Zecco trading no longer offers 40 free trades a month - nothing good lasts forever
Oct 1, 2007 investing, trading
Well, as sad and predictable as it was, Zecco trading sent out an email on October 1st letting customers know that their beloved 40 free trades are going to be gone as of the end of 2007. Customers will now only receive 10 free trades per month, if they maintain a $2500 minimum account. After the 10 free trades regular commission will be $4.50 per trade. $4.50 per trade is not a bad commission, but Zecco lacks the necessary tools required to be an active trader - such as charting, streaming quotes, and a platform - so I’m predicting that most customers will still just use Zecco for their 10 free trades, if they have $2500 in their account, and use their primary broker for additional trades. Also, Zecco attracted many customers with the $0 opening balance. I suspect many of the small guys will leave now that they won’t receive any free trades with their small balances. Zecco has lost its luster now that they are no longer in the business of empowering the small guy - the very thing that made them so attractive in the first place. I guess that wasn’t making them much money though.
Accounts with 40 free trades per month will continue to get the 40 free trades until the end of 2007, at which time all accounts will be switched over to the new plan.
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