InvestorsHub Logo
Followers 3
Posts 745
Boards Moderated 0
Alias Born 08/16/2009

Re: tk2007 post# 1805

Saturday, 12/19/2009 9:42:12 AM

Saturday, December 19, 2009 9:42:12 AM

Post# of 66413
I have just opened an account with Zecco also. I did it just because Scott and others do this very same thing on many of the pennies they trade.IMO.............they do this for various reasons, mainly because they clear through the DTCC and knight is their market maker.When knight goes short they always restrict trading where you have to call an order in over the phone, instead of using the internet.Then they often go to the extreme of not letting you buy it at all, but they will let you sell.the final abuse is when they don't let you sell.

All this changes over time with them according to what benefits them the most. I talked to Zecco and they only charge $4.50 which is very cheap and they said they seldom restrict trading unless there is something coming down from the SEC.some times they will accept the transfer of shares that are being prejudiced by the other firms, but it is a case by case basis.At worst they don't take them for a while................now if they don't take them, you just have to keep digging around to firms that might.Fidelity or Bank of America comes to mind as possible brokers, but have not called them...........IMO

We will see if Zecco lives up to their promises