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Zecco Review
By admin | September 21, 2007
If you’re looking to get started with online trading or if you are already an experienced trader, Zecco.com may be one site you are considering using.
With the multitude of various options out there however, it can be hard to determine which one is right for you. The following are some of the key benefits you’ll get when you decide to go with Zecco.
First off, probably one of the key benefits of Zecco.com is that it’s FREE to start. They will offer you up to 10 free market/limit trades per day just for choosing them. Do note however that you have a maximum with those free trades of 40 per month so you can’t trade that many every single day.
Furthermore, as an even bigger benefit for those who are just getting starting, there is NO minimum that’s required in order to open an account. Plus, you won’t need a minimum balance either. For the starting trader, it simply doesn’t get better than that.
The second reason to select Zecco.com as your trading medium is because there are no inactivity fees. If you get caught up in your life and aren’t able to continue trading for a while, you will not be penalized like you would with some of the other online trading sites.
You should be aware however that there is an annual fee of $30 for IRAs, however considering this is really it for this site, it’s a very small amount to pay for so many benefits.
Opening up your account with Zecco.com is also a relatively easy process so you won’t need an abundance of computer or technological skills to do it. There are two parts to the process, first the ‘myZecco’ portion, which is an informational area and allows you to post in forums and chat with others about the site.
After that part’s complete, then you move onto opening up a trading account, which is pretty much the standard application format. For those who are opening a trading account, it might be a wise move to open a margin account because then the proceeds of any sell order you make will increase your buying power right away. This is advantageous for those traders who want to really stay on top of the game.
Finally the last step is waiting for approval (by e-mail) along with your trading key and password. You’ll then send in your account paper work and copy of government ID and then after everything has been finalized you are ready to begin adding funds to your account and starting to trade.
Another great advantage to Zecco is that it is insured by the SIPC, just as many of the other brokers are. This can put you at ease knowing their trading platform is as safe as others.
Once you begin trading you’ll find that the transfers of funds are relatively prompt, usually just one business day. For this reason though, it’s always best to try and do a fund transfer during the week rather than over the weekend.
Finally, a few last things you should know about Zecco.com is that first, they use Cost Basis Accounting. This is the FIFO (first-in first-out) system method rather than HIFO (highest-in first out).
You’ll also get a paper confirmation mailed to you (traditional mail method) each time you make a trade. This will be a good way to have a hard copy of all the trading you do and enable you to keep good records. For some it may provide too much paperwork but most people enjoy this feature.
You also have an option to have an ATM card from their site, however you will be charged $30 yearly if you choose to do so. Some people feel this cost is easily justified while others don’t, but the option is completely open.
So if you are looking for a low cost way to get started in online trading, Zecco.com could very well be the perfect site for you to use.
Topics: stock market |
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