My Money Blog originally reported this, and a recent e-mail from Zecco confirmed it. Here's more information, directly from the announcement:
October will be a 100% unlimited free trading month for current Zecco Trading customers
Thanks for hanging in there. To show our appreciation for your loyalty, we have decided to make October a 100% unlimited free trading month. This means that between October 1st and October 31st you can make unlimited equity and options trades commission-free. As far as I know, this has never been done in the history of the brokerage industry, until now. But then again, we are seeing things in the market we never would have believed, until now.
If you are not a customer at Zecco, consider opening an account with them.
Eligibility for the October Promotion
- The no-commission stock and options trade offer applies to all Zecco Trading accounts in good standing.
- The offer applies to equity and options trades, including multi-legged options orders and all options contracts.
- Mutual fund trades are not eligible for the offer.
- There is no minimum equity balance requirement or minimum trade volume restriction.
All account types are eligible, including IRA.
- The offer is effective for equity and option trades placed and executed 10/1/08 through 10/31/08. The standard free trading program and options pricing will resume 11/1/08.
Even without this promotion, any Zecco account that has a total value exceeding $2,500 receives 10 free stock trades per month. After that you get charged for your stock trades a small $4.50 commission per trade.
I think that if you open an account now, you would be able to use the no-commissions trading October promotion to build your dividend portfolio.
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Now when you link your WellsTrade® brokerage account to your Wells Fargo®PMA® Package, you’ll get 100 commission-free online trades a year. Use your commission-free trades for stocks, exchange-traded funds, and even no-load mutual funds
ReplyDeleteYou need to be cautious with "free" trades. There is a cost involved called slippage. I blogged about it if you want to read it.
ReplyDeletehttp://www.daxdesai.com/2007/09/18/what-is-slippage/
Dax,
ReplyDeleteAs a general rule this article could be true but not with Zecco. My experience with Zecco is mainly purchasing large cap liquid stocks, trading at more than $20, whose bid/ask spread is typically one-two cents. ( i don't trade A/H). I am actually pretty happy with their executions at Zecco as I always check my price filled versus ARCA or BATS.
How does purchasing 50 shares at $20 at Zecco versus purchasing 50 shares at $19.99 + $1commision at IB differ?
There's one thing as an investor that you should realize and it is that spreads will vary but commissions are fixed.
Hey,
ReplyDeletenice blog you have there I hope you remember me from johnchow.com, well seems you're a broker and I'm pretty interested into Stock Exchange and maybe I could learn a thing or two from you!
Abdul,
ReplyDeleteThanks for stopping by. I am not a stock broker but an individual investor. Feel free to browse around and learn about a strategy for picking good stocks which pay increasing dividends year after year on your initial investment. Investing in stocks could be the ultimate source of passive income for people.
Anonumous,
ReplyDeleteWith Zecco you only need a minimum balance of $2,500 to get the 10 free trades/month. With Well Trade I think that you need $25,000 in order for you to qualify.
Furthermore you don't have to sign up for any package or banking product which could cost you in lost yield on your cash being parked.