Zecco Trading - Word to the Wise, Stay Away!
16 10 2007Latest Letter from me to Zecco:
An T.,
I have already completed these documents several times. You accepted the funds so I don’t see why you wont retract them. I have some issues giving a company who can’t get my account setup personal info like a social security card or drivers license. Not to mention the fact it was on my original application and the two subsequent ones I sent out after the initial one was misplaced or whatever. I don’t know what kind of game you guys are running over there but I write for several financial blogs and I will be expressing my difficulties for the world to read.
Please attach any documents I need to complete in order to withdrawal my funds. If this round about game continues I’ll be forced to take this up with the SEC or BBB I’d rather just resolve this without a mediating party.
The next e-mail you send me should contain account documents or a confirmation of withdrawal of funds.
Thank You,
Zecco's Response to my E-mail:
Dear ,
Thank you for contacting Zecco Trading. In regards to your e-mail we will need you to submit a signed Customer agreement application and a copy of your government ID. You may fax or e-mail these documents to us to expedite the process however we will need the original Customer agreement application via postal mail. Thank you for your cooperation.
Best Regards,
Heather
The Best part is they still haven’t sent me any documents to fill out! -I guess “Heather” missed the two places I asked for the documents in my e-mail.
Pages: 1 2
Hi,
I am having the EXACT same problem with them. Except, in my case it is a large amount. Can you please tell me if you were able to get it resolved. It has been 4 months since I transferred my money to them and have been unable to get it back
I am losing sleep over it.
Thanks for sharing your experiences. I was considering opening an account with Zecco too. After all the negatives feedbacks on the web, I’ve decided to go with Wells Fargo for their 100 free trade per year instead. Of course, the minimum of $25K is a little high for most people but it’s probably the right choice for me.
Zecco stinks! Try Just2Trade.
Thanks for this review. Was contemplating moving funds to Zecco…after reading these posts…now I know what NOT to do
Were u able to get your funds back?
How is Just2Trade per Pat’s post compare?
Best!
Just2trade is my new home! They have all I need and fast executions. I love it.
Just2trade is my new home also. Can trade pre and after hours. Great executions!
I’m having similar problems with Zecco. I’ve filled out their paperwork requests three times now and it’ been two months. Still nothing. Unlike you, however, cuastomer service does not respond by email and the phone rep says he “doesn’t see my account but that happens sometimes”. I’m nervous because they now have copies of all my documentation, the account is neither open nor closed, can not apparently be closed. Vague instructions, talking in circles, paperwok limbo. It’s a bad deal, frankly.
I am also in the same boat. I was able to transfer the money into my account but can’t take it out nor can do any trade. I scanned all the documents and emailed it to them twice and confirmed over the phone with them while on phone that they have received it.
When i speak with the customer rep. they verify my identity but when i ask them to transfer the fund out of my account either call drops or some document that they already received goes missing….
If anyone was able to get their fund back, please let us know the trick…would appreciate it a lot…
BE WARE OF THE CHEATS.
Good, I am glad I came across this page. Was considering putting my money in there, but I see it’s a nightmare. Thanks for the heads up!
ZECCO is a pieace of crap. The customer service is horrible and they trick you into doing trades. I received an email saying one of my stocks became worthless and I would get charged unless I opted to have it taken out of my account. I called customer service who told me to place a ’sell’ order. The stocks vanished from my account but the sell order was still in the queue. A few months later I check my account to see that the stocks I didnt own were sold short without my permission and I lost soo much money. And when i call customer service they say “well don’t trade if you don’t know how the market works”. I am never trading with Zecco again.
I am looking for a broker to transfer my account. I came across this blog while doing my research. I am sorry to hear that so many of you are having problems with Zecco, but I am glad that you have a place to post in order to warn others. I will not bother with Zecco. I will recommend to others to do research before considering Zecco. Thanks for posting your Zecco problems.
I haven’t had a single problem with Zecco. I’ve had an account for over 1 year and I’ve emailed customer service and recieved return emails and phone calls. I can’t relate to your problems. The only issue I have is they changed the free trades to limit of 10 per month, and a minimum balance of $2500 so it makes it harder for the small trader to start out.
Wow… I came across this somehow…
First, you really are not cut out for online trading if you can’t set up a simple account…. Zecco has got to be the easiest broker to setup an account with.
Seriously… lol..
10 free trades, then 4.50 after that. This saves a lot of money overtime… I use zecco to place all of my trades but rely on scottrade for streaming quotes, research and such. Orders on zecco are always filled quickly and properly. I was laughing at the guy above you probably selected a short sell instead of a sell.. wow man… get a clue.
wow
its very unconventional point of view.
Nice post.
realy good post
thx
ZECCO TRADING SUCKS, and I have to go through this not once, but twice because I forgot how really bad the service is. I literally have been on hold for 1.5 hours and still counting—really!!!!!!! I am getting out of all possible positions so that I can start another account elsewhere–any suggestions, already have a Scottrade and Sogotrade accounts. Need one that will do stock and options trading.
HERE’S HOW YOU GET YOUR MONEY BACK:
File a complaint with the SEC and the FBI (as internet crime), and they will promptly return your money.
I actually wish they that would not return my money so quickly, and that instead a dispute would ensue with the SEC and FBI, resulting in deregulation of Zecco.
-Jason
oops. Deregulation is the wrong word. I’ve been reading the IB news too much lately. lol
Stay away from them.
They lost me over $50,000 over this year, all because of their “margin requirements”. They exercised unauthorized trades in my account, even though I had enough cash, had a margin account, and was not using any of their money (did not borrow anything!).
Their software is vastly inferior to other brokerages. They send you completely outdated information or provide no information on margin calls which they then upload just at the last minute and ante-date it so to appear as if they sent it a day before. They also can mark your account as a day trading account even though you had not made any trades at all!
I am currently seeking an arbiter to file a complain. Please, if you know a good one let me know. I also would join any class suit against this company.
Thank you to all of the above posters.
You can bet your last dime that ‘problem brokerage’s are brokerage’s that have problems’ - BIG TIME!
I, for sure, will not be opening an account here.
Thanks, again.
I am having the same trouble with Zecco they are horrible stay away. Put in over 1000 wont give me my money back thinking of going to small claims court that should get them moving.
Zecco is a crappy website stay far far far away from them. If you are lured by free commission you will eventually notice you are loosing much more than that. For instance the website craps out during peak volumes when you want it the most also the market order is one of the worst. At times i have noticed it fills at a difference of 11 cents and you can imagine if you are placing an order for 1000 shares thats $110/- that sucks..
Hello Id Like to get somewhere you this barbarous potentiality !
How relating to we try something a impecunious conflicting this anon a punctually ?
as the circumstance may be something like this ?
http://www.easyhot667.com
Hello
As newly registered user i just wanted to say hi to everyone else who uses this board
I’ve been a Zecco trade for well over a year. I have never had any problems with placing trades, funding my account or withdrawing funds. The do not offer after hours trading. I stay away from options and margin accounts and just dollar average invest a little bit every month. I’ve paid a total of $9 in fees due to making 12 trades in one month. The interest on your cash holdings is extremely poor.
If you want after hours trading and a good money market account, you should go elsewhere. If you want to trade easily for long term investment goals, Zecco is an excellent choice.
Bunch of thieves! they wouldn’t give me back my money! thier trading platform is a JOKE compared to what is out there-C-R-A-P-P-Y!!. I’ve been trying to get my money back(four months now), and they wouldn’t give me back my money!! Pls be advised, STAY AWAY FROM THE ZECCO’S!