ZacksTrade Review 2022
ZacksTrade (or Zacks Trade) is a US-based broker with a trading history that dates back to 2014. The online platform is popular with US consumers and international clients with office addresses in Chicago. The firm boasts stock & ETF trades from $1, 75¢ options contracts, plus a 3.56% margin rate – or lower in some cases. Find out why Zacks Trade is “Built for active traders”.
Zacks Trade is based in Chicago and was founded by Len and Ben Zacks in 1978. The company trades across more than 90 different exchanges and manages over $5 billion in assets. The brand is also now a division of LBMZ Securities, the wholly-owned broker/dealer component of the Group.
LBMZ Securities is regulated and licensed in the US and is a member of FINRA and SIPC. Client securities are also protected by the Securities Investor Protection Corporation up to a maximum of $500,000.
Investors at Zacks Trade must deposit a minimum of $2,500 to register for an account. However, trading charges on the platform are affordable and clients can quickly build a valuable portfolio.
You can trade ETFs, penny shares, mutual funds, options, and bonds on more than 91 exchanges based in 19 different countries.
Note, international clients will need to complete an IRS form W-8 upon registration to comply with US tax regulations.
The platform is fairly easy to navigate, though it is quite slow to load. One brilliant feature is that newbie traders can seek assistance from a licensed brand with broker-assisted trades placed at no extra cost.
Seasoned traders can also opt for a Trade Pro account, which offers more research tools and analysis features than the general trading platform. This is better suited to high-volume traders. Retail investors can access the Zacks Trader Account, a slimline version of the Trade Pro account that still provides many useful features.
The trading platforms can also be downloaded to mobile phones or tablets for easy access trading on the go.
Assets & Commissiom
Although most markets available to traders are based in the United States, it is still possible to access stock trading in other areas, such as Australia, Asia and Europe.
ZacksTrade offers a competitive commission structure which varies depending on the trading carried out. US stocks and ETFs with a value of $1 or above are charged $0.01 per share, with a $1 minimum fee. Cryptocurrencies have a charge between $1.75 and 1% of the trade value.
Corporate bonds with a face value of $10,000 or less cost 0.01% of plus a $3 commission. Government bonds up to a $1 million face value have a fee of 0.025%, with an additional $3 per bond.
Importantly, Zacks Trade is one of the most affordable US brokers, particularly for trading shares, penny stocks and options. It is probably not the best broker to choose if you plan to trade mutual funds, as you can expect to pay minimum commissions of at least $27.50 per trade.
You will pay $1 for your first contract and 75 cents extra for any additional options contracts. The platform does not charge assignment or exercise fees. Clients also don’t have to pay an inactivity fee and benefit from one free withdrawal each month.
Margin & Leverage
Margin trading is available to all clients and it is possible to apply for leverage privileges at the time of registration. Existing clients can apply for privileges through the Account Management tool in the client dashboard.
Accounts qualifying for Reg T margins need to have a $2,500+ balance in cash or securities, and rates vary based on several factors. The average is 3.56%.
Portfolio margins are also available to clients with holdings valued at $110,000 or more. These essentially offer higher leverage.
ZacksTrade Mobile Apps
Clients can opt for mobile or tablet trading using the Handy Trader app, downloadable from the Apple App Store or Google Play.
Zacks Trade Pro accounts cannot be fully accessed from mobile devices. Instead, all mobile trading takes place using the simpler Zacks Trader platform.
One advantage for account holders is that the platform is also available on Linux. Mobile users will find it easy to execute trades in real-time on Handy Trader. However, the mobile platform does not offer the full site functionality available to desktop users.
Deposits & Withdrawals
All new clients need to make an initial deposit of $2,500. There are many different ways to deposit funds, including wire transfers, cheque deposits, and automatic clearing house (ACH) linking to your bank account.
The first withdrawal you make in any calendar month is free of charge. However, charges apply for any subsequent withdrawals, ranging from $1 for ACH to $10 for wire transfers. Withdrawals can be requested from the Account Management section of the screen in the Funding Tab section.
Zacks stipulates how long funds need to be held in an account before any withdrawals can be made, and this includes four business day credit holds for ACH transfers.
There isn’t a demo account facility available at ZacksTrade. Still, expert advisers are on hand to help with all trades until confidence levels are built. What’s more, you can access 20+ free research subscriptions and 80+ paid subscriptions to inform your investing decisions.
Deals & Promotions
Zacks Trade doesn’t offer many promotions or bonuses to attract new clients. Instead, they offer clients one of the most affordable trading solutions on the market, which means investors benefit from commission savings on all trades. The one exception is the “Trade for $1” promotion. This allows investors who deposit within 60 days to trade from just $1 per trade for an entire year.
One of the most valuable features of this site is also the “How to” guides that are available via the Support tab.
Regulation & Licensing
Zacks Trade is regulated and licensed in the US via its parent company LBMZ Securities. The website has a good reputation with some of the leading review bodies, such as BrokerageReview.com, Benzinga, ConsumersAdvocate.org, and Nerdwallet.
Note, you can access these reviews directly from the platform.
