Product Overview of Zacks Trade
Zacks Trade is a comprehensive online trading platform designed to cater to a wide range of investors, from beginners to active, high-volume traders. Here’s a detailed look at what the product does and its key features.
What Zacks Trade Does
Zacks Trade is a full-service trading platform that allows investors to trade in various asset classes, including stocks (including penny stocks and OTC stocks), ETFs, options, mutual funds, bonds, and foreign stocks. It also supports currency exchanges for investment purposes, although it does not offer forex trading as an asset class or futures contracts and commodities.
Key Features and Functionality
Trading Platforms
Zacks Trade offers multiple trading platforms to suit different user needs:
- Zacks Trade Pro: This is the flagship desktop platform, designed for active traders. It features a customizable, widget-based interface, advanced charting tools, over 120 technical indicators, and real-time data with alerts and indicators. It also includes tools like the Probability Lab and Options Strategy Lab for generating investment analysis based on the platform’s prediction algorithms.
- Zacks Trader: A simplified, web-based version of Zacks Trade Pro, ideal for new users or those who prefer a less complex interface. It provides interactive charts, streaming market data, and basic trading tools.
- Client Portal: Primarily an administrative portal where investors can review account and payment settings, manage simple trades, and access account documents and balances.
- Mobile App: Allows users to enter and manage orders, view executions, monitor portfolio and account balances, and perform other trading activities on the go.
Research and Analysis Tools
Zacks Trade stands out for its robust research and analysis capabilities, inherited from Zacks Investment Research. Key features include:
- Access to over 100 technical indicators and several dozen sources for fundamental analysis, such as news feeds, bespoke analysis, and commentary.
- Tools like the Zacks Rank Trading Tool, which provides Zacks Investment Research insights directly within the brokerage account, allowing users to screen for top-ranked stocks and place trades accordingly.
- Integration with multiple third-party research providers, including Bloomberg TV, Trading Central, and Seeking Alpha.
Global Trading
Zacks Trade supports global investment, allowing clients to trade on over 90 international markets. This makes it an excellent choice for traders looking to diversify their portfolios across different geographies.
Commission Structure
The platform has a competitive commission structure:
- Stocks: $0.01 per share with a $1 minimum, and a 1% commission for penny stocks.
- Options: $1 for the first contract and $0.75 for each additional contract.
- Mutual Funds: $27.50 per trade, with no zero-fee mutual funds or ETFs available.
- Bonds: Priced based on the value of the trade, typically $3 plus 0.025% of the face value.
Additional Features
- No Inactivity Fee for Active Traders: The $15 monthly inactivity fee can be waived by generating at least $15 in trading commissions per month or maintaining a balance above $25,000.
- Free Broker-Assisted Trades: Unlike many brokers, Zacks Trade does not charge extra for broker-assisted trades, which can be particularly beneficial for less tech-savvy investors.
- Extended Trading Hours: Trading is available from 8:00 a.m. to 8:00 p.m. Eastern time, Monday through Friday.
- Customer Support: Zacks Trade offers comprehensive customer support through phone, email, and a detailed FAQ section on their website.
Minimum Requirements and Fees
- Minimum Balance: A $2,500 minimum balance is required to open an account.
- Withdrawal Fees: One free withdrawal per month; subsequent withdrawals incur fees depending on the transfer method.
In summary, Zacks Trade is a robust trading platform that excels in providing deep fundamental analysis, comprehensive research tools, and a range of trading platforms to cater to different investor needs. Its global reach, competitive commission structure, and free broker-assisted trades make it an attractive option for both new and experienced traders.