TradeZero Review 2024: Is it a legit broker?

TradeZero’s credibility: TradeZero

TradeZero customer support

Summary of TradeZero

I’ve been looking for brokers that offer Direct Market Access (DMA) trading support for faster executions. Even though I was already familiar with Webull and Interactive brokers, I decided to give TradeZero a shot.

I’m glad I did. I was particularly impressed with TradeZero’s decent selection of stocks, Options, and ETFs – all of which are available to trade at competitive rates.

TradeZero likes to keep things simple, without promising perks that are too good to be true. That’s one of the reasons it earns a TB score of 7.5 out of 10.

TradeZero’s Benzinga award

Pros and Cons

Why choose TradeZero

Evaluating High Impact Factors

User satisfaction: 6 / 10

Regulation: 9 / 10

Educational content: 9 / 10

Webinars: 9 / 10

Spreads and commissions: 4 / 10

Customer support: 8 / 10

Video resources and webinars on TradeZero

Trade with TradeZero If:

• You’re looking for a platform that lists all the popular stocks from NASDAQ, NYSE, and Amex.
• You want the choice of different trading platforms (TradeZero has four proprietary platforms, including two that are free)

Access to trading markets and DMA trading

Don’t Trade with TradeZero If:

• The $500 deposit minimum is too high for you
• The $50 withdrawal fee is a deal breaker

Verified Office Address

TradeZero operates out of the Bahamas. The TB team has confirmed its physical address, located at:

• 436 West Bay Street, Cable Beach, Nassau, Bahamas

It has also been licensed by the Securities Commission of the Bahamas since April 2015.

Expert Opinion on TradeZero

When it comes to online discussions, TradeZero has garnered mixed reviews. Here are a couple to consider.

PLVS VLTRA, Trader: X

“TradeZero PRO has serious glitches.

1. Platform resets randomly so that any price & share amounts get reset to default without notice.
2. Platform does NOT execute limit orders randomly, usually when a stock sees heavy volume. FIX IT!!”

Trader testimonial: X

LiveStream Trading, Futures Trader: X

“Trade Zero broker review UPDATE! They’ve made some big changes and added new features for traders!”

Trader testimonial about TradeZero: X

Expert Review of TradeZero

I tested out TradeZero and its features, funding my account with a $500 deposit – the minimum required to access the platform and its features.

Here are the things that stood out to me.

Support for Leveraged Trading

One of the better things about TradeZero is that you can get a leverage of 6:1 for trades larger than $500. This kind of leverage might be needed for more aggressive traders, but it aligns with the company’s overall risk management ethos.

Trade-Related Flexibility

If you wish to explore the US stock market, TradeZero is an excellent choice. Unlike brokers with far-reaching capital qualifications, TradeZero allows you to try out NASDAQ and other exchange-specific stocks.

Platinum Trading Support

Our TB team tested the premium-level service by funding an account with $25,000.

That’s a steep amount to be sure, but it comes with plenty of perks, including priority customer support, free trading support, and a dedicated trading representative.

Platinum account on TradeZero

A Decent Collection of Assets

TradeZero allows you to trade stocks (both long and short) with ease. You can even trade Options and ETFs, which trade on the leading global exchanges.

It would take up too much space to list every tradable instrument on TradeZero, so here is a small list of what you’ll find when you sign up:

• Stocks: Major companies like Apple (AAPL), Amazon (AMZN), Tesla (TSLA), Microsoft (MSFT), and Alphabet (GOOGL)
• Options: Options contracts on these popular stocks, allowing traders to execute strategies like calls and puts based on anticipated price movements
• ETFs: Broad market ETFs like the SPDR S&P 500 ETF Trust (SPY), Vanguard Total Stock Market ETF (VTI), and iShares MSCI Emerging Markets ETF (EEM)

There are several rules that apply to trading on the platform. I adhered to them, naturally, and I would strongly encourage you to do the same if you become a TradeZero user.

Trading rules and regulations

Educational Resources

Not every broker devotes resources to teaching its users how to trade and be successful with their investments. TradeZero does, and I was impressed with its exceptional catalog of educational resources. There is a detailed learning section, a handy FAQ, an informative blog, and plenty of training videos to get you up to speed.

Video resources and library 

Signing Up with TradeZero

The signup process starts directly on the TradeZero homepage. Simply click “Open an account,” select your country of residence, and then “Continue.” After that, you’ll fill in your basic details and verify your email address to get started.

Basic signup flow

Then there is a Know Your Customer (KYC) hurdle to pass, since TradeZero is a regulated broker. If you’re signing up from India, the KYC verification flow will go through Trulio.

You will also need to provide a passport, driver’s license, or other government issued ID to verify your identity before you can start trading.

