Zacks Trade Exposure: Examining Account Opening Glitches and Withdrawal Issues

Is withdrawal denial becoming a constant cause of worry for you at Zacks Trade? Despite multiple attempts, including contacting the customer support official, have you failed to receive access to your funds? Dealt with capital losses because of deliberate trade manipulation by the United States-based broker? Many traders have reportedly faced similar issues. A few of them made their displeasure known to all by writing negative Zacks Trade reviews. In this article, we have revealed all these. Read on to find the exposure claims.

Zacks Trade Overview: Trading Platforms & Account Details

Zacks Trade offers trading opportunities across numerous instruments such as stocks, ETFs, bonds, options and mutual funds. As you visit its official website, you see claims of a cash bonus worth $3,000 on opening a trading account with it. Opening an account requires depositing a minimum of $250. If the trading account remains inactive, the broker will charge $15 per month if the balance is under $25,000. The commission fees chargeable per month will be less than $15, as per the website data. There are three trading platforms available - Zacks Trade Pro, Client Portal and Zacks Trade App.

Elaborating on the Top Trading Complaints Against Zacks Trade

The Account Activation Complaint

A Japan-based trader highlighted an account activation issue with Zacks Trade despite the broker reportedly accepting all his documents. After the initial refusal, the broker accepted the activation as the user transferred funds to the trading account. However, upon a transfer, Zacks Trade allegedly asked the trader to upload more documents for account activation. The user did not find this appropriate and sought assistance from the customer support team, but in vain. Feeling deceived by the overall trading incident, the trader made this Zacks Trade review public.

Another Zacks Trade Account Registration Failure

The account opening issue at Zacks Trade seems to be rampant, given the number of complaints on it. This recount talked about how the user, despite filling out the forms, was made to wait endlessly for the confirmation number to be delivered to the email address. However, the confirmation number did not arrive. Taken aback by this lack of response, the trader accused the broker for this act online. Check out the traders accusation below.

Poor Customer Support Service

A Singapore-based trader reported that the customer support team failed to open a trading account. As the trader asked for a refund of the initial deposit, he allegedly had to wait for more than a month to receive it. Calling this totally unprofessional, the trader let everyone know about the incident with this Zacks Trade review.

The Case Putting 5K Euro at Stake

A user from Poland reported having his 5K Euro at stake as the Zacks trade platform refused to grant him withdrawal access, citing that the application was in the review stage. Finally, the trader received an email stating that the progress would happen in some days. Despite waiting, the trader could not receive any access. In the end, the user reportedly received an error message from the broker, confirming the lack of processing of new withdrawal instructions at the time. Check out the complaint screenshot below for a better understanding.

Another Withdrawal Complaint Against Zacks Trade

A Canadian user filed a complaint, claiming that it is impossible to withdraw funds while accessing the Zacks Trade login. The user credited the support received from an external agency to recover his funds. Here is that Zacks Trade review, where the trader made such a claim.

No Stop-loss Order in Practice, Only Deposit Demand

A Mexico-based trader highlighted an operational glitch concerning the lack of stop-loss order execution by Zacks. According to the user, the broker, instead of ensuring ethical trading practices by employing effective risk management, asks for additional deposits. This complaint is supposedly a reflection of a poorly conducted business. Take a look!

Zacks Trade Review by WikiFX: Is It Regulated?

Of the several complaints, what‘s bothering is the glitches concerning account opening at Zacks Trade. It’s the first point of service where the broker is accused of wrongdoing. Imagine if the customer relationship expands, will the broker be able to successfully deal with other trading issues? Seems unlikely in the light of no regulation for the broker. With it being unlicensed, the investment risks are enormous for traders. This meant a very low score of 1.63 out of 10 for the broker.

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