Zacks Trade review 2024
- Stock trade fee
- $0.01
- Minimum deposit
- $250
Our verdict
Zacks Trade offers a robust trading platform and research tools, with complimentary broker-assisted trades.
Zacks Trade is a strong choice for active traders and investors who value advanced trading tools and access to a variety of investment options. With its competitive margin rates, robust trading tools and proprietary research offerings, it caters well to experienced traders who require sophisticated platforms. Zacks Trade offers mobile, web-based and desktop trading platforms for traders and investors with different trading styles and objectives. Additionally, it offers complimentary broker-assisted trades, a feature that comes with additional fees with competitor platforms. However, the platform may not be ideal for beginners due to its $250 minimum account balance.
Best for: Active trading; advanced trading.
Pros
-
Free broker-assisted trades
-
Robust trading platforms
-
Wide selection of account types
Cons
-
No commission-free trades
-
$250 minimum account balance
-
$15 per month inactivity fee for accounts under $25,000 or $15 in trading commissions per month
-
$27.50 mutual fund transaction fee
Zacks Trade at a glance
| Feature | Rating | Details |
|---|---|---|
| Investment options | ★★★★★ |
|
| Trading costs | ★★★★★ | Trade stocks and ETFs for $0.01 per share if greater than $1 per share or 1% of trade value if less than $1 per share. Options are $1 for the first contract and $0.75 per additional contract. |
| Account fees | ★★★★★ | No annual fee and no account transfer fee but a $15 per month inactivity fee for accounts under $25,000 or $15 in trading commissions per month. |
| Account types and minimums | ★★★★★ |
|
| Trading platforms and technology | ★★★★★ |
|
| Features and amenities | ★★★★★ |
|
| Customer support | ★★★★★ | Contact Zacks Trade customer support by phone at 312-265-9406 and email at support@zackstrade.com during regular business hours. |
| Mobile app | ★★★★★ | Google Play app reviews: No reviews as of August 2024 Apple App Store app reviews: 4.2/5 stars based on over 3,975 reviews |
| Cash sweep rates | ★★★★★ | Earn 2.83% APY on uninvested cash. |
To learn how our star ratings are calculated, read our methodology.
Zacks Trade is best for active traders
Zacks Trade is tailored for active traders, offering a comprehensive suite of advanced trading tools and extensive research capabilities across its mobile, web-based and desktop platforms. The platform is equipped with highly customizable interfaces, built-in trading algorithms and powerful scanners that help traders identify opportunities quickly.
Additionally, Zacks Trade provides in-depth research reports, proprietary Zacks research and rankings and access to a wide range of tradable assets, making it a versatile choice for experienced traders who demand precision and flexibility in their trading strategies.
What we like about Zacks Trade
Zacks Trade offers several standout features, including robust trading platforms, complimentary broker-assisted trades and a wide variety of account types.
Robust trading platforms
Zacks Trade offers a powerful trio of trading platforms — desktop, web-based and mobile — to meet the needs of active traders. The desktop platform provides advanced charting tools, customizable interfaces and sophisticated order management capabilities, making it ideal for experienced traders who require precision and flexibility.
The web-based platform offers a streamlined experience with essential features for traders who prefer accessing their accounts from any browser, while the mobile app ensures that users can manage their trades on the go without sacrificing functionality.
Each platform offers a tailored experience, allowing traders to stay informed and execute their strategies effectively across multiple devices.
Complimentary broker-assisted trades
Unlike most brokers that charge around $25 per trade for broker-assisted services, Zacks Trade stands out by not charging extra for these trades.
This approach provides significant value for investors who seek the benefits of broker-assisted trades, such as personalized guidance, expert advice and support with complex transactions, all without the additional cost typically associated with such services.
Trade across a variety of account types
Zacks Trade caters to a diverse range of investors by offering a broad selection of account types to meet different financial goals and needs.
