TradeZero Review 2023

  • 8.4

TradeZero review summary

TradeZero is a global stock broker with commission-free trading. TradeZero provides mostly commission-free stock and ETF trading. Account opening is fully online, straightforward and quick. Education materials and customer service are great. It is a good choice for beginner investors. Among some negatives, there’s a quite high withdrawal fee. TradeZero offers no credit/debit card option for deposit and withdrawal. In addition, its product portfolio is limited only to stocks, ETFs and options. BrokerChooser gave TradeZero a 4.2/5 rating based on analyzing 500+ criteria and testing via opening a live account.

TradeZero is a regulated broker, it is overseen by top-tier financial regulators in multiple countries . TradeZero is also covered by investor protection and it offers negative balance protection in selected jurisdictions. We at BrokerChooser always test brokers with real money, including the withdrawal process.

You can't open an account at TradeZero if you live in Pakistan. See the best alternative available in your country.

FxPro pros and cons

Pros Cons
Real stocks and ETFs are commission-free High withdrawal fee
Quick and easy account opening Credit/debit cards not accepted for funding
Excellent education and customer support Poor product portfolio.

TradeZero main highlights

🗺️ Country of regulationBahamas, United States
💰 Trading fees classLow
💰 Inactivity fee chargedNo
💰 Withdrawal fee amount$50
💰 Minimum deposit$250
🕖 Time to open an account1 day
💳 Deposit with bank cardNot Available
👛 Depositing with electronic wallet Not Available
💱 Number of base currencies supported1
🎮 Demo account providedYes
🛍️ Products offeredStock, ETF, Options
Our overall TradeZero Review Brokers rating
  • 8.4

  • Fees
    8.4
  • Account opening
    10
  • Deposit and withdrawal
    3
  • Web Trading platform
    8
  • Mobile trading platform
    8
  • Desktop trading platform
    7.6
  • Markets and products
    4.2
  • Research
    6.6
  • Customer service
    10
  • Education
    9
TradeZero review

Fees

TradeZero offers commission-free stock and ETF trading, and there are also no deposit or inactivity fees. On the other hand, there is a steep $50 withdrawal fee.

ProsCons
No inactivity fee Withdrawal fee
Free stock and ETF trading 
No deposit fee 
TradeZero fees snapshot
AssetsFee levelFee terms
US stockLowCommission-free, but orders less than 200 shares have $0.99 flat fee.
EURUSDNot available
Mutual fundNot available
Inactivity feeLowNo inactivity fee

How we ranked fees

We ranked TradeZero’s fee levels as low, average or high based on how they compare to those of all reviewed brokers.

First, let’s go over some basic terms related to broker fees. What you need to keep an eye on are trading fees and non-trading fees.

  • Trading fees occur when you trade. These can be commissions, spreads, financing rates and conversion fees.
  • Non-trading fees include charges not directly related to trading, like withdrawal fees or inactivity fees.

In the sections below, you will find the most relevant fees of TradeZero for each asset class. For example, in the case of stock investing the most important fees are commissions.

We also compared TradeZero’s fees with those of two similar brokers we selected, Interactive Brokers and tastyworks. This selection is based on objective factors such as products offered, client profile, fee structure, etc. See a more detailed rundown of TradeZero alternatives.

To have a clear overview of TradeZero, let’s start with the trading fees.

TradeZero trading fees

TradeZero offers commission-free stock and ETF trading. Its fees are, on the whole, similar to its main competitors.

For orders to be commission free, they must meet the following criteria:

  • In case of limit orders, they must not create an immediate match.
  • The symbol must trade on the NYSE, AMEX or NASDAQ exchanges and must be greater than $1.
  • Orders must be for at least 200 shares.

Paid orders apply to:

  • Orders smaller than 200 shares: a $0.99 flat fee is charged.
  • All equity securities below $1: $0.005 per share with a $0.99 minimum and a $7.95 maximum charge up to 250,000 shares.
  • These conditions apply to all stocks, ETFs and warrants on the NYSE, NASDAQ and AMEX.

Stock fees and ETF fees

TradeZero has generally no commisssion on stocks and ETFs.

