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e*Trade

e*Trade
Overall Satisfaction Rating 3.75/5
  • 5 stars
    93
  • 4 stars
    152
  • 3 stars
    69
  • 2 stars
    17
  • 1 stars
    40
Based on 371 ratings submitted in the last year

This company is not yet accredited. 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.

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.

PROS

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

CONS

  • High broker fees
  • Limited local branches

Top e*Trade Reviews We Found

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Rated with 5 stars
Verified Reviewer

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. Plus they pay if I join its account.

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Rated with 5 stars
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Verified Reviewer

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… I would recommend E*TRADE to everyone, especially beginners in trading.

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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?
    How do I know I can trust these reviews about eTrade?
    • 2,891,014 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.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 10
    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.

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    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.

    3 people found this review helpful

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      Rated with 4 stars
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      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.

      2 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.

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      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.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Feb. 17, 2021

      I decided to make a small deposit here to have some fun trading stocks. Money was deposited, some stocks bought. About a week later I see my account in arrears for 10x what I deposited and that I had a cash call. I don't play options just simply buy and hold. I immediately called and waited an hour on hold and then another 30-40 minutes waiting on a supervisor. I was told they would look into and a note would be placed so that the stocks I owned wouldn't be liquidated. You guessed it, 2 days later my money's stocks and money were gone. I'm now on the phone for the 3rd time (on hold really) waiting to see what's next. I guess it is off to a lawyer. Mistakes happen. A true judgement on the company isn't on the mistake but how they handle it. These guys get 0 stars for that.

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      Rated with 1 star
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      Verified Reviewer
      Original review: Jan. 2, 2021

      I was originally with options house until they were bought by e*Trade in 2016. I make option trades that primarily consist of defined credit spreads. I have never had an issue until they got bought by Morgan Stanley. I have been doing the same consistent trades every week and recently received a day trading margin call for options. It happens and you get slapped on the wrist and life goes on. I am no even sure what created this as their system showed no record that I was ever below my buying power. Something is screwy with their system lately and things have not been calculating correctly. Sometimes when I buy to close trades, it would buy to open more options instead of closing them. When you are playing with money like I do there is no room for platform or broker error. I have been trading complex options trades for over 20 years.

      One day e*Trade started arbitrarily closing out my OTM credit spread positions at market price which cost me $900. The money is not my complaint. My overall complaint was they just started closing out trades and did not answer my call timely. I was on hold for over an hour. Then the first level rep could not answer my question. He put me on hold and just regurgitated something the risk management department told him which made no sense. I was told that the risk management team will close out trades that are within 2% of going ITM. This is absolute rubbish. These were defined loss trades that I have been doing for years.

      I then used their online messaging system to try to get an answer to why they were closing out OTM defined risk credit spreads that I have always done. They told me that I was at risk for 2 million dollars if the trade went bad or I got assigned. I then asked if they understood what a defined risk credit spread was and that my loss, if the trade was ITM would have been out $4600. I had way more than enough to cover this. I got no answer other than a condescending note basically stating that these kind of trades get traders into trouble and to call their help line to discuss the issues. Yes, they wanted me to call back on the help line that put you on hold for over an hour and has people that cannot answer my questions. Hey, I know the risks and your highest level to make these kinds of trades. It's my money to lose. So, basically they fired the client.

      I thank them for doing me a favor as I should have left when they bought optionshouse. E*Trade is not equipped for day traders and complex option traders. I sent another day trader to them who opened an account with a half million dollars just to test them out. He had some serious platform issues and was also put on hold after for over an hour. Regardless of account size this is totally unacceptable and they try to hide behind the COVID excuse. They called him back and gave him a direct line to someone because he has a larger account and pays over 30k a year in fees. After two days of trading on the platform he is moving his money out due to some of the same issues.

      There are plenty of good brokers out there that understand complex option trading and want the business. I am not a person that needs handholding and have only had to call once in four years to E*TRADE. I have 3 other brokerage accounts that I never had a serious issue with, to where they lost me money and closed my trades on a whim. So goodbye e*Trade, I only stuck around because you gave me 35 cent option leg prices and I was used to the optionshouse platform that was a great brokerage until you bought them. You have consistently gone downhill over the 4 years I stuck it out. I’ve since moved money out of my trading account, my bank account, and am in the process of moving my IRA account. I also will tell the trading groups I am in to be wary of you as we are apparently not the demographic you are looking for or can handle professionally.

      17 people found this review helpful
      Rated with 1 star
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      Verified Reviewer
      Original review: Dec. 29, 2020

      The worst company you will ever work with .. Someone stole our money. They did nothing. Closed our account after being lazy to find who did that .. Never got our money back. Don’t waste your money. Don’t trust them ever.

      20 people found this review helpful
      Rated with 2 stars
      Verified Reviewer
      Original review: Dec. 28, 2020

      Recently I had an error with my IRAs with Etrade. I called their customer service number and was placed on hold for over two hours. Once I finally had the opportunity to talk with a CS representative, they said I needed to talk with another department. At this point they transferred me and I had another hold time of over 45 minutes. In the end, I finally had to hang up and call back. At this point I emailed the company and they sent me a link to fix the situation, but each time I attempted to filled it out I received an error message.

      After 6 different attempts it finally went through. However, the cycle started over since Etrade sent me another message saying they needed more information and to connect via online chat. Once again, I waited over 40 minutes to connect to online chat and received more instructions. Ironically, after filling out the form exactly as they said, I received another notice that they need further information. This has been going on for months now and I've spent over 10 hours on hold without any results. Why don't they have a process like other companies that put you in line and call back so you don't have to wait online? Why can't their CS representatives that handle the online chat answer questions accurately? I would not recommend Etrade if you ever think you will ever need ANY customer service unless you have an entire day to waste.

      18 people found this review helpful
      Rated with 1 star
      Verified Reviewer
      Original review: Dec. 22, 2020

      I started with a CapitalOne Investment Account and was very happy with their platform and services. It all went downhill after the platform was purchased and serviced by ETrade. Out of convenience, I stayed with ETrade and even opened an account for my mother who recently passed. That is when the true nightmare started. With 5 beneficiaries on her account we thought the process to distribute the funds would have been relatively straightforward based upon her designations on the account. It hasn't been, after numerous phone calls, different instructions every step of the way, submittal of additional notarized documents from each, we have yet to get the funds distributed and appear to be back where we started in the process. Trust me, the second the funds are transferred the accounts will be closed and all of us will find someone who knows how to manage the process and our funds. Any confidence I had in ETrade is totally lost.

      17 people found this review helpful
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      e*Trade Company Information

      Company Name:
      eTrade
      Year Founded:
      1982
      Address:
      1271 Avenue of the Americas, 14th Floor
      City:
      New York
      State/Province:
      NY
      Postal Code:
      10020-1302
      Country:
      United States
      Phone:
      (800) 387-2331
      Website:
      www.etrade.com