Zacks Trade

Zacks Trade is a specialized broker designed for active traders and fundamental investors who value premium research over free trading. While most of the industry has moved to $0 commissions, Zacks Trade still charges per-share fees ($0.01/share). In exchange, it provides free access to the renowned Zacks Investment Research subscriptions (valued at hundreds of dollars a year) and uses the powerful Interactive Brokers (IBKR) backend for execution. If you pay for Zacks' research anyway, this brokerage is a steal; if you just want to buy ETFs for free, look elsewhere.

At a Glance

• Commissions: $0.01 per share (min $1.00) for Stocks/ETFs; $1.00 for first option contract, $0.75 thereafter
• Account Minimum: $2,500
• Research: Free access to Zacks Profit from the Pros, Zacks Rank, and more
• Platform: Zacks Trade Pro (based on IBKR's Trader Workstation)
• Assets: Stocks, Options, ETFs, Bonds, Mutual Funds
• International Trading: Access to 90+ international exchanges in 19 countries
• Margin Rates: Competitive (tiered), generally lower than typical retail brokers but higher than Interactive Brokers Pro.

Overview

Zacks Trade is an "introducing broker" for Interactive Brokers (IBKR). This means when you trade with Zacks, your money and trades are actually handled by IBKR's clearing houses and execution engines. You get the power of IBKR's backend, but the customer service and research of Zacks. It is built for the "self-directed investor" who makes decisions based on fundamental data and earnings estimates.

Trading Platforms & Tools

• Zacks Trade Pro: This is a re-skinned version of Interactive Brokers' Trader Workstation (TWS). It is customizable, data-heavy, and supports complex order types (algo trading, basket trading).
• Client Portal: A simpler web-based interface for checking balances and placing simple trades.
• Research: This is why you sign up. You get access to:
  • Zacks Rank: A quantitative rating system (1-Strong Buy to 5-Strong Sell) based largely on earnings estimate revisions.
  • Zacks Equity Research Reports: Detailed analyst reports on over 1,000 stocks.

Fees & Commissions

• Stocks & ETFs: $0.01 per share (Minimum $1.00). If you buy 100 shares, you pay $1. If you buy 1,000 shares, you pay $10.
• Options: $1.00 for the first contract + $0.75 for each additional contract.
• Mutual Funds: $27.50 per transaction (This is high; Fidelity charges $0 for many funds).
• Broker-Assisted Trades: Free. This is rare. Most brokers charge $25+ to place a trade over the phone. Zacks does it for the standard online commission rate.

Borrower Experience

• Onboarding: The application process is thorough and slightly longer than apps like Robinhood because of the $2,500 minimum and compliance checks.
• Support: Support is a highlight. You can call and get a licensed broker on the phone relatively quickly, which helps bridge the gap for users confused by the complex software.

Who It’s Best For

• The Research Junkie: If you actively use Zacks research or Morningstar reports to pick stocks, the value of the free subscriptions bundled here outweighs the trading commissions (provided you aren't day trading).
• International Traders: If you want to buy stocks listed on the London Stock Exchange or Tokyo Stock Exchange, Zacks Trade facilitates this better than almost any other retail broker.
• Phone Traders: If you prefer calling a broker to place trades but hate paying $30 fees, Zacks Trade's "free broker-assisted" policy is perfect.

Who Should Skip It

• Casual / Low-Balance Investors: If you have $500 to invest, you can't even open an account (min $2,500).
• Index Fund Investors: If you just want to buy SPY or VTI every month, paying $1 every time is a waste of money. Use Fidelity or Vanguard for $0 fees.
• Day Traders: While the tools are good, the $0.01/share commission adds up fast if you are scalping thousands of shares a day. IBKR Lite, or a $0 broker, is cheaper.

Bottom Line

Zacks Trade is a niche brokerage. It is not trying to be Robinhood. It is designed for the serious, fundamental investor who treats trading like a business. If you are willing to pay a small commission in exchange for institutional-grade research and a human picking up the phone, it is a fantastic choice. For everyone else, the $2,500 minimum and trading fees are unnecessary hurdles.