Zacks Trade Review
Table of Contents
Over the years, Zacks Trade managed to gain plenty of experience in the trading world and form a good client base. Zacks Trade’s roots were planted back in 1978 when the founder decided to publish a paper where he was talking about a unique investment approach. The broker is part of LBMZ securities, which was founded in 1978.
The brokerage firm probably seems attractive already. It has a cool design and, on top of that, it’s also a broker with experience. But regardless, this is not enough to put your entire trust into it – you still need to know more. That is the plan of this review – to satisfy your curiosity and make sure you are well-informed about this broker before opening an account and starting to trade freely. So, what does Zacks Trade have to offer? Let’s see!
Who Is Zacks Trade for?
For the most part, Zacks Trade is a broker recommended for options traders or active traders. The platform is designed to aid professional traders and make sure they have all the tools their need to complete every procedure without issues.
Besides, investors interested in trading on the foreign stock exchange will also love Zacks Trade, and the same goes for investors who want to access a human broker. If you are looking for a trading platform with more experience on the market, then you can also rest assured that Zacks Trade will be good for you.
Although Zacks Trade can definitely help accommodate traders of different levels, starting from beginners to experienced traders, the platform is more suitable for experts.
Things We Like
The broker has many positive aspects, with one of them being the fact that it has a long history. We love seeing brokers that had enough time to develop and become suitable for people who love to trade. Considering it’s been around for a longer time, it means it offers quality services, and we like that.
Then, we also loved the customer support. You can contact them using multiple methods, but the live chat support is your best choice. You will get prompt answers and receive the help you need in any situation. The team is full of professionals, and this is easy to notice.
Another thing we liked was the fact that the fees are very low. Even ETF and stock fees are very low, which is great considering that there are so many international markets covered. Also, there is no inactivity fee. As a result, individuals who do not have a lot of money to spend on trades are able to enjoy Zacks Trade.
Things We Don’t Like
Just like anything else, Zacks Trade has some drawbacks too. For example, card deposits are not possible, which can put off a lot of people who prefer it as a payment method. Then, we were disappointed when we checked out the educational materials and realized that there is a shortage in this area. General educational articles are not given, and neither are webinars.
Registering on the platform is a slow and complicated process, and it’s pretty unpleasant, especially when you just cannot wait to start trading. The desktop trading platform is also quite complicated, and the research tools are very complex as well. They are not suitable for beginners, making them something directed solely towards experienced traders.
Pros / Cons
- The customer service is amazing
- The ETF and stock selection is very large
- The fees are lower compared to many other brokers
- You gain international exchange access
- The account minimum is pretty high
- It features educational tools, but they are quite limited
- Opening an account is complicated and it’s not a fast and smooth process
Safety and Regulation
Before you jump in, it’s best to be aware of the legal matters surrounding Zacks Trade and how safe it is. Let’s look into some of its safety features and see whether the platform is reliable or not:
Who Is Zacks Trade?
Zacks Trade is a discount broker based in the U.S. It is part of LBMZ Securities, which was founded back in 1978. As a result, they have a lot of experience on the market. Although they are based in the U.S., they are a global broker, so people from all over the world can use the platform as long as their country is not restricted.
Zacks Trade offers trading across over 90 different exchanges. It also manages assets of more than $5bn in value.
Is Zacks Trade Regulated?
The broker is regulated by some top-tier financial authorities. This is due to being a division of LBMZ Securities, which is regulated by different authorities. The regulatory authorities are the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission.
What’s more, the execution and clearing services of LBMZ Securities are provided to a global stockbroker known as Interactive Brokers.
Zacks Trade Licenses
- Authorized by the Financial Industry Regulatory Authority and the U.S. Securities and Exchange Commission
Is Zacks Trade Safe or a Scam?
Zacks Trade is relatively safe. Not only is the platform regulated, but the clients usually belong to a top-tier financial authority. Investor protection of a very high level is also ensured.
Still, there are some bad aspects that might affect the safety features a little bit. Zacks Trade does not have a banking license, and there is no negative balance protection either. On top of that, the broker is not listed on the stock exchange.
Countries It Accepts Clients from
Zacks Trade can be accessed by traders from 218 countries, and this is thanks to the relationship the broker has with Interactive Brokers. The banned countries include Hong Kong, Japan, Canada, and Australia.
Although there are no records of awards received by them at the moment, Zacks Trade got positive reviews from many platforms.
Range of Offerings and Products
Zacks Trade has a wide range of products available for all users. People can trade ETFs, stocks, bonds, options, and funds. So, they cover the same products as most U.S. brokers. However, they do not offer Forex, CFDs, crypto, and futures trading.
Zacks Trae has 13,000 ETFs and 72 stock markets. They also have 16 options markets, 60,000 bonds, and 255 fund providers.
People can trade margin. Using their Account Management tool, users have the opportunity to apply for margin privileges. As a result, if they qualify for Reg T margins, they should then get a $2,000 or higher balance in either securities or cash. Margin rates will then depend on certain aspects. Here, the average is around 5.63%.
Zacks Trade has a web trading platform that is very easy to use. It comes with a 2-step login and a clear fee report. So, it can be used by both beginners and experienced traders. It is available in multiple languages as well, such as English, French, Italian, Japanese, and Russian among others.
The mobile platform is great too. It also has a safe login and multiple order types. Moreover, the search function is pretty great. Sadly, as opposed to the web platform, this one is more complex and not the best choice for newbies.
The desktop platform is the same in terms of complexity. Not only that, but the search function is not the best, and the platform is not user-friendly either. It does have some good features though, like a clear fee report, multiple order types, and good customizability.
On Zacks Trade, you can apply for multiple types of accounts. They are IRA, Joint, Individual, Trust, and UGMA/UTMA accounts.
A demo account is available for users who would like to try out the platform without risks. After that, they can decide if it’s the right choice for them or not.
Deposits and Withdrawal
You can make deposits and withdrawals without being charged for them. There are multiple base currencies available. Unfortunately, you can only make deposits using bank transfers.
What Is Zacks Trade Minimum Deposit?
Luckily, Zacks Trade has no minimum deposit, so you can deposit as much as you want.
Withdrawals can also only be made using bank transfers. So, unfortunately, no e-wallets or cards are available for this transaction.
Zacks Trade Promotions
Although Zacks Trade may have certain promotions at times, there isn’t any available at the time.
Client Support and Education
We discovered that Zacks Trade lacks a lot when it comes to educational materials. They have a demo account available, but there are no webinars or general educational videos. These would allow people to learn more about the platform and trading in general. Their lack makes the broker more suitable for experts and less friendly for beginners.
Verdict – Overall Rating
Zacks Trade is a great platform, but not the best. It still needs more educational materials and multiple payment methods. Also, the platform is not amazing for beginners as it is too complex, and creating an account takes too long. So, it can be good for experts, but beginners should definitely look for other options.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
The reviews are shared and discussed with the brokers, but the authors of our website always have the final word. Furthermore, we always strive to keep the information on our website updated and relevant for our readers.
What helps us stand out is that we always test our brokers with an anonymous live account, to ensure we deliver the most accurate information and experience to our readers. Finally, our reviews and evaluation are always independent of any financial compensation we may receive from the brokers.
There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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