Tradezero review 2022 : Is The forex Broker Legit or Scam?

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In this review of TradeZero, we look at the broker in the view of a day trader. It offers most of everything day traders look for in a broker, including commission-free trades, direct market access, no adhering of the pattern day trader rule, and great software platforms. The only caveat is that they don’t take US clients. Is this the right day trading broker for you?

Based in the Bahamas, TradeZero offers low-cost trading, advanced software, short services, and no pattern day-trading rules. It is regulated by the Securities Commission of the Bahamas. Because of rules governing this type of brokerage firm, Bahamian and U.S. citizens cannot open a TradeZero account. Everyone else, keep reading, this broker may be worth it.

Pricing
Commissions
Stocks, ETF’s, and warrants that trade on the NYSE, Nasdaq, and AMEX exchanges cost 0.005¢ per share with a 99¢ minimum. OTCBB stocks above 10¢ can also be traded at this price.

TradeZero also offers free limit orders as long as the price is above $1 (similar to Webull), the order is for 200 shares or more, and there is not an immediate match. This means a buy limit order must be at least a penny below the ask; and for a sell limit order, the limit be must be at least a penny above the bid.

Options
Derivatives cost 79¢ per contract with a 99¢ base charge. Exercises and assignments are a very steep $35.

Account Requirements
An account can be opened with just a $500 deposit. Because TradeZero is not regulated by the SEC, there is no $25,000 requirement for day traders (TradeZero has a $1,000 requirement). There is no annual account fee, nor is there an inactivity fee.

Software and Data Fees
There are two platforms available to TradeZero clients: the website and ZeroPro, a desktop system. The web platform costs $59 per month. This fee is waived if you trade at least 80,000 shares in the month. The desktop software carries a $79 monthly charge, which is waived at 100,000 shares.

Day-Trading Leverage
TradeZero provides anywhere from 1:1 to 6:1 intraday leverage, depending on an account’s balance. The broker requires $2,500 to qualify for 6:1. Overnight positions receive 2:1 leverage.

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