Zacks Trade Review: A Research-First Brokerage Built for Serious Investors
Low margin rates, institutional-grade research, and human broker access — at the cost of per-share commissions in a zero-commission world.
Get Up to $3,000 Cash Bonus
Open a new Zacks Trade brokerage account and fund it within 45 days to claim a cash bonus. Deposited funds must remain in the account for 12 months. Use the link below to get started.
Zacks Trade at a Glance
$0.01/share ($1 min)
$1 + $0.75/contract
8.83%
$250
No extra charge
150 markets, 34 countries
~2.83%
Desktop, Web, Mobile (free)
FINRA / SIPC member
Up to $3,000 cash bonus
What Is Zacks Trade?
Zacks Trade is a division of LBMZ Securities, Inc. (FINRA/SIPC member), operating as a fully disclosed introducing broker to Interactive Brokers LLC, which handles clearing, custody, and trade execution. This architecture gives clients access to one of the industry’s most robust trading engines while layering on Zacks’ research ecosystem and a distinctly personal customer service model.
The platform is purpose-built for self-directed, experienced investors who prioritize research depth, low margin costs, and global market access over zero-commission simplicity. NerdWallet described the ideal client as someone who is “money-savvy, but not necessarily tech-savvy” — an active investor who values the option to call a licensed broker and place a trade by phone at no extra charge.
The tradeoff is clear: Zacks Trade still charges per-share commissions in an era when most competitors offer $0 stock trades. For the right investor — active, research-driven, margin-conscious, or internationally focused — that tradeoff is well worth it.
Who Zacks Trade Serves Best
International investors gain access to 150 markets across 34 countries, making it one of the broadest global trading platforms available to U.S. retail investors. Bond investors benefit from some of the lowest fixed-income trading fees in the industry. Margin traders enjoy rates starting at 8.83% — roughly 3 percentage points below Schwab, Fidelity, and E*Trade at comparable balance tiers. And research-oriented traders get free access to over 20 research and news subscriptions, including resources from Morningstar, Thomson Reuters, and the proprietary Zacks Rank system from Zacks Investment Research, one of the largest independent equity research firms in North America.
Account types span the full spectrum: individual, joint, custodial, trust, Traditional IRA, Roth IRA, Rollover IRA, SEP IRA, corporate, partnership, LLC, and unincorporated business accounts. IRA accounts support options trading including covered calls, cash-secured puts, and certain spread strategies — a meaningful edge for retirement investors seeking income strategies.
Trading Platforms
Zacks Trade provides multiple trading platforms at no cost, all powered by Interactive Brokers’ infrastructure.
Zacks Trade Pro (Desktop)
Zacks Trade Pro is the flagship desktop application, available on Windows, Mac, and Linux. It delivers the full power of Interactive Brokers’ Trader Workstation architecture: customizable multi-monitor layouts, real-time alerts, and advanced tools including algorithmic trading (TWAP, VWAP, Arrival Price), an Options Strategy Lab, Probability Lab, Basket Trader, SpreadTrader, and portfolio rebalancing. Active traders can trade directly from charts and build complex multi-leg options strategies.
Client Portal (Web)
The Client Portal is a streamlined web-based interface suited for account management, simpler trades, and portfolio analysis. Its Portfolio Analyst tool benchmarks performance against the S&P 500 and generates PDF reports.
Mobile App (iOS & Android)
The Zacks Trade mobile app provides a clean, mobile-optimized version of the platform. NerdWallet noted that it felt “less cluttered and easier to use” than Interactive Brokers’ own mobile app, making it a solid option for investors who want a simpler mobile experience.
Zacks Rank Trading Tool (ZRTT)
All clients also receive free access to the Zacks Rank Trading Tool, which screens for Zacks Rank #1 (Strong Buy) stocks by theme, sector, and industry — and allows one-click order placement directly from the research screen. Paper trading accounts are also available for practice.
The order type roster is comprehensive: limit, market, stop, stop-limit, limit-if-touched, market-if-touched, limit-on-close, market-on-close, all-or-none, bracket orders, hidden orders, and iceberg/reserve orders — covering virtually every execution strategy an active trader would need.
Pricing & Commissions
Zacks Trade’s commission structure is its most debated feature. While most major brokers now charge $0 for online stock and ETF trades, Zacks Trade charges $0.01 per share with a $1 minimum (1% of trade value for stocks under $1). Options cost $1 for the first contract plus $0.75 per additional contract, and mutual fund trades run $27.50 each. These commissions are modest for typical retail orders — a 100-share trade costs just $1 — but scale for larger positions.
