ZacksTrade-Overview of Minimum Deposit, Spreads & Leverage

BASIC INFORMATION:

ZacksTrade is a US-based broker with a trading history since 2014. The Zacks Trade online platform is popular with US consumers and international clients and the brokerage also has offices in Chicago. The firm boasts Stock & ETF Trades from $3, 75¢ Option Contracts, and 5.63% Margin Rate – or lower in some case. Zacks Trade is based in Chicago and was founded by Len and Ben Zacks back in 1978. The company trades across more than 90 different exchanges and manages over $5bn in assets. Zacks Trade is now a division of LBMZ Securities, the wholly-owned broker/dealer component of the Group.

The brokerage has maintained activities since its launch which is a testament to the relevance of all investment products offered.

REGULATORY INFROMATION: LICENSE

No valid regulatory information

Please be aware of the risk!

MARKET

Although the vast majority of markets available to traders are based in the United States, its still possible to access stock trading in other areas, such as Australia, Asia and Europe.

Zacks offers a competitive commissions structure which is variable depending on trade carried out. US stocks and ETFs with a value of $1 or above are charged commissions of $0.01 per share, with a $3 dollar minimum. Currencies converted to US$ are charged at a rate between $2 and $2.50.

Corporate bonds with a face value of $10,000 or less are charged at 0.01% of the face value plus a $3 commission charge. You can find out more about commissions below.

SPREADS & COMMISSION

Zacks is one of the most affordable US brokers on the market, particularly for trading shares, penny shares and options. It is probably not the best broker to choose if you plan to trade mutual funds, as you can expect to pay minimum commissions of at least $12.55 per trade.

When it comes to trading options, you will pay $3 for your first contract and 75 cents extra for any additional contracts. The platform does not charge assignment or exercise fees. Clients dont have to pay any kind of inactivity fee on the platform and one free withdrawal is permitted each month.

LEVERAGE

Margin trading is available to all clients and its possible to apply for margin privileges at the time of registration. Existing clients can apply for margin privileges via their Account Management tool in the client dashboard.

Accounts qualifying for Reg T margins need to have a balance of $2,000 or more in cash or securities and margin rates will be variable based on various factors. The average is 5.63%.

Portfolio margins are also available to clients with holdings valued at $110,000 minimum. These offer higher levels of leverage

ACCOUNT TYPES

The two different accounts offered by this platform are Zacks Trade Pro, which is for more active traders, and Zacks Trader, which is more commonly used by retail traders. The Zacks Trader interface is much simpler than the one offered by Trader Pro, making it a speedy matter to learn how to trade on the platform.

All trading on Zacks Trade is carried out via their Client Portal, which is a securely encrypted service for account management and all associated activities.

DEPOSITS & WITHDRAWALS

As noted, all new clients need to make an initial funding deposit of $2,500 with Zacks. There are lots of different ways to deposit funds, including wire transfers, cheque deposits and automatic clearing house (ACH) linking to your bank account.

The first withdrawal you make in any calendar month is free of charge, however, charges do apply for any subsequent withdrawals, ranging from $1 for ACH to $10 for wire transfers. Withdrawals can be requested from the Account Management section of the screen in the Funding Tab section.

Zacks does stipulate how long funds need to be held in an account before any withdrawals can be made and this includes four business day credit holds for ACH transfers

DEMO ACCOUNT

Traders can sign up for a free demo account with Zero Markets. Users can trial both the MT4 and MT5 platforms and choose between a raw, standard or leveraged account. Demo accounts are loaded with virtual funds, are suitable for novice and experienced traders

TRADING PLATFORMS

· Meta Trader 4

· Meta Trader 5

· IRESS ViewPoint

TRADING HOURS

Client can trade all available markets during their opening hours with Zacks Trade, effectively meaning you can day trade virtually 24/7 with this site due to availability of Asia, Australia and US markets.

CONTACT DETAILS/CUSTOMER SUPPORT

Zacks Trade customer services can be contacted in working hours via live chat, email, social media or phone. The following details are also available on their website:

Customer support available from Monday to Friday between the hours of 9:00am and 6:00pm ET (except for exchange holidays)

· Local telephone number: 312.265.9406

· Freephone number: 888.979.2257

· Fax: 312.265.9547

ACCEPTED COUNTRIES

ZacksTrade only accepts traders from United States