Zacks Trade account opening

Account opening at Zacks Trade is fully online but not user friendly.

This means that the registration part of the account opening process can be done on your desktop, but it might be more time consuming due to complicated features.

Check out this comparison table to compare the rating and duration of Zacks Trade's account opening process to its main competitors:

Zacks Trade account opening vs. similar brokers
Zacks Trade Tradestation Fidelity
Rating 2.8 stars 5.0 stars 2.9 stars
Account opening time >3 days 1 day 1-3 days

An account with an online broker is pretty much like a regular bank account and opening one is at least partly an online process. At some brokers it's as quick as opening a new Gmail account, at other brokers it takes a couple of days until they do some background check on you. Rather than storing just money on it, you will hold your financial assets, such as shares or forex positions, on your account. Opening an account is always free of charge. To learn more about trading accounts, read our article on the topic.

There are a couple of other factors to consider when you are about to open an account at Zacks Trade. Here are the main pros and cons when it comes to registering at Zacks Trade:

Pros Cons
No minimum deposit Not user-friendly
Number of base currencies

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Zacks Trade account opening
Countries where Zacks Trade accounts can be opened

Fortunately, almost anyone can open an account at Zacks Trade. The few exceptions are typically residents of countries with unstable economic or political backgrounds.

Check out this table to see whether Zacks Trade is available for residents of the listed countries:

Availability of Zacks Trade accounts in 15 countries
Country Availability
Australia No
Canada No
China Yes
Germany Yes
Hong Kong No
India Yes
Ireland Yes
Japan No
Malaysia Yes
Netherlands Yes
Singapore Yes
South Africa Yes
United Arab Emirates Yes
United Kingdom Yes
United States Yes

Your country is not on this list? Don’t worry, here is a smart geochecker tool for you:

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Zacks Trade account opening
Zacks Trade account opening requirements

To be able to open an account with an online broker, you are generally required to provide proof of identity and proof of residency. Ideally, this process is completely digital. The difficulty is that some brokers eventually require physical copies of your documents.

Zacks Trade accepts the following documents for identification purposes:

Proof of identity: national ID / passport / driver's license
Proof of residency: bank statement / utility bill / driver's license / credit card statement

Account opening at Zacks Trade is fully digital, so you can go through the entire identification process on the company's web platform.

Once registration and the account opening process are done, you will first need to transfer the minimum deposit to your brokerage account from your bank account to be able to start trading.

There is no minimum deposit required by Zacks Trade.

As such, this is an ideal broker if you want to invest or trade with only a smaller amount of money. It is a good broker to start your investment journey with; and then you can add more funds to your account later as you become more experienced in managing your investments.

Zacks Trade minimum deposit vs. similar brokers
Zacks Trade Tradestation Fidelity
Minimum deposit $0 $1 $0

You can start using your account by depositing any amount, however, Zacks Trade recommends to start with $2,500. Also, if you want to trade on margin, you need to have at least $2,000. For doing unlimited day trading, you would need at least $25,000 account balance.

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Zacks Trade account opening
Account types at Zacks Trade

One important choice to make when you open a new account is the “type” of account to create. Each of these has specific requirements and features. Most online brokers offer accounts varying based on your identity or experience, the nature of traded products, available currencies, and included features such as personal investment advice. Of course, each broker company will offer slightly different packages.

You can trade at Zacks Trade in 20 different base currencies. This is convenient because if your bank account's currency is the same as any of the base currencies, you won't have to pay a conversion fee.

But even if your account's currency is not offered by Zacks Trade, you can save on conversion fees by opening a multi-currency bank account. Revolut or Transferwise both offer bank accounts in several currencies with great currency exchange rates as well as free or cheap international bank transfers. Opening an account only takes a few minutes on your phone. You can read more about brokerage fees in this article.

See the following table on how Zacks Trade's base currency selection compares to its main competitors

Zacks Trade base currencies vs. similar brokers
Zacks Trade Tradestation Fidelity
Base currencies 20 9 16

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Zacks Trade account opening
The steps of account opening

The specific process of opening an account at Zacks Trade might differ slightly from the one detailed here, but generally the process involves the following steps:

1. Choose your account

Before you would submit any of your personal information, make sure you have selected the right type of brokerage account for you. Make your choice on the registration page and then proceed to the next step.

2. Add personal info

The next step is to go through the basic information questionnaire. You will have to provide your name, birth date, address, nationality, employment and other similar info. The complexity of this step depends on the broker you chose. You will also have to answer some security questions to make sure you are legally allowed to trade, as well as some questions on your trading experience.

3. Identify yourself

In this part of the process, the broker website will ask you to scan and upload your proof of identity. This can be a passport, an ID card or a bank statement; exact requirements vary by broker. Some online brokers will ask you to mail them physical copies of your documents. This can drag out the account opening process a lot.

4. Seal the deal

Once you've made it through basic registration and identification, you will have a chance to review the information you provided, and then sign a virtual contract after agreeing to the terms and conditions of the broker you chose.

5. Fund your account

Once your account is confirmed and opened, you can start trading. Transfer the minimum deposit, or if there is none, any amount of money to your broker account and let's roll! You are now an investor!

The steps of opening an account at an online broker

For specific instructions on account opening with Zacks Trade, visit their website or see our own review:

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If you want to learn more about the next steps, such as investing in and trading with different types of financial assets, take a look at these articles:

Author of this article

Nicole Conrad

Author of this article

Nicole is an intern content contributor for Brokerchooser. She comes to Brokerchooser with experience and certification in Accounting, and she currently is pursuing graduate studies in Economic Policy. Nicole writes broker reviews to provide transparency for customers: highlighting brokers’ exceptional services and holding them accountable for questionable practices.

Nicole Conrad

Broker Analyst

Nicole is an intern content contributor for Brokerchooser. She comes to Brokerchooser with experience and certification in Accounting, and she currently is pursuing graduate studies in Economic Policy. Nicole writes broker reviews to provide transparency for customers: highlighting brokers’ exceptional services and holding them accountable for questionable practices.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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