Stock trading with Zecco

I have finally given up on high yield savings accounts. Okay, that isn't completely true, but I'm going out on a limb here. With the FED cutting interest rates what seems like every day now, no one is earning any signifcant interest on their savings. The stock market is down as the recession is freaking everyone out, so I decided now would be a good time to begin investing in the stock market.

I began researching a few different stocks about a week ago and finally chose a few to begin with. I am going with Apple, Microsoft, Verizon, and J.Crew to begin with. I am watching a few more right now, but I want to see how things go and get used to things before I put too much money out there.

After choosing stocks, I realized that I needed to choose a broker or dealer or whatever you call the place you buy stocks from. I began looking online, and quickly realized I was looking for a discount online broker. So I started googling every name I had heard, E*trade, Sharebuilder, Zecco, and a few others. I decided on Zecco for several reasons, the main one being price. As long as you have $2,500 in your account, the first 10 trades a month are free. I don't plan on doing a lot of trades, so this should be perfect for me.

I read several blogs about it and all of the comments, and I read every bad story I could find about it. It appeared to me that all of the bad stories were from people who didn't do what they were supposed to, like send in the correct paperwork. And most of the problems people had were in the application process, which I found to be very simple and easy.

I have now completed the application and been approved, and everything is great so far. Many of the things I read that were complaints I noticed were not problems in the application. It was completely online, so nothing needed mailed in. I am now waiting for my ACH transfer to go through and complete funding, and then I will be ready to trade!

Check back for a complete review of Zecco once I have had time to do a few trades and see how everything goes.

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2 comments:

  1. Michiel de Boer said,

    Welcome to Zecco! Please also check out our exciting community called ZeccoShare and let us know what you think.

    on March 25, 2008 at 2:32 PM


  2. Jeremy said,

    Thanks Michiel! I actually have been looking into the ZeccoShare community and like what I see so far. I have been reading the 'new investors' section and am impressed. Almost every question I had was answered in that forum.

    on March 30, 2008 at 2:22 PM