Awful, and now not free. What more can you not ask for?
an aggressive investor
JAN
30
2009
Zecco —
Do NOT trade with Zecco.The once overhyped discount online broker has, through sheer force of will, destroyed any positive advantage or goodwill said hype may have brought it in the past. As of March 1st, they are again raising the minimum requirement for their free trades from $2500 to $25,000. They now offer absolutely NO ADVANTAGE to ANY INVESTOR, and should be avoided.
I am a current customer, and will be getting out soon. I was sucked in by their "10 free trades for $2500 minimum balance" ad. But the shoddy platform and mediocre customer service cost me more than any free trade could make up.
The platform is slow, clunky, and annoying, and the messageboards are by and large uninformative. Don't even think of trying to time a move or watch a chart. If you have to switch between screens, the random refresh time/criteria virtually guarantee you will miss your opportunity. There are no real chart tools to speak of, and the graphics on their charts are sometimes unreadable. For instance, it's impossible to read their candlestick charts.
The customer service people scream "small company" for some reason. I used to work in small salesrooms with the same mantra -- "Be very nice to people who want to sign up, but take your time with customer service claims; they don't bring money in." I beg to differ with that mantra. Zecco, your uninformed customer service people were a big reason my money's going OUT. (And once I get $25,000, won't be coming back.) The other thing that screams "too small a company to get my money" -- they put you on hold for the simplest questions, like "why hasn't my account resolved today." Or "what's the holdup on my cash balance. That money's been missing for a week." During trading hours expect a hold of 10-15 minutes on the simplest questions.
Let me repeat -- even if you have $25,000 after March 1st, the absolutely horrible Zecco trading experience will cost you more than those 10 free trades are worth ($49.95 -- big whoop to someone with $25K to invest). Also, those are only on buys, not sells. You always get charged commission for sells. Something else they don't tell you.
Good luck to all! I'm looking at ScottTrade and ShareBuilder.
Zecco is not recommended by kaileil
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