ZacksTrade Review and Tutorial 2019

Flag Traders in United States welcome
ZacksTrade Facts & Figures

InstrumentsStocks
Demo AccountNo
Min. Deposit$2500
Min. TradeFrom $3
Regulated BySEC
MT4 IntegrationNo
Mobile AppsiOS and Android
Auto TradingNo
Trade SignalsNo
Islamic AccountNo
Risk Warning – Your capital is at risk

Zacks Trade is a US-based broker with a trading history since 2014. The Zacks Trade online platform is popular with US consumers and international clients and the brokerage also has offices in Chicago.

Company Details

Zacks Trade is based in Chicago and was founded by Len and Ben Zacks back in 1978. The company trades across more than 90 different exchanges and manages over $5bn in assets. Zacks Trade is now a division of LBMZ Securities, the wholly-owned broker/dealer component of the Group.

The brokerage has maintained activities since its launch which is a testament to the relevance of all investment products offered.

LBMZ Securities is regulated and licensed in the US and is a member of FINRA and SIPC. Client securities held by Zacks Trade are protected by the Securities Investor Protection Corporation up to a maximum of $500,000.

Trading Platform

Investors at Zacks Trade need to deposit a minimum of $2,500 in order to register an account with the broker, however, trading charges on the platform are very affordable and clients can build a valuable portfolio quite quickly.

You can trade ETFs, penny shares, mutual funds, options, and bonds on more than 91 exchanges based in 19 different countries on this site. International clients will need to complete IRS form W-8 upon registration, in order to comply with US tax regulations.

The platform is fairly easy to navigate, although it has to be said that it is quite slow to load. One brilliant feature of Zacks Trade is that newbie traders can seek out assistance from a licensed broker, and have broker assisted trades placed at no extra cost before they learn all the requirements of trading.

Seasoned traders can opt for a Trade Pro account, which offers a lot more by way of research tools and analysis than the general trading platform and is more suitable for high volume traders. Retail traders will be able to access the Zacks Trader Account, which is a slimline version of the Trade Pro account but still provides a number of useful features.

The trading platforms can also be downloaded to mobile phones or tablets, for easy access to trading while on the go.

zackstrade trading platform
ZacksTrade Pro (left), Client Portal (middle), and Zacks Trade (right)

Assets/Markets

Although the vast majority of markets available to traders are based in the United States, it’s still possible to access stock trading in other areas, such as Australia, Asia and Europe.

Zacks offers a competitive commissions structure which is variable depending on trade carried out. US stocks and ETFs with a value of $1 or above are charged commissions of $0.01 per share, with a $3 dollar minimum. Currencies converted to US$ are charged at a rate between $2 and $2.50.

Corporate bonds with a face value of $10,000 or less are charged at 0.01% of the face value plus a $3 commission charge. You can find out more about commissions below.

Commission

Zacks is one of the most affordable US brokers on the market, particularly for trading shares, penny shares 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 $12.55 per trade.

When it comes to trading options, you will pay $3 for your first contract and 75 cents extra for any additional contracts. The platform does not charge assignment or exercise fees. Clients don’t have to pay any kind of inactivity fee on the platform and one free withdrawal is permitted each month.

Margins and leverage

Margin trading is available to all clients and it’s possible to apply for margin privileges at the time of registration. Existing clients can apply for margin privileges via their Account Management tool in the client dashboard.

Accounts qualifying for Reg T margins need to have a balance of $2,000 or more in cash or securities and margin rates will be variable based on various factors. The average is 5.63%.

Portfolio margins are also available to clients with holdings valued at $110,000 minimum. These offer higher levels of leverage

Mobile Apps

Clients can opt for mobile or tablet trading using the Handy Trader app which can be downloaded from the Apple App Store or Google Play.

Zacks Trade Pro accounts cannot be fully accessed from mobile devices and all mobile trading takes place using the simpler Zacks Trader platform.