Buying on margin is a great benefit for active traders, and Tier 3 investors benefit from the lowest charges at 2.75%. The site also supplies a massive range of intricate data, most of which can be exported into Excel spreadsheets.
Company profiles are easily accessible and tools on the platform mean it’s relatively straightforward to source and analyze data for nearly every publicly listed company in the world.
ZacksTrade Account Types
The two different accounts offered are Zacks Trade Pro, which is for active traders, and Zacks Trader, which is commonly used by retail traders. The Zacks Trader interface is simpler than Trader Pro, making learning how to trade on the platform speedy.
All trading with the firm is carried out via their Client Portal, a securely encrypted service for account management and associated activities.
Zacks Trade is an excellent solution for active traders who value the comprehensive research and data provided on the site. It’s also ideal for traders who want to customize their workspace. Essentially, the brand offers an affordable, low-cost trading solution with a wide range of analytical tools.
Most shortcomings generally revolve around loading times or ease of use. These are side effects of a feature-rich, advanced platform. Novice traders may also be put off by the requirement to deposit a minimum of $2,500 when opening an account.
You can trade all available markets during their opening hours, meaning you can day trade virtually 24/7. This is true for traders based in Asia, Australia, the US and beyond.
Zacks Trade customer service can be contacted via live chat, email, social media, or phone. Customer support is available from Monday to Friday between the hours of 9:00 am and 6:00 pm ET (except for exchange holidays).
The following details are also available on their website:
- Local telephone number: 312.265.9406
- Freephone number: 888.979.2257
- Email: firstname.lastname@example.org
- Fax: 312.265.9547
Safety & Security
All clients create a unique user name and password to access the platform and receive one-time security codes with random numbers every time they login. Smart device users can also use the HandyKey app.
The security code devices used by the site offer clients additional peace of mind and protect personal data. It also means the brand can offer higher withdrawal limits on a daily or weekly basis.
Experienced traders will find it easy to switch to Zacks Trade if they are already familiar with the platform used by Interactive Brokers. Novice traders may find the site a little overwhelming at first, but learning the ropes is easy with the suite of guides available on the website. The broker is also ideal for anybody looking to trade with leverage across a wide range of markets. Overall, we’re comfortable recommending the trading platform to our readers.
ZacksTrade accepts traders from Australia, Thailand, 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.
Traders can not use ZacksTrade from Canada, Japan.
Compare ZacksTrade with similar brokers that accept traders from your location. Among available brokers these are the most similar to ZacksTrade:
- IG Group – IG-US offer spread betting, CFD and Forex trading across a range of markets. They are FCA regulated, boast a great trading app and have over 47 year track record of excellence.
- Uphold – Trading in the Uphold environment offers a one-stop-shop for all your crypto requirements.
- eToro – eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs. eToro USA LLC does not offer CFDs, only real crypto assets available.
- LQDFX – LQDFX offers online trading with multiple STP accounts and MT4 analysis tools.
ZacksTrade Comparison Table
|Markets||Stocks||Forex, Stocks, Commodities, Crypto||Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto||Forex, Stocks, Commodities, Crypto|
|Minimum Trade||From $3||0.1 lots||$1||$10||0.01 lots|
|Regulators||SEC||FCA, ASIC, MAS, FSCA, JFSA, FMA, CFTC, NFA, BMA, DFSA, FINMA, BaFin||FCA, FinCEN||FCA, CySEC, ASIC, FSA||–|
|Bonus||–||–||–||–||100% deposit bonus up to $20,000|
|Leverage||–||1:30||–||1:30 EU||1:100 – 1:500|
|Detailed Comparison||–||ZacksTrade vs IG Group||ZacksTrade vs Uphold||ZacksTrade vs eToro||ZacksTrade vs LQDFX|
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ZacksTrade vs Other Brokers
Compare ZacksTrade with any other broker by selecting the other broker below.
Is ZacksTrade Legitimate?
Yes, Zacks Trade is a division of LBMZ Securities and is regulated by The Financial Industry Regulatory Authority (FINRA). The firm also offers investor protection through the Securities Investor Protection Corporation (SIPC).
Is ZacksTrade A Broker?
Yes, ZacksTrade is a broker firm part of LBMZ Securities. They are a fully disclosed brokerage through Interactive Brokers LLC, which independently offers customers execution and clearing services.
What Can You Trade On ZacksTrade?
You can trade stocks, mutual funds, bonds, cryptocurrency, EFTs and options. In addition, you can purchase fractional shares with leverage.
Is Zacks Investment Research Good?
Zacks Trade offers over 20 research resources with the free subscription and more than 80 with the paid option. Their information pool includes Dow Jones Newswires, Morningstar, Seeking Alpha, The Motley Fool, Thomson Reuters and Benzinga Professional.
What Is The Price Of A Zacks Ultimate Subscription?
The research subscription is priced at $59/month or $495/year, and it offers 30-day access to all market insights. In addition, it gives expert advice on top stock picks.
|ZacksTrade: Built for the active trader. Stock & ETF trades from $3, 75¢ options contracts and 3.56% margin rate (lower on occasion)|