Posts Tagged ‘Zecco’

Zecco Versus Scottrade ? Which Service Is Right For You?

Zecco Versus Scottrade ? Which Service Is Right For You?

Zecco versus Scottrade – Which Service Is Right for You?

Investing remains the single best way to build a nest egg for the future.  You can choose to hand your money over to an investment broker, who will select your investments for you, but this does not give you the power to grow your own wealth.  In addition, there looms the prospect of unethical investment managers – bad investment decisions might be the least of your worries here.  A better choice is to invest your money yourself, but how do you do that the right way?

You’ll find several options out there that can give you the tools you need to make wise investments.  Two of the best options are Scottrade and Zecco.  However, these companies differ considerably.  Which is the right option for your needs?

Scottrade is the better option, though only by a narrow margin.  This company offers a few advantages over its competitor Zecco, in that Scottrade offers higher customer service, better tutorials and is more gauged for new investors.

Scottrade

Most consumers are familiar with the name Scottrade, thanks to the company’s extensive advertising campaigns.  The company also has a well established (and well deserved) reputation for excellent customer service.  With more than 400 offices around the nation, you will also find that there is a local office that can serve you.

Scottrade offers a few key differences from others in the investment world.  For instance, there are no fees for inactivity or for maintenance of your account (try finding that at your local bank!).  Likewise, the company offers very low margin rages.  The trade speed of the company is also quite astounding, coming in at just .66 seconds.

The flat fee is also a fantastic innovation, allowing investors to manage their investments for the lowest price possible.  In addition, you will find that it takes only 0 to open an account with the company, which makes Scottrade an excellent choice for investors on a shoestring budget, though even investors with considerable capital will find benefits here.

Perhaps the strongest point in favor of Scottrade is their dedication to providing the best customer service and support in the industry.  You can use email or call by phone to ask for help with any question that you might have.

Pros:

The best customer service in the industry

Low trades

Extremely fast speeds

Low account creation amount

Cons:

Service hours are limited to regular business hours

No chat support

No cell phone trading platform on option

Zecco

Zecco is a bit of a newer name in the investment world, at least for some investors.  However, the company does offer some strong selling points.  While they are not as extensive as Scottrade, Zecco does offer some excellent pricing.  In addition, the company has a chat feature for support, and hosts their own online trading community where you can find advice and help, as well.

However, you will find a few shortcomings with Zecco.  First, while some of their trades are cheaper than Scottrade (.50), some are much more expensive.  Second, you will find that this company is probably not the best choice for beginning investors.  While there are several forms of support available, other companies offer better tutorials and how-to’s.  Finally, you will find that Zecco is not quite as easy to use as Scottrade, as the company is more focused toward bargain hunters than toward new investors (or even advanced investors, for that matter).

Pros:

Good bargains can be found

Some lower prices than other firms

Cons:

Support is not as extensive as Scottrade

Not quite as easy to use as others

And the Winner Is – Scottrade

Scottrade comes out the winner in the battle here, but only by a slight margin.  The company’s flat fee pricing is a nice thing, which helps avoid the potential high costs found with Zecco.  In addition, Scottrade’s commitment to customer service is second to none.

Feedback:

TopTenReviews.com – “This is an excellent choice for new traders or straight traders; they offer all kinds of educational information for new investors and low-priced trades for those that like to trade stock frequently.”

TheSmarterWallet.com – “There are a lot of online stock brokers out there but one that stands out is Scottrade.”

Bargaineering.com – “For at least the last two years, J.D. Power and Associates has ranked Scottrade the “Highest in Investor Satisfaction with Self-Directed Services.”

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Be the first to comment - What do you think?  Posted by admin - September 12, 2010 at 10:54 pm

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Zecco Zap Trade Lets You Trade Stocks Anywhere On The Web

Zecco Zap Trade Lets You Trade Stocks Anywhere On The Web

Until a few days ago, when I want to trade stocks, I need to go to the website of the discount broker I have an account with and enter my order information mannually. No matter which broker I am using, the procedure is pretty standard. That, however, has been forever changed with the introduction of Zecco Zap Trade, a trading tool that allows Zecco customers trade stocks virtually anywhere on the web.

