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Zacks Trade Review

Sunday, October 2nd

2022 Online Stock Trading Platform Reviews

Zacks Trade Review 4.5 Star Rating

Zacks Trade

4.5 Star Rating
  • Introducing firm that uses Interactive Brokers as the carrying firm
  • No extra charge for broker-assisted trades
  • Trade on US or international exchanges
  • "A+" rated and accredited by the BBB
  • In business for over 40 years

Len Zacks published his investment approach in 1978, "analyzing earnings estimate revisions to predict stock movements" . Zacks Investment Research was born, evolving into the Zacks Rank: a stock racking system that uses those estimate revisions plus the concept of "earnings surprises" to rate stocks on a 1-5 scale. Zacks Trade provides you with the tools and the platform, and then as a self-directed investor you chart your course.

Just the facts

  • Costs
    • $0.01/share or 1% of trade value (stocks/ETFs)
    • $1 for first contract and $0.75/additional on options
    • No extra charge on broker-assisted trades
  • Minimum Deposit
    • $2,500 recommended but may not be required

Has a relationship with IBKR

We think it's worth pointing out that Zacks Trade is an introducing firm. Not sure what that means? This brokerage accepts your orders, but it passes them along to a carrying firm that will be the custodian of your securities account. In this case, the carrying firm is another platform in our review, Interactive Brokers. So, it's up to you which one you prefer to have as your starting point (which may be determined by how much you're investing, whether or not you need complimentary broker-assisted trades, and so on) because they have that relationship.

You'll probably need at least $2,500

This is one of the only online stock trading platforms in our evaluation that has a minimum required investment - sort of. Zacks Trade allows you to open an account with less than $2,500, but watch out for the inactivity fees we found mentioned by some clients. Then again, when you look at Zacks' Commissions page, it clearly says that you'll have a required minimum of that $2,500 and no activity fees.

Free broker-assisted trades

Zacks also isn't jumping on the "no commissions" bandwagon anytime soon, as far as we can tell. At the time of this evaluation, they were charging $0.01/share on Stocks and ETFs valued at greater than $1/share, 1% of the trade value on ones under $1, $1 for the first contract on options and $0.75 for every additional. On the other hand, this may be the only online stock trading platform we're aware of that doesn't charge any extra fees for broker-assisted trades. (Most rivals charge at least $20 for that service.)

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3 ways to use your account

There are three ways you can interact with your Zacks Trade account. The entry point for many users is the Client Portal, where you can place and manage simple trades, access your account balances and documents, and manage your settings, subscriptions and permissions. Handy Trader is the mobile app for your tablet or smartphone, giving you the ability to trade stocks, options and other securities from anywhere, plus monitor your portfolio and account balances. Finally, for the more seasoned trader, Zacks Trade Pro is their flagship platform: customize the interface, access all of the research and analytics you need, and much more.

Most in-depth research around

Want to jump in even deeper? Be sure to look at Zacks Trade's Research page. You can get subscriptions at no cost for up to 20 resources, and there are 80 more you can choose as a premium subscription. The full list is available when you click on the Pricing Guide link at the bottom of the page.

Phenomenal reputation

Another plus is that Zacks Trade has an "A+" rating and accreditation from the Better Business Bureau. That can't be said for every stock trading platform we researched. Client feedback isn't easy to find, but what's out there is almost always positive. And, most expert evaluations of Zacks Trade give it high marks as a service for active traders looking for helpful tools and world-class information to guide their investments.

Well worth your consideration as an active trader

We rate Zacks Trade as a 4.5-star stock trading platform: the same score as its partner, Interactive Brokers, and definitely a "six of one, half dozen of the other" between the two. We appreciate the depth of the research provided by Zacks (which informs the IB site as well), the 40+ year history of the company, and the no-additional-cost broker-assisted trades. We could live without the commissions and the minimum deposit, but Zacks Trade is still a great fit for active investors who might still want a little bit of human help with their online trades.

Which Online Stock Trading Platform is the Best?

