Have you ever heard of Zecco Trading?
They are a newer stock broker... not much over a year old or so.
I have an IRA account with them.
To be honest, since they are so new, they have had some technical issues but nothing that has been so bad that it has bothered me.
What's to get bothered about? They offer free stock trades. And a pleasant surprise was the price improvement in their order execution system. While ya can't get price improvements all the time there are times (especially during market volatility) when your order gets executed at a better price than what you specified... i.e. you receive bigger proceeds from a sale or have to invest less on a buy.
So, overall, I've been pretty happy with them.
They do have fees for certain things like most brokers do. IRA fee $30.
Here is the commission schedule:
Minimum Balance | Equity Trades | Options Trades |
$2,500 or above | 10 free trades/month, | $4.50 per trade |
Below $2,500 | $4.50 per trade |
That's a pretty low cost for trading or investing and with pricing like that you can easily build a diversified, liquid portfolio.
As of today, I've made 146 stock trades without a commission since May 2007. With my other broker that would have costed $2,182.70. But with Zecco my trading costs were Zero.*
Over the long term, just imagine how saving on trading costs will benefit you in retirement by compounding your savings at just a modest interest rate over 20 years... Let's see, $2k saved per year compounded for 20 years at say 4% = $130,015... that'll stuff your piggy bank. :0)
Zecco Trading... free stock trades
Update: 10-1-2007
*146 trades were made before changes in the commission schedule while the broker offered up to 40 free trades per month.
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