Zacks Trade review
Research resources are plentiful, but features are better suited to advanced traders.
Zacks Trade allows you to trade stocks, bonds, mutual funds, and more from your desktop, tablet, or mobile device. It offers a variety of account options and access to international exchanges. But you need at least $2,500 to open an account.
- Consider Zacks Trade if you’re an active investor looking to swap international stocks.
- Look elsewhere if you’re seeking portfolio management or robo-advising.
What we think of Zacks Trade
Zacks Trade is a solid platform for advanced traders in South Africa. It comes with sophisticated charting tools and vast research options to help traders make the right investment decisions.
Being a solid platform isn’t a coincidence, though. Zacks Trade actually uses Interactive Broker’s (IBKR) trading platform and mobile app — offering its customers the variety of features that comes with IBKR’s platforms. Zacks Trade also uses Interactive Brokers LLC as a clearing firm.
Despite being almost identical, there are three major differences between Zacks Trade and IBKR.
- Zacks Trade comes with higher fees than IBKR. Depending on which IBKR account you use (Lite or Pro), you could trade commission-free stocks and exchange-traded funds. With Zacks, expect to pay US$0.01 per share — with a US$1 minimum fee — for stocks and ETFs that cost US$1 or more. Zacks Trade also charges higher mutual fund fees of US$27.50 per transaction.
- Zacks Trade has a US$0 fee for broker-assisted trades. And this is the main feature where this broker shines. This not only beats IBKR — which has a US$30 fee for broker-assisted trades — but it beats almost every other broker.
What investments does Zacks Trade offer?
Zacks Trades offers a comprehensive range of securities for investors in South Africa.
- Stocks and ETFs. Trade stocks and ETFs from the US and international exchanges at US$0.01 per share with a US$1 minimum fee.
- Bonds. Purchase government and corporate bonds with commissions that start at 0.025% plus US$3.
- Options. Your first options contract will cost US$1, with all additional contracts priced at US$0.75.
- Mutual funds. Invest in mutual funds with commissions set at $27.50 per fund.
Zacks Trade is best for experienced investors and active traders
Zacks Trade, powered by its parent company Zacks Investment Research, empowers a variety of traders to pursue their investment goals.
- Experienced investors. Professional charting tools and expert analysis on earnings estimates are just some of the tools Zacks Trade offers to help advanced investors make informed decisions.
- International investors. Zacks Trade offers access to a range of global exchanges including the New York Stock Exchange (NYSE), London Stock Exchange (LSE) and Mexican Stock Exchange (MSE).
- Day traders. Multiple platforms and research tools allow day traders to work from home, at the office or on the go.
Active investors in South Africa will find plenty to celebrate on Zacks Trade, with penny shares, options trading and access to international stock exchanges. And for those seeking a little extra guidance, Zacks Trade offers broker-assisted trades for free — a service that comes with a surcharge on many competing platforms.
Zacks Trade is a poor choice for beginners who don’t use broker-assisted trades
The platform itself isn’t necessarily a bad option for beginners whether they use the broker-assisted feature or not. But there are better alternatives. For example, Robinhood has US$0 minimum requirements, commission-free stocks and ETFs, beginner investor educational resources and an intuitive mobile app.
- Wide selection of securities. Gain access to a wide range of stocks, ETFs, mutual funds and more.
- Multiple platforms. Make trades from your computer, tablet or mobile phone.
- Account options. Open an individual or joint account, a trust fund, multiple funds and more.
- Global markets. Zacks Trade allows clients from over 200 countries to trade, all from a single account.
- Research options. Investors gain access to free research subscriptions, alongside comprehensive charting and analysis tools.
- Free broker-assisted trades. While many of its competitors charge for the service, Zacks Trade offers free broker-assisted trades.
- Commissions. Unlike many of its competitors, Zacks Trade charges commissions on most of its securities.
- Mutual fund fees. If you want to use Zacks Trade for buying or selling mutual funds, you’ll be charged US$27.50 per transaction.
Pricing and fees
Zacks Trade’s commission fees put it at a disadvantage — most of its competitors have ditched their commissions, including Robinhood, Ally Invest and Webull.
