TradeZero Review 2023
|By: Bob Haegele|| |
Sep 23, 2021
In a nutshell: TradeZero is a free, online stock trading platform that gives you all the tools you need to start trading. With four different software programs, commission-free trades, and 24-hour customer service, this software offers an affordable solution for new and established traders.
Our TradeZero review shows this has the potential to be an industry disruptor.
|Virtual broker||0/$59/$79 per month||Free 30-day ZeroPro trial|
- ZeroWeb technology for direct market access
- Trade via the mobile app on the go
- 24/7 customer support
- Daily equity balance must be $25,000 minimum
- Mobile app lacks features
Compare to Other Investment Platforms:
Membership Fee0/$59/$79 per month
Fees$0 per trade
Fees$0-$10 per month
TradeZero is the investment industry’s answer to expensive brokerages and trading fees. This real-time streaming trading platform offers commission-free trades on both desktop and mobile. It’s a virtual broker that aims to make trading simpler and more efficient.
There are three different TradeZero platforms, along with the fourth which unlocks free mobile trading. While not all options are free, this brokerage can more than hold its own against the major players.
Keep reading our TradeZero review to find out more about how this platform could be the ideal choice for beginners.
What is TradeZero?
TradeZero was founded by Daniel Pipitone in 2014. This New York-based broker is run by an entrepreneur who has spent 20 years specializing in startups within the financial services sector. Although the company claims to be based in New York, its HQ is based in the Bahamas.
While this shouldn’t bother most investors, this fully licensed American virtual broker is changing the way beginners can invest. Trades are truly commission-free and there are multiple platforms to suit all skill levels.
TradeZero aims to empower the wave of new investors entering the market for the first time.
Our review on TradeZero cannot say enough about how intriguing this platform is. The wealth of features makes it an easy platform to jump into. Unlike its competitors, it does away with the complexities imposed by other platforms and allows you to get started quickly.
Nearly all trades at TradeZero are free. As long as your order limit is above $1 and the symbol trades on the NYSE, NASDAQ, or AMEX, you’ll never pay a cent to make your trade. This is true commission-free trading and there are no hidden charges built-in elsewhere, such as administration fees.
Trading fees can quickly add up, so eliminating them is an excellent way of improving your profitability.
An intriguing feature is the option to trade on margin. Margin accounts with a minimum of $600 can trade up to $1,000 on margin. This means the platform is highly attractive for experienced day traders.
While we wouldn’t recommend trading on margin for beginners, the presence of this option allows short-term traders to maximize their gains.
Pre- and Post-Market Trading
TradeZero offers traders the opportunity to take advantage of the pre and post-market trading sessions. Stocks and options can be traded from 4 a.m. EST to 8 p.m. EST. The absence of these restrictions makes it easier to take advantage of trends based on the out-of-hours news cycles.
Daily Total Auto Sell Loss
Loss mitigation tools are a fundamental tool in any investor’s arsenal. TradeZero offers the daily total auto sell loss feature that allows traders to set a stop-loss between the hours of 9:30 a.m. and 4 p.m. EST.
If the market takes a turn for the worst, TradeZero will automatically sell you out of your positions to limit your losses and prevent catastrophe.
Trade on the go via ZeroMobile. This completely free app is open to all members regardless of their membership levels.
From the app, you can trade and monitor your account. As well as this, you can search for symbols, find crucial market data, and connect with the latest market news.
There are three platforms (plus ZeroMobile) to trade with. Each one comes with its own set of features. Here they are in detail:
- ZeroFree ($0 per month) – The starter platform includes hotkeys, real-time charting, and custom watch lists.
- ZeroWeb ($59 per month) – Offers dynamic updates tick-for-tick, customizable layouts, point and click to trade, and more advanced hotkeys.
- ZeroPro ($79 per month) – Contains the most advanced charting and trading options, as well as all the features available from the other packages.
The big jump in fees is significant. Truthfully, there are other free platforms with these same paid features. ZeroWeb and ZeroPro are best reserved for day traders due to their real-time trading features.
Here are the answers to some of the most common questions people have about TradeZero and how it works.
Can I Test Drive TradeZero First?
Yes, they offer a free desktop demo account. However, it takes 3-5 days to get approved and there’s no demo account available for the mobile app.
What’s the Minimum Deposit?
For U.S. investors the minimum deposit to open a cash account is $250. These limits are higher for international investors.
Is TradeZero Safe to Use?
TradeZero holds all the necessary licenses in the Bahamas, which makes it safe and secure. However, investors must be aware that it holds no licenses from top-tier U.S. regulations, such as the SEC.
This lack of protection from the U.S. regulatory authorities may not satisfy more conservative investors.
Is TradeZero Right for You?
Our review on TradeZero shows this is the ideal platform for two groups of investors: beginners and day traders. Its round-the-clock support and simplicity of the platform make it simple to jump into and start trading within minutes.
Where it falls is its position in the Bahamas and the lack of regulatory approval in the U.S. For that reason, some investors may not feel comfortable leaving significant amounts on the platform.
Create an account with TradeZero and try the 30-day free ZeroPro trial now.