| I might try zecco.com, but how do I know I'm safe? What if these free trade just lures me in then turns?? |
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Holland
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How do l know l wont lose my money do to the company 10 days down the line. 100 days down the line, or 5 years down the line?
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Dragon
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l have not heard too many good things about them..
how about sharebuilder.com or etrade.com, those are a bit more popular, so l would feel safer with them, but definitely make sure you do alot of research before picking one
happy investing
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Cat
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If u can not find any credible information about the financial situation of zecco.com. Then u should not put ur money there.
A good example of what can happen is the recent bankruptcy of Lehman Brothers brokerage. Many investors who traded through Lehman Brothers now have their accounts frozen. They can not take their money out. And they can not sell or take out any shares they own. Because Lehman Brothers might have used these accounts as collateral for borrowing money. And the lenders might own some or all contents of those accounts.
It will take up to 2 years to sort out the investment accounts at Lehman Brothers.
This is not the kind of thing u would want to happen to you. And that is why u have to make sure that the brokerage does not have any big debts, before u entrust them with ur money.
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Blake
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If they are covered by SIPC ( and l strongly suspect they are), then it is alot more likely you would lose your money by your stocks picks, than by zecco.
But if you think this is a concern, why not use a big firm: Schwab, Fidelity, etc??
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