Margin Rates: Where Zacks Trade Shines
Where Zacks Trade delivers clear pricing advantages is margin rates. As of December 15, 2025 (per Zacks Trade’s published data), margin rates follow a blended tier structure:
| Balance Tier | Margin Rate |
|---|---|
| Up to $100,000 | 8.83% |
| Up to $1,000,000 | 8.33% |
| Up to $50,000,000 | 8.08% |
| Over $50,000,000 | 7.83% |
These rates significantly undercut traditional brokers. Here is how Zacks Trade compares at the lowest balance tier:
| Broker | Margin Rate (Lowest Tier) |
|---|---|
| Zacks Trade | 8.83% |
| Charles Schwab | 11.825% |
| Fidelity | 11.825% |
| Vanguard | 12.00% |
| E*Trade | 12.45% |
Competitor rates sourced from Zacks Trade’s published comparison, dated 12/15/2025. Rates may vary by account activity or balance. Interactive Brokers, Zacks Trade’s own clearing firm, offers even lower margin rates.
For an investor carrying $100,000 in margin debt, the difference between Zacks Trade’s 8.83% and Schwab’s 11.825% amounts to roughly $2,995 in annual interest savings.
Notable Fee Policies
Broker-assisted trades carry no extra charge — a genuine rarity, as competitors typically charge $20–$25 per phone trade. Options exercise and assignment are free. However, accounts under $25,000 that generate less than $15 in monthly commissions face a $15/month inactivity fee. The minimum deposit to open an account is $250.
Current Promotion: Up to $3,000 Cash Bonus
Zacks Trade is running a cash bonus promotion for new non-retirement accounts funded within 45 days of approval. The bonus tiers are as follows:
| Deposit Amount | Cash Bonus |
|---|---|
| $1,000 – $4,999 | $75 |
| $5,000 – $24,999 | $150 |
| $25,000 – $49,999 | $250 |
| $50,000 – $99,999 | $350 |
| $100,000 – $199,999 | $500 |
| $200,000 – $499,999 | $750 |
| $500,000 – $999,999 | $1,000 |
| $1,000,000 – $1,999,999 | $2,000 |
| $2,000,000+ | $3,000 |
Bonuses are deposited within 30 days of meeting conditions. Deposited funds or securities must remain in the account for 12 months. Cash or securities transfers both qualify, though internal transfers between existing Zacks Trade accounts do not. Zacks Trade reserves the right to change or terminate the promotion at any time — check their site for current availability.
Claim Your Zacks Trade Cash Bonus
Open a new account using the link below, fund it within 45 days, and receive your cash bonus — up to $3,000. A 12-month holding period applies.
Account Protection & Security
Zacks Trade clients benefit from multiple layers of protection. As a FINRA member and SEC-registered broker-dealer, LBMZ Securities provides standard SIPC coverage of up to $500,000 per customer (including a $250,000 cash sub-limit).
Because client assets are custodied at Interactive Brokers LLC, accounts also benefit from IBKR’s excess SIPC policy. According to Interactive Brokers’ published disclosures, this policy — underwritten by certain syndicates at Lloyd’s of London — extends per-account coverage by an additional $30 million (with a $900,000 cash sub-limit), subject to an aggregate limit of $150 million across all accounts. Note that this excess coverage is provided through Interactive Brokers’ clearing relationship, not directly by LBMZ Securities — Zacks Trade’s own account protection page references only standard SIPC coverage.
Security features include multi-factor authentication (via a physical security card or mobile app), 128-bit SSL encryption, automatic session timeout, and failed login attempt lockout.
Customer Support
Customer support operates Monday through Friday, 9:00 AM to 6:00 PM ET via phone (888-979-2257 toll-free; 312-265-9406 local), email (support@zackstrade.com), and live chat. The defining feature: every customer service representative is a licensed broker, capable of discussing strategy, placing trades, and providing substantive guidance — not just troubleshooting account issues. BrokerChooser’s live testing found fast response times with relevant, knowledgeable answers.
The limitation is scope: no weekend or evening support and no 24/7 phone availability. For investors who value human expertise over chatbot efficiency, Zacks Trade’s support model is a genuine differentiator. For those who need after-hours assistance, it falls short of larger firms like Schwab and Fidelity that offer round-the-clock access.