TradeZero stock and ETF commission of a $2,000 trade
 TradeZeroInteractive Brokerstastyworks
US stock $0.0 $1.0 $0.0
UK stock $0.0 $3.4
German stock $0.0 $3.0

Options fees

TradeZero options fees are low when it comes to trading stock index options.

TradeZero stock index options commission of 10 contracts
 TradeZeroInteractive Brokerstastyworks
US stock index options $5.9 $6.5 $7.5
UK stock index options $5.9 $19.2
German stock index options $5.9 $16.8

Non-trading fees

TradeZero has mixed non-trading fees.

There is no inactivity fee – similarly to most competitors – but TradeZero charges a $50 withdrawal fee.

TradeZero non-trading fees
 TradeZeroInteractive Brokerstastyworks
Account fee No No No
Inactivity fee No No No
Deposit fee $0 $0 $0
Withdrawal fee $50 $0 $0
TradeZero review

Account opening

The account opening process is straightforward, user-friendly and quick. Our account was verified within one business day.

Pros Cons
Fast None
Fully digital
User-friendly

TradeZero accepts clients from around the world. There are some notable exceptions though, e.g. Australian or Chinese customers can’t open an account.

What is the minimum deposit at TradeZero?

The required TradeZero minimum deposit is $250. There is no deposit fee for deposits above $500.

Account types

TradeZero offers three account types:

  • individual
  • joint
  • corporate

How to open your account

The account opening process is easy and fully digital. New accounts are usually verified within one business day.

To open an account at TradeZero, just follow these 9 steps:

  1. Provide information on where you live
  2. Add information about your citizenship
  3. Submit your employement status
  4. Enter your tax data
  5. Fill in a quiz testing your regulatory knowledge
  6. Answer questions about your trading experience
  7. Provide your risk objectives
  8. Check options account profile
  9. Sign the contract

To activate your trading account, you will need to identify yourself by sending TradeZero the following:

  • Proof of identity: national ID / driver’s license
  • Proof of residency: recent bank statement, utility bill, lease for property, rental agreement or proof of insurance

TradeZero review – Account opening

Our best alternatives to TradeZero are:

The highest ranking competitors are:

  • Interactive Brokers full review
  • tastyworks full review
  • TradeStation full review
  • Saxo Bank full review
TradeZero review

Deposit and withdrawal

You can deposit at TradeZero using wire transfers or electronic wallets, but credit/debit cards are not accepted. There’s also a high withdrawal fee, and deposits are only in USD.

Pros Cons
User-friendly Credit/Debit card not available
Electronic wallets available High withdrawal fee
No deposit fee above $500 Only USD deposit available

Account base currencies

At TradeZero, the only available base currency is USD. This is quite common at similar brokers focusing on US markets.

Base currencies at TradeZero vs similar brokers
 TradeZeroInteractive Brokerstastyworks
Number of base currencies 1 23 1

If you have a personal bank account in a currency other than USD, then you will be charged a conversion fee.

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

Deposit fees and options

TradeZero charges no deposit fee if at least $500 is transferred otherwise it is $25. Credit/debit cards are not accepted for depositing, which is a definite disadvantage.

TradeZero deposit options
 TradeZeroInteractive Brokerstastyworks
Bank transferYesYeYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo

A bank transfer can take several business days, whereas depositing with a credit/debit card would be instant.

You can only deposit money from accounts that are in your name.

TradeZero review – Deposit and withdrawal – Deposit.

TradeZero withdrawal fees and options

The TradeZero withdrawal fee is a fairly steep $50.

TradeZero deposit options
 TradeZeroInteractive Brokerstastyworks
Bank transferYesYeYes
Credit/debit cardNoNoNo
Electronic walletsNoNoNo
Withdrawal fee$50$0$0

How long does it take to withdraw money from TradeZero? We tested bank wire withdrawal and it took more than 3 business days.

You can only withdraw money to accounts that are in your name.

How do you withdraw money from TradeZero?

