zecco.com errors

So, after a few weeks of trading with Zecco, I have uncovered some errors in their trading system. Here's my list so far.

1. Their system allows you to set up a margin account with less than $2000, then allows you to place short sales with less than a $2000 account balance. However, once the short sale has occured, your account is frozen, not allowing you to buy any more stock. It is possible to sell, just not purchase any additional. When the account is frozen, you have a negative buying power, but no margin calls or explanation of what is happening. It took me 3 calls and numerous emails to their customer support to figure out what the root of the problem really was.

2. Email support is averaging about 4 days for a reply right now. Phone support is slightly faster, with about a 2-day response time. It appears zecco has grown its membership rapidly without training/hiring new support staff.

3. You cannot edit a stop-limit order more than once. This would be a nice feature to allow you to keep tight stops on a stock if you feel it may crash in the near future, while locking in profits. Short-term fix: never edit an order, just cancel it and re-place a new order.

My basic recommendation to Zecco: Update your FAQ documents to include information regarding the $2000 limit for margin accounts. Also, include information on what classifies an individual as a Pattern Day Trader.

Also, faster support response would be nice.