Zumo Discount Brokerage Review

Customer's Rating:   brokerage firms reviews


Zumo customer reviews: complaints, feedback from clients, pros and cons. Is Zumo good and safe?


Zumo Account

Commissions: 50ยข per side. In addition to commissions, customers are charged NFA, Clearing, Exchange & Brokerage fees as applicable. Not all customers will qualify for 50 Cent commission rates. Commissions are negotiated prior to trading, and are customized to the needs of the customer. In addition to our Self Directed, 50 Cent per side rate, Broker Assisted and Full Service Rates are available.

Minimum to open: There is no minimum to open an online Zumo brokerage account. But could be higher for some states.


About Zumo Brokerage Firm

Zumo is revolutionizing the industry by providing access to the world's commodity markets at deep discount commissions. A futures brokerage built by the trader, for the trader, encompassing the desirable aspects a serious investor seeks.

  • Instant Execution on Two Proprietary Trading Platforms
  • Live Quotes, Charts, News and Research
  • 24 hour support servicing clients worldwide
  • Low Commissions, with no volume requirements


Discounted commissions previously reserved for institutions are now available to the individual trader. We level the playing field and offer trade execution AT or NEAR COST, regardless of whether you trade 1 contract or 10,000.

 

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Zumo Customer Reviews

by Little Tex, 9/7/2016

Pros: None

Cons: Yes they are

First they promised 50 cent commissions plus exchange fees without markup. Lied. Charged $13.65 for a trade that should've been $2.54. Added clearing fees, brokerage fees, and marked up exchange fees by 65 cents.

They don't offer you an ability to withdraw by ACH even though you can deposit by ACH. Fraudulent practice to increase probability of generating a higher number of exorbitant $40 wire fees.

They try to hold you hostage and tell you "since you have an open position (even if only a LONG FULLY PAID FOR FUTRES OPTION!!!) that you would not be allowed to withdraw ANY money from your account. Regardless of whether or not you have excess liquidity or funds that exceed ANY margin requirement - let alone the fact that there is NO margin requirement for long options.

RUN, FOREST, RUN!!!

by Super P*ssed, 9/1/2016

Pros: Nick

Cons: BEYOND HORRIBLE! BORDERING ON OUTRIGHT FRAUD! PLATFORM TERRIBLE. HIDDEN AND EXCESSIVE FEES ABSURD. WHO GIVES A **** ABUT 50 CENT COMMISSIONS WHEN $9.96 OF FRAUDULENT FEES ARE ADDED AND ACTUAL EXCHANGE FEES ARE MARKED UP 65 CENTS!?!?!?!?!?

********** RUN AS FAR AND AS FAST AWAY FROM THESE CLOWNS AS YOU POSSIBLY CAN!!!!! **********

Horrible! Interactive brokers charges me $2.89 all in for an LE futures option (exchange fee $2.03, NFA fee $0.01, & commission $0.85).

These jokers charged $13.65!!!!!

CLEARING | 1.38 DR| 1.38 DR|
EXCHANGE | 2.68 DR| 2.68 DR|
NFA | 0.01 DR| 0.01 DR|
BROKERAGE | 8.58 DR| 8.58 DR|
COMMISSION | 1.00 DR| 1.00 DR|

THEY EVAN CHARGE ROUNDTRIP UP FRONT SO THAT IF OPTON EXPIRES THEY STEAL ANOTHER 50 CENTS. REAL EXCHANGE FEE ONLY $2.03! $8.58 BROKERAGE AND $1.38 CLEARING FEE MORE FRAUD!

I came to them to SAVE money.

My reviews:

Pros: Nick.

Cons: Firetip is horrible. Tech support chat (Ironbeam) a bit condescending. Hidden costs & fees are ASTRONOMICAL AND BORDER ON OUTRIGHT FRAUD!!!!!

