TradeKing and Zecco are Merging
Earlier this week, I received an interesting broker-related tidbit in my inbox… It seems that TradeKing and Zecco are merging in hopes of challenging what they refer to as the “big five” online brokers (Schwab, Fidelity, TD Ameritrade, E-Trade, and Scottrade).
In case you don’t recall, Zecco is best known for having pioneered the free trading model, whereas TradeKing has consistently offered cheap trades (in the $5/transaction range) along with award-winning customer service.
Going forward, customers will continue to pay $4.95/trade, which is what both brokers currently charge, with Zecco having abandoned the free trades approach awhile back. They’re expecting regulatory approval to take 1-2 months, after which they’ll begin integrating their operations.
This deal is just part of a larger pattern of consolidation across the industry, with Schwab having acquired OptionsXpress last year and TD Ameritrade having acquired Thinkorswim back in 2009.
As for me, this won’t mean much. Though I did open accounts with both of these brokers in the past, I never really used them and have long since closed them. What about you? Do you use Zecco or TradeKing? If so, what do you think about this deal?
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Filed under: Online, Saving & Investing
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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3 Responses to “TradeKing and Zecco are Merging”
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May 17th, 2012 at 11:02 am
I have been a Zecco customer for a number of years and have no complaints with them. I don’t see where this merger will benefit me at all. I just hope it doesn’t hurt me in the long run.
May 17th, 2012 at 11:14 am
I echo what Jim says, only from the TradeKing side. I’ve been using them for years, don’t have a bad thing to say, and hope things don’t change for me.
May 22nd, 2012 at 7:01 am
I had both but only have Zecco. My TradeKing account was closed by management because I was abroad and by TKs law or rules, they weren’t allowed to keep me active but Z allowed me to trade and etc.. while being abroad. Pity, I liked TK. Strange thing though, I was telling my wife I was thinking of closing Zecco.