One advantage for Zacks Trade Pro account holders is that the platform is also available for Linux. Mobile users will find it’s an easy matter to execute trades in real time in Handy Trader, although this mobile platform does not offer the full site functionality that’s available to desktop users.

Zackstrade mobile app

Payment Methods

As noted, all new clients need to make an initial funding deposit of $2,500 with Zacks. There are lots of 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 do 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 does stipulate 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.

Demo Account

There isn’t a Demo account facility available at Zacks, but newbie investors don’t need to worry because the expert advisers are on hand to help with all trades until confidence levels are built. What’s more, you can access up to 20 free research subscriptions and lots more paid subscriptions to inform your investing decisions on a regular basis.

Deals And Promotions

Zacks Trade doesn’t offer many promotions or bonuses to attract new clients or sweeten up their existing clients. As far as they are concerned, they offer clients one of the most affordable trading solutions on the market which means clients benefit from huge commissions savings on all trades.

The one exception is the “Trade for $1” promotion. This allows traders 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 for new clients is the “How to” guides that are available via the Support tab as they offer lots of very useful trading information for this site and other platforms.

Regulation And Licensing

Zacks Trade is regulated and licensed in the US via its parent company LBMZ Securities. The site has a good reputation with some of the leading review bodies, such as BrokerageReview.com and nerdwallet.

You can access these reviews directly from the platform. The financial protection offered by the Securities Investor Protection Commission has already been noted above.

Additional Features

Buying on margin is a great benefit for active traders, and Tier 3 investors benefit from the lowest charges of 4.5%. The site supplies a massive range of intricate data, most of which can be exported into Excel spreadsheets if needed.

Company profiles are easily accessed and available tools on the platform mean it’s a relatively easy matter to source and analyse data for nearly every publicly listed company in the world.

Account Types

The two different accounts offered by this platform are Zacks Trade Pro, which is for more active traders, and Zacks Trader, which is more commonly used by retail traders. The Zacks Trader interface is much simpler than the one offered by Trader Pro, making it a speedy matter to learn how to trade on the platform.

All trading on Zacks Trade is carried out via their Client Portal, which is a securely encrypted service for account management and all associated activities.

Benefits

Zacks Trade is a perfect trading solution for more active traders who value their excellent research and the data provided on the site. It’s also ideal for traders who want to customise their workspace to meet needs more exactly. It offers an affordable, low-cost trading solution and a wide range of research tools.

Drawbacks

As previously noted, expert and frequent traders are more likely to appreciate the benefits of Zacks. Any shortcomings generally revolve around load times or ease of use. These are side effects of a feature reach, advanced platform. Trade execution is swift and reliable however.

Novice traders may also be put off by the requirement to deposit a minimum of $2,500 when opening an account with this platform.

Trading Hours

You can trade all available markets during their opening hours with Zacks Trade, effectively meaning you can day trade virtually 24/7 with this site due to availability of Asia, Australia and US markets.

Contact Details/Customer Support

Zacks Trade customer services can be contacted in working hours via live chat, email, social media or phone. The following details are also available on their website:

Safety And Security

All clients create a unique user name and password to access this platform and also receive security code devices which generate unique, random numbers every time a client logs in. Smart device users can use the HandyKey app for this purpose.

The security code devices used by the site offer all clients additional peace of mind about the protection of their personal data and also means Zacks can offer higher withdrawal limits on a daily or weekly basis.

Overall Verdict

Experienced traders will find it’s easy to switch to Zacks Trade if they are already familiar with the platform used by Interactive Brokers, as it is exactly the same. Novice traders may find the site a little overwhelming at first, but learning the ropes with an experienced trader from the platform will provide a big difference.

This is an ideal site for anybody wanting to trade across a wide range of markets and use margins for building a valuable portfolio. Overall we do like Zacks Trade, as they offer a fair pricing structure and lots of access to great research tools.

 

Accepted Countries

ZacksTrade only accepts traders from United States.