Zacks Trade Logo

Zacks Trade account opening

Your expert
Fact checked by
Updated
6d ago
Personally tested
Data-driven
Independent

Getting started with Zacks Trade

Are you a new investor considering opening a brokerage account at Zacks Trade but don't know how to do it? Are you wondering how long the process takes and how difficult it is?

Opening a brokerage account can seem daunting. Unfortunately, account opening is indeed not a great experience at Zacks Trade, so if that keeps you from getting started, check some more user-friendly alternatives.

Opening an account at Zacks Trade is not a rewarding experience
András
András Régely
Investments • Stock Market • Market Analysis

Together with my brokerage analyst colleagues, I have thoroughly tested the services of Zacks Trade by opening a real-money account. Here’s what you need to know about account opening if you want to start investing with Zacks Trade:

  • Account opening at Zacks Trade is fully online and takes >3 days.

  • You will need to prove your identity and residency with documents.

  • Choose an account type that suits your needs.

  • You can choose from multiple base currencies.

  • The minimum deposit at Zacks Trade is $0.

  • Browse the best brokers for beginners for some great alternatives.

Before we start, let's check if Zacks Trade is available in your country:

Yes, you can open an account at Zacks Trade if you live in the United States!
the United States
BrokerChooser score
4.3 4.3 /5
Visit broker

Account opening at Zacks Trade vs other competitors

Account opening at Zacks Trade is fully online, meaning you can do it from the comfort of your chair. In fact, you don't even need a chair: you can simply do it on the go on your mobile phone.

See how we rated the account opening experience and how long it takes to get started at Zacks Trade compared with its main competitors:

Zacks Trade account opening vs similar brokers
Account opening score
2.5 stars 5.0 stars 4.4 stars
Account opening fully online
Yes Yes Yes
Time to open account
>3 days 1 day 1-3 days

Opening an account is always free of charge, but the time it takes differs from broker to broker. At some brokers, it's as quick as signing up for a new Gmail account. At others, it might take a couple of days as they run a background check on your data. At Zacks Trade, it usually takes >3 days to have your account up and running.

Visit broker

Navigating the complexities of trading can be challenging. If you're a new investor, you'll need a broker with a user-friendly trading interface and robust educational materials. So where to find such brokers? Start with our toplist of brokers we rated as good for beginners.

How to get a verified trading account at Zacks Trade?

First, you need to go to Zacks Trade's website and fill a registration form to apply for an account. It takes the broker a bit of time to review and verify your application - usually >3 days - after which you can make your first deposit and start trading.

The journey at Zacks Trade

Opening a brokerage account is not unlike opening a bank account. As you go through the steps, you’ll find that it is a simple and familiar process. Once your brokerage account is set up, you’ll find that the experience is similar to what you get with a bank account that you use for savings and transactions. See, it’s just another way of managing your money!

The sign-up procedure is usually self-evident; just follow the instructions carefully. Here's what awaits you at Zacks Trade:

Zacks Trade's account opening is fully digital but overly complicated. For us, account verification took more than 1 week, which may have been affected by the volatile market environment at the time.
First you have to complete an online registration, which takes roughly an hour. We experienced a few bugs and errors throughout the process, for example, the system froze when we tried to upload our documents.
The 9 steps of Zacks Trade account opening:

  1. Enter your name, email and phone number.
  2. Choose an account type.
  3. Confirm your email address.
  4. Enter more personal details like your residency, address and phone number.
  5. Confirm your employment status and income details.
  6. Choose security questions.
  7. State your trading/investment goals and experience.
  8. Upload proof of identification and residency documents (these include copies of a passport, driver's license, residency permit, utility bills or national IDs).
  9. Agree to disclosure and permission documents.
Account opening at Zacks Trade

The following steps are typical toward the end of the application process or after verifying your identity:

  1. You'll have to fill out a trading experience survey. It might seem scary at first, but it is nothing to worry about. This is standard procedure, as brokers need to make sure that you have some basic financial knowledge and are aware of the risks of trading.

  2. Next, you'll have to choose an account type and a base currency.

  3. As a final step, you'll need to fund your account before you can start trading.

Visit broker

Which Zacks Trade account to choose?

Brokers usually provide multiple account types. When choosing an account, consider how experienced you are in trading, and pick an account that suits your needs. Some factors to take into account: your investment goals, risk tolerance, trading frequency, and any associated fees or account balance minimums.

If you're a beginner, we recommend selecting the most basic account offered by the broker, which is the standard account.

Find out more about Zacks Trade's specific account types in our comprehensive Zacks Trade review for 2024.

Which base currency should you choose?

At Zacks Trade, you can choose from the following base currencies: AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, MXN, NOK, NZD, PLN, RUB, SEK, SGD, USD. If possible, try to deposit money to your brokerage account in your account's base currency. Better yet, choose a base currency in the first place that you plan to most often use for depositing.

Why is all this important? If you fund your trading account in the same currency as your bank account, you won't have to pay a conversion fee. Conversion fees apply if:

  • You make a deposit in a different currency than the currency of your brokerage account.

  • You trade assets denominated in a different currency than your brokerage account's base currency.

A convenient way to save on currency conversion fees is by opening a multi-currency bank account at a digital bank.

Visit broker

BrokerChooser score
4.3 4.3 /5
Visit broker

Fund your account and start trading at Zacks Trade

Once you have filled out the registration form, uploaded your documents, finished the trading survey and selected your account type and base currency, Zacks Trade will verify your account shortly. After successful verification, you need to fund your account to be able to begin trading.

This is where you are in the account opening process at Zacks Trade
  • Choose your funding method.

  • Enter the amount to be deposited and other necessary details for the transaction.

  • Double-check if payment details are correct.

  • If all looks OK, click to submit your deposit request.

At Zacks Trade, the minimum deposit is $0. This means that you can deposit as little money as you wish.

Brokers that don't require a minimum deposit do so to encourage people to try their services without requiring a large initial commitment. Many brokers no longer require a minimum deposit nowadays; so if you want to compare Zacks Trade and its rivals along other criteria, you can do so using our broker comparison tool.

At Zacks Trade, the only available option to deposit money to your account is via bank transfer.

Broker
Minimum deposit
Bank transfer
Zacks Trade
$0
TradeStation
$0
Firstrade
$0
Deposit requirement and funding methods

After successfully funding your account, you're all set to start trading.

To explore Zacks Trade’s top competitors, head over to our top list of the best brokers for beginners, whose low fees and user-friendly features benefit new investors like you.

Visit broker

Check out this short video for a behind-the-scenes peek into how our experts personally test and evaluate brokers.

Got questions?
Engage with our growing community of traders and investors like you to find your answers.
Join now

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.

András Régely
Author of this article
As a Broker Analyst at BrokerChooser, I'm dedicated to providing data-driven insights that simplify the world of investments. With a solid academic background, including an MSc in Accounting and Finance from LSE, I bring a deep understanding of financial markets to my role. My mission is to assist retail investors in finding the perfect broker fit by leveraging my trading experience and analytical skills. At BrokerChooser, I merge my passion for trading with a keen eye for market trends, helping clients navigate online brokers confidently and effectively.
×
I'd like to trade with...