My first zero cost transaction at zecco.com: BUY 25 NVDA shares June 16, 2007Posted by deminvest in Internet stocks, investment, investment strategies, low cost, NVDA Nvidia, stocks, zecco.
I did it today! It felt really really good to trade without commissions for the first time in my life: WOW!
my first impressions:
- Zecco’s website is clumsy and slow. Takes too long to get where it counts: the Trading Center
- There are trading options that I don’t understand. Transactions can be “Buy”, “Sell”, “Short” or “Cover”. I know how to use the first two, but I do wonder what would happen if I simply shorted a stock.
- Order Type can be: “Market”, “Limit”, “Stop”, “Stop limit” or “VTSO”. Again I do undersstand the first two: I can buy at market price or I can set a limit to how much I want to pay. I also understand “Stop limit” because underneeth you can decide the STOP (meening that, if a share reaches a certain price the transaction will trigger) and the limit is how much I accept to pay. I don’t understand what happens if I set a Stop without a limit and I don’t have a clue about “VTSO” order type.
- Duration can be: “day” or GTC=”good till canceled”. I understand both.
- Preferred ECN: is set on AUTO. I have no clue what it means, but I have no choice anyway.
- AON: if I check it, my order will be executed “All Or Nothing”
- Once I have filled all fields of the order (buy 25 NVDA shares) it is executed really fast and did really cost 0. I was actually gaining a few cents seconds after having executed the order. I got 25 NVidia Shares at $39.30 each, which was the price zecco showed me a second before I hit the OK button.
- They could use some Ajax scripting to let me see my portfolio move as prices change
- They could put a little questionmark next to unknown words; so people like me don’t have to look all over to find out the meanings.
- At zecco they say they make money by only paying 1% interest (and earning more) on money sleeping on accounts and by building a community and selling advertising. Sorry zecco, but your community sucks!