A Comprehensive Review of Zacks Trade Broker: Everything You Need to Know

Choosing the right broker for your trading needs is essential, and with a large number of online brokers available, picking the right one can be challenging. Zacks Trade is a leading discount broker that provides low-cost trading options to both new and experienced traders. In this comprehensive review, we will take a closer look at Zacks Trade, exploring everything you need to know about the broker, including its trading platforms, fees, security, and customer support, and more.

What is Zacks Trade?

Zacks Trade is a US-based online discount brokerage firm that offers a wide range of online trading services to its clients, including equity, options, and futures trading. Founded in 2008, the broker has been expanding its reach over the years and currently operates in over 200 countries, catering to both individual investors and institutional traders.

Trading Platforms

Zacks Trade offers several advanced trading platforms, including our proprietary browser-based platform, Zacks Trader, and third-party trading platforms like Interactive Brokers (IBKRs) Trader Workstation (TWS). Zacks Trader is a customizable platform that provides advanced trading tools, real-time data, and a user-friendly interface, while TWS is designed for active traders who demand advanced trading capabilities such as algorithmic trading, order management, and custom alerts.

Fees and Commissions

Zacks Trade offers some of the lowest trading fees in the market. The broker charges a flat fee of $0.01 per share for equity trades in the US, with a minimum commission of $1 per trade, and a $5 commission for options trades. For international trades, the commission rate is slightly higher, with a minimum commission of $3 per trade. Compared to other online brokers, Zacks Trade’s fees are highly competitive, especially for high-volume traders.

Account Types

Zacks Trade offers two main account types: the individual account and the institutional account. Individual account holders have access to a wide range of investment products, including stocks, bonds, ETFs, and mutual funds. Institutional account holders have access to additional tools, such as real-time market data, research tools, and a dedicated account manager. The requirements for opening an account are relatively low, with a minimum deposit of $2,500 for individual accounts and $10,000 for institutional accounts.

Security

Zacks Trade takes the security of its platform very seriously. The broker utilizes state-of-the-art security measures, such as 128-bit SSL encryption for all online transactions, two-factor authentication, and biometric login options. Funds are held in segregated accounts to ensure the safety of client assets even in the unlikely event of broker insolvency. The broker also maintains a $10 million insurance policy to protect against any losses arising from claims of fidelity or fraud.

Customer Support

Zacks Trade offers an extensive range of customer support options, including email support, live chat, and phone support. The broker’s support team is available 24/7 to assist clients with any issues, and traders can also access a comprehensive range of educational resources and tutorials on the broker’s website. Zacks Trade’s customer service is top-notch, and the broker has received consistently high ratings from its clients.

Pros

• Low trading fees
• Advanced trading platforms
• Comprehensive education and research resources
• Accessible customer service

Cons

• High minimum deposit requirements
• Limited investment products
• Restrictive account types
• Rather limited charting capabilities with no real-time quotes to free accounts

Is Zacks Trade Right for You?

If you’re an active trader looking for low-cost trading options and advanced trading tools, Zacks Trade might be the right broker for you. The broker’s fees are highly competitive, making it an attractive choice for high-volume traders. The range of trading platforms and security features are also impressive, while customer support is top-notch. However, the high minimum deposit requirements, and limited investment products may make it less suitable for small or casual investors.

Conclusion

In summary, Zacks Trade is a reliable and trustworthy online broker that offers a range of advanced trading platforms and tools at very competitive prices. Although the broker has some limitations, such as high minimum deposit requirements and limited investment products, it still meets the needs of most active traders, providing a comprehensive range of services, including real-time data, research tools, and a wide range of order types. Overall, Zacks Trade is an excellent option for traders looking for a reliable and affordable broker.