I’m an auditor and I can’t stand the fact that they would loose my money for a week at a time and then it would reappear no matter how many calls to customer service.

Good luck…I pay $9 per trade now but they NEVER loose my money-no I’m not a rookie, I been a daytraded for a while now…have fun!!

I have found that it frequently takes more than one email to get results, but that could be attributed to growing pains.

One more note: their streaming quotes feature is an extra cost option while it is provided at no extra charge by ScotTrade.

Help Jerry

The only number I got was a reference number which I used for the deposit which went no where. Anyways after a few weeks of having my moneys in no where, I’ve got it back and I’m happily trading away now.

Yes. 1 round trip in a day. Could be either long or short.

They should counts as two trades only. You get this kind of “partial fills” often as the exchange tries to match buy and sell orders. If you were to use a broker that charged commission, you would be charged 2x commission only.

Zecco has a trade counter although it takes a day for it to catch up.

Later that day, I placed a sell order and noticed under “Executions” that the order had been split into 3 entries (90 shares @ $xx.xx, 30 shares @ $xx.xx and 10 shares @ $xx.xx).

So does this count as 5 total trades and therefore classify me as a Pattern Day Trader?

Thanks.

Yes, your understanding is correct. That is why I usually open margin accounts even I may not plan to use margin.

ML

Let’s say that I open a cash balance account worth $5000 (paid for with a personal check) and I have used the complete balance to purchase stock and now I have decided to sell. For simplicity, assume I sell the stock on a Monday and make a profit of 2%. Now since this is a cash balance account, my buying power will be $0 till Thursday (T+3 days to settle) and I won’t be able to purchase any stock until Thursday, correct? On Thursday, my buying power will be $5100, correct?

Now the same scenario, except that it’s a margin account (opened with a personal check worth $5000) and I sell on a Monday at 2% profit. Since this is a margin account, does that mean as soon as the sell transaction is completed, my buying power is now $5100 (on Monday)? If I decide to buy another stock, say on Tuesday (which is before the T+3 settle date), worth $5000 again, will my account incur any interest or other charges? Keep in mind, the maximum amount I intend to use for the purchase is $5100, which is essentially my “own” money, except that I have been granted access to it before the T+3 days settle date since it’s a margin account.

I would really appreciate it if someone could explain this to me. Thanks.

I’m one more day of “0 buying power” of going back to e-trade. Although, I have become very acquainted with a few of the Zecco staffers, and they are all nice and understanding about their computer problems, but I don’t know that I want to stick around until they iron out all their problems or if I’ll go somewhere where I can actually make some money.

Good luck to everyone!!
Jen.

If u would’ve notice… this is my second post. I posted some queries earlier prior to opening my account at Zecco.. Yes I do agree with bloggers here about problem occuring into amount getting unavailable etc. but things are fine after they(zecco) have received all the paperwork.. which takes a while to figure out, usually 2 weeks…
So I would definitely recommend Zecco for rookie traders and non-daytraders… Some key points noteworthy… rather fine details
1. ACH transfer normally takes 2 days for money to get into the account.
2. Margin acct is preferable over Cash.. since it updates your buying power in real time.. and doesn’t charge you until you borrow any money.
3. Zecco places decimal precision upto 3 i.e. in placing an order for price $11.305 becomes $11.31 (EXAMPLE).. This would not be much of significance for non-penny stocks but play a big role in stocks of value less than $0.001 … (surprised ?? yeah investors do trade in these shares too.. if not aware of..)
So this forces to ‘call in’ to execute such a trade.

These are some of my experiences or encounters so far.. yet to discover many.. and would request others to respond with their experiences. Also, plz tell us all what other competitors have in respect of fine details.

Taz

I work at Zecco and would like to thank you for the very thorough, thoughtful and helpful review of our site. Feedback like this is invaluable to us as we are working very hard to quickly improve our customers’ signup and trading experience.

In response to feedback from you and other customers, we are now proactively calling new customers to ensure all paperwork is in order, and taking actions to ensure phone calls are answered quickly by knowledgeable service associates and that emails are responded to within 24 hours.

Thanks again for your feedback and hope we you share our enthusiasm as we build a world class free trading service and online community. As a heads up to your readers, we’ll be launching IRAs and complex options functionality in the coming weeks.

Best regards,

Gabriel

I signed up for their forum, just to give it a test ride. However, I didn’t write down the password because I was just giving it a try. I forgot my password because I never wrote it down because I never thought it would be important. I later tried to open up an account but could not because the password for the account and the forum had to be the same because they wouldn’t have two passwords from the same email address. I tried to get them to send me my password to the email address they have on file, but they never did. Consequently, I have never opened up an account. I think I am going to try “Just to Trade” instead, who has stock commissions at $2.50 per trade. MBtradeing also has cheap stock commission, $0.01 cent per share with no minimum, which comes to $1.00 per trade for a round lot of 100 shares. However, MBTradig is a direct access broker, and I am not sure that I am ready for the direct access trading platform yet because it is too easy to make a mistaken order and not know it. Obviously, the type of guy who forgets his password is going to be prone to dumb mistakes like adding an extra zero to the number of shares in a trade.

This was part of the difficulty I was experiencing. On the application you are able to select one of three money market accounts for daily sweep. I think they use Scudder and the rate is in the 4% range. This is not something you can select from the web site. You would have to call in to make changes. It’s also hard to find the current rate without calling in.

They finally straighten out my paperwork which was when my money market sweep was activated. This was the end of December. However, Penson (Zecco’s clearing firm) has already forwarded my withholding to the IRS which means I’ll lose several hundred dollars in interest alone even if I get it back when I file my taxes. The amount of withholding was eventually shown on the December statement that wasn’t available until the first week of January.

I have ceased all trading and transferred all my money out of my Zecco account.

I get Level II from TDAmeritrade as part of the Apex package. It’s my main trading account.

I’ll let you guys know when I get my money back. I’m not seriously considering checking out the no-commission offer from Bank of America.

Happy New Year!

Thanks for your notifying me of the problem. If it had not of been XMAS I probably would of already of sent in my forms.