But there is one service Zacks Trade offers for free that many of its competitors charge for: broker-assisted trades. Most major players in the industry charge at least US$25 per broker-assisted trade, but Zacks Trade offers this service for free — a practical perk for those new to trading and seeking guidance.
|Minimum deposit to open||US$0|
|Stocks and ETFs — greater than $1 per share||US$0.01 per share, US$1 minimum|
|Stocks and ETFs — less than $1 per share||1% of trade value, US$1 minimum|
|Options||US$1 for first contract|
US$0.75 per additional contract
|Mutual funds||US$27.50 per fund|
|Government bond — up to $1 million face value||0.025% of face value + $US3 per bond|
|Government bond — remaining face value||0.005% of face value + US$3 per bond|
|Corporate bond — up to $10,000 face value||0.1% of face value + US$3 per bond|
|Corporate bond — remaining face value||0.025% of face value + US$3 per bond|
|Account transfer fee||US$0|
Zacks Trade also offers access to foreign stock exchanges.
|Canada — greater than US$1 CAD per share||US$0.02 CAD per share, US$4.50 CAD minimum|
|Canada — less than US$1 CAD per share||1% of trade value CAD, US$4.50 CAD minimum|
|Mexico||0.3% of trade value MXN, 180 MXN minimum|
|Austria, Belgium, France,|
Germany, Italy, Netherlands,
|0.3% of trade value EUR, 12 EUR minimum|
|Norway||0.1% of trade value NOK, 150 NOK minimum|
|Sweden||1% of trade value SEK, 100 SEK minimum|
|United Kingdom||0.3% of trade value GPB, 12 GPB minimum|
|Switzerland||0.3% of trade value CHF, 15 CHF minimum|
|Hong Kong||0.3% of trade value HKD, 120 HKD minimum|
|Japan||0.3% of trade value JPY, 1200 JPY minimum|
|Singapore||0.3% of trade value SGD, 20 SGD minimum|
|Russia||0.05% of trade value RUB, 95 RUB minimum|
|Australia||0.3% of trade value AUD, 16 AUD minimum|
|Currency conversion from USD||$2 to $2.50|
How do I sign up?
To start trading, you can sign up online or through the mobile app.
- Visit the Zacks Trade website.
- Select Open an Account.
- Enter your first and last name, email and phone number. Hit Submit.
- Choose the type of account you’re interested in opening and select Continue.
- Enter your email address, then choose a username and password.
- Verify your email, then log in to your account to set up and fund your portfolio.
- Visit your phone’s app store and download the Zacks mobile app.
- Select Sign up and proceed through each step as you would on the desktop application.
- Verify your account and log in to set up and fund your portfolio.
To sign up for a Zacks Trade account, you’ll need to be:
- At least 18 years old
- A citizen or resident of an acceptable country, as listed on the Zacks Trade website
Zacks Trade might require you to submit additional documents, including the following:
- Full name
- Proof of identity, such as a driver’s license
- Proof of residency
- Financial information showing your annual net income and liquid net worth
The platform’s features and ease of use depend largely on which platform you’re on. Zacks Trade Pro offers a comprehensive suite of trading tools, equipped with a customisable interface, scalable charts and over 120 technical indicators. But new traders may find this platform overwhelming — and that’s where Zacks Trader steps in.
Zacks Trader operates as a web-based platform, offering the core elements of the Pro version through a less-cluttered interface.
As for the mobile app, Zacks traders report that the app is functional but lacks push alerts for orders and incoming deposits.
What platforms are available?
There are four Zacks Trade platforms available, accessible by desktop, tablet or mobile device:
- Client Portal. Through the Client Portal, traders can review account balances, initiate simple trades, make account deposits and withdrawals and adjust their account settings.
- Zacks Trader. This web-based platform is less robust than Zacks Trade Pro but offers interactive charts, market data, orders and executions, custom strategies and news feeds from Reuters News.
- Zacks Trade Pro. This feature-rich desktop platform lets you execute trades, create watchlists, view portfolio data, set real-time alerts, access charting tools and more.
