Zacks Trade Review- Is Zacks Trade Scam or a Proper Broker

Zacks Trade Review

Zacks Trade is a United States-based discount broker with customers around the world. The broker has a wide selection of Exchanged-Traded Funds (ETFs) and stocks, covering several international markets. In addition, Zacks Trade offers low fees.

Fees

Generally, Zacks Trade has low trading fees, its mutual fund fees, however, are relatively high, and its fee structure is transparent and easily understandable. Additionally, the broker charges an inactivity fee when a customer fails to trade within a month.

Account Opening

Getting started with Zacks Trade can be time-consuming, as account verification takes more than seven days. The broker accepts customers from different parts of the world, but some exceptions exist. For example, Australian, Japanese, and Canadian residents cannot open a Zacks Trade account.

Zacks Trade provides several account types under two wide categories. That is, Institutional accounts and Individual accounts. The broker recommends a deposit of $2,000 and above, but it does enforce this; therefore, customers can fund their trading accounts with less.

Deposit and Withdrawal

Zacks Trade is a good choice for traders wanting to trade assets in multiple currencies because it offers several account base currencies. Also, since traders fund their accounts in the same currency as their bank accounts, they do not incur conversion fees.

Moreover, deposits at Zacks Trade are free. The lowlight is that the broker has limited deposit methods as it does not support credit card funding or electronic wallets. As a result, many traders prefer wire transfer as their deposit option, which is available for US and international customers.

Zacks Trade does not charge customers a fee on the first withdrawal. However, subsequent withdrawals incur a fee that depends on the method of withdrawal and the currency used. International customers can only select wire transfers as their withdrawal method, while US customers can also choose ACH transfer.

Zacks Trade Web Trading Platform

Zacks Trade offers its web trading platform called Client Portal. The platform comes in multiple languages, including English, Dutch, Italian, and Russian. Also, Client Portal is user-friendly, even for beginners.

The client Portal delivers several order types like Market, Limit-on-Close, Trailing Stop, Stop Limit, and Stop. In addition, traders can use order time limits like Good-til Canceled, Limit-on-Open, Market-on-Open, Immediate-or-Cancel, and Day.

Zacks Trade Mobile Trading Platform

Alongside Client Portal, Zacks Trade has its self-developed mobile trading app called Handy Trader. The mobile app is supported on Android and iOS devices and is available in several languages, similar to Client Portal.

Moreover, Handy Trader features the same order types and time limits as Client Portal. Other excellent app functionalities include setting price alerts and a chatbot that traders can use to obtain information quickly or complete an order.

Markets and Products

Zacks Trade offers similar tradeable instruments as its most US rivals. The broker’s product portfolio features a wide range of ETFs, options, stocks, bonds, and mutual funds. In addition, Zacks Trade gives access to several top stock exchanges globally, including NYSE, NASDAQ, and LSE.

Research

Zacks Trade delivers top-notch research tools and features several third-party integrations, including news providers like Morningstar, Thomson Reuters, Dow Jones, and The Motley Fool, to keep traders updated.

Customer Service

Zacks Trade provides a relatively quick live chat with relevant answers. However, live chat is only available during working hours. Therefore, it is best to contact the broker through email when looking for help outside working hours. Usually, email replies are within 24 hours.

Education

Zacks Trade provides a demo account to help traders try their strategies before investing money. Also, the broker has several tutorial videos on how to use its trading platforms. However, Zacks Trade needs to provide basic information on how to trade or invest. For now, it is not recommendable for beginners.

Final Thoughts

Zacks Trade is a good US discount broker regulated by the Securities and Exchange Commission. It is also a good choice for traders looking for a broker that offers a wide selection of tradeable instruments at relatively low trading fees.