Zecco Gives Unlimited Free Trades in October
Zecco recently announced that it will give its existing and new customers unlimited free trades in both stocks and options. The online discount broker has been offering the standard 10 commission-free trades every month for its members with at least $2,500 initial funding in their accounts since last year. This new program will, even though temporarily, remove the free trade limit for the month of October. According to their announcement, trading volume in September was the heaviest in the firm’s history (Zecco was launched in July 2006) and, apparently, caused difficulties in using their website. As an appreciation for their customers who stick with them through this period, the company decided to make this offer.
Zecco said their “system activity increase by over 450%” in September, which means that many people are taking advantage of the unprecedented market volatility to better position themselves. However, I didn’t unload any of my holdings this month except some bottom-fishing trades that got busted (such as Freddie Mac and Washington Mutual). Even with these trades, I didn’t do all of them with Zecco (you can see my trades with my Zecco play money). As for this offer, I probably won’t make much out of it either since I am on vacation in China right now and there’s 12-hour time difference. Even if I am available, I don’t know whether or not I will do anything differently just because I can trade as many times as possible without paying any fees. To me, 10 free trades per month is more than enough.
Anyway, details of this offer include:
- 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.
BTW, I am going to post an interview with Zecco Trading next week which will give us some insider’s view on Zecco’s status and improvements they have made (I had quite some complains about their service in the past). The interview will have extra information that you won’t find anywhere else. So stay tuned
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