Richard Montana | November 17, 2022
TradeZero is a licensed brokerage firm that provides traders with a good selection of advanced platforms for trading various US stocks, ETFs, and options. Traders are also provided with handy educational resources and robust trading tools to help with analysing the markets and making informed decisions. In addition to commission free stock trading, TradeZero provides free limit orders, higher day trading leverage, along with a very helpful 24/7 customer support team on hand to assist as and when needed. The minimum deposit is $500 which is quite high compared to some other brokers but you can always try them out with a free demo account to begin with to see if they meet your expectations.
Pros & Cons
- Great selection of advanced trading platforms
- Real-time streaming market data on web and mobile
- Market center access for US stocks and options
- Commission-free stock and ETF trading
- Educational resources to help educate beginners
- Quality trading tools to assist with market analysis
- No pattern day trading rules and flexible leverage
- Fast 24/7 live customer support
- Minimum $500 deposit not the lowest
- Could add some more asset classes
- Limited account deposit and withdrawal options
- Cannot accept clients from some countries
- Some restrictions placed on stock trading
TradeZero is an online financial services provider that allows clients to trade stocks and ETFs with zero commissions and fees. Trades are carried out via four different state-of-the-art zero commission trading platforms: ZeroPro, ZeroWeb, ZeroFree, and ZeroMobile. I found the platforms to be very user-friendly and loaded with plenty of tools for conducting in-depth market analysis. You can access your trading account seamlessly between the platforms, depending on what is most convenient for you at the time. Users can benefit from several competitive trading conditions, including free limit orders, higher day leverage, commission free trades, direct market access, quick execution and excellent 24/7 customer support. The TradeZero smart router sends orders directly to the exchanges. Whether ARCA, NSDQ, BATS or EDGX, all orders are routed to the major US exchanges. This means that you can get your trades placed at the best possible prices with the fastest execution speeds.
When choosing a trading broker, regulation is one of the first things that I look for. TradeZero is regulated by the the Securities Commission of The Bahamas (SCB), while TradeZero America is regulated by the US Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). You can choose which entity you would prefer to open an account with depending on your location. Keep in mind that not all regulations are the same, thus the products and features available may vary. I would personally always prefer to use a broker with top-tier regulation as it gives me that additional peace of mind.
TradeZero Bahamas does not open accounts for Bahamian citizens, US Citizens or Green Card Holders of the United States. If you are a permanent resident of the United States, they will not accept your account. US Citizens can open with TradeZero America, Inc. the US based, FINRA member broker/dealer located in NYC.
TradeZero offers a great selection of stock trading platforms so that you can get direct market access with the platform that fits your trading style. The ZeroPro platform delivers the speed and functionality that active traders need for their day trading activities. ZeroWeb is a powerful level 2 web platform with direct market access via your web browser. ZeroFree offers a zero-cost software solution for all traders. They also offer ZeroMobile for those of you who need to access your account and trade whilst on the go.
The ZeroPro trading platform provides the speed and has all the features that are needed in an online stock trading software. Dynamic streaming quotes, charting, and level 2 pricing are just a few features available in ZeroPro trading platform. All windows are fully customizable and you can save multiple layouts for each of your trading strategies. It is available as a desktop application for Windows and MAC computers.
The ZeroWeb trading system is a browser based platform that will run on any connected device. This includes phones, tablets, desktops and laptops, running any operating system. All windows update dynamically tick-for-tick and in real-time. Windows can be linked with one another and the layout is totally customizable. Point and click to trade or trade using the most advanced hot keys for a web based platform. ZeroWeb is great and easy to use online stock trading software. Included are many of the same features as ZeroPro. Some of the great features are real-time charting, indicators, top lists, news and more. ZeroWeb is a great choice for beginners or active traders.
ZeroFree is the completely free real-time HTML5 browser based trading system. Designed for MAC and Windows and built for investors, and beginners to active traders. Real-time NASDAQ Basic data is included for Amex, NASDAQ and NYSE. ZeroFree can be scaled up with optional add-ons including: Level 2 and hot keys, full NYSE, AMEX, and NASDAQ Level 1 feeds, options trading and OTCBB Level 1 and Level 2.
