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TradeKing & Zecco Merging
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Ryan at CashMoneyLife sent me press release in which TradeKing and Zecco announced a merger. I’ve long been a fan of TradeKing. Zecco… not so much.
I have nothing against Zecco because I’ve never used them but their history of changing their fee structure has been a little disconcerting. In the beginning, they offered free trades, which seemed unbelievable and made me wonder if Zecco was a scam (it wasn’t). Then they made it so that you needed a $25,000 balance in your account to get 10 free trades. Then… they stopped their free trade program entirely. They were moving further away from free trades and closer to a fee structure like TradeKing, but without TradeKing’s customer service record. Their weaker customer service marks are understandable, you can’t expect to get free trades and top notch service. You get what you pay for and with TradeKing you get great customer service at only $4.95 a trade.
I’m interested to see how the merger works out. Hopefully Zecco is merged into TradeKing and nothing changes about TradeKing.
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I have accounts with both brokerages. I opened my Zecco account when the trades were stil free, then I opened a TradeKing account for one of their sign up bonuses. I never had any issues with Zecco, but I prefer TradeKing, for the issues you mentioned above, as well as because of their cleaner interface. I hope they make it easy to merge accounts, or at least transfer assets with no associated costs. And I agree with the TradeKing customer service – top notch!
They both use penson to execute their trades.
Is that a good thing or bad thing?
I’ve heard that Penson is slower than others at sending 1099 forms.
These guys are the same. I hate TradeKing more. I had an account with them and they messed up everything. Zecco is a much better firm. The fees comment that Jim made is accurate. I think that is more because of the economy downturn then a scam. Zecco is a bigger firm too. I have decided to leave both these firms. For now lets hope the Zecco CEO(Raneri) can do a good job leading these two companies
I’ve said that least 3619782 times. SCK was here