ZacksTrade Broker Review 2024

Zacks Trade is a US-based broker with a long trading history. The online platform is popular with US customers and international clients with the main office address located in Chicago.

The broker retains its founder’s spirit and analytical approach to all aspects of its services, creating a one-stop solution for day traders. Keep reading this ZacksTrade review to learn more about this platform.

A Detailed Table on ZacksTrade

FeaturesDescriptions
Founded Year2013
Account typesBrokerage, Retirement
Government bond trade fee$3
Corporate bond trade fee$3
Minimum deposit$2,500
Research and toolsAdvanced charting capabilities and 20 free research platforms.

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Trading Platforms Offered by ZacksTrade

ZacksTrade provides a comprehensive suite of trading platforms designed to cater to diverse investor needs. The flagship platform is the Zacks Trade Pro which offers advanced tools and features for professional traders. It includes real-time streaming quotes, customizable charting tools, and sophisticated order types.

For those seeking a user-friendly experience, Zacks Trader is an intuitive web-based platform that allows seamless trading without requiring any downloads. It provides access to market data, research, and order execution in a simple interface.

Zacks Trade also offers a mobile trading app, enabling investors to trade on the go. The Zacks Trade app provides real-time quotes, order entry, and account management features, ensuring flexibility and convenience.

It can also provide robust research and analysis tools. This helps to empower users with comprehensive market insights. Clients can access Zacks Research, including Zacks Rank and other proprietary indicators, aiding informed decision-making.

Fees: How Much Does Zacks Trade Cost

The Zacks Trade fees vary depending on the instrument traded. It is worth noting that retail investors must deposit a minimum of $2,500 to register for an account. It may not be suitable for new traders with high versus competitors and limited access to capital.

It offers a competitive commission structure that varies depending on the trade executed. US stocks and ETFs worth $1 or more are charged $0.01 per share with a minimum fee of $1. The cryptocurrency has a fee of 0.18% based on the trade value, with a minimum charge of $1.75 and no more than 1% of the trade value.

Corporate bonds with a face value of 0.01% and a $3 commission of $10,000 or less. There is a 0.025% fee for government bonds up to $1 million in face value, with an additional $3 per bond. For option contracts, you pay $1 for your first contract and 75 cents extra for any additional contract after that.

Importantly, while Zacks Trade is one of the most affordable US brokers, especially for trading shares, penny stocks, and options, it is probably not the best broker if you plan to trade mutual funds. Users can expect to pay a minimum commission of at least $27.50 per trade.

The platform does not charge assignment or exercise fees. However, clients should be aware of the $15 per month inactivity fee for dormant profiles. One free withdrawal is allowed per month, although fees apply for any subsequent requests.

Deposits and Withdrawals of ZacksTrade

Depositing and withdrawing money from your Zacks Trade account is simple. You have several options to fund your account, including electronic bank transfers, checks, and wire transfers.

The ZacksTrade minimum deposit amount is $2,500. To deposit money electronically, link your bank account to your Zacks Trade account. Transfers from your bank typically take 3 to 5 business days to complete. You can also mail in a personal check, which may take 7 to 10 days to clear. For the fastest funding option, use wire transfers, which usually post to your account within 24 hours.

When you’re ready to withdraw money from your Zacks Trade account, you have similar options. Request an electronic transfer to your linked bank account, which will take 3 to 5 days to receive the funds. You can also request a physical check by mail, but be aware it may take up to 2 weeks to receive it. For emergency withdrawals, wire transfers out of Zacks Trade are typically complete within 24 to 48 hours.

Research and Tools Provided by Zacks Trade

Zacks Trade offers powerful stock screening tools to help you find stocks that meet your investment criteria. You can screen by fundamentals like P/E ratio, dividend yield, or growth rates. You can also screen by technical factors like volatility, relative strength, or moving averages.

It provides in-depth research reports on thousands of stocks from Zacks Investment Research. These reports include analyst ratings, earnings estimates, and key stats and metrics to help you make informed investment decisions. You’ll also get access to Zacks Premium online newsletter with the latest market insights and stock picks from Zacks experts.

How Well Does Zacks Trade Work

Zacks Trade works fairly well for most casual investors and traders. Their trading platforms are easy to use, even for beginners. The all-in-one platform has intuitive menus and dashboards so you can quickly find stocks to research or place trades.

Charts load fast and come with 50+ indicators to help identify trends and opportunities. You get real-time streaming data and news for timely analysis and decision-making. The mobile apps also provide a good experience for trading on the go.

For options traders, the options chains are clear and the order entry process is straightforward. You can analyze spreads, place complex multi-leg option orders, and roll or close positions with ease. The options tools may lack some of the advanced features of larger brokers but will suit most individual investors’ needs.

Overall, Zacks Trade provides an efficient, low-cost solution for casual trading and investing. The platforms are simple but capable, providing a good blend of essential tools and resources for researching and executing basic trades.

How to Create an Account on Zacks Trade

To create an account on Zacks Trade, follow these simple steps:

Visit the Zacks Trade website: Navigate to the official Zacks Trade website in your web browser.

Click on “Open An Account”: Look for the “Open An Account” or similar button on the homepage and click on it.

Fill in Personal Information: Provide your personal details, including name, address, date of birth, and social security number.

Choose Account Type: Select the type of account you want to open, such as individual, joint, or retirement.

Complete Employment Information: Provide information about your employment status and income.

Agree to Terms and Conditions: Read and agree to Zacks Trade’s terms and conditions.

Submit Documents: Upload any required documents, such as identification or proof of address.

Fund Your Account: Deposit the initial funds into your new Zacks Trade account.

Verification: Zacks Trade will verify your information, and once approved, you can start trading.

Is Zacks Trade Legit or Scam

Zacks Trade is 100% legit and not a scam. They are regulated and offer retail investors an easy way to buy and sell stocks, ETFs, options, bonds, and mutual funds.

It is regulated by top-tier financial authorities like the SEC, FINRA, and SIPC. Your investments and personal information are protected. They have been in business since 2013, so they have a proven track record.

If you have lost money to companies like WeltradeEasyEquities, or MEXEM, please report it today by the below form.

Final Thought

Zacks Trade can be a solid choice for active traders looking for a low-cost broker. They offer a simple yet highly functional trading platform with advanced tools that won’t break the bank.

The educational resources and Zacks Rank stock-rating system are helpful for new investors still learning the ropes. Overall, Zacks Trade delivers good value for the money if you’re after basic trading tools and research to help build your higher fees. Thank you all for reading this article.

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