The easiest way to answer that question is to start out with your preferred investment approach. Are you a beginning investor who needs to learn about the differences between stocks, ETFs and options? Are you trying to prepare for retirement and want a relatively safe way for your money to grow over the next 10, 20, 30 years? Or are you a seasoned investor ready to take yourself to the next level as an active trader? There are online stock trading platforms that meet all of those needs - but some services specialize in one or the other.

For active traders, the best platforms will have ample tools and research on hand. We particularly recommend the ones that offer you a way to test a strategy and see how it might play out - before actually committing to the trade. Make sure that any platform you're considering has the tools you anticipate needing, from fully-featured mobile apps to access to reports and other data to guide your decision-making.

The Best Online Stock Trading Platforms Compare Online Stock Trading Platforms Compare Online Stock Trading Platform Reviews What are the best Online Stock Trading Platforms Best Online Stock Trading Platform Reviews

Online Stock Trading Platform FAQ

No! In fact, most online stock trading platforms go out of their way to introduce beginners to the investment process. Online stock trading is appropriate for all levels of experience.
It's commonly accepted that investing in the stock market is an essential part of growing one's wealth. Using buying and selling stock online is a terrific way to get started or to continue expanding your portfolio. These stock trading platforms often have 24/7 assistance, in contrast with your local investment firm that operates according to traditional business hours. Plus, trading stock online can take off any pressure you might feel, letting you do the research and make your choices at your own pace and comfort level.
No matter which online stock trading platform you choose, you'll likely have a wealth of options at your fingertips. From access to third-party resources like Morningstar and CFRA, to plans that include professional management of your investments, you can get as much (or as little) input as you want.
Some stock trading platforms let you enter financial information from other institutions, so that you have an all-in-one place to track your net worth. You may also see tools for budgeting, tracking spending, and so forth. Also, if you choose a platform that's connected with your bank, you might get extra perks like free stock trades or seamless transfer of funds between accounts.
It's only as expensive as you decide to make it. You'll typically see per-trade fees, but some platforms have no-charge options. For example, you might be able to buy and sell mutual funds with no additional fees, or only pay fees for trades that require a live broker's assistance.
That depends on the stock trading platform you select. If you're just getting started, you may want to choose to invest with a service that has no minimum deposit. On the other hand, if you're an experienced investor and you're working with a larger investment amount, you'll be able to access more options among stock trading platforms.
Most stock trading platforms offer no guarantee that you'll be satisfied with their services. However, there are a small number of platforms that will refund your service fees and/or commissions paid if you're not happy, while working with you to address the problem.
Yes! This is a highly-regulated industry, and most of the stock trading platforms you'll find have been in business for decades (if not longer!). Where you decide to trade stocks will largely depend on your experience level with investing, the amount you're looking to put into the market, and what kind of investment help you want to have available.
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Continued from above...

Other investors might want a stock trading service that includes access to a financial advisor. These accounts usually come with fees as a percentage of the total amount invested, but it can be well worth the cost if you don't want to be involved in the day-to-day management and strategy on your account. Some services also let you choose a robo-investor: you enter your timeframe, investment goals, and risk tolerance, and a portfolio matching those targets is automatically generated and rebalanced over time. On those types of accounts, you can find options with no fees - and the ones that do charge fees are usually much less expensive than working with a human advisor one-on-one.

Keep in mind that most of today's online stock trading platforms very proudly advertise that they charge "$0 fees" . Is that true? Yes and no. More often than not, that refers to a lack of commissions on certain types of investments, usually stocks, ETFs, and sometimes options as well. However, you'll always find other costs associated with your investment - like transfer or withdrawal fees, surrender charges, and annual fees. Of course, it's still a money-saver to have no commissions on at least some of your trades; make enough on your investments and any other fees will easily be covered and then some.

So, which online stock trading platform is best for you? Here are some of the criteria to keep in mind:

  • Intended Investment Strategy. As we mentioned, your approach to investing will be the first factor to consider. Active trader? Buy-and-hold? Investing to make a lot of money but willing to take a lot of risks"or securing your retirement without being overly bold?
  • Ease of Use. How hard is it to navigate the site? Is it easy to open an account, manage your investments, and get advice?
  • Tools. What does the platform offer to help you with your investments? Is there a mobile app? Does the service connect you with research, data, and planning tools that are a good match for your level of expertise?
  • Reputation. What do other clients say about their experiences with the company? Is this a service with a long history in the financial industry or a relative newcomer? How are issues handled by the customer service team? Will you and your investments be in good hands here?

