Just received this email from Zecco Trading which says:
Thank you for opening an account with Zecco Trading.* This is just a friendly reminder that you have not funded your account and we wouldn’t want you to miss the opportunity to take advantage of our extraordinary offer. For the next 2 weeks, we’ve lowered the minimum to open an account from $2,500 to $1,000.
This is something I was looking forward to…but not expecting. 
I opened a Zecco account a few months ago but I didn’t want to put in $2500…so never funded it. I think I will grab this new offer.
For those who are unaware about Zecco Trading, it is an investment portal…much like Sharebuilder or Etrade. The main difference being that Zecco offers free trades while other firms charge some kind of a commission or monthly fees. Here is a snapshot of what it has to say about trading fees:
For rookies like me, that sounds pretty good.
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That sounds like a great opportunity! Do you know whether they accept non-U.S. investors?
Kirsten: I am pretty sure they accept non-US investors. You can figure it out from their “paperwork requirement” for different types of accounts (quoted below):
I am not quite understand what “For the next 2 weeks, we’ve lowered the minimum to open an account from $2,500 to $1,000.” means. From their website, it still shows a $2500 minimum.
If they charge no fees, how do they make money? What’s the catch?
FT
Sun: It means that if you have not yet funded your account (or will open a new account during the next two weeks)…you will need only $1000 to start it up. I think the website will eventually update it.
As an added assurance, I may call up Zecco today or tomorrow and confirm this.
MillionDollarJourney: Here is what I found on Zecco website:
Let me mention here that I am just conveying the information I received. As always, I would strongly recommend reading the fine print if you are jumping on that offer.
Yeah, I have been meaning to open an account with them for a while now. Thanks for the reminder and the tip.
Sounds good! Unfortunately, I do not qualify, since I live in Canada. Sucks eh?
I TOO GOT THAT OFFER FOR 1000 FUNDING…I FUNDED 1100 AND WHEN IT SHOWED IN MY ACCOUNT AND BUYING POWER 1100 USD I DID A BUY AND IT REJECTED IT. SAYING I COULD ONLY DO LIQUIDATE POSITIONS…SENT MESSAGE AND CALLED LEFT MESSAGE..NOT SURE IF IT IS HOLLDING ME UP FOR 2500??? ANYONE ELSE HAVE THIS PROBLEM
TKS
RLHHIKER
RLHHIKER: I am glad you brought that to my notice. I will be initiating my transfer in the coming week and will watch out for it. Will update you, if things work out as planned.
Lem: I think it’s ok for Canadians too.
They also need to make money you know.
This is nothing like Etrade. This Zecco service is terrible with the worst tools and buggy softwares that don’t work and the rude customer service. BTW, they keep your private information laying all over and they keep losing it and disabling your account. It’s terrible. Try to avoid. It’s not worth the pain. Go with Tradeking or Scottrade..they both are cheap and got a real service.
Try not to transfer cause you’ll regret it so bad. Getting out is even worse than getting in and they are terrible. The tools they use are terrible and most of the time don’t work.
This is everyone’s problem. The reason why you can not make trade is because they do NOT have your application. Call them up and see. They are very rude. They lost your application and you can not make trade. I had the same problem with over 10,000 in my account. I’m a big trader and I tried every single trading company online (etrade,scottrade,tradeking)..and this Zecco trade is a joke. It’s not worth it. You will have so much paid always. They suck.
If you think Zecco’s tool is poor, why don’t you use other company’s solution to fill up the need.
I have Scottrade IRA and use Zecco only for day trading or short position.
The catch is simple, Zecco Sucks. I guess if the stars align just right and you don’t have to have any help from their customer service dept or lack of, you might be alright but why risk it? After all it’s your money you are playing with. I wrote an article about my experience here. http://theitguysblog.com/2007/10/16/zecco-trading-word-to-the-wise-stay-away/
My Zecco experience has been horrible. I can’t say anything about their trades because I can’t get my #$%@-ing account set up. I’ve been trying for just short of two months now. I wanted to get in before the Fed’s 50 point rate cut forever ago. Not even close. I’ve already missed the more recent cut too. Still locked out. This is just absurd.
