Zecco vs TradeKing: Low Cost Discount Broker Comparison
By Sun
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
| Broker | Zecco | TradeKing |
|---|---|---|
| Apply online | Yes, open an account | Yes, open an account |
| Account minimum deposit | $0.00 | $0.00 |
| Paperwork | No | No |
| Free trades | No | No |
| Referral program | Yes, $50.00 | Yes, $50.00 |
| Stock/ETF commission | $4.95 | $4.95 |
| 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 deposit | Yes | 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 |
| Dividend reinvestment | Yes | Yes |
| 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 |
| Forex trading | Yes | No |
| 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 |
| Monthly fee | No | No |
| Local branch office | No | No |
| Investor community | Yes | Yes |
| 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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