ZeroMobile is a trading app that is built for traders on-the-go and brings the best of ZeroPro and ZeroWeb features in an easy-to-use, upgraded mobile interface. From real-time streaming data to advanced charting, order entry and portfolio management, ZeroMobile allows 24/7 access to your trading account. If you are a short seller, you can search and locate any hard to borrow stock and also sell back the locates you no longer need. You can stay on top of the markets and real-time events with Benzinga live newsfeed. This platform communicates in real-time with ZeroPro and ZeroWeb so that trading experience is seamless when taking your trading on the go. Users to the platform can pull up streaming real-time quotes and historical and intraday Charts on NYSE, AMEX, ETFs, NSADQ and OTC Markets.
The ZeroPro, ZeroWeb, ZeroFree and ZeroMobile platforms should already deliver all the tools that you need to analyse the markets, place and manage trades. In addition to the various trading tools built into the provided trading platforms, the broker provides traders with some standalone trading tools including Stock Screeners, Economic Calendar and Technical Indicators. These can help you with your market analysis to find potential trade setups and deliver a better trading experience.
Level 2 Stock Data
Get insight into a stock’s price action. Get in depth information. Level 2 will show you a ranked list of the best bid and ask prices.
Receive real-time alerts on stocks that are breaking their day Highs and lows, as well as 52 week Highs and lows.
Scrolling News Feed
Get all the latest breaking news stories. Beat the crowd to the trade.
Real-time dynamic candle stick charting with multiple studies and indicators.
The TradeZero website contains a good selection of educational materials, such as learning articles, a trading blog, video courses, latest news, and an FAQ section that answers some of the common questions that traders may have. I found there to be some interesting trading guides that cover a variety of topics which can help bring you up to speed with the different products and services that the broker has to offer.
I found there to be a good selection of instruments available although they do not have certain asset classes such as forex or cryptos. You can look at IG if you are looking for a greater variety but there is still a decent range for building a diverse portfolio with some popular stocks to choose from. TradeZero offers the following financial instruments for trading on its platforms:
- US Stocks
Traders are allowed to open one live trading account and a demo account is available if you want to practice trading online and see what the broker has to offer before making a commitment. It doesn’t matter if you are long or short, as long as you use a limit order to execute away from the market, and the stock is trading at $1 or higher in share price, you should not pay a commission fee. This is because the broker makes money via rebates paid for order flow by various market centres including EDGX, ARCA, and NASDAQ.
TradeZero provides clients up to 6 to 1 intraday leverage on their equity. 6:1 day trading leverage allows traders to maximize day trading opportunities in the market. Overnight positions are granted 2 to 1 leverage. Extended leverage will be provided to all trading accounts based on the following schedule: 1 to 1 less than $500, 4 to 1 $500 to $2499, 6 to 1 $2500 plus.
Unlike some brokers that offer access to the US markets, TradeZero does not limit the amount of day trading that clients can do, based on the amount of money in their account. Day trade any account with as little as $500. There is no pattern day trading restriction, which states that only accounts that maintain at least $25,000 are able to day trade. Trade all you want, when you want with TradeZero, free commission stock trading. Accounts must have a minimum balance of $200.
Funding of accounts are made by (direct) bank to bank wire transfers only which is quite limited. TradeZero currently do not allow for alternative options such as digital wallets, debit or credit card funding. I would like to see them add support for some more payment options in the future to make it quicker and easier to fund the account. I don’t always want to wait days for a bank transfer to clear as there may be some market news that I want to try and take advantage of and need to act fast. Also, the name appearing in the bank account from where the funds are transferred must be the same as what is on file with the broker as third-party funding is not accepted.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
TradeZero, as the name implies, is an online trading broker that allows you to trade various financial markets with zero commission fees. Trades are carried out on various versions of the advanced and powerful TradeZero platforms, so that you can get convenient access to your online trading account wherever you go. They have some useful educational resources for beginners and quality trading tools for comprehensive market analysis to find opportunities based on your own trading strategies. I was impressed with the 24/7 customer support team who are quick to assist you as and when needed. Despite the many positives, I found the funding options to be limited and was disappointed they don’t currently offer forex or crypto trading. Overall, I think the broker has a solid offering for anyone looking for commission free stock and ETF trading.