TradeZero Review 2021
|Traders in United States welcome|
|TradeZero Facts & Figures|
TradeZero is an international brokerage firm offering equities day trading through a range of advanced platforms and software tools.
|Payment Methods||Wire Transfer|
|Regulated By||SCB, FINRA|
|Mobile Apps||iOS & Android|
TradeZero is an online brokerage firm that operates platforms within the US and internationally. The broker offers a variety of day trading options and opportunities, through a selection of platforms, assets and subscription levels. This 2021 review will answer any questions you may have, exploring TradeZero’s pricing, platforms, leverage, security and more. Read on to find out whether you should consider opening an account.
Founded in 2014, TradeZero is a global broker that provides stock, ETF and options trading to its clients. The international division of the brokerage has headquarters in the Bahamas and is regulated by the Securities Commission of the Bahamas. TradeZero’s US trading broker has a head office located in New York and is regulated by FINRA.
Trading platforms is an area in which TradeZero specialises. Traders can choose from a selection of bespoke trading platforms on which to manage their assets and accounts or open and close positions. From the mobile optimised ZeroMobile to the advanced trading tools of ZeroPro, the broker aims to offer a platform for every type of trader.
As its name suggests, ZeroFree is TradeZero’s free platform offering real-time HTML5 browser-based trading capabilities. Despite being the least advanced of the three desktop platforms, ZeroFree provides many beginner or intermediate traders with all the functionality they need. Offering several order types, charting facilities with indicators, as well as full NYSE, AMEX and NASDAQ Level 1 feeds, ZeroFree can also be scaled up for an extra fee to include features like options trading and Level 2 feed windows.
ZeroWeb And ZeroPro
For $59 a month, TradeZero clients can access the advanced trading platforms ZeroWeb and ZeroPro. The former is a web-based platform containing all the features of ZeroFree alongside advanced and customisable hotkeys, up to six windows of charting and indicator data and fully customisable layouts. The ZeroPro software takes trading to the next level, offering full options trading facilities, instant price alerts and up to ten charting windows.
Assets & Markets
As a broker fully focused on trading rather than investment, TradeZero provides clients with access to over 100 stocks and ETFs. The firm offers advanced options contracts, including short selling, and leverage rates up to 1:6 to traders that meet certain requirements. However, only US exchange-traded stocks are available on the platform. Furthermore, the broker does not support the trading of crypto assets like Bitcoin, commodities or forex. However, the broker has recently announced the upcoming launch of a crypto trading platform.
TradeZero Trading Fees
TradeZero has a different fee structure for its US and international brokerage services.
TradeZero US Fees
For its US platform, TradeZero offers its clients free trades on all orders for assets listed on the NYSE or NASDAQ. Traders interested in penny stocks may be put off by the broker’s fees for stocks trading under $1.00, which stand at $0.003 per share. Any after-hours trading also comes with a commission of $0.003 per share but options contracts are free from any commission.
TradeZero International Fees
For global clients, TradeZero’s fee structure is a little more complicated. The broker charges zero commissions on limit order trading but levies a $0.005 per share fee on market orders or trades that are immediately matched. Additionally, trades of fewer than 200 shares are subject to a flat $0.99 fee, while options contracts cost $0.59 per contract.
Margin & Leverage
TradeZero leverage rates depend on the time a trade is placed and the level of capital deposited. Clients with between $500 and $2,499 in their accounts can access rates up to 1:4, while those with more than $2,500 can take advantage of a maximum rate of 1:6. Overnight and after-hours leverage rates are capped at 1:2.
Overnight borrowing on TradeZero is subject to 4x average fees for the first night, with additional days charged at 1x average cost. The margin rate is set at 8% annually, which is quite high for the small improvements in buying power offered.
TradeZero provides a bespoke mobile interface to their clients free of charge called ZeroMobile. The application allows clients to follow curated market news, check their watchlists and portfolios and monitor open trades. Advanced traders may be left disappointed by the limited functionality compared to the desktop platforms but ZeroMobile serves as a handy tool for checking trades and market news. The application is free for all existing clients and can be downloaded to both Android (APK) and Apple (iOS) devices.
Perhaps one of the most limiting aspects of a TradeZero account is the lack of account funding options. The broker only allows bank-to-bank wire transfers, with payments from credit or debit cards, PayPal and e-wallets not supported.
TradeZero deposits are subject to a $25 fee and withdrawal charges are even higher, at $50. Deposit fees are waived on an initial deposit if funding an account with over $500 but subsequent deposits of any amount will be subject to the $25 flat charge. There is a $200 minimum deposit limit.
TradeZero Crypto Platform
Clients that sign up for the waiting list of the recently announced TradeZero crypto platform can earn up to $100 in Bitcoin as a joining bonus. As more people sign up, the reward decreases, so make sure to register your interest quickly.
Regulation & Licensing
The global TradeZero brokerage is registered to operate globally by the Securities Commission of the Bahamas, while the US-based division is locally licenced by FINRA and the SIPC. The broker is also a member of the Securities Investors Protection Corporation, insuring clients in the case of insolvency.
While TradeZero does not explicitly offer different account types, access to account features like options trading and leverage margin is only available to traders that meet certain requirements. To access options trading, clients must subscribe to the ZeroPro platform or pay $25 a month for options to be enabled on the ZeroFree platform. Different leverage levels are available to clients depending on their total deposited capital and assets and traders must have at least $500 in their accounts to disable pattern day trading restrictions.
