Zecco trading - free trading and now $0 to start!
Jun 8, 2007 investing
Being fresh out of college and working, I don’t have huge amounts of money to trade with . I already have an account with SogoElite, where most of my money is. I had seen and considered zecco before but didn’t have the money to meet the $2500 requirement. Plus, if I moved all my money to zecco, I would no longer be able to take advantage of the streaming quotes and charts SogoElite offers me. So when I saw that zecco was offering accounts with NO minimum equity requirement, I immediately opened an account. I do plan to move a small amount of money to Zecco.
The immediate advantages and disadvantages to zecco (vs. SogoElite) that I notice are:
Advantages:
- Zecco offers free trades. This one is the no brainer. (SogoInvest/Elite is $3, $1.50, or $1.00 depending on your subscription level). Keep in mind though the free trading is limited to 40 trades a month, 10 per day. After that, though, trades are only $3.50. Free trading is also limited to your first Zecco account - so don’t expect 80 free trades if you hold 2 accounts (unless of course you can sign up with your spouse’s name and trade on his/hers as well).
- Zecco does not have an account minimum anymore - also a no brainer. (SogoInvest/Elite is only $500)
- Zecco has no share limit, which is great for penny and subpenny stocks - where at Sogo, I have to pay half a cent per share over 5000 shares. That means, just 1000 shares over 5000, and that brings your total commission to $8! This, in my opinion, is unacceptable. Penny stocks have to be bought in 5000 share blocks at Sogo - and this can be a hassle as well as get expensive.
- Zecco allows pink sheet trading. Sogo Elite does not (yet) offer pink sheet trading.
- Zecco offers a trailing stop loss order - perfect for people who don’t want to babysit their stocks.
- Zecco has a free community to plug into!
Disadvantages:
- Zecco does not have streaming charts or quotes. Between this and the next bullet, this is the primary reason I will keep a SogoElite account.
- Zecco does not offer platform trading. All trades must be executed through their website.
As you can see, because of the advantages and disadvantages of Zecco vs. SogoElite, the two together are the perfect marriage for my trading needs.