Problems with zecco trading (or why ASP.net sucks) June 25, 2007Posted by deminvest in Internet stocks, investment, investment strategies, zecco.
In few day of usage I had the opportunity to find out how bad zecco.com site is:
1) confusing. Stuff that counts is hidden. Real time information is horribly mixed with outdated balances coming from Penson’s site. I can’t even find on the same page which stocks I own and how much money I can buy. Actually money disappears from zecco.com website for a couple of days after selling shares.
2) sometimes not working properly. For instance, yesterday, when I tried to log-in to the trading part of the website, I kept receiving an error message. I could only access my trading account by using Internet Explores instead of Firefox.
3) demanding: you need a permission to blog on zecco. I have been waiting for days and got no answer to my blogging-permission request. I could set up this WordPress Blog in seconds, and without any stupid permission.
4) complicated: my old trading site was based on 2 simple concepts, money and shares. If I sold shares, I got money and with that money I could buy new shares. Too simple for zecco’s brilliant minds. They introduced the idea of “Buying Power”. I sold $2000 worth of shares and saw them disappear from my portfolio. Unfortunately I could not buy other shares because the $2000 did not add to my “Buying Power”. I was really angry until I fond out that the proceeds of a sell order will not affect my buying power until settlement, which is T+3 (trade date plus three business days), which is about a week!
5) time wasting: If I’m idle for 10 minutes, I am forced to resubmit 2 passwords (not one but two!). It is made in a way that my computer cannot do the job for me. I do really have to resubmit them if I spend 10 minute looking for info at yahoo finance or to look what other bloggers say about a stock. Horrible for a lazy person like me!
I am puzzled. I am very happy to be able to trade on zecco.com at zero commissions. I am also sorry for zecco.com. I believe that, if they don’t hire a decent tech staff, they won’t survive. Zecco.com has a business model based on collecting money sleeping in customer’s accounts ad advertising on advertising on the community. Unfortunately, to make a successful 2.0 style community, you need great site usability, reliability. Zecco’s ASP.net programmers were not able to provide either one. By the way… I don’t understand why a company which wants to offer free treading, does not use high quality free software available. I have noticed that most websites made with Microsoft ASP.net technology are clumsy and unprofessional. Zecco.com is no exception…
Anyway there is no reason to worry for my money. Zecco uses Penson , a large financial institution, for trading and keeping customer’s money and securities. My money and my shares are also heavily insured.
What may happen, unless zecco hires a decent technical staff, is that zecco will give up its zero commission vision and I will have to transfer my portfolio somewhere else in a few years.
From what I read, because of insurances and regulations, I see no risk of losing my investments, even if zecco dies.