1. What you plan to trade.

Most of the zero-commission offers are for equity trades only. (Wells Fargo is an exception. You can trade exchange-traded funds (ETFs) and mutual funds in its zero-commission package.)

Plan to trade options? You’ll pay $4.50 + $0.50 per contract at Zecco, $9.95 + $1 per contract at Wells Fargo (WFC), and $19.95 + $1.50 per contract at Bank of America (BAC).

That still makes Zecco still a low-price leader in the industry, but low-cost isn’t free. And Zecco is counting on attracting option traders who trade actively. “Option traders are profitable customers,” says Michael Feser, president of Zecco.

2. How frequently you plan to trade.

All of the major brokers that currently offer zero-commission trades have limits on the number of trades you can make per month.

Granted, the limits are fairly high: 10 trades per month for Zecco, 30 for Bank of America and 100 free trades per year for Wells Fargo.

But before you sign up for one of these accounts, figure out how many trades you typically make in a month or year to see if you’ll end up going over the limit.

3. What the hidden costs are that you'll have to pay to get those free commissions.

On the flip side, if you’re a buy-and-hold investor who makes very few trades, a zero-commission discount broker can be a good deal. But you have to ask yourself if the cost of getting that zero commission is worth it.

Do you already have $25,000 in deposits at Bank of America or Wells Fargo?

If not, is it worth it to transfer that much money into a low-paying checking, CD or money market account at one of these banks just to save a few bucks on fees? Could you be investing that money at a higher rate elsewhere?

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