Zecco.com claims free trades?

[Banditgberg]

Curious if anyone here has an experience, they claim no comissions on up to 40 trades per month...

What's the catch?

[gull]

No catch to my knowledge.

[Banditgberg]

hmm...i like no catches

how do they operate and why aren't more small time monthly traders using it? as that target market gets killed with the comission!?!?

[trotski]

Not sure if you would consider this a "catch", but you do have to have $2500 to open an account.

[ayamaguc]

I just completed the process of opening an account to play with (was longish b/c of some paperwork/regulatory) and my ACH just cleared. Too bad I'm going on vacation tomorrow. Checking it out will have to wait until I return.

My impressions so far are that it's a little rough around the edges, and largely do it yourself oriented (I found ACH instructions in their forums rather than email support). They clear Penson and your money is safe and all.

The business model seems to be based on accumulating funds, spreads (interest rate you get charged for margin borrowing vs. the carry rate you get for shorting, or margin rate vs. their cost of capital, or funds rate vs. what they get for cash balances), fees for extra trades and fees for extra services. Executions are a commodity business anyways so this can work.

[Supersetoy]

I've surfed around their web site a ton (I'm a fan so far). Had a few conversations via email with their representatives with no problems whatsoever. They only charge for a few things (but not most "normal" trades)

Just waiting for them to offer Roths.

[TheProdigy]

I am currently signed up there and think it is great..

I have made quite a few trades and any market trades are executed usually in under 30 secs..If you are just a casual trader then this site is perfect for you.

[Cubswin]

OP,

Here is the fatwallet discussion on zecco. Lots of good info for you in there.

[ QUOTE ]
Just waiting for them to offer Roths.

[/ QUOTE ]

I am wanting to open a Roth with either Zecco or Sogo but neither currently offer them. For fear that the Roth at these places may be "coming soon" for quite some time, im thinking of opening my Roth at First Trade. $7 trades plus no annual fees or minimums. Is there a better place for someone who will be only trading stocks with their Roth? My 401k will be maxed out this year at 15k so my Roth stock exposure will only be a small part of my retirement nut, hence the reason why my Roth will be 100% stocks.

[kyleb]

I have a Roth at FirstTrade - free mutual fund purchaes is nice. Service is good, usability is good. I recommend them.

[Cubswin]

Thanks for the input. Am going to open my roth there this week.