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Zecco Editor Review

Zecco is among the most renowned discount brokerage firms, and is especially popular for its 10 free trades offered per month if the account holders maintain $25,000 or more in their accounts. Additional traders are charged only at $4.50 per trade, which is still cheap compared to other discount brokers. Don’t think you should go for Zecco just because of the free trades you get every month. There are no hidden charges that you need to worry about. The discount broker manages to make money from options contract, premium services as well as interest on cash that has not been traded yet.

Stock Trading Options

Zecco gives you option to trade in stocks, mutual funds and ETFs, and you can trade through options, limit and market orders. It does not, however, deal in Treasuries, bonds, or CDs.

Individual Retirement Accounts

You can also open Individual Retirement Accounts be it Traditional IRAs, Roth IRAs, and Rollover IRAs. Zecco charges an annual fee of $30 to manage your retirement accounts.

Dividend Reinvestments

Dividend reinvestments are offered free, but only whole shares can be bought through Zecco, so any amount of money left after buying whole shares is deposited back into your account. While you wait for an opportune moment to buy other stocks, you’ll get interest over the amount.

Market Sweep Account

You can avail the facility of market sweep account wherein your money earns interest while you wait to invest it in the right stocks. You’ll have to make a specific request for the money to be transferred to this account. Zecco also offers a checking account for a payment of an annual fee of $30.

Setting Up Zecco Account is a Breeze

You don’t face any problems setting up the account, just fill the routine forms and it’s approved. No need to mail any documents, as everything is done online. Some people do complain about the customer service, but no major problems have been reported so far. The security features are pretty detailed; you need a user name and password to log in, and then an account number as well as a trading key (another password) to reach the trading area. All you now have to do is fund the account and you are ready for trading sessions.

The interface of Zecco website is user friendly even for those who are not regular traders. The site also has a learning centre where you can learn more about making trades.

Money transferring facilities

Your Zecco Account can be funded through a check, money transfer and ACH transaction. The last one is cheapest and therefore most popular. These can be scheduled in advance and hence are most flexible. It’s true that ACH transactions take some time but its usage is common among investors.

Zecco History

Many people were really hard on Zecco when the discount broker started its zero commission brokerage. It was widely believed it would only attract low end of the market, but the company has persisted and with good reason. The trading platform is a solid one suited even for the heavy day traders. It has also launched a social networking site for the investors where they share their opinions on shares and likely market movement.