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A comprehensive review of Zacks Trade
To start with this Zacks Trade review, we can say that thanks to the unlimited opportunities provided by the Internet, there have never been so many chances to make all sorts of investments. For this reason, many different companies have emerged to attend to the huge new demand that has appeared over the last few years.
One of the brokers that has been around for much more time than their main competitors is Zacks Trade. Their slogan claims they are “Built for the Active Trader”. Also, in their landing page we get a glimpse of some of the things they offer in order to attract new customers. They include:
- offering trading in stocks and exchange traded funds (ETFs) from just $1;
- having access to option contracts for sums as low as 75 cents;
- also, they claim to offer margin rates that are up to 8.58%.
As said before, this is what is mentioned in their home page. How real are these offers and how prospective customers can be reassured that they will get what is being promised? Let’s find out.
|Year of foundation
|Regulation and jurisdiction
FINRA и SIPC
- Great availability of search subscriptions
- Access to human agents who can make transactions via phone call
- Wide availability of exchanges
- Relatively high commissions compared to its main competitors
- High minimum balance required
- Mutual funds investments lacking alternatives and with really high fees
|Types of accounts
Currency, stocks, bonds
A bit more information about this entity
Zacks Trade has their main headquarters in Chicago, USA. Since their opening in 1978, they have been among the first to adopt new technologies that facilitate the trading process and also attract customers located outside of the United States. As an example, the Zacks Trade app that currently exists was among the first ones created when smartphones became widespread.
During the 2000s, they were acquired by LBMZ Securities. The latter and all its subsidiaries are properly certified by the FINRA and SIPC. They are the main entities that monitor brokers in the United States. For this reason, it is immediately possible to assure that the operations of this platform are legit.
It is also worth noting that Zacks Trade is a sister company to Interactive Brokers. The former is considered as the more introductory platform for new investors, while the latter is normally used by the more seasoned ones. For this reason, those who know how to use one of these platforms will be able to use the other without any kind of issue.
Needless to say, the fact that Zacks Trade is seen as an introductory company, doesn’t mean that it can’t be used by more seasoned investors.
The highs of Zacks Trade
There are many aspects that are positive about Zacks Trade. For example, all customers have access to an agent by phone. In other words, investors who for some reason are unable to use a computer or a mobile device at any moment, can call their agents and ask them to make the movements they want. Also, all these phone calls that are made in order to make movements inside an account are absolutely free.
Zacks Trade is also a company with a global reach. From their headquarters in Chicago, and their branches located in different places around the world, users from almost any country can sign up. Also, those who decide to give this broker a chance will get access to approximately 100 different exchanges. This is quite a generous offering of opportunities when compared to the rest of the market.
Of course, no company is perfect. For this reason, those who are looking for a broker and have found Zacks Trade might ask themselves what is wrong with Zacks Trade, so let’s try to answer that.
One of the main complaints presented by many customers is related to the commissions. There are plenty of brokers out there where investors can make all their movements without directly paying anything for them. Unfortunately, this is not the case for Zacks Trade, as all customers are charged a commission for making any kind of movement in the platform.
Also, having a Zacks Trade promo code might have made this platform even more attractive, especially for newcomers. However, such a thing is not available here.
Mutual funds are another investing option available at Zacks Trade and at hundreds of other brokers. However, the offering of Zacks Trade in this regard falls short when compared to its main competitors.
Also, while most brokers don’t charge any commission for investing in mutual funds, Zacks Trade still does so. Furthermore, any investment in mutual funds through this entity must be of at least $100. By contrast, there are many other brokers out there that offer their users the chance to invest in mutual funds for lower amounts. It is also important to mention that this broker has a flat fee of mutual funds transactions that equals $27,50, no matter the size of the Zacks Trade deal being made.
Who can benefit from the services of Zacks Trade
Despite the aspects where Zacks Trade falls short that were mentioned, the company still has a healthy customer base. People who invest here can be split into four main groups. The first of them are active traders. These kinds of investors are people who make lots of movements and investments on a frequent basis, meaning they need a platform that is easy to operate and accessible from many places.
The human factor can’t be overstated. This is where the second main group of customers comes in. As said before, an advantage of Zacks Trade is that brokers can contact a human agent via phone call to make transactions for them for free. Many people have been attracted to this platform for this very reason.
The third main group of customers from this platform are those who want to get access to foreign stock exchanges. As said before, there are approximately 100 markets available from this platform. This is quite a generous offer that many people have learned how to take advantage of.
Options traders are the final main group of those who registered at Zacks Trade. The options investments available at this platform can be quite profitable. This means that those who want to invest in options, might want to give this platform a try.
What you should know about Zacks Trade
Let’s now discuss a few things that any person wanting to set up an account here should know. To begin, the Zacks Trade minimum deposit that must be made in order to get access to the platform equals $2,500. This is a bit of a disadvantage of this trading platform when compared to its main competitors. Some of them even offer their customers the possibility to get started without a set minimum amount.
The cost of trading stocks is another fundamental piece of information that should be known. Normally, each share has a fee of one cent. However, the minimum commission that can be paid is $1. Also, when investing in ETFs, the commission corresponds to 1% of the trade value, with a minimum of $1 as well. This is a bit better than what the industry average can offer.
Others might ask themselves how much does zacks option trade cost, in this regard, it can be said that the fee for signing the first contract equals $1, while any additional contract will have a cost of 75 cents.
