Hey guys,
I entered the trading world with stocks, and began looking for a cheap stock broker…Zecco won. After pulling my hair out with stocks, I decided to try forex instead, and it turns out that it fits me much better. Anyway, I began paper trading with Zecco since I already had an account, but I use a Mac. Zecco has no desktop software that will run on a Mac (unless I install Windows), and they don’t have a mobile app that will trade forex on the iPhone. I had to use their web trader, and it’s a little buggy. The interface is also not the greatest in the world, and their web trader was down for 4 days due to the storm in the northeast, so if I’d been trading actual money, I would have been toast. I suppose you can always call - but being of the tech generation, would you believe that didn’t even occur to me? Call and actually talk to someone?
I ran into a broker at work who suggested that I open an Ameritrade account and download their free thinkorswim software (this was when I was still trading stocks). I did, and I really like the software. TD Ameritrade also is head and shoulders above Zecco as far as reputation, services, and knowledge. However, they’re not as transparent as Zecco about commissions/spreads, and they don’t have as much info about their forex services. But, I have complete peace of mind with them - I can trade easily on my iPhone, iPad, or Mac, and I feel like they’re more of a legit broker.
However, Zecco seems to be cheaper and I hear that Ameritrade is rather expensive for forex trading. I’m also concerned with things I hear - like brokers hunting stops and placing trades against you. I have no idea if either one of these would do that, but it makes me nervous to go live. Any experiences with either of these brokers?