Investing in the stock market has been around for more than a century. Unfortunately, until now, the stock market was heavily dominated by the big players in the financial world. Fortunately, today’s technology has made it a much level playing field for beginners looking to get in on the action.
There is a new category of apps that makes it easy for anyone to set up a trading account. By adding funds to their account, a user can purchase stocks and create a stock portfolio. Once your portfolio is established you can begin making trades to build your portfolio. Zacks Trades is one of those apps and in this article, we will discuss some details about the app and inform you about things you should be aware of before joining.
Top 5 things to know about Zack’s Trades
- Powerful Interactive Trading Platform – Zack’s Trades provides a powerful, professional-level trading platform for today’s beginner stock traders. With several trading platforms available, like Zacks Trade Pro you will have a fully customizable dashboard with all the information at your fingertips. They have access to top-flight research and brokers.
- Zacks Trade Algos – Algos from Zacks Trades are proprietary algorithms that are designed to spot trends in markets that may normally be overlooked by other traders. These trends can be easily used by all Zacks Trades members to improve their own stock portfolios.
- Access to Both Domestic and International Stock Markets – Thanks to its inclusion of live brokers it brings the ability of its members to have access to more than 90 international stock markets in 215 countries.
- Not Commission-Free – Unlike other similar trading apps that offer commission-free trades, Zack’s Trades does not. That means every trade will be subject to a percentage charge determined by the app.
- No Access to Fee-Free Mutual Funds – Most small-time investors have discovered that low-cost mutual funds can add a level of financial security to an investment portfolio. Unfortunately, you will not find any fee-free mutual funds available on the Zack’s Trades platform.
Unfortunately, fees are a part of stock investing and it is unavoidable. While Zack’s Trades does charge fees for certain types of transactions, they are not totally out of line. One of the potentially costly fees is the $.01 per share charge for all trades. There is not a fee for the account itself, however, there are associated fees with withdrawals (the first one of every month is free). Fortunately, they do offer fee-free phone, chat, and email support (Monday-Friday).
Pros and Cons
Pros of using Zack’s Trades Platform
- Provides access to professional-level research to all members
- Powerful, user-friendly trading platform
- Full access to multiple international stock markets
Cons of using Zack’s Trades Platform
- Lack’s any commission-free options
- Requires a considerable minimum account balance
We want to leave you with a few final things to think about as you try to decide whether or not to try Zack’s Trades. When it comes to choosing the right trading platform, you need to decide whether or not paying some fees would be a deal-breaker for you. If you can live with the fee structure that we discussed in the article, then you should take a look at Zack’s Trades.