About E*TRADE
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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
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- 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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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...
Read full reviewI 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...
Read full reviewWhat 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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I used E*Trade for about 20 years, maybe more, but I finally had enough and left. My experience was positive for most of that time, but in the past six months things went downhill badly. I had access to their "elite team" for allegedly superior customer service, but even that became dreadfully poor. They failed to provide timely notice when a check I deposited bounced, there are incredibly long hold times and service reps who are not properly trained, and I found far too many bugs in the website, app and general corporate operations. The E*Trade point of contact assigned to work with me was kind but often ineffectual and failed at basic tasks like putting up an auto responder when he was out of the office, so once I didn't hear from him for over a week after I reached out.
Claimed I'd get "white glove" service for being with them for over 14 years and having a very substantial balance. Instead, Louis ** and 5 other operators confirmed that I can't take money out of my account on-line...only put money in because I have a credit line. Their tool to pay down the credit line was broken, and the "direct personal advisor" I had quit with no replacement, so literally there was no pay to pay down the credit line without eventually waiting on the phone for an hour. Look elsewhere.
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I am helping put a class action suit… I am helping put a class action suit together against eTrade for the practice of conversion among other deceptive practices of locking customers out of their accounts and not giving them any recourse to access their funds for months and in many cases years. Often time eTrade will lock an account even after being provided with numerous forms of identification. Often refusing to disclose to their customers any explanation. If you have been a victim of eTrade's deceptive and likely fraudulent activity please respond with the the experience you have had and the amount in question.
Do not transmit any account information just transmit the complaint and how the issue has been handled, your name, phone number and email you can be contacted at. I have been a victim myself and have relatives that handle this type of litigation. From what I have read on these boards the issues are widespread and ripe for action. Send your complaint and name, email and # number where you can be reached to **.
Lost >$500K with E*TRADE. Have been trying to wire transfer my money for more than week and nothing has been done. Worst Power E*TRADE and E*TRADE Pro trading apps where you can buy securities and would not know what price you will get when you sell. One time I have to restart Power E*Trade more than 5 times to close my position. So many problems with their apps and nobody listens to you when you bring the problem to their attention. Horrible, Horrible experience including you are being told a different story each time when you call.
I have traded futures, options and equities with eTrade. 2 weeks ago, I put in a trade on the app and the price hit the limit price and the open order was removed from my orders, meaning the order was executed and I should have had the position in my portfolio. However, the position was not there. No open order, no position, but the market was moving and the losses on the account was appearing on top of the screen. This lasted for a few minutes before the position appeared in my account and I closed the position. The same day it happened to me on eTrade's regular website and I called eTrade customer service. They connected me to the futures desk and I explained the situation. The agent told me that this probably happened because of a temporary issue and shouldn't happen frequently. I tried to explain again that it makes one hesitant about trading when there are system glitches. He said it shouldn't happen again and this part ended.
Last week on Thursday evening, I placed a few orders and closed them because I don't like to sleep with the stress of an open position. Before going to bed at night, I checked all the open orders and current positions on the eTrade app, as I do every day. Open orders in my futures account were blank and so was the positions tab. I went to bed. Next morning I woke up and when I looked at my phone, there was an open position in my account which was losing value. I closed the position immediately and called eTrade. I was connected to futures desk again and explained the situation.
I told them I had an issue with the app the week before as well. He asked me why I was trading on this app if I don't like it. I asked for a refund for the lost amount on this trade, the amount I lost because of the system glitch. Later, I was told they didn't find a system issue and they would not refund my loss from this particular trade. I always own up to my bad trades, however for this one I feel like eTrade stole from me. I hope other people who have had similar issues come out and we can bring this to the attention of public.
I would never use this company ever. My parents both died in 2019 and due to the original trustee of their estate passing away the new new trustee didn't get the required paperwork to them because the new trustee wasn't aware of the account. So now E*Trade will NOT give out the funds to. They have stolen the money. We have jumped through hoops providing E*Trade everything they have requested, but they still won't release the funds. I have called several times, held on hold for hours finally get to a supervisor only to get told later they can't help us.
I left E Trade for horrible service and constantly not doing what they promised. They lock your acct randomly and then the people who can unlock it are unavailable until they get around to calling you back which took a couple days. Then when I left they did not transfer all the stock but locked the account for 2 weeks while I asked them to complete the transfer or unlock my acct so I could sell a falling stock. I called them 5 times and messaged them repeatedly. Finally after threat of legal action they transferred the remaining stock. I lost $14k because of them.
I have an ongoing problem with my account. Takes 90 minutes to get a person. Spent an hour on the phone. Thought it was resolved to find out 2 days later it was not. Tried again to fix it. 2 hours and still can't get it resolved Can't even talk to anyone. It just an online chat. Every time I ask to speak to someone, the online person gives me the runaround. Closing my account if this ever gets resolved. Bank somewhere else!
A horrible horrible mistake was made in signing up for a premium savings account with this crap show of a company. I literally haven't been with them more than a few days, and now I have my money held hostage. I tried to add the account to Venmo, didn't work, triggered some security flag. Called in on a Friday evening, couldn't get anyone -- with no indication on the phone that I'd just be on indefinite hold. Tried again Saturday morning after long hold, finally get someone from their "account servicing" team, told me I'd get a call back from their colleague. TRAP: I didn't get any callback. Whole weekend goes by, still no access to my money. Sure enough, you can still deposit or pull funds, classic. Now I have to call back in again and spend more waiting time finding someone. Just look at all the other reviews of people with similar issues. Stay ** away; you've been warned. If you transfer money to them, you may as well considered it lost.
Only myself and my family knows how much I regretted investing with E*TRADE. DON'T DO IT!!!, I was able to escape with the help of **. They got my returns after a lot of effort. I really appreciate all they did on my behalf. Stay far far away.
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
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