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E*TRADE

E*TRADE

 3.8/5 (633 ratings)
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About E*TRADE

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

E*TRADE is an online broker of investment trading. The company offers investment accounts for individual investors and small businesses in the form of stocks, mutual funds, futures, options, bonds, CDs and prebuilt portfolios. In addition to individual online trading, the company offers portfolio management services for an additional cost.

Overall Satisfaction Rating

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 1 stars

Pros

  • Educational materials
  • Online platform and mobile app
  • Commission-free options

Cons

  • High broker fees
  • Limited local branches

Bottom Line

E*TRADE is an online trading platform and investment firm that offers individual trading and managed portfolios. It provides commission-free trading on certain investment products.

Top E*TRADE Reviews

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Rated with 5 stars
Verified

Outstanding program. Displays various trend forecast graphs - very useful tools for making decisions to buy or sell. It has no commission to buy and sell stocks which is nice. Plu...

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Rated with 5 stars
Verified

I have used E*TRADE for several years and I really appreciate the efficiency of their website. It is very easy for me to buy, sell and make transfers. What sets them apart from ot...

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What is E*TRADE?

E*TRADE users can take advantage of a full range of investment services, including stocks, futures, options, ETFs, mutual funds, bonds, CDs and prebuilt portfolios. Users can choose from a variety of account options. These include brokerage, retirement, core portfolios, managed portfolios and small business accounts, as well as online banking accounts.

Customers who want the guidance of a broker can take advantage of a range of services, including managed portfolio options. However, E*TRADE was designed to let the average Joe trade without the help of a broker, and the services that set it apart from other online investment firms do just that.

For example, E*TRADE has a widely-used app that was designed with beginner investors in mind, as well as a library of investing information geared toward users who are new to personal finance.

How does E*TRADE work?

New users should begin by opening an account through the website and downloading the E*TRADE app, a process that should take about ten minutes. You’ll choose between four types of accounts: brokerage, retirement, managed portfolios and small business retirement accounts.

E*TRADE suggests those new to investing consider brokerage accounts, specifically ETFs or mutual funds. Fund your account in one of four ways: by transferring online (three business days), wire transfer (same business day), transferring a brokerage account (10 business days) or mailing a check (five business days).

Once the account is funded, users form an investment plan using E*TRADE’s online tools. After deciding on a plan, search for trades that match your needs and enter those orders using an online trading ticket. Portfolios update in real time, and E*TRADE provides online tools to help investors monitor the market.

If you need help navigating E*TRADE, call, chat live on the website or email customer support 24/7.

E*TRADE fees

Online, self-directed stock orders are commission-free through E*TRADE. Fixed-income portfolios charge a blended annual advisory fee that can range from .35% to .75% depending on how much is invested and whether or not the portfolio is managed.

Online option orders are $0.65 per contract, though users who trade 30 times or more per quarter pay only $0.50 per contract. Broker-assisted transactions charge $25 per trade plus $0.65 per contract.

E*TRADE’s margin rates are graduated, beginning at 8.95% for those who invest $10,000 or less and ending at 5.45% for those who spend $1 million or more.

E*TRADE FAQ

What does E*TRADE do?
E*TRADE helps non-professional investors trade without the guidance of a broker. With investment opportunities including stocks, options, ETFs, mutual funds, bonds, CDs and prebuilt portfolios, E*TRADE offers a full spectrum of investment services. The company offers brokerage, retirement, core portfolio, managed portfolio and small business accounts, as well as traditional online banking accounts like checking and savings.
Is E*TRADE good for beginners?
Yes, this platform is great for beginners. E*TRADE guides new users through its app and online platform and educates them with infographics and charts. In addition, E*TRADE maintains a library of educational materials for new investors.
How much does it cost to use E*TRADE?
While stocks, options and ETFs cost $0 in commission, options contracts begin at $0.65 per contract and drop to $0.50 per contract after 30 trades per quarter. Futures contracts are $1.50 and bonds are $1 per bond with a minimum of 10 and a maximum of 250.
Does E*TRADE have a minimum balance?
While unmanaged brokerage accounts have no minimum balance, managed options do. Core portfolios, which are robo-managed funds, have a minimum of $500. Other managed portfolios have higher minimum balances: $25,000 for blend portfolios, $150,000 for dedicated portfolios and $250,000 for fixed-income portfolios.

Is E*TRADE good?

E*TRADE is a great choice for investors who hope to trade with no help from investment professionals. The company makes trading accessible for beginners with its educational materials and simple platform, and it provides access to customer service representatives who can help if you’re having technical issues. However, E*TRADE’s broker-assisted trades cost $25 per contract, so its managed portfolio option may be cost-prohibitive.