I try to sign up, they can’t verify me even though no other online institution, financial or otherwise, has ever had any problem with that. I send them the paperwork manually and it sits. Then they say I have to send a copy of my Social Security card. Whaa? Nobody has ever asked for that and it’s creepy. That’s so strange I thought it was spam or phishing. I fax it in and it sits. I sit around waiting to hear and I hear nothing. I don’t even know if they’ve received it. I call and they’re like “oh, yeah we got it, it came through too dark to read, try again.” Arrrgh! Were they ever planning on telling me? So I scan it this time and send it in as PDF and it sits. Still no word. It’s been over a week now since that.
They STILL can’t figure out that I am who I am even though they’ve been holding thousands of dollars of my money for weeks now, have all of my information, and have copies of my drivers license and social security card, all of which match eachother. I like how they verify you enough to take your money but not enough to let you trade with it. What a bunch of shit.
It took me five minutes to sign up at Sharebuilder. If this isn’t fixed next week, I’m transferring my money back out of Zecco and they can go jump in a lake. The money I was hoping to save by not having to pay Sharebuilder’s fees has now been dwarfed by the amount of money I could have made had I just stuck with them from the start two months ago. Zecco blowwws. I really wanted to like them.
I researched Zecco and decided it was a bait and switch. I signed up with scottrade.com and got 3 free trades with this promo code: DOOL8293
Wow.. what can I say that has not already been said?
Zecco is a fraud. They are a bait and switch operation. They advertise free trades but in reality they have a ton of hidden fees and is very expensive.
Their service is the worst I have ever experienced.
I will go back to my $7 Scottrade trades. At least they have no hidden fees and the people on the phone care about keeping customers and pleasing them. And no, I don’t work for Scottrade.
Zecco sucks!! Don’t throw your
Account managers are tampering account information causing me several K$ losses. Forcing me to pay margin interest without my will. Locked my accounts without informing me or without my permission. Then they charged me penalties.
I was probably one of the first 100 customers when Zecco opened to public. Initially I didn’t mind their disorganized website, poor execution prices & sloppy accounting practices. Because what to expect with 0$ commission? But lately I am getting very annoyed with accounting practices at Zecco. They are often changing execution details in history. For example if my stock wmt got executed at cetain price & sattling money is Y dollars, few days later they change Y to Y* without informing me.
Biggest problem which is causing me to finally close my account:
Zecco is notorious in cash transfers. I have been using same account for transfering cash, but every few months, zecco gets a reject on ACH for NO MISTAKE OF CUSTOMER, and they charge customers $25 each time. I discussed occurance of 3 such charges with Zecco but they are unwilling to refund the charges.
It happened 4th time, this time I asked them to investigate as I have been using same account for cash transfers for last 1 year with more than sufficient balance. The account manager was EXTREMELY RUDE to even accept their mistake. She accepted that ACH was erroneous but it was not Zecco’s fault so customer has to pay!!! And while investigating, she blocked all my accounts for closing positions only - means I can sell but I can’t buy anything.
It ticked me off real bad, why should customers pay for mistake of Zecco or ACH! I am filing FTC complaint as well. I have decided to take my account elsewhere. As usual account manager “DOESN’T CARE” about my $50K account. Account manager won’t refund $25 for THEIR mistake, but is OK to let me go….
If I were manager of the account manager who handled my account so poorly, I would have fired the lady right on spot. But I guess Zecco is readying itself for a fall.
Zecco is getting bad feedbacks. I read that Zecco is facing few lawsuits for misleading & cheating its customers. If you google Zecco, you can find more information.
I am one of the victims. They have been cheating customers on fake trades, taking away my money secretly. Get out of Zecco while you can.
I am seeking a lawsuit as well.
their website is always down
Start here! This is the best deal by far and this link hasn’t failed yet. It gives you the absolute best deal for Zecco. It requires the smallest minimal amount to receive 10 free trades per month. http://friends.zecco.com/r/60859da218f4102cae57
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