O commish trading...now that Zecco has been up for a while why not?

ElectricSavant

ElectricSavant

You can short, use limit orders......market orders if you dare....

All for free?-10 trades (not RT's) per day/40 per calendar mo. PDT rules apply.

They have Penson, who uses Knight...yeah Knight I know...

But for your long term portfolio guys...why not?

Just asking...I am funding over there (ACH available) and going to buy some high dividend payers...or maybe some ETF's I dunno yet....What the heck, Penson gives me mid 4's in APR and a free checkbook with PenFlex for my cash, while I am deciding...(Wifey does not need the 30 buck a year debit card)

They have been open for 6 or 8 months now or something like that...

This is not
EliteTrader daytrading level 4 quality stuff...but just thought I would enquire...

ES
 
so they claim they do not get orderflow in writing....so that is a lie? Penson is a pretty straight up company...

They claim to make about 3% in margin profit on millions...(I do not use margin or hehe millions:))

The twist here is that they offer free Limit Orders and Penson's Short List was extensive...

Quote from jimrockford:

Why not?

Because nothing is free.
More...
 
I got a coupon for a free pancake breakfast and a free Jamba Juice in the mail the other day...even the sales tax was free...so there!!! for both Wifey and I!!!! I didn't even have to buy anything...

It seems more and more companies are offering freebies...My mother lied to me :)
 
So, what's wrong with Knight?
I use Scottrader and understand that they clear for them, but are they that bad? Please tell me the horror stories. I need to know so I can justify the switch.

Thanks.
 
When financial cafe was in business, they were great and free. Made 400 percent in four months till they were bought out.
I made anywhere from 60 to 200 trades per day with them. Simple platform and it worked. So why shouldn't a person be optimistic. Open a small account and try it and then be sure and report back. Good threat ES.
 
Knight is notorious for paying for orderflow...But I guess Penson would get that and make Zecco a real good deal..perhaps that is how Zecco can say that they do not get paid for orderflow....there is a benefit realized somewhere...


Quote from Big AAPL:

So, what's wrong with Knight?
I use Scottrader and understand that they clear for them, but are they that bad? Please tell me the horror stories. I need to know so I can justify the switch.

Thanks.
More...
 
Do you make money on the spread between bid and ask?
Zecco Trading does not make markets and therefore does not participate in the spread between the bid and ask on any security. All of our orders are entered as agency orders and are therefore never marked up by us. We route all orders through our clearing firm Penson Financial Services who then automatically routes them for best execution.

Does Zecco Trading receive payment for order flow? Or sell it’s order flow?
Zecco Trading does not receive payment for order flow. All orders are routed and executed by Penson Financial Services.

Zecco Trading offers free trading, up to 10 trades a day or 40 trades a month. What happens after that?
Executed trades after the first 10 on the same day will incur a commission charge of $3.50 per trade. However, if another 5 trades would be executed the next day, these trades will carry no commission charge, as long as the monthly total of executed trades has not exceeded 40.

Is the Free Trading Program based on a calendar month?
Yes, you receive 40 free trades, 10 per day, on the first day of the new month.

No commissions, what’s the catch?
There is no catch. There are no hidden fees, penalties or charges. You get 40 stock trades a month and up to 10 trades a day for free. If you’re like most people, 40 trades is far more than you’ll do in a quarter. The odds are that you won’t pay a dime in commissions, ever. All on-line trades in excess of these limits are only $3.50 each. That’s one of the lowest rates in the business. Options trades are only $3.50 plus $.60 a contract. Please keep in mind that only the first account of any account type is eligible for our Free Trading program. The only fees you’ll ever get are clearly marked on our ‘What’s Not Free’ page.

How do you make money then?
We make money from the interest on margin balances. It’s a small amount, about 3%, but on a large volume of customers it becomes a tidy sum. Secondly, we keep our costs low. We don’t spend $5 of every commission marketing to you. And we don’t spend $400 in advertising for every new account. We attract customers like you by having the best deal in the market. Lastly, we’re building an online financial community where investors can connect with investors. Where you can find all the tools and information you need to trade, plus gain access to financial blogs, forums, and up-to-the minute financial news. We think that’s a winning combination for advertisers.
 
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