Firetip problems (most related to Matrix);
1. Can't sort columns.
2. Can't select multiple lines/contracts.
3. Can't cut from or paste to pages.
4. Can't insert rows of empty space.
5. Minimum width of tabs too wide.
6. Tabs all on one row. Better if multiple rows would emerge to eliminate need to scroll back & forth (i.e. left & right).
7. No built in option chain function.
8. Contract selector doesn't save selections.
9. Default column display can't be customized and saved so that same columns/order for new pages/tabs.
10. Extra charge if you want alerts.
11. Extra charge if you want charts.
12. Even though Firetip DISPLAYS the bids/asks showing EXCHANGE MIMIMUM TICKS, SEVERAL market minimum ticks/prices NOT supported!
e.g. LE is .0125 ($5) - Firetip is .025 ($10), GE is .025 ($6.25) - Firetp is .05 ($12.50). If you enter order at minimum program rounds up AFTER you submit order and you pay DOUBLE without warning.
13. I'm sure there ARE more ...

by Big Tex, 8/31/2016

Pros: Good people. Great rates.

Cons: Firetip is horrible. Tech support chat (Ironbeam) a bit condescending.

Firetip problems (most related to Matrix);
1. Can't sort columns.
2. Can't select multiple lines/contracts.
3. Can't cut from or paste to pages.
4. Can't insert rows of empty space.
5. Minimum width of tabs too wide.
6. Tabs all on one row. Better if multiple rows would emerge to eliminate need to scroll back & forth (i.e. left & right).
7. No built in option chain function.
8. Contract selector doesn't save selections.
9. Default column display can't be customized and saved so that same columns/order for new pages/tabs.
10. Extra charge if you want alerts.
11. Extra charge if you want charts.
12. Even though Firetip DISPLAYS the bids/asks showing EXCHANGE MIMIMUM TICKS, SEVERAL market minimum ticks/prices NOT supported!
e.g. LE is .0125 ($5) - Firetip is .025 ($10), GE is .025 ($6.25) - Firetp is .05 ($12.50). If you enter order at minimum program rounds up AFTER you submit order and you pay DOUBLE without warning.
13. I'm sure there will be more ...

by Tex, 8/30/2016

Pros: Great rates and responsive personal replies to questions, inquiries, and problems.

Cons: Firetip. Online support chat so so.

Overall, if you know what you are doing and have access to any tool you want or need via another platform &/or program and want to be "left alone" to do your thing these guys are real pros.
If you want to be coddled and need hand holding or lots of bells and whistles go elsewhere.
Firetip sux in so many ways but if you really just want it to place orders it's more than fine.
Their web portal works well and has a few cool features fire-tip doesn't have.
Low commissions and SPAN minimum margin is all I care about. I'd have given 5 stars overall if the platform was better.

by Lloyd, 8/26/2016

Pros: low commission, high leverage, no minimums

Cons: Trading platform not as good as I would like but livable.

There is a 8 dollar ticket charge if your balance is too low. Make sure to leave enough money in your account to let your profit and loss float. I recommend using two MACD indicators one set on 55,150,150 and the other on 150,300,300. Let your 55,150,150 be your lead indicator. Both indicators together will let you visualize how the market is moving. Watch the volatility.

by Kathy, 7/30/2015

Pros: NONE

Cons: EVERYTHING

A "deep discount broker" that practices very borderline ethical business practices along with including MASSIVE amounts of "HIDDEN FEE's"


STAY FAR AWAY!

by David Bal, 7/13/2014

Pros: low commission

Cons: frequent service outages and lousy customer service

I was a Zumo Trading customer for about 4 months. I was attracted to them due to the low commission, web based trading, and availability of ACH deposits. Unfortunately, those benefits do not make up for problems such as the frequent service outages and lousy customer service.

The service outages are concentrated during the open and closing time of the normal stock market trading session suggesting they have insufficient computing resources. The problems happen most everyday. Some days the problem is slight and it takes a minute or two to get a quote or place an order (normally almost instant). Other times the entire site will be non-functional for several tens of minutes. One day I couldn't exit a profitable trade due to the service outage and had to take a loss when it finally started to work again. That loss was the straw that broke the camel's back. I closed my account and went to a new broker.

To make it worse, customer service is unapologetic. I was told a host of excuses such as the outage is a temporary problem and won't return (yet is returns). Once I was told system upgrades were the cause. Why do upgrades during market hours that can cause service outages? Regardless of the reason, no fix was made and I feel they don't care about their customers.

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Zumo reviewed by former and current clients. Zumo customer reviews: 7. Rating: 3.