Thursday, August 28, 2008

Free Stock Trading

I'd just like to introduce my favorite stock trading platform- Zecco.com.

Zecco is free. That's right, all stock trades up to a monthly maximum of 10 are free (not including options and other special orders). This drastically reduces the overhead for stock trading when you're like me and only investing a few thousand dollars at a time.

That said, I'm sure hoping that Zecco will stay afloat. Since it's inception in Canada I believe, it has since opened a new office on the west coast of the US. However, the minimum account balance has risen from $1000 to $2500 while the number of monthly trades dropped from 40 to 10. Also, they now charge a nominal fee for mailing paper statements. Emailed statements are still free. Luckily, the trading interface has greatly improved, providing real-time balance info (yes, this was not available before), stock quotes, and execution history. It still doesn't provide even the simplest of graphing tools for tracking past performance though.

All in all, I'd highly recommend for basic investor who plans to hold just a few stocks. You can get stock tools that Zecco lacks from other free sites.

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