Have you noticed that TradeZero received negative feedback from clients recently? Although a licensed broker, TradeZero has some disadvantages.
In the unbiased TradeZero Review, we shall analyze what this broker exactly offers in terms of trading but also address the complaints we found. Let’s first discuss the license.
TradeZero Inc (International) is an offshore company based in the Bahamas and registered with the local Securities Commission (SCB). Furthermore, the company has a branch in the US called TradeZero America, registered with FINRA.
The SCB is an offshore regulator so it’s not as reliable as its US counterpart but the latter accepts only American and Canadian traders.
Regarding TradeZero’s regulation, the offshore domain, i.e. TradeZero International may cause problems because the regulation is laxer but it seems that TradeZero America isn’t very “clean” either.
All in all, you must be careful with companies such as TradeZero. The broker is licensed but issues may arise at any moment. If so, please contact us for help.
You already know about some but let’s see the full list of countries where TradeZero mainly provided trading services:
Although TradeZero is technically authorized to operate in the US through TradeZero America, it’s not the case with the UK or Germany.
TradeZero International doesn’t have MiFID authorization, i.e. the permit issued by the European Securities and Markets Authority (ESMA) to brokers operating in the EEA zone. The company is not authorized by the FCA to operate in the UK either.
It’s clear that TradeZero used the offshore branch to provide trading services, which is illegal. The broker thus directly violated regulatory rules.
Always take your broker with a grain of salt, especially if the provider is based offshore. We’ve outlined some negative stuff regarding TradeZero.
It seems that all the positive reviews on Trustpilot came from “invited” traders. Among the numerous reviews TradeZero received, there were some heavy complaints against the broker.
I thought they were legit and I invested a lot with them and made some profit but my problems began as soon as I handed in a withdrawal request, I was ghosted for months…
TradeZero offers four different proprietary platforms. The broker included a desktop, mobile and web version of a trading terminal as well as a free platform.
Each of these platforms’ use is subject to a certain fee, which are quite high. TradeZero doesn’t support MetaTrader 4, MetaTrader 5 or cTrader.
TradeZero’s users can access the advanced ZeroPro. According to the broker, this trading software is fit for next-level trading, offering great full options trading, instant price alerts and 10 charting windows.
The portfolio window allows for real-time profit/loss and account management. ProChart offers advanced charting mechanisms and over 70 indicators.
This platform is similar to ZeroPro but is actually web-based. ZeroWeb offers all the features of advanced and customizable hotkeys, six charting windows, indicator data and fully customizable layouts.
Up to five watchlists can be created on ZeroWeb. There’s also a portfolio management system similar to that of ZeroPro.
ZeroFree, as the name suggests, is a free platform with real-time browser-based trading features. It ensures that many beginners get all the functionalities they need.
The platform features several order types, charting facilities, indicators, as well as news and watchlists. If you pay extra, ZeroFree can also be upgraded to offer options trading and Level 2 feed windows.
The TradeZero mobile app, aka ZeroMobile, is available for both Android and iOS. It offers real-time market data and trading on the go.
Clients can read market news, check their watchlists and portfolios and monitor open trades. ZeroMobile also features charts.
TradeZero offers trading in US stocks and options. It’s one of TradeZero’s disadvantages; no access to European markets.
There is no CFD trading as it is prohibited by SEC in the US. Clients cannot trade Forex currency pairs or crypto assets either.
The fees that TradeZero charges are excessive. For instance, the ZeroPro and ZeroWeb platforms cost 59 $ per month.
Both domains differ in terms of fee structure – TradeZero America’s traders are charged 0.0003 $ per share for stocks trading under 1.00 $. After-hours trading also comes with a commission of 0.003 $ per share.
TradeZero International charges zero commissions on limit order trading but levies a 0.005 $ per share fee on market orders or trades that are immediately matched.
On top of that, TradeZero also charges deposit and withdrawal fees, TAF Fee, SEC Fee, NSCC Fee, FOCUS Fee, SIPC Fee, etc.
TradeZero advertises a free demo account. That’s good news but still… The harsh reality of risking and losing comes with the live account.
You must be careful, especially considering that several traders have complained about having withdrawal issues with TradeZero.
As most offshore brokers, TradeZero included a referral program. This concept features partnerships and referring a friend.
TradeZero promises a bonus of up to 100 $ for every referral. Keep in mind that referral programs are typically Ponzi schemes in disguise.
These pyramid-type concepts benefit the one on top while all the others are just drawing more and more people into the scheme. We’re not saying that TradeZero is conducting a Ponzi scheme but it is possible.
Let’s take a look at TradeZero’s withdrawal process. Namely, the broker accepts only two funding options:
You cannot pay via e-wallets or crypto. The minimum deposit, according to the FAQ section on TradeZero’s website, is 200 $. Deposits are subject to a 25 $ fee and withdrawals to 50 $.
Just like the traders said, insanely high fees. Please take it into account if you’re still interested in trading with TradeZero.
If TradeZero violated any terms and conditions, please let us know. We can help you by reporting the broker to the financial market authorities.
In case you believe that you’ve lost money to TradeZero in an unjust way, Global Fraud Protection can assist you in getting it back.
Since TradeZero accepts and sends payments exclusively via credit/debit cards and wires, our experts can instruct you on the chargeback or recall process.
If this broker steals your money, start the chargeback process. Use Online Chat to book a free consultation with our team and find out what you should do.
TradeZero has branches both offshore and onshore. Although TradeZero is regulated, the fees are insane so we wouldn’t recommend this broker.
Yes, TradeZero does offer a free demo account for practice and also a free platform.
Yes, the broker included the ZeroMobile trading app for Android and iOS.
Judging by some client reviews, you may have withdrawal issues with TradeZero.
TradeZero has branches both offshore and onshore. Although TradeZero is regulated, the fees are insane so we wouldn’t recommend this broker.
Yes, TradeZero does offer a free demo account for practice and also a free platform.
Yes, the broker included the ZeroMobile trading app for Android and iOS.
Judging by some client reviews, you may have withdrawal issues with TradeZero.
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