ZacksTrade has been a US-based broker with a trading history since 2014. ZacksTrade online marketplace is popular with US buyers and international customers, and the company has offices in Chicago, too. The firm boasts $3, 75¢ Option Contracts and 5.63 percent margin rate stock & ETF trades – or even lower.
ZacksTrade is based in Chicago, and was founded back in 1978 by Len and Ben Zacks. The corporation trades over 90 international markets and manages assets of more than $5bn. ZacksTrade is now a division of the LBMZ Securities Group’s wholly owned broker/dealer portion.
Since its launch, the brokerage has maintained activities which are a testament to the importance of all offered investment items.
LBMZ Securities is regulated and accredited in the United States, and is a FINRA and SIPC member. Consumer securities owned by ZacksTrade are protected by the Securities Investor Protection Corporation for up to $500,000 at most.
Investors at ZacksTrade need to deposit a minimum of $2,500 to open an account with the broker, but trading rates on the platform are very inexpensive and investors can easily create a successful portfolio.
ETFs, penny shares, mutual funds, options and bonds can be exchanged on this platform at more than 91 exchanges located in 19 different countries. In order to comply with US tax regulations, foreign clients would need to fill out the IRS form W-8 upon registration.
The interface is rather easy to use, although it must be said that loading is quite sluggish. One of ZacksTrade’s genius features is that newbie traders can receive assistance from a licensed broker, and have broker-assisted trades put at no additional cost before understanding all trading requirements.
Seasoned traders can opt for a Trade Pro account which offers far more than the general trading platforms through research tools and analysis and is more suitable for high volume traders. Retail traders will be able to use the Zacks Trader Account, which is a slimline version of the Trade Pro account which still has some valuable features to offer.
The trading sites can also be downloaded to mobile phones or tablets, making trading easy to do when on the go.
While the vast majority of the markets open to traders are located in the States, access to stock trading in other countries, such as Australia, Asia and Europe, is still possible.
Zacks offers a system of competitive commissions which varies depending on the executed trade. US stocks and ETFs worth $1 or more are charged fees of $0.01 per share, for a minimum of $3 dollars. Currencies converted to US$ are paid between $2 and $2.50, respectively.
Corporate bonds with a face value of $10,000 or less are paid at a face value of 0.01 percent plus a commission fee of $3. More on commissions can be found below.
Zacks is one of the most affordable US brokers on the market, particularly for shares, penny shares and options trading. If you plan to invest in mutual funds, it is probably not the best broker to select, because you should expect to pay minimum commissions of at least $12.55 per contract.
You must pay $3 for your first contract when it comes to trading options, plus an extra 75 cents for any subsequent contracts. The platform does not charge any fees for practice or assignments. Customers don’t have to pay any sort of inactivity fee on the platform and one free withdrawal is permitted per month.
Margins and Leverage
Margin trading is available to all clients and margin rights may be applied for at the time of registration. Existing customers can apply for margin rights through their Account Management tool located in the client dashboard.
Accounts that apply for Reg T margins need to have a cash or securities balance of $2,000 or more and margin rates may be variable depending on various factors. The rating is 5.63%.
Portfolio margins are also applicable to clients tht have holdings priced at minimum $110,000. These offer higher leverage rates.
The Handy Trader software, which can be downloaded from the Apple Store or Google Play, allows clients to opt for smartphone or tablet trading.
Zacks Trade Pro accounts cannot be completely accessed from mobile devices, so all mobile trading happens through the simplified Zacks Trader platform.
For Zacks Trade Pro account holders, one advantage is that the platform is eligible for Linux, too. Mobile users should find that executing trades in Handy Trader in real time is an simple matter, although this web app does not provide the full site features available to desktop users.
As noted, all new clients of Zacks need to make an initial $2,500 funding deposit. There are several different ways to deposit money, including wire transfers, check deposits, and ACH tied to your bank account.
