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 the genuine review of trading platforms and their operations.
Today we are going to review one of the best US based stock broking platform ZacksTrade, here we’ll discuss the details about account, fees, tools and more.
What is ZacksTrade?
ZacksTrade is a US based stock broking firm. It is a part of LBMZ Securities. LBMZ securities has been in operation from 1978 and is regulated by institutes like FINRA & SEC.
Interactive Brokers act as LBMZ securities’s clearing and settlement service provider. LBMZ also has its services a little bit 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 clients in almost all the 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. However, the broker recommends depositing at least $2,500 to start with.
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 non trading 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 shareStocks with share price below $1: 1% of trade value|
|Canada||Stocks with share price above $1: CAD 0.02 per shareStocks with 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 card or electronic wallet 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)
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.
ZacksTarde 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 two step login in a web 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 portal.
ZacksTrade desktop trading platform is quite complex as compared to its other two platforms. It has great customizing options and advanced trading functions. Desktop platforms are most suitable for advanced traders.
ZacksTrade offers a variety of international assets to trade which is not provided by many brokers. 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. Within its product range, ZacksTrade has an outstanding selection of stocks, ETFs and options, 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. This means that ZacksTrade clients calling from outside the US will be charged at international rates.
|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|
ZacksTrade is regulated by top institutes like FINRA & SEC. Interactive Brokers act as LBMZ securities’s clearing and settlement service provider. LBMZ also has its services a little bit 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 in case something goes wrong.