Anybody use Zecco?

[hossofadoc]

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I was wondering if this was a realiable broker being they have $0 commission trades. Anybody have any experience using them?

 

[StrengthDoc]

I have a securities background and they appear legitimate, but I would be cautious. They offer a very low money market rate, so they are definitely making a high spread on cash held in accounts. If you trade frequently and don't hold cash, it could be worth it. Otherwise, I would use one of the bigger discount brokerage options for a diversified (including cash) portfolio.

If you are buy and hold (trade infrequently), then I definitely would pick an outfit with better customer service and utilize them.

 

[etf]

i recently opened an account at charles schwab, and have been very satisfied so far; i'd say for the beginning investor go with either them or fidelity.

 

[mark-ER]

I've had E*Trade, Ameritrade, Stockbuilder & now Zecco. It's very bare bones and the yield on cash is very, very low, but if you know what you want (or are satisfied with the research you do elsewhere), this will do fine.

 

[Shredder]

I just opened an account with Zecco. The interface is bare bones as expected and I'm also not expecting much in the way of customer service, but you get what you pay for. ETrade charges fees left and right, it cost me a ton and for no benefit with my meager budget. Use Paypal if you have cash sitting around as Zecco's interest is negligible. I want to trade ETFs with Zecco.

For small time investors, commissions and fees of the bigger name brokers eat away too much yield. The resources they provide are questionable--these days a lot is available free at various sites.

 

[PharmacyAdvisor]

Check out Scottrades! Its only $500 to start with $7 per trade!