TradeZero or ZacksTrade – which is better for UK traders 2024? Compare TradeZero and ZacksTrade in this detailed breakdown of their platforms, features and fees.
TradeZero is a stock and ETF broker established in the Bahamas in 2015. Though the global entity is regulated offshore, the US subsidiary is overseen by FINRA with SIPC registration. The powerful proprietary trading software makes it a popular choice for active traders.
Zacks Trade is a FINRA-regulated US broker offering trading on stocks, ETFs, cryptocurrencies, bonds and more through a proprietary terminal. The broker is geared toward active traders and offers very affordable fees on most assets as well as an app and a vast amount of market data.
Pros
ZeroPro provides access to advanced charting features, instant alerts, customizable hotkeys and, for an extra monthly fee, OTC Level 2 markets
High intraday leverage up to 1:6 for global accounts with balances of $2,499+ and up to 1:4 for US clients
Four in-house platforms including a proprietary mobile app with real-time data streaming
Simple pricing structure; free or paid stock and options orders (eligibility requirements apply)
On-demand tutorial videos and live stream market insights
The US entity is registered with the FINRA and SIPC
Innovative solution to mark unused locates for credit
Pre-market and post-market trading hours
Demo account
20+ account denominations
Comprehensive research and data
Customizable proprietary trading platform and mobile app
Regulated by FINRA with access to the Securities Investor Protection Corporation
Cons
TradeZero only facilitates trading US stocks, with UK, EU and other international markets unavailable
High deposit and withdrawal fees; $50 for outgoing and $25 for incoming (waived if over $500)
The TradeZero global entity has weaker regulatory oversight from the SCB of the Bahamas
A $59 monthly fee applies to the ZeroPro and ZeroWeb terminals
Customer support is available 24/7 with a responsive live chat
No MT4 or MT5 platform integration
High minimum requirement of $2,500
No forex, commodities or futures trading
Withdrawal fees apply if removing funds more than once per month
Shortcomings regarding platform loading times and technical glitches
Clients can trade a modest handful of cryptos including Bitcoin, Ethereum, and Litecoin. Real-time quotes are available and fees are low. Commissions also drop if you trade digital currencies in high volumes.