To help you make the most of your investments, TopConsumerReviews.com has evaluated and ranked today's most popular online stock trading platforms. We hope this information helps you reach your financial goals!

Compare Online Stock Trading Platforms

Select any 2 Online Stock Trading Platforms to compare them head to head

best-stock-trading-platforms
  • Fidelity
  • Charles Schwab
  • Interactive Brokers
  • Zacks Trade
  • Merrill Edge
  • TradeStation
  • Sogo Trade
  • TD Ameritrade
  • Firstrade
  • Ally
  • E*Trade
  • SpeedTrader
  • Webull
  • Robinhood
Fidelity vs Charles Schwab Fidelity vs Interactive Brokers Fidelity vs Zacks Trade Fidelity vs Merrill Edge Fidelity vs TradeStation Fidelity vs Sogo Trade Fidelity vs TD Ameritrade Fidelity vs Firstrade Fidelity vs Ally Fidelity vs E*Trade Fidelity vs SpeedTrader Fidelity vs Webull Fidelity vs Robinhood Charles Schwab vs Interactive Brokers Charles Schwab vs Zacks Trade Charles Schwab vs Merrill Edge Charles Schwab vs TradeStation Charles Schwab vs Sogo Trade Charles Schwab vs TD Ameritrade Charles Schwab vs Firstrade Charles Schwab vs Ally Charles Schwab vs E*Trade Charles Schwab vs SpeedTrader Charles Schwab vs Webull Charles Schwab vs Robinhood Interactive Brokers vs Zacks Trade Interactive Brokers vs Merrill Edge Interactive Brokers vs TradeStation Interactive Brokers vs Sogo Trade Interactive Brokers vs TD Ameritrade Interactive Brokers vs Firstrade Interactive Brokers vs Ally Interactive Brokers vs E*Trade Interactive Brokers vs SpeedTrader Interactive Brokers vs Webull Interactive Brokers vs Robinhood Zacks Trade vs Merrill Edge Zacks Trade vs TradeStation Zacks Trade vs Sogo Trade Zacks Trade vs TD Ameritrade Zacks Trade vs Firstrade Zacks Trade vs Ally Zacks Trade vs E*Trade Zacks Trade vs SpeedTrader Zacks Trade vs Webull Zacks Trade vs Robinhood Merrill Edge vs TradeStation Merrill Edge vs Sogo Trade Merrill Edge vs TD Ameritrade Merrill Edge vs Firstrade Merrill Edge vs Ally Merrill Edge vs E*Trade Merrill Edge vs SpeedTrader Merrill Edge vs Webull Merrill Edge vs Robinhood TradeStation vs Sogo Trade TradeStation vs TD Ameritrade TradeStation vs Firstrade TradeStation vs Ally TradeStation vs E*Trade TradeStation vs SpeedTrader TradeStation vs Webull TradeStation vs Robinhood Sogo Trade vs TD Ameritrade Sogo Trade vs Firstrade Sogo Trade vs Ally Sogo Trade vs E*Trade Sogo Trade vs SpeedTrader Sogo Trade vs Webull Sogo Trade vs Robinhood TD Ameritrade vs Firstrade TD Ameritrade vs Ally TD Ameritrade vs E*Trade TD Ameritrade vs SpeedTrader TD Ameritrade vs Webull TD Ameritrade vs Robinhood Firstrade vs Ally Firstrade vs E*Trade Firstrade vs SpeedTrader Firstrade vs Webull Firstrade vs Robinhood Ally vs E*Trade Ally vs SpeedTrader Ally vs Webull Ally vs Robinhood E*Trade vs SpeedTrader E*Trade vs Webull E*Trade vs Robinhood SpeedTrader vs Webull SpeedTrader vs Robinhood Webull vs Robinhood
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