Goodbye Sogoinvest, Hello Zecco!
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Zecco getting rid of their $2,500 minimum balance is finally convincing me to switch over from Sogoinvest.
Free trades vs $3 trades is a plus, but what really irked me about Sogoinvest is that they still haven’t implemented GTC (”good till canceled”) orders yet. So I’m tired of logging in everyday to input my limit orders. Also on one occasion where I didn’t log in to input the limit orders for a couple days, one of the stocks on my watchlist dipped low enough to my buy point.
Another benefit of free trades at Zecco is that you can average into a stock without spending anything on trading fees. The limit of 10 free trades a day and 40 free a month is more than what I’ll need for the foreseeable future. It’s only $3.50 each trade after you pass the cap anyways.
Options are incredibly cheap also. It’s $3.50 + $.60 (base + per contract). For stocks I hold for the long run I like to sell covered calls, pocket the extra cash and let someone else do the hoping.
Zecco does charge $10 for no load mutual funds but I don’t invest in mutual funds anyways as I believe most of them underperform the market anyway. You’re better off buying ETFs that track the total market (buying ETFs is included in the free trading).
Sogoinvest charges $50 for transfers out so I’m better off liquidating my positions and transferring the funds out and back into Zecco.
One Response to “Goodbye Sogoinvest, Hello Zecco!”
I really like the new design. I need to stop by more often.
Anyways, I was wary of Sogo Invest for a long time. Something wasn’t right about their system, I feel Sogo Invest held back growth because of costs or some other force.
Now that Zecco came around, everyone has forgotten about Sogo Invest (including you and me). Plus the idea of day trading makes more sense using Zecco, even if you exceed 40 trades a month. $3.50 is still really, really cheap.
I even documented the account opening process in my latest zecco review. It was good to hear from a fellow Zecco user, and keep us updated on your trades!
By Investing Blog on Jun 28, 2007