Comments on: Is Zecco A Scam or Legitimate?

By: Anthony McHugh

Anthony McHugh — Thu, 12 Nov 2009 17:14:27 +0000

I’ve used Zecco for three years and have to say I am satified. I was very excited at their initial offer to trade for free. When they went to the $25K limit, it was disappointing but I understand the move was Zecco afloat. There are some ocassional software glitches and waiting periods but on the whole I find their customer service to be responsive and their trading platform easy and sound. I would recommend Zecco. I would also try and reassure those who fear a scam that the company is a legitimate broker.

By: Leon

Leon — Thu, 05 Nov 2009 06:39:25 +0000

Zecco.com doesn’t charge fees for penny stock trades, Tradeking(which I used earlier in the year) charged you 1 extra buck for a penny stock buy + 1 cent for each stock purchased!

My brother spent over a $1000 in fees alone! We’re both much happier on Zecco.com now

By: Brian

Brian — Wed, 14 Oct 2009 18:14:00 +0000

A 50$ dcharge to transfer securities to another brokerage is customary. And your so called “nasty” email probably was straight to the point about being out of compliance with available cash in your account. You see, this is what bugs me. You didn’t even KNOW that brokerages charge for transfers to other accounts, so this leads me to believe you might not know what you should about having an account….

By: Brian

Brian — Wed, 14 Oct 2009 18:08:04 +0000

How do you know Patty? Any personal experience? You probably don’t even know anything about what GC was talking about. Have you ever even traded a stock?

By: zecco srecco

zecco srecco — Wed, 14 Oct 2009 13:53:53 +0000

I am calling them for 3 days to investigate some crazy trades in my account. It seems impossible for Zecco to figure out what happened to my 3 orders. They always are nice and promise to call back with info but this is just the stalling.
I am moving my money to another broker.

By: » Zecco Affiliates Can’t Criticize Zecco

» Zecco Affiliates Can’t Criticize Zecco — Mon, 28 Sep 2009 20:08:30 +0000

[...] Is Zecco a Scam or Legitimate? [...]

By: cate

cate — Fri, 25 Sep 2009 15:57:38 +0000

Why do people always assume that just because you pay more for something its better?

I’ve used both Zecco and Tradeking and I am still with both. I’ve had issues with both, but just because I paid for one trade and not fo another doesn’t mean I got anything like better service for paying. These are discount brokers and I use them because they are low cost not a lot of frills.

By: TDmatt

TDmatt — Tue, 15 Sep 2009 11:24:13 +0000

Bashing Zecco? No one’s bashing. They’re telling the truth. And even if it’s a stretch… Zecco’s website is weird, confusing, and it smells so damn fishy. You really want to save money that much?

Even if it’s not a scam… why not use Ameritrade? They’re nice REAL people. You can call them any time 24/7. They help you with any problem you have. Everything on their website is plain and easy to read and understand. It’s great! Zecco is like myspace! It’s ridiculous!

Isn’t it worth the money for the better service? Would you rather shop at a store where the people are nice, everything is clean, and the price is regular… or the cheap-o, dirty, nasty, ran-by-weird-people store just to SAVE MONEY?>!?! It’s definitely worth using Ameritrade (or eTrade.) These cheap-o stock brokers just aren’t worth it.

By: Shawn

Shawn — Tue, 08 Sep 2009 08:40:05 +0000

I’m using Scottrade and Zecco. Nothing’s wrong with Zecco so far that I’ve notice. Are all these bashers being paid by other online brokerage to bash Zecco?

Scottrade = good for securities over $1

reason: any stock under $1 will have an extra .5% fee toward the total order.

Zecco = good for securities under $1

reason: $4.50 flat rate trades.

By: sheng

sheng — Thu, 06 Aug 2009 01:17:23 +0000

very bad expirence with zecco when I try to transfer my fund out and they shut down my trading account right away without any notice but reject my transfer request twice without any reason sending to me. My account was then blocked for couple weeks for no reason! Too crazy! never go with them anymore!

By: Patty

Patty — Fri, 10 Jul 2009 16:57:02 +0000

What a mess! Zecco is a fraud !

