| Here's a review on my primary discount brokerage | | | | - ACH link was extremely quick (about 2 business |
| firm, Zecco. | | | | days) |
| Fees/Commissions: Zecco offers $0 commissions up | | | | - Allow for beginning options trading with little to no |
| to 10 trades per day or 40 trades per month. | | | | investing experience |
| Commission fees are $3.50 after the free trade | | | | - FREE Commissions (as long as you don't pass their |
| requirement is met. Options trading is $3.50 + $0.60 | | | | limits) |
| per contract. They offer no-load mutual funds for | | | | - Money market sweeps average about 4% |
| $10 a transaction. | | | | - Daily snail mail transaction reports |
| Investments Offered: Zecco offers basic | | | | Cons |
| investments including stocks, options, mutual funds | | | | - Money market sweeps requires minimum of $500 in |
| and ETFs. | | | | your cash account to be eligible |
| Platform Features: Zecco's platform provides real-time | | | | - ACH deposits can take a couple of business days |
| quotes, graphs, and options chains. The more informal | | | | to clear |
| platform, myZecco, has forums and blogs for other | | | | - Sales of equities can take a couple of business days |
| investors/traders to swap ideas and questions. Zecco | | | | to clear into your account |
| also has a small table below your main trade window | | | | - Not the most appealing platform |
| with lines for various quotes that can be updated on | | | | - No after hours trading |
| the fly without having to leave the current screen. | | | | Summary: Zecco appears to be gaining steam in the |
| Security: Zecco has two layers of security. First, you | | | | discount brokerage game. It's very difficult to top a |
| must access your myZecco page. From there, you | | | | $0 commission fee on regular equities. Their options |
| can log in to any of your trading accounts using a | | | | fees are also very low. Their ACH process was much |
| different password. Zecco is also an SIPC member. | | | | quicker than TradeKing's. Customer service has been |
| Ease of Use: Their trading platform was not as easy | | | | quick to respond to my e-mails (less than 24 hours |
| to use as TradeKing's, but it's sufficient for the first | | | | during business days). Zecco does not offer after |
| time investor. In order to join their money market | | | | hours trading (TradeKing does but requires you to call |
| sweep program, you must contact their customer | | | | it in) which is either a blessing or a curse. There have |
| service directly. | | | | been nights I wished I could have jumped in after |
| Support: Zecco's main form of communication is via | | | | hours. It does force some discipline though. Overall |
| e-mail. They normally respond rather quickly during | | | | Zecco's a very solid discount broker with great fees |
| business hours. I did recieve an e-mail from Zecco | | | | (or lack thereof). Remember though that you do get |
| once during the weekend so it does appear that | | | | what you pay for. Don't expect much in the way or |
| they have a skeletal crew working the weekend | | | | aesthetics or research. The forums and blogs can be |
| shifts. | | | | useful but I prefer other sites for my research and |
| Pros | | | | interaction with other investors. |
| - Two layers of security | | | | |