Oh come on man! … from zero dollars Zecco has increased its minimum balance requirement for free trades to $2500 earlier and now to $25000 !
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Why weren’t you guys honest enough to just declare your “free trades” deal as an introductory offer? That way people at least know that their honeymoon would be over within the next year - that way they anticipate what’s coming and don’t feel screwed.
I think Zecco would potentially completely destroy its loyal customer base by doing something as stupid as this - of course I am assuming that a lot of those customers (like me) were attracted to Zecco ONLY because it was offering “free trades” - and it seemed like a fair bargain to avail those free trades in spite of whatever other issues Zecco had at the time. It doesn’t seem to be a smart decision - especially in these times - considering the consequenses of losing business from a number of people and earning a bad reputation.
The good part of the story is that it has woken me up from my complacency and now I am researching other brokerages where I can transfer my securities. Some of the options I am considering are listed below:
1. Sogotrade: $3 per trade, no minimums.
Our online rate is just $3.00 regardless of order type with no share limit
Stocks priced below $1.00 carry an additional fee of 1/2 of 1% of principal.
2. Just2Trade: $2.50 per trade, no minimums.
We offer unlimited trades for $2.50 and 50¢ per contract. There is no share limit per trade. There are no other fees. No gimmicks and no surprises.
3. MB Trading: Plan A fee structure.
$0.01 per share for the first 500 shares, then just $0.005 per additional share¹.
100 shares= $1.00
300 shares= $3.00
500 shares= $5.00
(The note marked “1″ says: $1 minimum ticket charge applies.)
In the fine print it also says “SEC Section 31 and FINRA Trading Activity fees apply to all commission plans.” However, these fees are hardly significant (per MB Trading information) - SEC Section 31 fee is $5.6 per million and the FINRA charges a Trading Activity Fee is $0.000075 per share.
4. Low Trades: $4.95 per trade, no minimums.
However, these guys charge a semi-annual $50 inactivity fee.
Inactivity Fees charged for trading periods between January-June and July-December of each calendar year. To avoid inactivity fees, one executed trade must be completed during each trading period. IRAs and Custodian accounts are exempt from these fees.
5. Options House: $2.95 per trade, no minimums.
Fine print says:
The commission for stocks priced $2.00 or less is $2.95 per trade plus $0.01 per share.
6. eOption: $3.00 per trade, no minimums.
Fine print says:
Less than $2.00 per share** $29.00
7. Trade King: $4.95 per trade, no minimums.
For Stock and ETF trades, we charge $4.95 per trade. For option trades, we charge $4.95 per trade, plus 65 cents per contract. That’s it.
I still need to read all the fine print for my options in details, but this is going to happen sooner than later. I would rather stay with a brokerage firm that charges higher fees upfront (thinking of the good old Sharebuilder - more so because now its managed by ING) than a brokerage firm who likes to get sneaky on its customers.
Stupid bait and screw tactics.