Zecco vs TradeKing: Low Cost Discount Broker Comparison
Among many discount brokers, Zecco and TradeKing, both quite popular, have a little in common. To me the biggest resemblance between the two is that their commissions: both at $4.95. In most other areas when comparing the two brokers, you will find plenty of difference, from website appearances to customer service, to products being offered.
Following is a side-by-side comparison of Zecco and TradeKing, which should give you a better idea of both brokers and their services.
TradeKing vs Zecco
|Apply online||Yes, open an account||Yes, open an account|
|Account minimum deposit||$0.00||$0.00|
|Referral program||Yes, $50.00||Yes, $50.00|
|Options commission||$4.95 + $0.50/contract||$4.95 + $0.65/contract|
|Mutual fund fee (NTF)*||$10.00||$14.95|
|No-fee IRA||No, $30/year||Yes|
|ACH hold period||3 business days||5 business days|
|Account transfer-in fee||No||No|
|Account transfer-out fee||$0.00||$50.00|
|Account transfer fee reimbursement||Yes, up to $100.00||Yes, up to $150.00|
|Check writing||No||Yes, for account balance of >$10,000|
|Mobile trading||Yes||Yes, Blackberry & iPhone App|
|Web based trading platform||Yes||Yes|
|Stand alone trading platform||No||No|
|Trading anywhere on web||Yes, with ZapTrade||No|
|Fractional shares||No, but yes with dividend reinvestment||No, but yes with dividend reinvestment|
|Real-time stream quotes||Yes, but not free||No|
|Free gain/loss tracke||Yes||Yes|
|Free research tools||Yes, including stock, ETF and mutual fund screener, alerts and more||Yes, including stock, ETF and mutual fund screener, technical analysis, and tax manager and more|
|Free educational seminars||No||Yes|
|Local branch office||No||No|
|Additional promotions||No||Yes, quite often (usually $50 bonus/account)|
*NTF: No transaction fee;
Choosing which broker to have your business depends primarily on what you are looking for. If you trade a lot or have a large account and want to trade stocks or ETFs with less costs, then Zecco is a better choice . If your main concern is customer service (just in case there are issues that you need help on) and want to use a broker with user friendly interface at a reasonably low commission, then you can choose TradeKing (see my TradeKing update post for further discussions).
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