Zecco Zap Trade, invented by online discount broker Zecco Trading, is a Firefox plug-in that lets Zecco customers get quotes and trade stocks right from the website, especially financial websites such as Yahoo Finance, Google Finance, MarketWatch, Blookberg, etc. With Zap Trade, there’s no need to log into account at Zecco any more. The following is how to use Zap Trade to trade stocks:

Download and install Zecco Zap Trade, a Firefox add-on. This means that you can only use Firefox browser 3.0 or above to run Zap Trade. Zap Trade currently doesn’t support IE or Chrome.
After the installation, a small Z icon for Zap Trade appears in the browser’s status bar.
If you are a Zecco customer, you can click on the icon to enter your user name and password to log into your Zecco account. You will not leave the web page you are on, even after you logged in.
Once Zap Trade is installed and running, the background of stock symbols on a web page that is supported by Zap Trade into pink.
Hovering above the symbol, a Zecco Z icon will appear on the right.
Click the Zecco Z icon on the right side of the symbol and a Zap Trade window pops up. From there, you can enter your stock order information. The window also shows some basic account information, such as cash balance, and real-time quote of the stock.
Before submitting the order, you will have a chance to preview it to make sure the order is entered correctly.
If everything is corret, you can now submit the order for processing.

One thing is missing from Zecco Zap Trade is that you will still have to go to the broker’s website to check the status of the order. But it’s not a major issue, if at all. The real value of Zap Trade is that it lets investors trade stocks and ETFs from anywhere on the internet. That’s true revolutionary.

Find out more about Zecco on Zecco review and discussions on other online discount brokers.

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Be the first to comment - What do you think?  Posted by admin - September 11, 2010 at 10:20 pm

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Don’T Trust Zecco!

Don’T Trust Zecco!

Greetings.

My name is Chris, and I felt the need to warn traders about Zecco. It is the absolute worst online trading experience I have ever had. Before I begin, I should say that I actually MADE money with Zecco, so this doesn’t come from a salty or clouded perspective. Everyone is responsible for their own trades.  BUT!  It doesn’t help when the system is broken and the employees don’t even know what they’re doing.  To start, their customer service reps and managers are woefully misinformed about SEC regulations and their responsibilities to their clients’ money. They take the longest time on ACH transfers (20-30 days). A few of mine were cancelled for no reason and I had to call the office to follow up numerous times. Many times the reps say that they will call back to resolve an issue, and they simply don’t.

Their online platform is mediocre to bad. Their trailing stops feature was down for a week during volatile market times, when my other brokerages were doing fine. Their charts lag relative to their competitors, and their executions are slow. Also, uninvited total screen refreshes put you behind the 8-ball when you have to wait, wait, wait, then make a quick move. Don’t even think about trading on 5 minute intervals.

Third, they have hidden fees on every transaction. The .50 is not accurate. It’s listed in their Terms and Conditions, but who reads that? (I did, and that’s how I found out.) Their accounting system is broken. I’m having my accountant look over their records because my buying power doesn’t even coincide with what their own account records say. As it is, I’m out about 0 because of a mistake they made, which I have yet to see fixed. I have complained to FINRA and the SEC. Yes, I believe it’s that bad.

Lastly, I know some people would be willing to put up with all this crap for commission free trades, but as of March 01, that competitive advantage is OUT THE WINDOW!! It now takes K to get the free trades, which makes their structure merely competitive, not a hands down advantage. Think about it: If you make 20 trades at .50 (+hidden fee) and 10 are free, it’s the same as making all 20 at a .50 commission. Plus you have to put up with all the above crap.

ESPECIALLY TO NEW TRADERS: I hope you’ll find some of this info useful.  It’s a harsh world out there and the market is especially unforgiving.  Emotion is your enemy in the markets, so save yourself the hassle of dealing with Zecco.  They are reversing every promise they ever made, and it’s only going to get worse.  They truly shouldn’t survive this market.

I’m Chris, a professional trader, businessman, and aspiring musician! 29 and sexy! :)

Be the first to comment - What do you think?  Posted by admin - at 10:19 pm

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