In the US, TradeZero offers a Platinum level account for traders with over $50,000 in assets and capital. Platinum account members have their ZeroPro platform fees waived, discounted short selling and a personal account liaison with whom to discuss their trading.
Benefits Of TradeZero
- Free & Unlimited Limit Orders – In an account with over $500 in funding, traders have no commission and unlimited access to limit orders. Any US accounts can place market trades with the same benefits.
- Advanced Features – TradeZero’s paid trading platform, ZeroPro, provides access to advanced charting features, instant alerts, customisable hotkeys and, for an extra monthly fee, OTC Level 2 markets.
- Fast Order Execution – TradeZero clients can rely on rapid trading speeds when using all of the broker’s platforms.
- After-Hours Trading – Both pre-market and post-market trading can be conducted at no extra cost. After-hours trading can even be leveraged at 1:2 for eligible clients.
- Leading Customer Support – An area in which TradeZero shines is its exceptional customer service department. Available 24/7 and often instantly responsive during US market hours, friendly support staff are familiar with the intricacies of the broker’s policies and platforms.
Drawbacks Of TradeZero
- Deposit & Withdrawal Fees – An area in which TradeZero falls behind its competitors is payment fees, with a $25 deposit charge and a $50 withdrawal fee. While this may not bother traders that deposit in lump sums and do not need liquidity in their trading funds, many traders could be put off by these steep charges.
- Lack Of Markets & Assets – TradeZero only facilitates trading US stocks, with UK, EU and other international markets unavailable. Additionally, outside of specialised ETFs, the broker does not support forex, cryptocurrency and commodities. However, the firm has recently announced the upcoming launch of a crypto trading platform.
- No Dividends – As a platform geared towards day trading and options contracts, rather than investing, it may not be a surprise that the broker does not offer dividends to its clients.
- Expensive Pro Platform Fees – To access TradeZero’s pro trading platforms and tools, traders must pay a monthly fee of $59 per month. Advanced traders may find the ZeroFree platform lacking many important features for trading, including options contract capability and more charting windows.
TradeZero Trading Hours
Clients can trade on the live markets during US trading hours, as well as after-hours and overnight. During these times, leverage rates are limited to 1:2. TradeZero’s platforms and accounts can be accessed and managed at all times.
Customer support is an area in which TradeZero excels. Support is available 24/7 and is often instantly responsive during US market hours through the broker’s live chat feature. The customer service team consists of friendly support staff that are familiar with the ins and outs of the firm’s policies and platforms.
On top of live chat, the broker offers contact options through email and telephone.
- Email: email@example.com
- US Telephone: 1-877-4-87233-0
- International Telephone: +1-954-944-3885
Safety & Security
TradeZero is a reputable and regulated broker that promises high levels of security for client personal information and a secure login portal, The broker uses the latest in SSL/TLS encryption to keep data and accounts safe. However, the firm does not support two-factor authentication (2FA), so traders looking for an extra level of account security may be disappointed. Customer capital is held separately from company assets in tier 1 banks, demonstrating greater security of client funds.
TradeZero is a reliable global and US trading service with a variety of advanced, proprietary trading platforms on offer. While deeper market data and more advanced customisation and charting options must be paid for with the ZeroPro platform, the ZeroFree option is still competitive and sophisticated. Leverage rates are relatively low at 1:6, though the broker stands out with after-hours margin trading at a rate of 1:2. Trading fees are very low, though the transaction, inactivity, overnight and platform fees might put some traders off. Moreover, only stocks, ETFs and options can be traded, so clients looking for forex and CFD opportunities must look elsewhere, though a crypto platform is in the works.
TradeZero accepts traders from Australia, Thailand, Canada, United States, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.
Alternatives to TradeZero
If you are looking for alternatives to TradeZero we have compiled a list of the top 5 brokers that are similar to TradeZero below. This list of brokers like TradeZero is in order of similarity and only includes companies that accept traders from your location.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
- Paxful – Paxful is a crypto trading exchange and digital wallet offering low fees and easy sign-up.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
- Forex.com – Forex.com boast a global reputation. Regulated in the UK, EU, US and Canada they offer a huge range of markets, not just forex, and offer very tight spreads and a cutting edge platform.
- Interactive Brokers – IB Boast a huge market share of global trading. With a minimum deposit of $10,000 however, they remain an option for larger traders only.
Does TradeZero Have A Minimum Deposit?
TradeZero has an account minimum of $200. $500 is required for unrestricted trading and $2,500 is needed to access the highest amount of leverage. On a trader’s first deposit, the broker will waive the $25 fee if the amount exceeds $500.
Does TradeZero Support Premarket Trading?
TradeZero clients can take advantage of the broker’s after-hours trading facilities to trade in both premarket and postmarket sessions. Leverage rates are capped at 1:2 for after-hours trading.
What Are The Available Countries For TradeZero Accounts?
TradeZero operates US-based and international brokerages. Non-US citizens can open an account with the global brokerage platform, which also excludes Bahamian Citizens and Canadians but accepts all other jurisdictions, including the UK and Germany.
Is There A TradeZero Mobile App?
TradeZero offers access to its free mobile app ZeroMobile. ZeroMobile can be used to keep up to date with financial news, monitor markets and check open trades.
Can I Trade Crypto With TradeZero?
TradeZero has recently announced the upcoming launch of a cryptocurrency trading platform. The broker has not revealed many details but interested clients can join a waitlist to keep updated.
|TradeZero is an international brokerage firm offering equities day trading through a range of advanced platforms and software tools.|
TradeZero vs Other Brokers
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