around. Opening an account with the company does not require money down and no commitment needed, so if you want to see if Zecco works for you, take 10 minutes and open an account!
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