Zack’s Trade Review
American broker ZacksTrade (or Zacks Trade) has been in business since 2014. With offices in Chicago, the internet store is well-liked by both US and foreign clients. The company offers a margin rate of 3.56%, or lower in some situations, along with 1.75 cents’ worth of equities and options contract ETFs.
In 1978, Len and Ben Zacks established Zacks Trade, which has its headquarters in Chicago. The organization manages more than $5 billion in assets and trades on more than 90 different markets. The company is currently a division of LBMZ Securities, which is controlled entirely by the group’s broker-dealer business.
LBMZ Securities is a member of FINRA and SIPC, and it is governed and licensed in the US. The Holdings Investor Protection Corporation also offers up to $500,000 in protection for client securities.
Zacks Trade requires a minimum deposit of $2,500 before investors can open an account. However, the platform’s trading costs are reasonable, and users can quickly assemble a profitable portfolio.
On more than 91 exchanges headquartered in 19 different nations, you can trade ETFs, penny stocks, mutual funds, options, and bonds.
Although it loads slowly, the platform is rather simple to use. One fantastic benefit is that new traders can get assistance from a legitimate company and execute trades with a broker at no extra cost.
Another option for seasoned traders is the Trade Pro account, which offers more research tools and analytical capabilities than a typical trading platform. Large dealers would benefit more from this. Retail investors have access to the Trade Pro account’s streamlined Zacks Trader counterpart, which nevertheless offers lots of helpful features.
For convenient trading on the go, the trading platforms can also be downloaded on smartphones or tablets.
Fees and assets
Even though the United States has the majority of the markets that are open to traders, access to stock trading is still feasible in other places, including Australia, Asia, and Europe.
Depending on the type of deal being executed, ZacksTrade offers a flexible commission structure that is competitive. US stocks and ETFs with a value of $1 or more incur a fee of $1 minimum and $0.01 per share. The fees associated with cryptocurrencies range from $1.75 to 1% of the transaction amount.
0.01% plus a $3 fee is charged for corporate bonds having a par value of $10,000 or less. Government bonds having a par value of up to $1 million are subject to a 0.025% fee plus $3 per bond.
Notably, Zacks Trade is among the most reasonably priced brokers in the US, particularly for trading stocks, penny stocks, and options. If you intend to trade mutual funds, this is probably not the ideal broker to select, as you may anticipate paying minimum commissions of at least $27.50 per trade.
Margin and leverage:
All clients have access to margin trading, and applying for leverage privileges during registration is an option. Using the account management function on the client panel, current clients can request rights.
Rates vary depending on several factors, and accounts must have a balance of more than $2,500 in cash or securities to qualify for a normal margin. In general, 3.56%.
A portfolio margin is available to clients with assets of $110,000 or more. In essence, they provide more leverage.
ZacksTrade mobile apps
Customers have the option to trade using the Handy Trader app, which can be downloaded from the Apple App Store or Google Play on smartphones or tablets.
Mobile devices do not provide full access to Zacks Trade Pro accounts. Instead, the more straightforward Zacks Trader platform is used for all mobile trading.
The platform’s compatibility with Linux is a bonus for account holders. Trading in real time on Handy Trader is simple for mobile users. The mobile platform does not, however, provide all of the website’s functionality that is available to desktop users.
Deposits and withdrawals
A $2,500 upfront deposit is expected of all new customers. You can deposit money in your account in a variety of ways, including bank transfers, check deposits, and by connecting an automated clearing house (ACH) to your account.
Your first withdrawal is always free during any given month. Any additional withdrawals, however, may incur costs, which can range from $1 for ACH transfers to $10 for wire transfers. Requests for withdrawals can be made under the “Deposit Account” section of the “Account Management” page.
There is no demo account available at ZacksTrade. However, until a level of assurance is attained, qualified advisors are always available to assist with all deals. Additionally, you have access to over 80 paid and over 20 free research subscriptions to help you make wise investment choices.
Zacks Trade Pro, which is intended for active traders, and Zacks Trader, which is frequently used by regular traders, are the two available separate accounts. It takes less time to learn how to trade on the platform because Zacks Trader’s interface is easier to use than Trader Pro’s.
All trade with the company is conducted through their Client Portal, a facility for handling accounts and related tasks that are completely protected.
You can get in touch with Zacks Trade customer care through phone, live chat, email, or social media. From 9:00 am to 6:00 pm ET, Monday through Friday, customer service is available (exchange holidays excluded).
Countries that ZacksTrade does and does not work with
Australia, Thailand, the United States, the United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, the United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and the majority of other nations are among those that ZacksTrade accepts as traders.
Canadian and Japanese traders are unable to use ZacksTrade.
If traders are already familiar with the Interactive Brokers platform, they will find the transition to Zacks Trade simple. The website may initially seem confusing to new traders, but with the help of the accessibility guidelines, it is simple to get the hang of it. The broker is also perfect for people who want to leverage their trading across numerous marketplaces. Overall, we are pleased to advise our readers to use the trading platform.