Main advantages

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Zacks Trade offers a comprehensive suite of market data, research, and tools to its users. Free of charge, Zacks Trade clients have access to over 20 publications, including reports from Morningstar, Zacks Investment Research, Thomson Reuters and The Motley Fool. If that’s not enough, Zacks Trade makes it easy for clients to subscribe to over 80 additional reports through the platform.

Low margin rates

Zacks Trade is linked to Interactive Brokers, a pioneer in low-cost borrowing. As a result, Zacks Trade offers some of the lowest margin rates in the brokerage industry. While many other brokers charge up to 10% interest on the first dollar borrowed, Zacks Trade charges less than half that. This broker doesn’t quite beat the rates offered directly by Interactive Brokers, but it certainly beats the industry average.

Access to human brokers

Zacks Trade helps investors trade over the phone by connecting them to a human broker at no additional cost. Many brokers do not allow clients access to human assistance, and very few offer such a service free of charge. Zacks Trade off free access.

What could be improved

High minimums

New clients opening an account with Zacks Trade must first meet the broker’s high minimum requirements – its minimum of $2,500 is well above the industry average. Many brokers do not require a minimum account, which may deter beginners from Zacks Trade.

High commissions and fees

Many brokers have adopted the commission-free trading model for stock and ETF trades, but Zacks Trade still charges modest commissions. Brokerage fees (detailed below) may seem small, but can add up for active traders. Additionally, Zacks Trade fees on options trades are above the industry average. High-volume options traders may find its fees prohibitive compared to Robinhood’s $0 commission on contracts.