The first withdrawal you make in every calendar month is free but all subsequent withdrawals are paid, ranging from $1 for ACH to $10 for wire transfers. Withdrawals can be demanded from the screen section Account Management (Funding Tab).
Zacks stipulates how long it takes to keep funds in an account before any withdrawals can be made, including four business day credit holds for ACH transfers.
Zacks does not have a Demo account facility, but newbie investors need not worry because expert advisors are on hand to assist with all trades before confidence rates are built up. What’s more, up to 20 free research subscriptions and loads of more paying subscriptions can be accessed to periodically inform your investment decisions.
Deals And Promotions
Zacks Trade does not deliver many deals or incentives to lure new clients, or to sweeten current customers. On their part, they give customers one of the most competitive trading options on the market, which ensures that customers benefit from significant commission savings on all trades.
The one exception is the promo of “Trade for $1”. It helps traders depositing within 60 days to trade for a whole year from just $1 per transaction.
Some of this site’s most important features for potential users is the “How to” guides that are available via the Support tab as they provide plenty of very useful trading knowledge for this site and other platforms.
Regulation And Licensing
Zacks Trade is regulated by its parent company LBMZ Securities and is licensed in the States. Many of the leading rating bodies give it a strong reputation on the web.
Those feedbacks can be viewed directly from the website. The financial security that the Securities Investor Protection Commission has already been mentioned above.
Margin buying is a big advantage for active traders and Tier 3 investors benefit from the lowest 4.5 percent charges. The site provides a vast array of intricate data, most of which can be exported to Excel spreadsheets if needed.
Business profiles are readily accessible and the resources available on the platform make it fairly easy for almost any publicly traded company in the world to collect and analyze data.
The two main accounts that this site provides are Zacks Trade Pro, which is for more active traders, and Zacks Trader, which individual traders use more regularly. The Zacks Trader interface is much simpler than the one Trader Pro provides, making learning how to trade on the platform a fast matter.
All trading on Zacks Trade is done through their Client Portal which is a securely encrypted account for management service and all related activities.
Zacks Trade is a great trading solution for more active traders, who appreciate their excellent research and the site info. It is also suitable for traders who want to more specifically tailor their workspace to meet needs. It provides a low-cost, competitive trading solution, and a wide range of analysis tools.
As already noted, the advantages of Zacks are more likely to be noticed by experts and regular traders. Any shortcomings usually revolve around loading times or ease of use. These are side effects of an advanced platform that has loads of features. Trade execution however is fast and efficient.
The requirement to deposit a minimum of $2.500 when opening an account with this platform can also put off inexperienced traders.
During their opening hours, you can exchange all available markets with Zacks Trade, meaning that you can exchange with this platform practically 24/7 due to the proximity of the Asian, Australian and US markets.
Contact Details/Client Support
Zacks Trade customer services can be contacted via live chat, email, social media or telephone during working hours. More info can be found on their website:
- Customer service between 9:00 a.m. and 6:00 p.m. ET (except trade holidays) available from Monday to Friday.
- Regional dialing No: 312.265.9406
- Freephone: 888.979.2257
- Fax: 312.265.9547
Safety And Security
To access this portal, all clients create a unique user name and password, and also receive security code devices that produce special, random numbers each time a client logs in. To this end, users of smart devices may use the HandyKey app.
The website’s security code devices give all customers greater peace of mind about protecting their personal data, which also means that Zacks can provide higher regular or weekly withdrawal limits.
Experienced traders should find it convenient to turn to Zacks Trade if they are already acquainted with the Interactive Brokers platform, since it’s nearly the same. At first, inexperienced traders may find the site a little intimidating but learning the ropes from the platform with an experienced trader can make a big difference.
It is a perfect place for someone who wants to trade through a wide range of markets and use spreads to create a profitable portfolio. Overall, we appreciate Zacks Trade because they have a fair pricing structure and access to great research tools.
ZacksTrade only recognizes U.S.A. traders.