Pros & Cons
Pros
- Margin rates 3+ percentage points below Schwab, Fidelity, and E*Trade
- 20+ free research and news subscriptions, including Zacks Rank access
- Free broker-assisted trades from licensed representatives
- Access to 150 markets across 34 countries
- Powered by Interactive Brokers’ execution infrastructure
- Comprehensive order types and algorithmic trading tools
- Strong account protection (SIPC + IBKR’s excess SIPC via Lloyd’s)
- Among the lowest bond trading fees in the industry
Cons
- Per-share commissions in a zero-commission landscape
- $27.50 mutual fund fee — well above industry norms
- $15/month inactivity fee for accounts under $25,000
- No educational content, tutorials, or financial planning tools
- Steep learning curve on the Pro platform (not beginner-friendly)
- No cryptocurrency, futures, or forex trading
- No banking or cash management features
- ~2.83% APY on uninvested cash — below competitors paying 3%+
- Customer support limited to weekday business hours (9 AM–6 PM ET)
- Declined to disclose execution quality statistics to NerdWallet
When Zacks Trade Is the Wrong Choice
Zacks Trade is not a universal solution. Beginners will find no educational resources and a steep learning curve. Cryptocurrency, futures, and forex traders are out of luck — none of these asset classes are available. Investors seeking banking or cash management features (checking, debit cards, bill pay) won’t find them here. High-volume traders executing large block orders should note that the per-share commission becomes expensive at scale — and should consider Interactive Brokers directly, which offers both lower commissions and lower margin rates. Cost-sensitive passive investors making frequent small trades in a $0-commission world have little reason to pay even $1 per trade. And anyone needing 24/7 customer support will find the weekday-only schedule restrictive.
What Independent Reviewers Say
Independent reviews paint a consistent picture. BrokerChooser awarded 4.0 out of 5 stars based on 600+ criteria and live account testing. The Motley Fool titled their review “Tons of Good Research, but Surprisingly High Fees.” U.S. News described Zacks Trade as a “boutique brokerage” with research offerings “among the best in the business.”
The most consistently praised elements across reviews are the depth of research tools (20+ free subscriptions plus 80+ premium options), free broker-assisted trades, competitive margin rates, and expansive international market access. NerdWallet highlighted Zacks Trade as “one of the cheapest brokers we review” for bond trading specifically.
Criticisms cluster around per-share commissions, the mutual fund fee, platform complexity for beginners, the complete absence of educational content, and the inactivity fee. NerdWallet also noted that Zacks Trade declined to disclose execution quality statistics — a transparency gap that factored negatively into their rating.
Frequently Asked Questions
Yes. Zacks Trade is a division of LBMZ Securities, Inc., which is a member of FINRA and SIPC. Client assets are custodied at Interactive Brokers LLC, one of the largest and most well-capitalized brokerage firms in the world. Accounts are protected by SIPC up to $500,000 (including $250,000 in cash), and Interactive Brokers carries additional excess SIPC insurance through Lloyd’s of London.
Zacks Trade uses Interactive Brokers’ trading infrastructure, so the underlying execution engine is the same. The key differences: Zacks Trade offers free broker-assisted trades (IBKR charges for phone trades), a curated set of free research subscriptions, and a somewhat simpler experience. However, Interactive Brokers offers lower commissions, lower margin rates, and a broader product set (including futures, forex, and crypto). If you want a more hands-on, full-service experience, Zacks Trade is the better fit. If you want rock-bottom costs and maximum product breadth, IBKR may be the better choice.
Yes — $15 per month for accounts with a balance under $25,000 that also generate less than $15 in monthly commissions. If your balance is $25,000+ or you generate at least $15 in commissions per month, the fee is waived.
Yes. IRA accounts support options trading including covered calls, cash-secured puts, and certain spread strategies. IRA custodial fees are also free.
The minimum initial deposit is $250. To qualify for the cash bonus promotion, you’ll need to deposit at least $1,000.
No. Zacks Trade does not offer cryptocurrency trading, futures, or forex. If you need these products, consider Interactive Brokers directly.
Bottom Line: My Recommendation
Zacks Trade occupies a distinctive niche in the brokerage landscape — it is not trying to be everything to everyone, and that focus is its strength. The platform combines Interactive Brokers’ execution infrastructure with Zacks’ research ecosystem and an unusually personal customer service model at a price point that, while not zero, delivers genuine value through margin rate savings, free broker-assisted trades, and research access that would cost hundreds per year elsewhere.
For experienced, research-driven investors — particularly those trading on margin, accessing international markets, or managing retirement accounts with options strategies — Zacks Trade offers a compelling package that the major discount brokers do not replicate. The key insight: the $1 minimum commission on a typical stock trade is a trivial cost compared to the $3,000+ annual savings an active margin trader realizes versus Schwab or Fidelity. For investors who understand that calculus, Zacks Trade delivers outsized value.
Ready to Open a Zacks Trade Account?
Use the link below to open your account and claim a cash bonus of up to $3,000. A 12-month holding period applies to deposited funds.
Important: Investing involves risk, including the possible loss of principal. Margin trading involves additional risks and is not suitable for all investors. Commission rates, margin rates, bonus terms, and other details are subject to change — verify all current terms on the Zacks Trade website before opening an account. This review is for informational purposes only and does not constitute personalized investment advice.