By: Gc

Gc — Mon, 01 Jun 2009 16:48:58 +0000

Well, I just moved all my securities out for a variety of reasons but in summary:

1.- bad web site
2.- bad customer support
3.- loss of revenue due to delays in orders

To add to all this, I was not aware of the $50 charge to transfer and close the account. I did not have the cash in the account to pay the 50 dollars and as a result I received a nasty e-mail at 8AM Pacific time saying that if I didn’t have funds to cover my margin account (which was confusing as I didn’t know I had a margin account) they will sell securities if I did not respond by 12 EST. So, I called them and realized they were talking about these $50 dollars for transferring out. Why they simply did not send an e-mail saying: “As a result of your choice to close the account and in accordance to the terms of the agreement, you have insufficient funds to cover the $50 account transfer fee, please call us at your convenience” Instead of doing that, they send an e-mail that says ” As a result of current market conditions, your account requires additional Margin Maintenance. If corrective action is not taken by 12:00 p.m. ET, we may liquidate securities in your account, at your risk, sufficient to bring your account into conformity with our Margin Maintenance requirements. If subject to liquidation, please know the securities will be liquidated “at the market” commencing shortly after the time set forth above (or as soon thereafter as is practicable).”

They simply suck at customer relations.

Also, your account is closed completely which means if you have electronic statements you won’t be able to gain access to know cost basis, dates, etc for tax purposes without calling them.

Once you close you account (I am sure many will continue to do this) make sure you print out your statements withe cost basis and dates otherwise who knows if you will be able to get to the info.

Overall – BAD experience with Zecco…..

By: BOb

BOb — Mon, 01 Jun 2009 04:48:15 +0000

well what did you ask the SEC do?

By: VERY CONCERNED

VERY CONCERNED — Thu, 28 May 2009 07:36:54 +0000

Thanks for yor suggestions Bob
No I’m not old but not young or totally inexperienced. I used the term boys to note the seemingly lack of knowledge, experience and ability to answer questions about and/or the ability to repair a problem. I believe the ones I’ve spoken to to be 20’s to early 30’s. With my past brokers at Ameritrade I felt more secure. Maybe I am old.
I am also well practiced with the Zecco website after a year with them and have checked and double checked then triple checked. I have copied all statements executions, positions and balances as is my habit with this company because of the ocassional rearanging of numbers. Usually balances. Not often, but often enough that I feel the need to have a back check cross reference. My share amounts remained correct but there were other small mistakes that were corrected the next day without the need to call.
I have had several losses of hundreds to a thousand dollars due to the apparent inadequaces of their program where sell and buy orders were canceled or not accepted at the exact wrong time to cause losses with no satisfactory explination. Just “tough luck have a nice day”.
I let it ride. But the seriousness and the lack of notice, follow up, and varification this time truly concerns me as the sale was made in the early morning and stood the whole day erasing my standing sell order which was not reinstated causing loss when the stock went up again that day.
I have original time of happening copies of this particular instance in which the numbers, times and even dates have changed in the later records in such a way it would be impossible to line up actual sell and buy prices with what was actually happening in the market which is well recorded and can not be fudged. 2+2= -5 is not acceptable in kindergarten math much less a brokerage firm.
In this sense changing the cost basis did not work. Perhaps because it was only half done and made it look like I made twice as much as I would have gotten from a sale that I got nothing for. I had them reinstate the original numbers.
These copied records will be necessary for next years taxes to try and explain that I did not try to wash this stock. And had nothing to do with the rebuy initiated by Zecco unbeknownced to me. This meeting with the IRS is a gimme Bob unless I sell higher then it reached then. I do not like 7-10 month’s of my life wasted as they put my finances under a microscope and threaten to sieze my accounts until it is cleared up and they kick my ass out of the system.
I have not been able to get any confirmation of this supposed recall from nasdaq or the SEC. Right now it looks like it could possibly be a scam of some sort.I would love them to provide some type of proof to the contrary. Hopefully the SEC’s letter to them will produce something tangible and I can just put it down to bad business practice due to the lack of notification and follow up with their customers. Not fraudulent practice. And, they will provide a letter of satisfactory explination not only to me but for the IRS should I be audited in the next 7 years.
Overrought. Making a mountain out of a mole hill. Maybe. Maybe not. You can trip and break an ankle in the mole hole if it isn’t filled in. Yea I’m old. And experienced with loose ends.

By: Bob

Bob — Thu, 28 May 2009 00:43:15 +0000

funny how you use the word Boys, you must be old.
Anyways, something must have happened to your stock/company which wasn’t caused by Zecco. In addition, check your “Activity Records” under “Account Records” to see what exactly happened in the account. Lastly, the cost basis can be changed, however, how you want to report to IRS is something else