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 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.
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.
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)
Interactive Brokers Review
ZacksTrade has low trading and nontrading fees. Stocks and ETF fees are also low, while mutual fund fees are quite high.
ZackTrades fee snapshot
|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.|
|Mutual fund||$27.50 per transaction|
|Inactivity fee||No Inactivity fee|
ZackTrades has low stock and ETF commission.
|United States||Stocks with share price above $1: $0.01 per share stocks with a share price below $1: 1% of trade value|
|Canada||Stocks with share price above $1: CAD 0.02 per share stocks with a share price below $1: 1% of trade value||CAD 4.5|
|Mexico||0.3% of the trade value||MXN 180|
|Austria, Belgium, France, Germany, Italy,The Netherlands, Spain||0.3% of the trade value||€12|
|Norway||0.1% of the trade value||NOK 150|
|Sweden||1.0% of the trade value||SEK 100|
|Switzerland||0.3% of the trade value||CHF 15|
|United Kingdom||0.3% of the trade value||GBP 12|
|Australia & Asia|
|Australia||0.3% of the trade value||AUD 16|
|Hong Kong||0.3% of the trade value||HKD 120|
|Japan||0.3% of the trade value||JPY 1,200|
|Singapore||0.3% of the trade value||SGD 20|
|Russia||0.05% of the trade value||RUB 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)
- 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.
ZacksTrade offers three types of trading platforms; web trading, mobile application, and desktop trading.
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.
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.
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.
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.
|Stock markets (#)||72|
|Fund providers (#)||255|
|Options markets (#)||16|
You can contact ZacksTrade via:
- Live chat
Phone support is provided only through US local and toll-free numbers. Calling ZacksTrade from another country than the US attracts international charges.
|Extensive stock and ETF selection||Slow and complicated account opening|
|Great customer service||Complex desktop platform and research tools|
|No withdrawal fee||High fund fees|
|Several account base currencies||Credit/Debit card not available|
|Good interactive chart||No 24/7 support|
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.
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.