  • Log in to your TradeZero account
  • Go to ‘Wires’
  • Click ‘Wire Transfer Out’
  • Fill the form and click ‘Withdraw’
TradeZero review

Web trading platform

TradeZero has a user-friendly web trading platform with great features. Among the few negatives, we missed two-step authentication for login.

Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good search function
TradeZero platforms to choose from
Trading platformScoreAvailable
Web
4
stars
Yes
Mobile
4
stars
Yes
Desktop
3.8
stars
Yes

TradeZero has its own-developed web platform, ZeroWeb. It is available in English, Hebrew and Italian.

Look and feel

The TradeZero web trading platform is user-friendly. It is straighforward; there is no need to open up the order panel because it is already embedded on the opening page of the web platform. It offers real-time charting, indicators, top lists, news and more. The ZeroWeb Level 2 window shows market depth and the participants on both the bid and the offer sides for all NYSE, AMEX, NASDAQ and OTCBB stocks. Among negatives, the platform is not customizable.

 

 

TradeZero review – Web trading platform

Login and security

TradeZero provides only one-step login. Two-step authentication would be more secure.

Search functions

The platform’s search functions are good.

TradeZero review – Web trading platform – Search

Placing orders

You can use the following order types:

  • Market, Limit
  • Stop
  • Stop limit
  • Conditional

To get a better understanding of these terms, read our overview of order types.

There are also order time limits you can use:

  • Good ’til Day (GTD)
  • Good ’til canceled (GTC)
  • Good ’til crossing (GTX)
TradeZero review - Web trading platform - Order panel

Alerts and notifications

You can set price alerts and notifications.

Portfolio and fee reports

TradeZero has clear portfolio and fee reports.

TradeZero review

Mobile trading platform

TradeZero’s mobile trading app is user-friendly and well designed, with great search, alert and order functions. On the other hand, it lacks two-step authentication for login.

Pros Cons
User-friendly No two-step (safer) login
Good search function No Touch/Face ID login
Good variety of order types

TradeZero has its own-developed mobile platform called ZeroMobile. This platform is available only in English.

Look and feel

The TradeZero mobile trading app is user-friendly. It is easy to navigate; everything can be found quickly.

TradeZero review – Mobile trading platform

Login and security

TradeZero provides only one-step login. Two-step authentication would be more secure.

You can’t log in using biometric authentication. Providing this feature would make the login experience more convenient.

Search functions

The app’s search functions are good.

TradeZero review – Mobile trading platform – Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop
  • Stop limit
  • Conditional

There is one order time limit you can use:

  • Good ’til canceled (GTC)

 

TradeZero review – Mobile trading platform – Order panel

Alerts and notifications

You can set alerts and notifications on the ZeroMobile platform.

TradeZero review

Desktop trading platform

TradeZero has a user-friendly desktop trading platform with great features. Like its other platforms, though, it lacks the added security of two-step login.
Pros Cons
User-friendly No two-step (safer) login
Clear fee report
Good customizability (for charts, workspace)

TradeZero has its own-developed desktop platform called ZeroPro. This platform is available only in English.

Look and feel

The ZeroPro desktop trading platform has more features than the web platform and, unlike its web counterpart, it is customizable. The ZeroPro platform includes Level 2 information as well. On the other hand, the desktop platform is not so user-friendly as it is not that easy to navigate.

TradeZero review – Desktop trading platform

Login and security

TradeZero provides only one-step login. Two-step authentication would be more secure.

Search functions

The platform’s search functions are good. You can search by:

  • company name
  • symbols
  • exchanges

The feature to search by exchanges is not very common at other brokers.

TradeZero review – Desktop trading platform – Search

Placing orders

You can use the following order types:

  • Market
  • Limit
  • Stop Market
  • Stop limit
  • Market Close
  • Limit Close
  • Range

There are also order time limits you can use:

  • Good ’til day (GTD)
  • Good ’til canceled (GTC)
  • Good ’til crossing (GTX)

TradeZero review – Desktop trading platform – Order panel

Alerts and notifications

You can set alerts and notifications on the desktop trading platform.

Portfolio and fee reports

TradeZero’s ZeroPro platform has clear portfolio and fee reports.

