Zecco Review

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Zecco are a low cost online brokerage with a range of features including the popular iPhone, Android and Facebook apps.

Rating: 6.6 out of 10

10 User Reviews

1. anon voted 6/10

   They are horrible. I had several issues because they get crazy rules from their clearing firm like options held overnight are valued at $0 when determining if you have a margin account the next day. They also lost my money for about 3 days (that was fun i had to call in about 20 times to get them to even look at it they kept telling me I was wrong).
   
   I decided to stay because I was told it would be getting better and it is cheap. I sent some more money back in and the I got told their new platform some more bugs that needed worked out so it won't be out till December (good luck on it ever working).
   
   Then, a few days ago I got hit with a day trade call. Funny though it only applies to pattern day traders. I didn't even know what it was until I had to read the entire 233 pages of FINRA rule 4210 because apparently they didn't. I tried to reason with them but there are only 3 good people there. Austin, Tiffany and the third I can't remember. Everyone else will not listen and will tell you they are right and you are an idiot.
   
   They like this phrase "it is an industry standard" -- then you say "no the others don't do that" -- then they say "we can't speak for them" -- then you think to your self, why are you saying it is a standard but you don't even know if it is and you can't speak for them, isn't that speaking for them?
2. curiousonlooker voted 5/10

   Chatted with one of their representatives. Was very concerned about them saying it is ok for a person to open an account who does not live in the US, does not have a US bank account, SS# or address. The other discount brokerages won't touch that with a ten foot pole. Makes me suspicious.
3. ben_y voted 6/10

   I can't begin to describe how horrible this site / Brokerage is. So far, here's what my experiences have been like (in just about 3 month's time).
   (1) They lost over $3,500 bucks of my money in a trade I had already closed out. Their only reason for this problem (they said) is that that equity had a split the day after I closed the position... Some mistake THEY made that had nothing to do with anything I did. It then took them over a month to clear this problem out of my account and correct my balance. In the meantime, I had to suffer all the problems that came with MY OWN money NOT being available in my account. NOT available to use, NOT available to withdraw, NOT available as part of the 25K I needed to Day Trade!!!! They did nothing to compensate or apologize.
   (After this, I have tried to stay with them anyways, because it's a pain to move everything).
   (2) Already (just in this last month, March 2012) my balances of my G/L are completely off (AGAIN). Of course lower / money missing. Which now, I have to go through my individual account records for the last week and figure out where they screwed up! (I keep daily records, so as soon as they don't match, I'll know there's a problem). And in trying to deal with this...
   (3) They have NO PLACE on their site where you can review a breakdown of your G/L with balances, except for daily ones that are still open. I would never think of a Brokerage actually ripping people off, but here it's almost like they are hoping you won't do your due diligence and require that (G/L breakdown) or being smart enough to actually go in and reconcile every single transaction themselves. In my case, THEY WERE WRONG! Oh, I'm sorry, the CHAT guy just told me that their "Gainskeeper" would have that, which is an "extra" you have to pay for and that's really for when you do your taxes. Gee, that's helpful! You think that's bad?
   (4) Here's another completely seperate issue they had back in January and February (2012)... There were also hours of periods of time for several weeks, where no trades would go through and of course the customer service line would just ring (because everybody was calling them). AGAIN, this turned out to be THEIR software problems. They launched new software that screwed up the trading plateform for weeks. And that's just another completely seperate issue. Don't believe me? Go talk to anyone who trades somewhat frequently at all and has an account with Zecco! Fortunately, at that time, I didn't have any positions I needed to close out. If I had, I could have losts hundreds, if not thousand of dollars, JUST because their software was completely off on the fritz.
   
   Summary: I really don't understand how Zecco is staying in business. The positive here for me? I can review them and share this information with others and hopefully spare someone else of my troubles, before they sign up. And going forward, I'm now going to the most reputable Broker I can find. - I will pay the higher fees gladly and know that I am getting my money's worth. And hopefully, never have to deal with this kind of madness again! (One last thought). There are other discount Brokers that sound like they may be better and have the same price per trade. Tradeking for example. I hope this helped SOMEONE out there.
4. jubilee131 voted 6/10

   zecco has the worst customer service ever. The only thing they know how to do is apologize. They couldn't fix a problem if they tripped over the solution. They only know how to say I'm sorry. They are the sorriest excuse for customer service ever put together.
   
   Do not do business with zecco! You have been warned.
5. leftp voted 6/10

   Beware of Zecco. Had 2 dead stocks (around $0.0001) sitting in account and wanted to get rid of them. When placed order commission was quoted at $6.95, 2 weeks later I recieved a Margin call for almost $300. They said it was commision on sale of an order that was worth $30. I asked about the other pending order and was told it was fine would be $6.95. Couple weeks later another almost $300 dollar commission. I will take the blame for the first one but after asking about the second and being lied too by customer service…I would never use or recommend thier service again.
6. mark_s voted 5/10

   Overall, Zecco is terrible and their Customer Service is staffed by people who have no idea of the company policies.
   
   I have an account with Zecco trading, and I called them earlier today regarding their mis-handling of my account..the customer service rep i spoke with was about 20 years old and had no idea of the company's policies.
   
   Just to get some clarification on a certain policy, I entered a "Live Chat" with a customer service representative..I think this happened to be the same one I had spoken to on the phone earlier because THE SECOND I entered the chat with him, all he says is "Great" then disconnects the chat..WHAT KIND OF CUSTOMER SERVICE IS THIS?!?! here's the chat:
   
   
   Thank you for choosing Zecco Trading. A representative will be with you shortly. For Security purposes, all chat sessions will be recorded.
   
   You are now chatting with 'Kevin'
   
   Kevin: Great
   
   Kevin: Thank you for chatting with me. We welcome your feedback: please click here to complete our Exit Survey.
   
   Thank you for chatting with us. Please click the "Close" button on the top right of the chat window to tell us how we did today.
   
   You are not currently connected to a chat representative.
7. brett voted 6/10

   I recently opened an account at Zecco after reading some positive external Reviews and the 10 free equity trades per month is nice. However, I’ve never experienced worse execution; the platform is a joke…it looks like it was programmed you know where. Customer service is more like an HR complaint line than a ‘let’s resolve the issue’ department. The whole brokerage just feels like an MBA project that got a C- but was launched anyways. They erroneously executed a covered call for me at the worse execution I could ever imagine. Now I have to wait 6 weeks to earn $-3 for this trade. I even had a limit order in but they couldn’t handle it.
   
   Let us get one thing straight: The only people who should use Zecco are LONG ONLY investors with less than 10 trades per month. No one else should touch this joke of an organization. I should have steered clear. I’m going to OHouse ASAP.
8. john voted 9/10

   Zecco are a decent brokerage in my opinion, I havent had any reason to use customer service so that must be a good thing. Good value and a decent website.
9. ben voted 10/10

   I switched from etrade to Zecco as they looked to be a much more modern broker - I also wanted to try out the Facebook "Wall Street" platform. So far I am very happy with Zecco, the facebook app is cool since I have a few friends that also use it.
   
   I haven't really needed to use the customer service yet but getting an account was pretty straightforward. They are also cheaper than my last broker so I can't complain yet!
10. samp voted 9/10

    I can understand people getting annoyed at Zecco pulling the bait and switch but I signed up after all that so this is all I know. To be fair they are a decent brokerage and although this PR nightmare for them is causing a lot of negative reviews I think their actual offering is very competitive still.

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