The Zacks Trade online broker offering has been around since 2008, with its parent company starting in 1978. Over the years it has expanded and refined its offering. It has some very cost-effective options if you are looking for an offering that is well-suited to day traders. The main focus of Zacks Trade is on regular traders who are going to be trading large sums of money.
Zacks Trade has clients in more than 215 countries and it has catered for the trading of more than 200 million shares over the years. You have a selection of many different financial instruments and a range of different features.
This Zacks Trade broker review will look at all the key aspects of a given offering, giving you a proper insight as to what you should expect if you are looking for a broker.
Competitive fee structure
Across the board, the fee structure at Zacks Trade is very competitive with the industry as a whole
Great trading platforms
For experienced traders, the Zacks Trade Pro trading platform will fit all your needs. The web browser version is slimmed down and ideal for other types of traders.
Safe and secure
Zacks Trade has a great reputation for fairness and it also enacts the best security measures in the space today to keep the data and funds of its clients safe.
No 24/7 customer telephone support
Currently, you can only reach the customer support team by telephone during normal working hours Monday to Friday.
Our clients have the tools it takes to make the most of their trading: competitive commission rates, no inactivity or maintenance fees, and access to powerful platforms.
Commissions & Fees
There are no account fees that you need to consider with Zacks Trade, but there are trading fees to check out. For trading stocks and ETFs that are priced at least $1 per share, there is a fee of $0.01 per share, with a minimum fee of $1 in place. For shares that cost less than $1, there will be a 1% of trade value charge, with a $1 minimum.
For options trading, there is a $1 initial fee and then a $0.75 charge for each additional contract. Exercising options is free and there is no extra charge for broker-assisted trades. For mutual funds, there is a $27.50 charge. For those trading outside of the United States, the fees will change somewhat. Margin rates will vary depending on what Zacks Trade tier level you are, with the base margin rate of up to $100,000 at tier 1 is 5.90%.
Platform & Tools
There are three main trading platforms for Zacks Trade when you are using a desktop computer. Zacks Trade Pro is the main trading platform that uses proprietary technology. It is well-stocked with a myriad of great tools and ticks all the boxes in terms of functionality. It is ideal for active traders who are dealing with high volumes and need access to extensive research and analysis tools.
The Client Portal is a way for clients to manage simple trades and access various account documents and balances. The Zacks Trade browser option is a scaled-down version of the Pro platform, with a very easy to use design. This is ideal for those who want more of a simple interface.
You have the ability to trade from your phone or tablet device using Handy Trader. All major devices are supported and you will not really be sacrificing functionality when you are using these mobile options.
You can place and manage orders, check executions, keep an eye on your portfolio and so on. A lot of people prefer using tablets when on the go due to the screen size, with Handy Trader optimizing itself depending on what type of device you are using.
If you like the look of what Zacks Trade has to offer, you may be ready to sign up for an account. When you do so, you will find that there are a few different options to check out. The standard account is an individual account. You also have the option of a single fund, multiple funds, financial advisor or institutional account.
For most people, the standard individual account will be the best option. There are tiers to this account type depending on how much money you are going to be trading with. To open up this account, you will need to make an initial deposit of at least $2,500.
Deposits & Withdrawals
There are only a handful of main ways to add funds to your Zacks Trade account. You can use a wire transfer, an ACH transfer or use a physical check.
The processing times for these funds to hit your Zacks Trade account will vary. For ACH deposits, you should have access to these funds within four working days. You can check the status of a deposit through your Zacks Trade account’s transaction history.
The same payment methods are open for making withdrawals from your Zacks Trade account. It is advised that you use the same bank account to make a withdrawal. Otherwise, there will be an extensive withdrawal hold period in place. Do note that your given bank may charge you for completing a wire transfer or ACH transfer.
If you have a question or query regarding the Zacks Trade offering, you can check out the comprehensive FAQ section. This will answer a lot of the questions you may have. There is also a useful ‘How To’ section that walks you through various processes in a step by step manner.
If you need to directly contact the Zacks Trade support team, you can do so via phone from Monday through Friday between 9 AM and 6 PM ET. Alternatively, you can also send them an email if you prefer. Zacks Trade also has a Twitter and Facebook page that will answer questions.
Security & Fairness
Naturally, you want to be dealing with a broker that is fair and has proper security protocols in place. Zacks Trade has been in business since 1978 and has built up a strong reputation and track record over the years.
A secure login system is in place, with a security code device used to add an extra layer of security. It also allows you to have higher daily and weekly withdrawal allowances. This technology is available for accounts of all sizes on Zacks Trade. There is mandatory participation.
For all transferring of data through Zacks Trade, 128-bit SSL encryption is used to ensure that this data is kept secure. There is a login limit failure that restricts account access to only certain IP addresses. There is also a dedicated security team at Zacks Trade working around the clock monitoring any suspicious activity. There is also an automatic log off feature and account restrictions after a number of failed login attempts.
In terms of security of funds, Zacks Trade accounts are part of the Securities Investor Protection Corporation (SIPC) for max coverage of $500,000.
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