Zacks Trade Review: Pros, Cons, and Who Should Set up an Account

Users can test strategies with live market data across multiple markets. Likewise, you’ll be denied access to your account after a given number of unsuccessful login attempts. These measures ensure that no unauthorized persons can access your account. Your LimeFXs are also protected by the Securities Investor Protection Corporation .

• Whether you’re a seasoned investor or just getting started, Zacks Trade is worth considering.
• Zack’s Pro platform lets you customize its layout to fit your needs and gives you access to over 120 technical indicators, as well as advanced charting.
• First you have to complete an online registration, which takes roughly an hour.

Like most brokerages, Zacks allows you to buy and sell stocks, bonds, ETFs, and other securities. For experienced investors, Zacks Trade offers a cheap alternative to paying for an advisor. You can easily trade securities, customize the dashboard, and you’ll have access to great customer support. Carefully consider the LimeFX objectives, risks, charges, expenses and fees before investing in any type of security.

What is an online brokerage account?

Zacks Investor Collection is a bundle of our top subscription services for long-term investors. Plus, get full access to all of our premium research tools and reports for finding your own winning stocks, ETFs and mutual funds. This unique program gives you full 30-day access for only $1. However, the brokerage isn’t ideal for new investors due to its net worth and trade history requirements.

That said, Zacks Trade isn’t always the best choice because of its learning curve and fees. That’s why our Zacks Trade review is covering all of the features, pricing, and pros and cons so you can make the right decision. As for its account types, Zacks Trade offers individual, joint, custodial, and trust accounts.

You’re going to get a very favorable interest rate for uninvested money in your brokerage accounts. Robinhood Cons The mobile app and web site may not have sufficient options to attract experienced investors. SoFi Actively offers you free financial support and advice on all of your LimeFXs, including stock and ETF trades. limefx scam SoFi provides many online resources and research tools which will aid you in learning how to invest and find optimal LimeFXs. SoFi Active Invest provides professional training services and regularly holds educational events to its clients. It’d be an excellent way to do active trading, as long as one has an appetite.

The Best Online Brokers of October 2022

Even still, it does offer advanced trading features and tools. SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website.

Phone support is provided only through US local and toll-free numbers. This means that Zacks Trade clients calling from outside the US will be charged at international rates. Similarly to live chat, we missed 24/7 availability here, an important issue for clients seeking help from overseas. Zacks Trade covers the same asset classes as most of its US competitors.

If you fall into this category, you’re going to love the platform. With Interactive Brokers, you’re on your own—so you have to be an expert trader and know exactly what you’re doing. I prefer Zacks Trade because of the added bonus of having someone live to help me with trades if and when I need it. Remember, this is software you download to your desktop and run that way—it’s not web-based. ZacksTrade Pro has all the features of the web-based platform and more. Since I already outlined some of the key features above, I’m going to simply share my perspective upon logging in and browsing the platform.

Zacks Trade review

If you’re looking to make advanced trades, this isn’t the platform that you want to use. The Client Portal was set up to allow you to make simple trades, manage your account, access documents, see balances, and other account-related activities. Zacks Trade offers three different trading tools, all with different purposes and ease of access. You get access to all three with an account and can use any of them depending on what your needs are. Their systems aren’t sexy-looking, but they are feature-rich and cater to those who want to day-trade.

The company also offers free security monitoring and the ability to restrict access to your account to certain IP addresses. All accounts with the brokerage are protected by the Securities Investor Protection Corporation for up to $500,000 per account should the brokerage fail. Moreover, the company also has additional brokerage failure insurance with Lloyds of London.

You should engage in any such activity only if you are fully aware of the relevant risks. BrokerChooser does not provide LimeFX or any other advice, for further information https://limefx.name/ please read our General Terms and Conditions. There are some drawbacks though, as its desktop trading platform and research tools may be too complex for some.

Many or all of the products featured on this page are from our sponsors who compensate us. This may influence which products we write about and where and how the product appears on a page. Here is a list of our partners and here is how we make money. Our primary goal at The Modest Wallet is to help our readers make smarter money decisions without needing a finance degree. Because personal finance education should be free and accessible to everyone. Customization — You can customize ZacksTrader and ZacksTrader Pro to look and feel however you want.

Ultimately, its reliable and competent representatives earned it the top spot for customer service. Relatively high broker-assisted trade commission of $32.95. Human operated chat for customer service is not available 24/7. Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance.

What Are Zacks Trade’s Drawbacks?

Zacks Trade is related to Interactive Brokers, a pioneer in low-cost borrowing. As a result, Zacks Trade offers some of the lowest margin rates we’ve come across. While many other brokers charge upward of 10% interest on the first borrowed dollar, Zacks Trade charges less than half of that, and it typically beats the rates of many brokerages. We recommend Zacks Trade for traders and investors looking for comprehensive research tools, a wide product selection and low fees.

Additionally, while the standard Zacks Trade account is a cash account, the company does offer margin trading privileges to the majority of account types. If you use the app on your cell phone, you can take a call and reconnect to the app without having to log in again. Other nice Handy Trader features include real-time streaming quotes, fundamental data and independent analyst reports that you can also see on Zacks’ desktop platform. Zacks Trade is rather unique—it doesn’t have much competition.

This platform is ideal for those who simply want to place trades from time to time and manage account balances in one place. Zacks Trade offers a unique brokerage experience to seasoned investors. If any of the following apply to you, Zacks Trade should be on your shortlist.

• However, the top online brokers that we’ve listed here allow users to open an account with no minimum balance required.
• The Ascent is a Motley Fool service that rates and reviews essential products for your everyday money matters.
• This is a browser-based trading system with fewer tools than Pro.
• Novice investors inevitably have questions beyond the scope of FAQs and chatbot capabilities.
• A margin account allows investors to borrow cash by using the securities and cash invested in the brokerage as collateral.

Zacks Trade imposes no surcharges on broker-assisted trades, a rare policy in this industry. Although Zacks Trade’s equity commission may look a little pricey compared to $0 brokers, its margin schedule is very impressive. Tom Blake is a staff writer at Investor Junkie who specializes limefx review in cryptocurrency, investing, and passive income. His work has appeared on numerous publications like The College Investor, Money Crashers, Greedy Rates, and his own blog This Online World. In his spare time, Tom enjoys spending time outdoors and traveling as a digital nomad.

Industry Awards and Client Reviews

However, the company does charge a small commission fee per stock, option, and ETF trade. While the total fee does vary based on the stock value and whether it’s foreign or domestic, the commission rates at Zacks are generally considered low for the industry. The biggest thing to know is that Zacks Trade is not for beginners or even novice traders.

The well-designed app makes it easy to find your way around the numerous features. You can chat live with a trading specialist and even share your screen without leaving the app. It is always a good idea to first test trading ideas in a virtual environment. The paperMoney trading simulator allows beginners to get their feet wet without risking any real money.