TradeZero review

Markets and products

TradeZero focuses on stocks, options and ETFs. Other popular asset classes such as bonds, mutual funds, forex or futures are missing, though.

This selection falls behind competing brokers. Both Interactive Brokers and tastyworks offer more product types to trade.

FxPro is a CFD and forex broker with a large number of currency pairs offered. In addition they offer over 1700 stock CFDs which is similar when compared with some FxPro alternatives.

Disclaimer: CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 79.27% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

TradeZero deposit options
TradeZero Interactive Brokers tastyworks
Stocks Yes Yes Yes
ETFs Yes Yes Yes
Forex No Yes No
Funds No Yes No
Bonds No Yes No
Options Yes Yes Yes
Futures No Yes Yes
CFDs No Yes No
Crypto No Yes Yes

Stocks and ETFs

TradeZero’s stock market and ETF selection is fewer to that of its competitors.

TradeZero stock and ETF selection
TradeZero Interactive Brokers tastyworks
Stock markets (#) 3 83 4
ETFs (#) 600 13,000 2,200

Options

TradeZero also offers options. The avaialable option markets are considered average compared to competing brokers.

TradeZero stock and ETF selection
 TradeZeroInteractive Brokerstastyworks
Options markets (#)10348

Social trading

TradeZero offers a third-party social trading service called Kinfo. It is a social trading app that tracks your trading performance and lets you view top traders’ portfolios. You get a free trading app to track your trading performance using standard trading metrics. Kinfo is also available in a web version.

TradeZero review – Research – Social trading

TradeZero review

Research

TradeZero offers great charting tools, but fundamental data or trading ideas are not available.

Pros Cons
Good interactive chart No trading ideas
Quality news flow No fundamental data available

Trading ideas

TradeZero does not provide trading ideas.

Fundamental data

TradeZero does not offer fundamental data.

Charting

TradeZero has good charting tools. You can use 85 technical indicators, which is above the avarage.

TradeZero review – Research – Charting

News feed

Both the web and desktop platforms offer up-to-date market news and daily market wraps. Some of these items, including blog posts and a basic weekly economic calendar, are also available for viewing on the public TradeZero website.

TradeZero review

Customer service

TradeZero’s customer service is excellent, offering 24/7 support via live chat, phone and email.

Pros Cons
Phone support None
Live chat
24/7 support

You can contact TradeZero via:

  • live chat
  • phone
  • email

TradeZero live chat responds fast, and we were satisfied with how relevant their answers were.

TradeZero phone support connected quickly, and we got useful answers to our queries.

In email, we likewise received quick and helpful answers.

We also liked 24/7 availability.

TradeZero review – Customer Service

TradeZero review

Education

TradeZero offers educational videos, trading platform tutorials and a demo account for practicing. We missed educational articles, though.

Pros Cons
Demo account No educational texts
Trading platform tutorial
Educational videos

TradeZero offers excellent education in the following ways:

  • Demo account
  • Platform tutorial videos
  • General educational videos
  • Webinars

TradeZero review – Education

TradeZero review

Safety

TradeZero’s US clients enjoy top-tier regulation, while other customers can rely on its Excess SIPC insurance to protect their funds. Among negatives, TradeZero has no banking license.
Pros Cons
Holds professional indemnity and Excess SIPC Insurance No negative balance protection
Does not hold a banking license

Is TradeZero regulated?

Yes, it is regulated by The Securities Commission of The Bahamas. The US entity is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

TradeZero’s entities are based in the USA and Bahamas the company was founded in 2015.

Is TradeZero safe?

To be certain if a brokerage is safe, we highly advise that you check two facts:

  • how you are protected if something goes wrong
  • what the background of the broker is

How you are protected

TradeZero investor protection
Country of clients Protection amount Regulator Legal entity
United States $500,000 ($250,000 cash limit) FINRA, SEC TradeZero America Inc.
Other countries $250,000 cash The Securities Commission of The Bahamas TradeZero International

US clients are eligible for standard protection by the Securities Investor Protection Corproation (SIPC). For clients of TradeZero International, the company offers protection via Excess SIPC insurance provided by Lloyds of London Syndicates Arch, AXA XL and Kiln. It also holds professional indemnity insurance.

