It is truly incredible to consider just how far technology has come in terms of investing. Human beings used to use the “open outcry” method centuries ago, where bidders and sellers would be made in an open market. These days, there are individuals all over the world that can invest and trade simply by moving their finger on smartphones that fit in their pockets.
However, it can be tough to navigate which trade platforms are worth using. Does the platform have all of the features that you are interested in? Which features are most important to you? TradeZero is a platform that definitely has a lot to offer, and might be the right choice for many. Here is a review of some of TradeZero’s main features and any potential drawbacks.
Variety Of Platforms
Tradezero understands that there are different platforms that might make more sense for individual traders than others. For example, some individuals have a high-tech trading set up at a desk with many monitors, and others might be casually trading from their day job on their mobile phone. ZeroPro, the company’s most professional platform, offers Level 2 trading information, streaming quotes, and provides the most all-encompassing trading experience. ZeroPro does charge by the month.
ZeroFree is their free platform, which is limited in terms of features. However, ZeroFree does still provide two charts with indicators, and an upgrade allows you to change options on the platform. ZeroMobile is the free “add-on” mobile app to the platforms, as well.
Free Limit Orders
There are plenty of companies that are eager to find ways to appeal to as many consumers as possible, hoping to be successful. TradeZero markets the fact that it offers “free limit orders”, which is certainly quite a way to develop a customer base. It should be noted that the limit order has to be for 200 shares of a stock that costs more than $1, and trades on certain exchanges.
This might not come as a surprise to most, but it should be clarified. The trade would also have to be “unmatched”, meaning that your trade would be providing some liquidity to the stock, whether it’s on the buy or sell side. Interested in less than 200 shares? You’ll pay 99 cents as a flat fee.
Great For Margin Traders
TradeZero offers high day trading leverage, which is incredible for those who are interested in short-term trades rather than long-term swings. Of course, this is great for more experienced traders who may be more well-versed in risk management than others.
TradeZero offers 6:1 once you have over 2500 in your account, which is quite appealing to those who are used to margin trading. For those who are unaware, this means that an individual with $10,000 in their account could potentially trade up to $60,000 in equities. One of the best aspects of TradeZero is that it allows you to avoid the PDT rule, which is great for those who want to trade more frequently.
Ultimately Worth It
There are plenty of traders that are interested in trading the U.S. stock markets on a platform that doesn’t charge too much in terms of commissions and that has all of the information that they are interested in.
TradeZero is particularly useful for experienced traders who are used to risk, whether they are margin traders or are interested in shorting particular stocks. Shorters, in particular, might flock to the app, considering that there are thousands of stocks that can be shorted on the platform. TradeZero is much more affordable than much of the competition, with a lot to offer.