E*TRADE

E*TRADE

 3.9/5 (456 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.

E*TRADE Reviews

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How do I know I can trust these reviews about E*TRADE?
  • 4,134,509 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 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 8, 2022

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.

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Rated with 1 star
Verified Reviewer
Original review: Oct. 24, 2022

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.

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    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 19, 2022

    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.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Oct. 7, 2022

    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.

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

    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!

    4 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Aug. 8, 2022

    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.

    4 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: July 16, 2022

    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.

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    Rated with 1 star
    Verified Reviewer
    Original review: July 13, 2022

    Etrade restricted my account when I tried to transfer money out of the account. The 50 plus transfers in were ok though from the same banks. I closed my brokerage account awhile back because the company is horrible and there are better brokerage firms. However the same account that was associated with brokerage account is also linked to savings account. Etrade made 2 3 way calls to my banks asking all kinds of questions. They wanted to call a 3rd bank but somehow I was able to stop that.

    My transfers were stopped everyday for over a week. Etrade kept my account hostage. It's very hard to get in touch with the activation department. I asked what policy states that my account was restricted and needed to verify and they could not provide one. You literally get a person on the phone who thinks of what is required to unlock your account. You cannot cancel any transfer, make a transfer etc. They try to tell you they are protecting you but I said I'm not worried about the transfer that I authorized to my bank. I had to pay bills and lost interest and fees due to Etrade. Please have Etrade refund my losses and hopefully they will lose 1 customer due to this review.

    5 people found this review helpful
    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.

    5 people found this review helpful
    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.

    6 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