About Zecco Forex
Since its launch in October, 2006, more than 160,000 customers have traded online with Zecco Holdings. Founded by a former Vice President from Merrill Lynch and a wholesale derivatives broker, Zecco’s financial investors also include LundKenner Venture, a Danish venture capital firm, and Velocity Capital B.V., which is Zecco’s largest investor. Zecco has two locations in California: a bay-area headquarters location in Burlingame and a Southern California-based operations and call center location in Pasadena.
Zecco’s main business operations include:
- Zecco Forex, launched in the spring of 2009, which allows for spot trading of foreign exchange currency, gold, and silver;
- Zecoo Trading, which allows customers to trade stocks, bonds, options, and mutual funds; and
- ZeccoShare, where Zecco’s customers can share their investing ideas.
Zecco Forex is regulated by the National Futures Association (NFA). GAIN Capital is a registered Futures Commission Merchant (FCM) and is also a member of the National Futures Association (NFA #0339826).
Contact Information At A Glance
- To open an account: http://www.zecco.com/forex/trade-open-account.html
- To open a demo account: http://www.zecco.com/forex/start.html
- U.S. telephone 1-866-567-0295, International telephone +1-626-529-7078, or email firstname.lastname@example.org
- Media contact (United States): Seth Linden, telephone 1-212-704-7385, Ext.3533 or email email@example.com
- Media contact (Europe): telephone Eva van Pelt 31-76-565-5511 or email firstname.lastname@example.org
- Online support and live chat option: https://www.zecco.com/aboutUs/ContactUs.aspx?tab=trading
Vital Trading Information About Zecco Forex
Zecco’s customers enjoy ten free stock trades each month if they maintain a $25,000 account balance or execute at least 25 trades each month. For other paid stock trades, Zecco’s price is $4.50 per trade. Options commissions are $4.50 plus $0.50 per contract.
The average processing time to open a new account is 24 hours or less. Applications can be quickly submitted via Zecco’s website, with telephone support and live chat available in case the customer has any questions or concerns.
Zecco Forex acts in the capacity of an introducing broker to GAIN Capital Group, who maintains a customer’s account for the purpose of stock trading. GAIN Capital serves as the clearing agent and counterparty to a customer’s trades. GAIN Capital’s market making desk is staffed 24 hours per day during trading hours by experienced former bank traders who are experienced in managing high volume trading operations.
Zecco Forex offers a popular demo account option to its customers; this free $50,000 trading practice account allows customers to access a practice version of Zecco’s forex trading platform. Demo customers can trade $50,000 in virtual funds on a risk-free basis; support is available via telephone and through live chat. Customers using a Zecco demo account have access to real-time quotes in 37 different currency pairs, and leverage is available up to a 100:1 ratio.
Leverage is available for customers up to a 100 to 1 ratio. Zecco Forex limits customer’s risk to their funds on deposit. As there are no margin calls in forex trading, if a customer’s account falls under the required levels, all of their positions will be automatically closed.
Minimum Deposit Amounts
Customers can open an account with Zecco Forex with a minimum deposit of $250; this is sufficient to open what is known as a mini trading account. This mini trading account option is a great way for forex traders to test out the waters at Zecco Forex. Standard accounts require a minimum opening balance of $2,500. Additional funds can be added at any time.
Zecco Forex occasionally makes online promotion codes available to encourage new customers to register an account. In one of their recent promotions, Zecco Forex offered a cash bonus of up to $200 for customers who opened and funded a new forex account with Zecco and executed at least one trade.
Trading spreads with Zecco Forex are as low as 1-2 pips for most of the major currency pairs. Zecco Forex charges no commissions for foreign exchange trades; customers pay only the bid/ask spread amount.
Customers are able to enter trailing stops for their accounts with Zecco, as well as take profits and stop losses on any trades.
ZeccoShare Online Community
ZeccoShare is an innovative investing community where investors and customers can share, debate, and test their trading ideas online. Currently in Beta mode, ZeccoShare limits the information shared by its members to display only to other registered ZeccoShare members. Zecco employees may also display information and post on ZeccoShare; their membership information is marked with a special ‘Zecco Associate’ medal so it is obvious that they are employees of Zecco.com.
The Bottom Line
While Zecco Forex is one of the newer players on the forex block, reviews so far indicate that customers are pleased with Zecco’s demo account option, top-notch customer service, and affiliated brokerage services. Zecco has received positive feedback from customers for the wealth of educational materials that they provide and their live streaming charts, as well as real-time data for 37 currency pairs. In addition, some customers note that the ability to consolidate their forex and stock trading into one-stop shopping with the same broker is both convenient and efficient.