Zackstrade Review: Is the Company Legit and How Does it Operate?

When thinking about trading, selecting a regulated broker is crucial because your money will be safe even if the broker goes out of business. Our Zackstrade review lets you learn about their performance, services, and other aspects.

Check out our most recent evaluations of Sway Markets, Xtrend Speed, and Amana Capital. 

Who Is Zackstrade.com?

LBMZ Securities Inc. established Zackstrade as a division in 2013 and since then, they serve as an online brokerage firm registered at 10 S Riverside Plaza # 1600, Chicago, IL 60606, United States. 

Regulation info

Zackstrade is a division of LBMZ Securities that is regulated by the Financial Industry Regulatory Authority (FINRA) and is a member of the Securities Investor Protection Corporation (SIPC). FINRA is a government-authorized not-for-profit organization that oversees U.S. broker-dealers.

Since Zacks Trade is a member of SIPC, its customers who purchase stocks are covered up to $500,000 (including $250,000 for claims involving cash). In equity and equity options accounts, protection is only offered for the securities and cash held with the purchase or sale of securities. 

Zackstrade Profile 

For aggressive, hands-on traders who don’t mind investing a little extra to use items like market research reports and cutting-edge trading tools, Zacks Trade is the ideal option.

Is Zackstrade Safe for Trading?

There might be better options than Zackstrade, depending on your area of expertise and where you are from. The broker is not something we would recommend for novice traders. Zackstrade’s countries of operation are: 

• United States
• Canada
• South Korea

We did come across information about LBMZ Securities and how they had neglected to set up and implement written rules to guard against the exploitation of important nonpublic information. Zackstrade was fined $240,000 in civil money as a result.

Zackstrade.com Clients’ Reviews

Zackstrade has a limited number of reviews, totaling just over 10, and unfortunately, most of them are negative. The company’s choice to stop accepting customers from outside the United States and the challenges encountered while creating accounts, are the main topics of the unfavorable reviews.

Reviews are the true representation of the business, and you can learn about their experiences with past clients before making an investment decision. Contact us right now if you require a trustworthy broker who will work well with your trading preferences.

Zackstrade Investment Products

Zackstrade offers a variety of investment products, including ETFs, bonds, stocks, options, mutual funds, and cryptocurrencies.

Fees for stocks and ETFs start at $0.01 per share with a $1 minimum or 1% of the trade value. 

Regarding bonds, you can pay 0.1% or 0.025% of face value plus $3 per bond for Corp bonds or 0.005% or 0.025% of face value plus $3 per bond for Gov bonds. 

The right to buy or sell assets within a predetermined time frame is granted through options. You must pay $1 for the initial contract plus 0.75% for each extra. 

For diversified portfolios, mutual funds pool investments. There is no charge for broker-assisted trades, but there is a $27.50 fee for mutual fund trades. 

Depending on the monthly transaction value, the fee per trade value ranges from 0.12% to 0.15% or even 0.18% for cryptocurrencies. Orders must be placed for a minimum of $1.75 and a maximum of 1% of the transaction value. You can also trade on margin, and rates start at 8.58% or lower, depending on the account balance.

Deposits and Withdrawal Methods

Both deposit and withdrawal methods can be done through ACH, check, or wire. There are no withdrawal fees if you request it once per month, but if more is required then there are fees to be paid. The process itself is not explained until you open an account. 

Zackstrade Customer Service

Zackstrade offers 24/5 customer service that is available Monday-Friday 9:00 AM – 6:00 PM ET. They are available over the phone, via email, live chat, or social media. 

Zackstrade Trading Platforms and its Features

Zackstrade provides its own trading platform, Zackstrade Pro. You may trade while on the go using Zackstrade app or the desktop version. The Zackstrade Pro platform offers: 

• Make several watch lists for various security levels and alter the data columns
• Create in-the-moment alerts based on price, time, margin, and volume
• See all of your open and filled orders, modify or cancel them
• Fully configure your own layout

The platform is free and it will be available at the Zackstrade login page after you successfully create an account. 

Each client of Zackstrade has access to their own Client Portal.  This portal enables simple trade placing and maintenance, access to Zackstrade account balances and documents, and control over account preferences, subscriptions, and permissions.

Pros and Cons of Zackstrade

Personal experience with Zackstrade.com and expert opinion of the author

Depending on your trading preferences, Zackstrade may qualify as a decent broker. With their advanced features, they cater more to experienced traders than newbies. Since there are alternative brokers on the market such as TD Ameritrade and Interactive Brokers, we are unable to say that our overall experience with Zackstrade has been excellent. 

It is wise to investigate and contrast various brokers to determine which one best suits your unique trading requirements and preferences. Reach out to us right away, and we’ll find the ideal broker for your requirements. 

FAQ Section