Inactivity is a thing where Zacks Trade offers more favorable terms than its most direct competitors. Normally, those whose balances are equal or less than $25,000 must pay an inactivity fee of $15 per month, which is far lower than the industry average. Also, those who have even higher balances don’t have any kind Zacks Trade fees for inactivity, which is another point to highlight.
Now, let’s discuss what types of securities can be traded here. There are plenty of options for a wide array of different inventors. The alternatives include things like stocks, options, ETFs, fractional shares, bonds, foreign stocks and mutual funds.
The trading platform itself is quite intuitive and easy to use. Newcomers will get access to the standard platform, which is a web-based portal. Those who opt for the pro membership will get access to Zacks Trade Pro. This includes a software that can be installed in Windows and Mac computers, and among its advantages include extra investing tools and even the possibility to customize the interface.
There is also a Client Portal available for all members. Here some simple transactions can be made, while users also have access to their profile, as well as balances and relevant documents.
There is also a great Zacks Trade mobile application for those who want to get access to their accounts and make all sorts of transactions on the go. Users of Android and iOS devices will be able to get access to the official mobile software of the platform for no additional cost. Yet, it is also worth mentioning that the research part, which is one of the highlights of this platform, is not available through the mobile app.
Those who want to get access to a solid research and data platform will most likely appreciate what Zacks Trade has to offer. In this regard, the portal has more than 20 different research subscriptions available for all their members. Also, all of them are absolutely free.
Another essential aspect to discuss is related to customer support. As it is usual with other brokers, representatives from Zacks Trade can be contacted through live chat, email and phone call. They are available between 9:00 to 18:00 Eastern Time in the United States. It is also important to mention that these are the same times at which brokers are available for conducting transactions through phone call.
Finally, there is no Zacks Trade .com referral, meaning that no discount or something will be awarded if taken here by someone else.
Most brokers available throughout the Internet cater to specific groups of people. Zacks Trade is no exception. If you are a frequent trader, want to invest in options, are a novice in this world or want to talk to a person for performing transactions, then this is a good place to sign up. The Zacks Trade com platform has good margin rates for all its investments, meaning that Zacks Trade is positioned better than most of its competitors in this regard. Also, the access to human agents is something that can’t be overstated, as this can greatly simplify investing when unable to access a computer or the mobile portals of the platform. This has also tempted a lot of people to register here.
Other relevant information about fees
A positive aspect about Zacks Trade is that it has zero commission in terms of account management. Additionally, there are no fees in transferring between Zacks Trade accounts and also in the first withdrawal of each month.
Those who want to make further withdrawals during a 30 day period must consider the fees, which depend on the payment method being used. This can be summarized as follows:
- ACH withdrawal: $1;
- check withdrawal: $4;
- wire transfer withdrawal $10.
The check and wire transfer fees are more or less located within the industry average. However, there are many brokers out there that offer ACH withdrawals that are totally free, which is not the case at Zacks Trade.
Getting access to the broker
Of course, in order to know whether Zacks Trade is as good as it claims to be, we need to set up an account in the first place. By visiting the website it is possible to find “open an account” buttons everywhere, meaning that even those who are new to these kinds of websites won’t have a problem in creating an account.
The process of setting up an account at this platform is simple and straightforward. All prospective customers will be asked the same information that will be requested anywhere else. Expect to provide things like your name, address, and some contact information.
This first part of the registration process can be done in a matter of a few minutes. However, in order to validate the creation of the account, all prospective customers must submit some mandatory customers. The first of them is a proof of identity, which can be done by submitting a national ID card, a passport or a driver’s license.
A proof of residency must also be sent to the platform in order to get access to the platform. This can be satisfied by sending a credit card statement, a driver’s license, a utility bill or a bank statement. It is essential to clarify that these documents must not be more than 90 days old.
Before doing so, users won’t be able to access any of the services or tools offered by this company. Normally, the identity validation process takes between 48-72 hours, which is approximately the average time that other brokers take. After that, it will be possible to make a Zacks Trade login and get access to its wide array of services.
Margin rates of Zacks Trade
Now let’s discuss the margin rates offered by the platform. The margin that users can benefit from depends directly from the balance they have, and this can be summarized as follows:
- balances lower or equal to $100,000 = 3,56%
- balances between $100,000 and $1,000,000 = 3,06%
- balances equal or higher than $1,000,000 = 2,75%
As it can be seen from these numbers, the margin rates of Zacks Trade are among the lowest in the market. Also, those with higher balances can expect a Zacks Trade discount in some fees.
Zacks Trade also shines when it comes to its research openings. The quantity and quality of offerings of this kind available are virtually unparalleled. The same thing can be said about the generous availability of markets where people can invest.
Yet, there are also a few downsides. The first is the absence to any kind of Zacks Trade voucher when signing up in order to get some sort of discount. Others are mostly related to the high minimums that users must comply with in order to make their transactions at this portal. Also, the commissions, especially in withdrawals and in mutual funds investments might scare some prospective customers away.Overall, and to conclude with these Zacks Trade reviews, don’t expect this platform to shine where it doesn’t explicitly say so. However, it can more than deliver what it promises when it comes to its strengths.
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The company’s rating and reputation largely depend on whether its clients are satisfied. The reviews about Zacks Trade are not the most flattering, and therefore you should take a close look at them before deciding to cooperate with this platform.
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