E*TRADE Reviews

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How do I know I can trust these reviews about E*TRADE?
  • 3,299,780 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 5
Rated with 5 stars
Verified Reviewer
Original review: Dec. 4, 2020

I have been very pleased with their results last year. I invested in a company so I'm very satisfied with where I'm at today. If you ever need help financially or to invest in a company I think E-Trade is a good place. I haven't lost much money since I've been with E-Trade. I invested thousands of dollars in the trade market and this the first trademark that I have been with that I have been lost a sustainable amount so with this company I don't think that we can go wrong with it.

2 people found this review helpful
Rated with 5 stars
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Verified Reviewer
Original review: Nov. 30, 2020

I have used E*Trade for several years and I really appreciate the efficiency of their website. It is very easy for me to buy, sell and make transfers. What sets them apart from other brokerage firms is their customer service. Every time I have had to speak to them, the representatives have been informative, helpful and quick. I would recommend E*Trade to everyone, especially beginners in trading.

4 people found this review helpful

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    Rated with 4 stars
    profile pic of the author
    Verified Reviewer
    Original review: Nov. 29, 2020

    Most of the website is easy to navigate and they make buying, selling, trading stocks pretty simple. I use it for both personal and stocks granted from my employer. The person stock is pretty straightforward, but sometimes I don't understand the stock, awards and forms from the stock given by my employer - I wish there were more resources and 'dumbed down' information for that piece. Overall, would recommend.

    3 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: Nov. 27, 2020

    I do like e*Trade over the other two online brokers I have used. Ease of margin account setup is appealing. Linking to my external bank account is simple, user friendly, and was instant rather than the two day wait I experienced with another outfit. They have the usual amenities like free trades, and their online analysis tools work well for me. I would recommend eTrade for new users, and the tools allowed me to grow as an investor.

    2 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Nov. 20, 2020

    Can be found this website on searching google "online trading in US" as related search. Not much easier but can be found related searches on google. The First look the of their website is good for me because it showed simple 4 steps to start invest so it is easy to start. But I need some more info before start so I browse whole page and I found the required info so, it is good. Signup process is not too much difficult, but it took time, it could be more easy. And at Last the overall features are good options. And Anyone can start trading online after funding. Some offers time to time might be more helpful to increase their users.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 9, 2021

    E-trade provides extremely poor customer service. Must sit on hold for a very long time and they don't return phone calls. You click the "chat" button on their website and for many weeks you get an "out of service" page. Transferred my funds to a competing firm; they answer the phone promptly and you speak to someone that is fluent in America's mother-tongue. Adios etrade.

    Be the first one to find this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: June 9, 2021

    My 91-year old father-in-law invested roughly 200K with Etrade. After losing about half of it, he tried to transfer it to another brokerage. ETrade refused the transfer. He went into assisted living and turned over the account to his daughter who tried to get the money transferred. They refused. She sent them a financial power of attorney. They still refused. Sent them a court-ordered temporary guardianship and conservatorship and doctor's diagnosis. Still refused. They even stated they will refuse any request from my father-in-law directly to transfer the money. So 100K remains sitting in an account nobody, even the person who opened it, is allowed access to.

    Meanwhile, they are happy to make trades in the account, but refuse to provide access to the money. Bottom line, if you want to open an account, they'll gladly take your money and help you lose as much of it as you want, but don't you dare try to take it back. Oh, and only call between the hours of 9-5 ET or they won't talk to you about it, assuming they will even then.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 23, 2021

    I have had a very difficult experience dealing with my deceased mother's ETRADE account. I need to know how much money is in her account before I start the laborious process of getting my siblings in various states to get documents notarized, etc. Because she was just getting online statements, I don't know what the balance of her account is. I asked if they could send a paper statement and provided the documentation to show that I am the executor of her will and trust. The representative several times said that he would send a statement to the address on record, which he never did. No 1099, no statements. Strange.

    10 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: March 18, 2021

    It really baffles me that some brokers think they can always get away with taking your money. Traded with E*trade and they suddenly closed my account with a lot of money in it. Tried a couple of chargebacks, nothing worked until I found a good lawyer off globalreclaimai.co that handled my case and I got my investments back.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 8, 2021

    E-Trade has one of the worst customer services. Every time I call them it takes on average 1 hour to reach someone (their hold time is very long). I have to keep calling multiple times to get things done. For example, I applied for a business account and it took them almost 50 days to process. I had to call multiple times (being on hold for hours) to get things moving. Plus, their application processing system is very pathetic; I have tried to upgrade an account or open a new account online but it never works. I always have to fill out a paper form and submit it manually. The latest issue has been upgrading my account for options trading. I had to call 4 times (being on hold for 1 hour every time) to upgrade the account but was not able to do it online so I had to finally submit a paper application. They really need to work on customer service and streamline their accounts opening and application processing system.

    2 people found this review helpful
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    E*TRADE Company Information

    Company Name:
    E*TRADE
    Year Founded:
    1982
    Address:
    1271 Avenue of the Americas, 14th Floor
    City:
    New York
    State/Province:
    NY
    Postal Code:
    10020-1302
    Country:
    United States
    Website:
    www.etrade.com