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eich82 Addict
Joined: 13 Jan 2003 Posts: 860 City: MTP
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Posted: Jan 08, 2007 11:15 am Post subject: Completely free stock trades |
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There's a new online trading site called zecco.com, I just opened a new account there. They offer absolutely free stock trades, and reasonable rates on their option commissions as well. Once my account is up and running I'll let you know how well the site is designed, content, etc. Just thought I would let everyone know...to all the people looking to start investing that don't have much cash this is the place to go...you can actually diversify yourself without getting eaten up by commissions. |
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Bowen Wakeboarder.com Freak
Joined: 12 Apr 2004 Posts: 3708 City: Dallas...I miss SoCal
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Posted: Jan 14, 2007 1:39 pm Post subject: |
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eich82, whats the catch? |
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dirtysparks Wakeboarder.Commie
Joined: 07 Jul 2004 Posts: 2428
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eich82 Addict
Joined: 13 Jan 2003 Posts: 860 City: MTP
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Posted: Jan 25, 2007 2:03 pm Post subject: |
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Alright here is the deal...
They offer legitimately free stock trades with only two catches...which aren't very big deals. The first is there is a minimum of 2500 dollars which is low by industry standards. The second thing is that if you make more than 3 round trip trades (opening and closing the same position) in the span of 5 trading days you become classified as a day trader and must maintain a minimum balance of 25000. Other than that there are some things that are lacking, such as the ability to purchase/write naked options, IRA accounts, etc. But they are working on most of these things which I suspect will increase in time. Basically their business model is offer commission free trades on stocks and make their money off interest on margins, commissions on other securities (which are still lower than anywhere else), and eventually once they have enough accounts, advertising dollars.
In summary, it's a legit offer but the platform isn't the most sophisticated offering out there, but for free trades it's worth it in my opinion... |
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Jeff206 Wakeboarder.Commie
Joined: 27 May 2004 Posts: 1002
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Posted: Jul 22, 2007 5:15 pm Post subject: |
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eich82, Are you still using this? How is it? It looks like they've dropped the account minimum as well. |
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