TradeZero does not provide negative balance protection. If the balance on your account goes into negative, you will not be protected. However, we don’t think this should be a concern as TradeZero is not a CFD/forex broker.

Background

TradeZero was established in 2015. The longer track record a broker has, the more proof we have that it has successfully weathered previous financial crises.

TradeZero’s US regulation and its Excess SIPC insurance in other jurisdictions are all great signs for TradeZero’s safety.

TradeZero review

Bottom line

TradeZero is a Bahamian stockbroker founded in 2015, mainly targeting non-US investors who want to trade on US markets.

On the plus side, TradeZero offers commission-free stock and ETF trading. The account opening process is seamless, and TradeZero supports its users with excellent education materials and prompt customer service.

On the down side, TradeZero has a high withdrawal fee, and it doesn’t allow funding using credit/debit cards. Among other limitations, only USD is available as an account currency, and the product portfolio consists of stocks, ETFs and options only.

So is TradeZero good? TradeZero is a good choice for those who are interested in investing in US and international equities with low trading fees. As it offers a demo account, don’t hesitate to give it a try.

TradeZero review

FAQ

We recommend TradeZero for investors and traders interested in commission-free trading, focusing on US stocks and options.

Below you can find links to all aspects of TradeZero in this comprehensive collection.

Lower fees, lower costs?

We detailed this in our TradeZero fees article.

What about the minimum deposit?

Our ultimate guide to the TradeZero minimum deposit is updated regularly.

How to start your TradeZero account?

Look no further than our evaluation of the TradeZero account opening.

How’s their trading app?

Here’s our expert view after checking the TradeZero trading app.

Is the quality of customer service satisfactory?

All you need to know about TradeZero customer service.

Legit or scam?

‘Is TradeZero legit’ features all the key aspects you need to look at to see if a broker is safe and legit.

Free or premium? Or both?

A glance at actual costs and whether TradeZero is really free.

Is this broker good for beginners?

We checked it in Is TradeZero good for beginners.

Should you buy your silver bullets on TradeZero?

Research for silver bugs in the Silver buy on TradeZero guide.

I want to trade options, are they available at TradeZero?

We explored the topic in Can you trade options on TradeZero?

What is the minimum account balance at TradeZero?

Check out the current account balance requirements at TradeZero in our What is the minimum account balance at TradeZero article.

Looking for commission and fees data for TradeZero?

We collected them in TradeZero commissions and fees.

How do you withdraw money from TradeZero?

We tested it and collected the options and costs in How to withdraw money on TradeZero.

Investors’ Marketplace 

Another new addition available from June 2020 is the Investors’ Marketplace. This is an overall networking tool, helping investors, brokers and hedge fund account holders, as well as others, to connect. The purpose of the connection can range from education to career development, advisory, administration and technology. 

Tax Optimizer, Shortable Instruments and alternative news sources

US residents can take advantage of IB’s Tax Optimizer, which lets clients choose their best tax method based on IRS reporting rules after trading. This includes maximizing long-term gains or minimizing long-term losses. 

The Shortable Instruments (SLB) Search tool lists the available shortable securities within the web platform and the borrowing volume that is provided for these securities. (SLB stands for Securities Lending/Borrowing.) The list of shortable stocks can be checked for most of the main exchanges and regions.

Interactive Brokers review – Research – Mutual Fund Search

Mutual Fund Search Tool

As of June 2020, Interactive Brokers has launched the Mutual Fund Search Tool on their website. This tool enables clients to browse and select international mutual funds by country, fund family and whether the fund charges extra commissions. With the ‘Fund Type’ filter, you can also search for funds based on their structure (e.g. only bond, only equity, or mixed investments).

Interactive Brokers review – Research – Economic calendar

The Economic Calendar informs you about upcoming events that will have an economic impact. This feature can be accessed separately any time from the menu, though the design could be better. If you are looking for an all-around economic calendar that includes upcoming national holidays, you can find it here on IB’s page.

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