Zecco Trading - Word to the Wise, Stay Away!
16 10 2007This is the IT Guys Blog so I don’t want to bore anybody with this, but occasionally something comes along that needs to be shared with the public.
As any logical thinking person should, I tend to invest some of my savings in the stock market. Usually I use a full service brokerage firm like Schwab, but for some reason I decided to test out the highly hyped Zecco Trading. Zecco apparently offers “free trading”, which interested me so I filled out all the paper work, waited a week, and presto it’s all setup. I transferred in a hundred bucks or so just to get the feeling of the trading interface. I wanted to buy a few shares of my favorite stock and test out the fill times, etc. Thus, I setup a trade, execute it, and Zecco spits back an error. It’s not very descriptive it just says “Only trades that liquidate positions are allowed.” Since I didn’t even own any stocks through Zecco I thought that kind of odd . I e-mailed support and waited 3 days for them to tell me I have pending account paper work, which I then filled out and e-mailed back. I waited a week, tried again and the same thing happened, no go. Once again I e-mailed support and they said the same thing, so once again I filled out paper work, this time I chose to mail it in. I waited another week, same thing. At this point I’m tired of playing games with these guys and I just want my hundred bucks back, so I try to transfer it out. Of course that didn’t work and they e-mail me a message saying they wont allow me to transfer the money out since I haven’t finished all of my paper work. Now I can’t even get my little test money back. I’ve been trying to get them to close the account and mail me a check for over a month. I may have to file a lawsuit if I ever want to see my money again. This is the most ridiculous brokerage firm I’ve ever seen. Anybody who considers using Zecco Trading beware!
So after posting on the Zecco Forums this afternoon to see if somebody was willing to help me. Zecco promptly removed my post. I will be adding the letter they sent me after removing my post and all e-mails I’ve had with them to this section.
Message Received after post was deleted:
Your post has been removed from the Investment Forums on Zecco.com
Hello ,
Thank you for submitting your post to the Investment Forums on Zecco.com. Unfortunately, we had to move this post because it did not comply with our posting rules. Here’s why:
Zecco Trading is subject to strict regulation, just like any other online stock broker. In order to be in compliance, the Editors of the Zecco.com Blogs and Forums can not directly answer Zecco Trading related questions. Instead, the appropriate channel for specific customer issues is customerservice@zeccotrading.com, as only Zecco Trading can access sensitive information to assist customers with specific account related issues.
Additionally, general feedback on Zecco.com or Zecco Trading should be provided through the Zecco User Group. This group is meant for dedicated myZecco members and Zecco Trading customers who wish to be involved in providing valuable feedback to improve the user experience at Zecco. The Zecco User Group has its own, restricted access Forum on Zecco.com. If you wish to apply to the Zecco User Group, you can send an e-mail to the Editor (editor@zecco.com), indicating:
- Your name
- Your myZecco user name
See you at Zecco.com for a lively debate, access to free stock trades, and more.
Zecco Editor
Check out the Next Page if you want to see the latest Letter from Zecco
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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!