ZacksTrade Review 2021: Built For The Active Trader

By | June 23, 2021

Most of the people nowadays are inclining towards the stock market. And are searching for some platform, to begin with. Are you among them who are looking for the same thing?

Then you are in the right place; here, we provide a genuine review of trading platforms and their operations.

Today, we will review one of the best US-based stockbroking platforms, ZacksTrade; here, we’ll discuss the details about accounts, fees, tools, and more.

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What is ZacksTrade?

ZacksTrade Review

ZacksTrade is a US-based stockbroking firm. It is a part of LBMZ Securities. LBMZ securities have been in operation since 1978 and are regulated by institutes like FINRA & SEC.

Interactive Brokers act as LBMZ securities’ clearing and settlement service providers. LBMZ also has its services a little bit the same as Interactive Brokers. 

Account Opening 

ZacksTrade is available for clients throughout the world. It has a fully digital account opening process and no minimum deposit requirement. But the account verification process is slow. 

ZacksTrade is available for almost all countries except; Australia, Canada, Japan, and Hong Kong. People from these 4 countries can not open accounts with ZacksTrade. 

What is the minimum deposit at Zacks Trade?

There is no minimum deposit at ZacksTrade.

Account Types 

Accounts offered by ZacksTrade are:

  • Individual Account
  • Joint Account
  • Trust Account
  • IRA Account (available only for US clients)
  • UGMA/UTMA (available for us clients only)

Similar Read
Interactive Brokers Review


Fees 

zackstrade fees

ZacksTrade has low trading and nontrading fees. Stocks and ETF fees are also low, while mutual fund fees are quite high.

ZackTrades fee snapshot

Assets Fee Terms
US stock$0.01 per share commission for stocks above $1 share price, or 1% of trade value for stocks below $1 share price. The minimum fee is $1 minimum.
EURUSDNot available
Mutual fund$27.50 per transaction 
Inactivity feeNo Inactivity fee

ZackTrades has low stock and ETF commission. 

MarketCommission Minimum Fee
North America
United StatesStocks with share price above $1: $0.01 per share stocks with a share price below $1: 1% of trade value

             $1
CanadaStocks with share price above $1: CAD 0.02 per share stocks with a share price below $1: 1% of trade valueCAD 4.5
Mexico0.3% of the trade valueMXN 180
          Europe
Austria, Belgium, France, Germany, Italy,The Netherlands, Spain0.3% of the trade value€12
Norway0.1% of the trade valueNOK 150
Sweden1.0% of the trade valueSEK 100
Switzerland0.3% of the trade valueCHF 15
United Kingdom0.3% of the trade valueGBP 12
Australia & Asia
Australia0.3% of the trade valueAUD 16
Hong Kong0.3% of the trade valueHKD 120
Japan0.3% of the trade valueJPY 1,200
Singapore0.3% of the trade valueSGD 20
Russia0.05% of the trade valueRUB 95

Deposit and Withdrawal

ZackTrades permits deposit and withdrawal only through bank transfer. You can not use credit/debit cards or electronic wallets for deposit and withdrawal. 

ZackTrades offers 20 base currencies to choose from. 

It has no deposit fees, and the most popular way to make deposits is wire transfer for both US customers and International customers. 

If you reside in the US, however, you have multiple extra options, such as: 

  • ACH (Automated Clearing House)
  • Check
  • Online bill payment
  • Direct Rollover (IRA accounts only)
  • Trustee-to-Trustee (IRA accounts only)

The method of withdrawal is the same as a deposit. All the methods used are the same for US and International clients. ZacksTrade offers the first withdrawal of the month free of charge. Subsequent transactions are charged according to the method of withdrawal.  

Trading Platform

ZacksTrade Trading Platform

ZacksTrade offers three types of trading platforms; web trading, mobile application, and desktop trading. 

Zacks Trade Trading Platform

ZacksTrade has a mobile trading application called Handy Trader. App provides a lot of functions and has a chatbot as well. ZacksTrade mobile application is available in Android and IOS both. 

It also provides two-step authentication. The languages supported by the app are the same as a portal. 

Web Platform:

ZacksTarde, a web trading platform, is simple and easy to use for beginners. It offers two types of web trading: Client Portal and ZacksTrader

The client portal is available in various languages. They provide a two-step login in a web trading platform.  

Mobile Trading:

Desktop Trading: 

ZacksTrade, a desktop trading platform, is quite complex as compared to its other two platforms. It has excellent customizing options and advanced trading functions. Desktop platforms are most suitable for advanced traders.

Products Offered 

zackstrade product offered

ZacksTrade offers a variety of international assets to trade which many brokers do not provide. It offers international stocks, ETFs, and bonds. However, they do not offer forex and futures. 

ZacksTrade covers the same asset classes as most US competitors. ZacksTrade has an outstanding selection of stocks, ETFs, and options within its product range, while its mutual fund and bond offering is average.

Asset Selection 

Stock markets (#)72
ETFs (#)13,000
Fund providers (#)255
Bonds (#)60,000
Options markets (#)16

Customer Service 

You can contact ZacksTrade via:

  • Live chat
  • Phone
  • Email

Phone support is provided only through US local and toll-free numbers. Calling ZacksTrade from another country than the US attracts international charges.

Pros/Cons

ProsCons
Extensive stock and ETF selectionSlow and complicated account opening
Great customer serviceComplex desktop platform and research tools
No withdrawal feeHigh fund fees
Several account base currenciesCredit/Debit card not available
Good interactive chartNo 24/7 support

Also Read
TradeStation Review


Safety 

Top institutes like FINRA & SEC regulate ZacksTrade. Interactive Brokers act as LBMZ securities’ clearing and settlement service providers. LBMZ also has its services a little bit the same as Interactive Brokers. 

At Zacks, you are protected under the US protection scheme. SIPC investor protection protects against the loss of cash and securities in case the broker goes bust.

The limit of SIPC protection is $500,000, which includes a $250,000 limit for cash. A non-US citizen with ZacksTrade is treated by the SIPC the same as a US resident if something goes wrong.


FAQs

What rate do I get when using AutoFX?

When using AutoFX, the exchange rate you receive will be the spot rate + 0.10%.

Can I make a manual currency conversion?

Yes, you can convert currency from one form to another manually. To do so, you can go to the Orders tab and then select Currency Transaction.

Can I convert my Standard Account to a Commission Account, or vise versa?

No, you are not allowed to switch between accounts. You have to operate a separate account if you want to use both of them.

ZacksTrade Review

9

Fees

9.0/10

Profducts Offered

9.2/10

Security

8.5/10

Customer Service

9.1/10

Pros

  • Good interactive chart
  • Great customer service

Cons

  • Credit/Debit card not available
  • High fund fee
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