E*TRADE

E*TRADE

 3.1/5 (850 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

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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.

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  • 3,827,988 reviews on ConsumerAffairs are verified.
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  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: June 13, 2022

My account was restricted and on 6/3, I uploaded what was requested, called on Saturday and I was told the quality was not sufficient - uploaded upgraded quality, followed up a few days later and I was told my handwritten letter did not contain data that was necessary. I uploaded the handwritten letter with the additional data and was told when I called on Friday 6/10 that the file was being processed. I did a 2 hour 1 minute 32 second phone call on Monday. 6/13 finally being transferred to account activation and asked to hold while Johnny reviewed the file. After an inordinate amount of wait time Johnny returned and told me he needed to transfer me. I ended up with the feedback service which comes on after the Customer Service person hangs up the phone. This gives rise to fear and suspicion in my thinking because there never should have been an issue in the first place. I have never received an explanation for their action.

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Rated with 1 star
Verified Reviewer
Original review: June 9, 2022

They closed my account for no apparent reason. Keeping my money locked up for months. Finally when I called them (they never communicated to me anything) they asked me to SNAILMAIL them countless docs. Still waiting. These guys are just plain horrible. I wonder if I'll ever see my money.

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    Rated with 1 star
    Verified Reviewer
    Original review: May 14, 2022

    I’m a professional Insurance Broker for over 25 years, meaning that I interact with customer service and performance of big companies daily and never work with an entity with so unprofessional lack of training CSR waiting time and unfair Co. After opening or trying to do so with no reason after over 12 calls and waiting on hold for over 12 hours they decided to close my account (that was never really open) with no explanation because they said they don’t give reasons when they “Closed an account”. They make me send copies of all types of ID’s. They made a three way call with my bank they verify everything, why they did that? Well who knows because not even a supervisor knows.

    What I know now is that my money is there in their account and now I have to wait for over six business day to get my money back, of course if is true what the last supervisor told me because every time you call that company they told you one thing and they do another. Worst, worst company to do business with, I never like to write reviews but I think this E*TRADE deserves it.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 2, 2022

    If you have a problem expect wait times of a least a hour waiting to talk with someone. I deposited $500 with Etrade thinking it would be fun to learn about trading. A day after I deposited the money I got a message they want a copy of my social security card and W-9 to prove my identity. I'm 70 years old and have never had anyone make such a request. I want to transfer my money back to my bank and there is no way to do it. I've been sitting here listening to their hold music for over an hour now waiting to talk to someone again. I would not recommend this outfit to anyone unless you want to be angry and frustrated.

    5 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: April 28, 2022

    Shawn, or Shaun however he spells it, is a skilled careful agent. It's rare to find a real person, let alone one that actually cares and is effective. I will spare you the ad nauseam, just let me say, I recommend E*Trade online help and specifically Shaun. Morning of 04-28-22, 9 to 9:30 or so.

    Greg **, account holder

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    Rated with 1 star
    Verified Reviewer
    Original review: April 27, 2022

    First of all customer service wait time is over 40 minutes. Second of all if your check bounces they require a letter from the check issuer. They restrict accounts if you make profits and want you to close the account by making it impossible to trade and imposing restrictions. Avoid E*TRADE. Terrible company.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: March 29, 2022

    Attempting a simple inherited account transfer - multiple problems:

    1) Initially did not re-state the cost basis to date of death - had to contact and wait for correction.
    2) Incorrect social security numbers blocking beneficiary IRA transfer - cannot contact e-trade - multiple 30+ minute holds and then phone cut-off, no e-mail or chat, impossible to contact and resolve.

    3) Non transferable asset identified but account locked so can't sell asset and then see #2 above.

    Attempting to transfer into Fidelity which is night and day better with instant professional response with no excuses. Net, E*Trade misses on its promise of customer service.

    6 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 17, 2022

    Shocking in one word. I wanted to open a new account with them and uploaded all the required documents as instructed by their customer service 3 months ago. Over these past 3 months, I have talked to nearly 20 people from their customer service to see what is taking so long. They answered all differently and asked for different documents, messaged me later to say they don't need them anymore, and in 3-4 more days it's all done. When I followed up after a week, they told me they do need them. They finally rejected my application after 3 months and said I have filled out an out-of-date form which I was given by a customer service rep. Close to 20 people checked my files and at no point they told me they need a new form, and what was the out-of-date form doing on their website?? God knows. I am really surprised this business is even running.

    11 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 4, 2022

    I transferred $20,000.00 to start investing on E*Trade, then for no reason they blocked my account. After 1 hour and 15 minutes on the phone, they finally unlocked it. I tried to use it and it was again blocked. I'm on the phone again for more than 30 minutes and it goes far. If you have all day long to be with them on the phone, you maybe be lucky to get your money back. It is a nightmare.

    10 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Feb. 4, 2022

    I am handling the estate for a family member who passed in Sept. 2021. I have settled all of accounts with all other financial institutions but I am still struggling with E*TRADE. I started the E*TRADE process in November 2021. Every call requires 3-4 hours on hold. Case Emails take weeks to get a response, if you get a response at all. I have been through two support persons. I finally received the New Estate Account 10 days ago or so. I have been contacted by a new accounts person who has been super helpful and has provided a direct email and phone number. They are working to help get the "cash" transferred from the old account to the estate account.

    How E*TRADE is allowed to continue this horrible level of service is beyond comprehension. I have to admit I was not surprised to the all of the similar complaints posted here. I have also reached out and filed complaints with my local news networks to see if they can offer any assistance. Something has to be done and I plan to use every resource I can to hopefully improve things for the next family.

    10 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