- Handy Trader. Zacks Trade’s mobile app, Handy Trader, is available for Android and iOS devices and offers order management, trade execution, portfolio monitoring and research data.
Zacks Trade offers its investors access to free research subscriptions through IBIS, a news and fundamentals research platform add-on. Free research and news services include:
- 24/7 Wall Street
- Alexandria Contextual Text AnalyticsTM Engine (ACTATM) news sentiment scores
- AltaVista Research ETF Tear Sheet Pro plus ETF Hedge and Alternative Finders
- Briefing.com General Market Columns and Analyst Actions
- Dow Jones North American Briefing and Tomorrow’s News Today newsletters
- Event Shares
- IB Market Signals
- IB Traders’ Insight
- Market Realist
- Morningstar Equity Ownership and Short Interest
- RedSky Newsfeed
- Seeking Alpha
- Social Sentiment
- StreetInsider.com Top News and Analyst Actions
- The Motley Fool
- Thomson Reuters
- Zacks Investment Research
And for traders who want to bump up their research options, the platform offers an additional 80 research subscription resources for a fee.
What charting and analysis tools are available?
Zacks Trade has many practical tools to offer. In addition to over 120 technical chart indicators and chart-enabled trade executions, Zacks Trade Pro investors gain access to:
- Algorithms. Implement algorithms by arrival price, percentage of volume strategy, time-weighted average price and volume-weighted average price.
- Basket trader. Import baskets of stock orders and execute trades.
- Market scanners. Filter and screen stocks, bonds, mutual funds and options by set parameters.
- Options strategy lab. View options strategies based on price and volatility forecast.
- Probability lab. Explore options probability and adjust your strategy based on the forecast.
- Volatility lab. Take a look at past and future readings with Zacks Trade’s volatility tools.
- Rebalance portfolio. Adjust your portfolio based on your risk tolerance and investment goals.
- SpreadTrader. Close or reverse spread positions on options orders.
Is Zacks Trade legit?
Yes. Zacks Trade was established in 2014 by the same founder as North America’s second-largest equity research firm, Zacks Investment Research (ZIR). While ZIR is a separate company, Zacks Trade users get access to its market insights and research tools.
Zacks Trade has no complaints lodged against it on the Consumer Financial Protection Bureau (CFPB). All Zacks Trade investment accounts are offered by LBMZ Securities, a member of the Financial Industry Regulatory Authority (FINRA) and the Securities Investor Protection Corp (SIPC), which means your account is protected up to US$500,000, including up to US$250,000 in cash balances.
Zacks Trade reviews and complaints
Zacks Trade feedback is far from plentiful and its small handful of reviews offer mixed feedback.
On Trustpilot, Zacks Trade holds a TrustScore of 2.2 out of 5 based on 13 reviews, as of November 2021. Most complaints cite a frustrating signup process and inability to contact customer service. The positive feedback praises the platform’s ease of use.
While Zacks Trade doesn’t have its own BBB page, its parent company, Zacks Investment Research, does. As of November 2021, Zacks Investment Research holds an A+ BBB rating alongside an official accreditation which it earned in 2012. Zacks Trade has no complaints on the CFPB, and Reddit chatter is mostly focused on the research offerings of its parent company.
|BBB rating (Zacks Investment Research)||A+|
|BBB accredited (Zacks Investment Research)||Yes|
|BBB customer rating (Zacks Investment Research)||3.31/5 based on 45 customer reviews|
|Trustpilot score||2.2/5 out of 13 customer reviews|
|Google Play app||3.8/5 stars based on 4,351 reviews|
|Apple app store||4.2/5 stars based on 2,329 reviews|
|Customer reviews verified as of||November 2021|
3 ways to contact Zacks Trade support
Get in touch with the Zacks Trade support team by:
- Phone. Call 888-979-2257 on weekdays from 9 a.m. to 6 p.m. ET.
- Email. Send inquiries to email@example.com.
- Live chat. Speak with a member of the support team on weekdays from 9 a.m. to 6 p.m. ET.
Compare with a wider range of brokers
These brokers in South Africa trade some of the same securities and offer similar services to Zacks Trade.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.