Zacks Trade Review 2019
When looking around for a new brokerage account, there are a lot of questions asked.
Do you already know what you’re looking for and understand the dynamics of day trading? Are you looking for reasonable pricing along with excellent support?
Then, Zacks Trade might be a perfect choice.
Zacks Trade is a respected brokerage firm out of Chicago, Illinois, which has helped thousands of traders navigate global markets.
As the Zacks Trade Review shows, they also offer rock-bottom commissions with highly professional trading software that most brokerages can only wish to have.
See Also: Best Online Stock Broker for Beginners
Trading Platforms and Tools
Zacks Trade Pro
Zacks Trade Pro is the premier trading platform at Zacks Trade, allowing full customization of everything you need.
It has the ability to be fully customize, making the layout as simple or as advanced as you need.
You can view all of your financials in one shot.
Zacks Trade Pro gives you the ability to trade stocks, options, bonds, and funds in over 19 countries from the same account.
This gives you the trading world at your fingertips. Zacks Trade Pro is a white-label version of Interactive Broker's Traderworkstation.
Seel Also: Interactive Brokers Review
You can create multiple watch lists, view all of the important figures such as balances, margin, and funds available.
You can see all of the usual filled orders, and order windows. You can create real-time alerts based on price, time, margin and volume as well.
This is the platform that you will use if you are a high volume trader, or perhaps somebody that does a lot of trading each session.
Zacks Trade Pro gives you the most options for setting it up exactly as you wish, something that is crucial to most day traders. The best part: it’s free to all Zacks Trade clients.
Zacks Trader is a browser-based trading platform. It’s essentially a scaled-down version of Zacks Trade Pro, but still has plenty of features.
You have the ability to look at market data and charts just as you do in the Pro version, and you can keep track of orders and execution as well, and 90 markets worldwide.
Single click orders are possible, and the best part of course is that it can be traded from anywhere with an Internet connection and a browser.
You can also look at security specific fundamentals, news, and other such important pieces of information such as SEC filings.
It is customizable but includes only a few features. Day traders use Zacks Trade Pro instead.
Handy Trader is a feature-rich trading platform that you can use on your iOS or android phones, giving you the ability to trade stocks, options, bonds, and mutual funds worldwide.
It's also a white-labeled version of Interactive Brokers original trading platform, but that doesn't make it less attractive.
The opposite is true. Interactive brokers develop the app further, and Zack Trade clients benefit from this.
You can view real-time streaming quotes and charts, route orders using smart routing technology, which will search for the best price and dynamically send orders to that route.
You can even take a call and reconnect to Handy Trader without having to log back in.
Just as in the Zacks Trader platform and Zacks Trade Pro, you can also research news and fundamental filings, and financial information. This is a full trading platform that by itself is rather powerful.
When on the go, this gives you the ability to keep an eye on your portfolio, or place trades just as easily as you can from your desktop.
It should be noted that this platform can run on tablet systems as well.
Zacks Trade offers stock, ETF trading, options on stocks, mutual funds, corporate bonds, and government bonds.
Furthermore, the brokerage allows traders to be involved in 19 separate countries around the world.
Not only do you have the United States, Canada, and Mexico, but you also have Australia, several European countries, as well as Hong Kong, Japan, and Singapore.
This gives you the ability to diversify your holdings, as well as trade around the clock as this gives you 24 hour coverage of the world’s financial markets.
Zacks Trade offers the usual accounts that you would expect, such as an IRA, non-IRA trading, as well as margin and reg T.
Commissions and Fees
The commissions and fees at Commissions and Fees Zacks Trade are medicore to say the least.
For example, to trade in the United States in the stock market, you are looking at $0.01 per share, with just a three dollar minimum on the order.
Stocks and ETF orders that are less than $1.00 a share are charged at 1% of the trade value, with a $3.00 minimum.
Options are $3.00 for the first contract, and then $0.75 per additional contract.
Bonds are as cheap as $3.00 per bond.
So the major benefits come along for stock traders while option traders should consider one of the option trading brokerage alternatives out there. Two of them are Interactive Brokers and SpeedTrader.
Asian, Australian, and European trades are charged at 0.3% of the trade value in the local currency wit different minimums.
Zacks Trades is most attractive for trading U.S. assets.
The most astonishing thing about Zacks Trade is that they offer broker-assisted trades in all of these countries at no extra charge.
This is important to understand. Most online brokers don't offer free broker-assisted trades. Some charge up to $30 and more per call/trade.
For that reason, Zacks Trade is an excellent option for those who like to combine fair pricing along with great customer support.
Education and Research
For research, you can subscribe to additional data from over 20 firms like Seeking Alpha, The Motley Fool, and Thompson Reuters.
Zacks Trade provides a paper trading account within Zacks Trade and Zacks Trade Pro.
But as far as learning how to trade, they don't have a trading course as an example.
Education is not Zacks Trade strength. They have an excellent FAQ-Section on their site but not more. The last YouTube video was released about nine months ago.
However, this should not dissuade you from using the brokerage firm, because you can find plenty of educational courses online anyway.
Based in Chicago Illinois, Zacks Trade is found at 10 S. Riverside Plaza.
They have client support via telephone during exchange hours and extending all the way from 9 AM to 6 PM Eastern Standard Time, except holidays recognized by the stock exchanges in America.
They also have online chat, to ask general questions and as most brokers, Zacks Trade also has email support.
As with most stockbrokers, overnight customer support is going to be a bit lax, but they do promise to get back to you at the beginning of the next trading day.
They do have an extensive “how to” video section as far as placing orders in various platforms that is rather detailed.
Zacks Trade also has videos on things like account maintenance, transfers, reports, security, and many other aspects of training online.
While not necessarily an educational resource as far as trading is concerned, the video section is quite good as far as managing around your account and the trading software that Zacks Trade offers.
Is Zacks Reliable?
As a division of LBMZ Securities, Zacks Trade is a reliable company regulated by FINRA and located at Chicago, USA.
Zacks Trade Review Summary
Let's face it; Zacks Trade is not for beginners. The primary platform, the white-labeled Traderworkstation form Interactive Brokers, is for people who know what they are doing.
You need to be fast, and you need to develop skills on how to use the platform fast and accurate. The Traderworkstation comes with tons of order types, hotkey-trading, one-click trading, and much more.
But again, you have to know what you are doing. You should always start with the paper trading account provided.
Zacks Trade is a trustworthy broker for traders, who are looking for fair pricing along with great support with the focus on trading stocks.
Option Traders consider tastyworks instead because their pricing model for options traders is outstanding.
See Also: tastyworks Review
As lined out above, broker-assisted trades are free with Zacks trade. This is a huge benefit that you'll appreciate whenever there's a problem.
Also, Zack Trade trade minimus is 50% lower compared to TD Ameritrade.
See Also: TD Ameritrade Review
While you can negotiate your rates at TD Ameritrade down to Zacks Trade rates, Zacks has an even better offer right now.
Clients pay only a minimum of $1 per trade during the first year. That's a great deal and once the first year is over, feel free to negotiate your rate for the second year.
With all this in mind, Zacks Trade is one of the better options for day trading not only in the United States but worldwide.
And Trade Ideas A.I. Pro is a great addition for ZacksTrade clients because the integrated stock screener is not that good.