Whether you’re looking to manage your investments individually or jointly, Zacks Trade provides options for both individual and joint brokerage accounts. For those planning for retirement, the platform offers a variety of IRA options, including Traditional, Roth, Rollover and SEP IRA. Additionally, Zacks Trade supports custodial brokerage accounts and custodial IRAs, making it easy to manage investments on behalf of minors.
Where Zacks Trade falls short
Unlike many modern brokers that offer commission-free trades on US stocks and ETFs, Zacks Trade still charges commissions. Stocks and ETFs under $1 are charged a commission of 1% of the trade value, while stocks and ETFs greater than $1 per share are charged a commission of one cent per share. Mutual fund commissions are also high at $27.50 per trade compared to much of the competition.
Additionally, Zack Trade requires a $250 minimum deposit to open an account, which is significantly higher than what some other brokers require. This amount could be a barrier for new or small investors who may not have that level of capital available. Zack Trade also charges an inactivity fee of $15 per month for accounts under $25,000 or $15 in trading commissions per month.
Zacks Trade fees
| Type of fee | Fee details |
|---|---|
| Minimum deposit to open | $250 |
| Minimum investment | $1 |
| Annual fee | $0 |
| Stock trading fee | $0.01 |
| Options trading fee | $1 for first contract, then $0.75 per contract |
| Margin annual interest rate | 8.83% |
| Account transfer fee | $0 |
| Wire transfer out | One free withdrawal per month, then $10 |
| Inactivity fee | $15 per month for accounts under $25,000 or $15 in trading commissions per month |
Is Zacks Trade legit?
Yes, Zacks Trade is a legitimate and trustworthy brokerage platform. It’s a division of LBMZ Securities, which is a Financial Industry Regulatory Authority (FINRA) member and a Securities Investor Protection Corporation (SIPC) member. SIPC membership protects customers up to $500,000 against the loss of cash and securities, including $250,000 for claims for cash, if a member broker fails.
In terms of security, Zacks Trade’s platform is considered safe and secure. Zacks Trade employs two-factor authentication, industry-grade encryption and additional security measures like automatic account timeout and restricted account access after a set number of failed login attempts.
Zacks Trade reviews and customer experience
Zacks Trade does not have a profile with the Better Business Bureau (BBB) and discussions on Reddit are thin.
On Trustpilot, customer reviews are largely negative, with some users having expressed concerns about the platform’s complexity, noting that it can be overwhelming for beginners. Additionally, there are occasional complaints regarding the user interface, particularly with logging in, as well as difficulties withdrawing money. On the positive side, several users appreciate the platform’s robust trading tools, research and customer support. Customers rate Zacks Trade a 1.9 out of five stars based on over 10 reviews, as of August 2024. Its profile is unclaimed.
While Zacks Trade is generally seen as a solid option for active and experienced traders, those new to investing or seeking a more user-friendly experience might find the platform challenging.
Compare Zacks Trade to other platforms
Compare similar platforms by available asset types, trade fees and minimum deposit requirements. Select Go to site to sign up for an account.
Zacks Trade
★★★★★
Finder rating 3.8 / 5
Available asset types
Stocks, Bonds, Mutual funds, ETFs, CDs
Stock trade fee
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Signup bonus
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Tastytrade
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Robinhood
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Available asset types
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Stock trade fee
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Signup bonus
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Frequently asked questions
How much does Zacks Trade cost per month?
Zacks Trade has no annual fee. However, it charges a $15 per month inactivity fee for accounts under $25,000 or $15 in trading commissions per month.
What is the minimum deposit for Zacks Trade?
Zacks Trade has a required minimum of $250.
How we rate trading platforms
★★★★★ 5/5 — Excellent
★★★★★ 4/5 — Good
★★★★★ 3/5 — Average
★★★★★ 2/5 — Subpar
★★★★★ 1/5 — Poor
For a complete breakdown of how we score each category, read the full methodology of how we rate trading platforms.
Your reviews
Matt Finder
Editor, Investments
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