Mobile-based KYC verification

The TradeZero Dashboard

TradeZero has different trading ecosystems you can choose, each with a different dashboard.

I used the ZeroPro dashboard and it was loaded with useful elements like a dedicated portfolio window, news-based insights, watch lists, alarms, and short-locate strategies.

One cool feature is the “Top List,” which displays the most active stocks or Options trading on a specific exchange.

ZeroPro dashboard

The ZeroPro dashboard might be a tad overwhelming for new traders, however. They would be better served by the more user-friendly ZeroFree and ZeroMobile interfaces, which boil features down to the essentials.

Deposits and Withdrawals

TradeZero has a lot of great features, but unfortunately their deposit and withdrawal options leave a lot to be desired.

First off, there’s a single method available for both. Users can only fund their account and withdraw earnings using standard bank transfers.

That’s not the worst part, though. The worst part is the fees.

The first deposit is free, which is great. But every subsequent deposit will incur a $25 charge, which is rather steep.

Not as steep as withdrawals, however. Each of those will cost you $50.

The speed isn’t great, either. I tried sending funds using my bank, which was credited in two days. Overall, the account funding flow is definitely on the slower side.

Deposit and withdrawal charges

Trading Conditions

Like any other broker, TradeZero has several fee-specific aspects in play.

For trading stocks, this includes a flat zero commission for high volume limit trades and a competitive $0.005 commission per lot for market orders.

When trading Options, traders pay a flat fee of $0.59 per contract.

Here are the other overheads charged by TradeZero:

Associated fees and overheads

There is also a $30 flat feet for initiating broker-assisted trades.

On the bright side, TradeZero doesn’t levy any inactivity fees.

Fee examples for free and paid trades

How to Start Trading with TradeZero

Once you’ve completed the KYC verification process mentioned in the signup segment, you’ll need to fund your account to the tune of $500 and install the TradeZero platform that caters to you or your budget.

Here are all the available platforms, along with their features, installation flow, and the associated costs:

ZeroFree

• Free web-based trading platform
• Access to Level 2 insights like bid-ask or spread quotes
• Free access to news and market-based insights
• Allows you to create watchlists

ZeroFree trading interface

ZeroWeb

• Paid web-based interface, priced at $59 per month
• Access to a portfolio window
• Offers Hot Key controls for toggling price and volume data
• Allows you to create watchlists

ZeroWeb trading interface

ZeroMobile

• Available as an Android or iOS app
• Includes elements like symbol search and news-based insights
• Access to interactive charts and trading symbols
• Allows short locates trading for more aggressive gains

ZeroMobile trading interface

ZeroPro

• Paid platform, priced at $59 per month
• Comes with support for Options trading
• Features a market notification tool or alarm

Here is a detailed comparison of these platforms:

TradeZero Terminal comparison 

Useful Tools for Traders

As a stock, Options, or ETF trader, TradeZero gives you many valuable tools to maximize your profit potential. Here are a few that are worth considering:

• Direct short-selling options by locating hard-to-borrow options
• Real-time news trading insights
• Customizable chart-based layouts for preference-based trading
• Advanced hotkeys for rapid order execution
• Demo trading support for all versions of the platform

TradeZero also offers pre- and post-market trading, along with a Hi/Low ticker and dynamic charting support.

Trader-centric features

Investing Opportunities

Sadly, TradeZero doesn’t offer any opportunities for its users to generate passive income through copy trading, PAMM, and other means.

The only way to make money in the long-term on TradeZero is to continually save on trading commissions by placing limit orders at least one penny below the asking price for buy and one penny above the bidding price for sell orders.

Free trades and execution

TradeZero Affiliate Program

While there is no way to earn passive income by trading on the platform, TradeZero does have an affiliate program that can help you create another income stream.

Referral program with conditions at TradeZero

After signing up to be an affiliate (or a Zero Partner, as the company calls it), you’ll get an affiliate link you can share with your followers, network, or audience. When someone signs up using your link, funds their account, and places a trade, you’ll receive a kickback.

How much you get will depend on the referred user’s initial deposit. If they fund their account with the $500 required to access the platform, you will earn a $20 commission. If, however, they deposit at least $2,500, your commission goes up to $100.

TradeZero commercial partners

Security Standards

TradeZero has a several security implementations.

First and foremost, user funds are insured as part of the SPIC (Securities Investor Protection Corporation).

The platform also uses encryption protocols and two-factor authentication to safeguard user accounts.

Customer Support

TradeZero’s customer support is decent. While the website mentions 24/7 livechat support, the after-market response times are typically delayed.

You can also reach their support team by phone or email if you prefer.

TradeZero customer support setup

Note that phone-based support is only available 8/5. So depending on your time zone and availability, this might not be a terribly useful option.

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