Zecco just sent me an email that starting March 1st, 2009, they are increasing the minimum level of assets needed to earn 10 free trades per month to $25,000. You can qualify for free trades by making at least 25 total trades per month which will also qualify you for 10 free stock trades per month.
So now, people with less than $25,000 in a Zecco account will have to pay $4.50 per trade. Paying $4.50 per trade is not as good as free but it still beats most other discount brokerage firms for price.
Zecco also has updated it's referral program as well starting in March. Zecco will now pay $75 for each friend referred to Zecco Trading through the Zecco Friends Program, and you must open and fund their Zecco Trading account with at least $500.
Zecco: Changes To Free Trade Policy
Posted by The Div Guy | Wednesday, February 04, 2009 | Zecco | 2 comments »
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It would seem that Zecco pulled the old bait-and-switch routine, starting out with completely free trades, then bumping up minimum balances to $2500 and now $25000 to qualify. However, these changes are not really surprising, as it has all been done before by the likes of www.freetrade.com and others. It would seem Zecco was especially adept at drawing in clients, and now they'll have to pay to get out because of the transfer fee. So, what's the lesson in all of this? Having experienced it first-hand, you tell me...
In the meantime, I will stick to the established low-cost brokers such as Scottrade (only $7/trade, good service, and no account maintenance or transfer fees). Also, TradeKing offers trades for only $4.95 (including those where a broker assists - imagine that!), and the firm has a good reputation and customer service.
It's happened again! This is terrible! I am ruined as a trader! What has Bernanke wrought!!
http://actualanarchy.blogspot.com/2011/02/my-tunisian-street-vendor-moment.html