E*TRADE

E*TRADE Reviews

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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.

Pros & Cons

Pros
  • Educational materials
  • Online platform and mobile app
  • Commission-free options
Cons
  • High broker fees
  • Limited local branches

Featured Reviews

Verified
Atlanta, GA

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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Verified
Oklahoma City, OK

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

Stars Rating

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  • 7%
  • 9%
  • 61%

Popular Mentions

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    How do I know I can trust these reviews about E*TRADE?
    • 4,460,553 reviews on ConsumerAffairs are verified.
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    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.
    Page 1 Reviews 0 - 10
    Customer ServiceStaff

    Reviewed June 11, 2024

    I have been an E*Trade customer for over 25 years. Over that time I've seen some good and bad changes, but since being bought by Morgan Stanley it has sunk to new lows. Customer Service is pretty bare bones now and they no longer have the well-trained staff nor is staff available for those on the West Coast past 4pm (even though their website says otherwise). They make mistakes, a lot. Best to watch your accounts closely -- you can no longer expect timely notifications about actions you need to take on specific stock. I've written the SEC on 2 issues. I did get resolution, but these kinds of things were never issues before the Morgan Stanley takeover. Basically, communication sucks as MS tries to make a profit out of a service by eroding the service.

    Customer ServiceStaff

    Reviewed June 6, 2024

    "Ben" is the person in customer service when calling E-trade. He is absolute worst at taking care of first time traders. Very hostile for someone that has very minimal knowledge at trading stocks. For a company that takes care of your life savings, you would think they have some sort of sympathy for people like us. Ben is rude, hostile and I do not encourage anybody talking to him. Please be careful dealing with "Ben" at etrade customer service.

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      Reviewed June 1, 2024

      E*trade is absolutely TERRIBLE for beginners or individuals with small account sizes. They REQUIRE $1,000 to access BASIC level 1 real time data. Yes, you read that correctly- BASIC level 1 data. This is absolutely PATHETIC!.. At the very least, this STRONGLY indicates/suggests they have cash flow issues and I would highly advise EVERYONE to stay FAR, FAR away.

      Customer ServiceStaff

      Reviewed May 31, 2024

      I am beneficiary to E*TRADE accounts and have been trying for 2 months to gain access to the accounts. I was told I have to open my own accounts before I can have access to the funds. I have made numerous calls and submitted all the documents they asked for. One account was never opened and I was told they cancelled it after 30 days. I had to start over. Each time I am told there is more time needed for this or that department to approve a part. They are either poorly organized, understaffed, the staff is lazy, or they are deliberately holding the money. It makes me want to take the money out and invest elsewhere. Either way, this is poor customer service and causes additional stress and frustration when there are so many things to do upon a death already. There should be accountability when an account owner dies. The accounts are locked and nobody has access to know what ETrade is doing with the account.

      Customer ServiceStaff

      Reviewed May 20, 2024

      I am still reeling from the utterly unprofessional and cruel treatment I received from E*TRADE Morgan Stanley's customer service over the phone. In a shocking display of disdain, the representative Ryan ** callously informed me that my account had been terminated, citing that Morgan Stanley no longer wished to do business with me. This revelation was made all the more egregious by the fact that my funds remain invested with them, yet I am now denied access to my own account and money.

      The representative's tone was dismissive and humiliating, culminating in the absurd request that I write a note pleading for a passcode to regain access to my own assets. This demeaning treatment was the final insult in a conversation that left me feeling disrespected, frustrated, and concerned about the ethics of this financial institution. As a customer, I expect a certain level of respect, professionalism, and accountability from the companies I entrust with my investments. E*TRADE Morgan Stanley has failed miserably in this regard, prioritizing their own interests over the well-being of their clients. I urge others to be cautious when considering E*TRADE Morgan Stanley for their financial needs. The risk of being treated with such disdain and disrespect is simply not worth it.

      Customer Service

      Reviewed May 17, 2024

      I have been trying to get money from my IRA for over two months. I've called multiple times, was told it was in process, told I completed the form wrong, after fixing the form, I was told it was the wrong form, I completed the right form and was told I was missing one digit from the account number so it could not be processed. They are not calling me back, they won’t help me get the money and it’s my money! It’s been 2 months.

      Tom

      Hi Kristin, Been having similar problems
      Tried transfer online but their system didn't work in April
      Filled out form manually but it was rejected
      Sent corrected page called them they said all ok.
      Month later saw message form rejected.
      Called they said resubmit and they'll call me back
      They never called me back so I called and they said just watch your messages
      Am a platinum member as well but rep did not apologize or offer any extra help
      Fourth attempt at this. All on me?
      Disappointed ??

      Customer Service

      Reviewed May 13, 2024

      In an era dominated by technology, the internet has become an integral part of our daily lives. While it has opened up new avenues for communication, learning, and entertainment, it has also given rise to a darker side online scams. E*trade is really having a bad time I guess and I think they are folding up. I have been having a series of bad experience with this company and from other peoples reviews you can practically tell from other people's review as well. But regardless of the trouble they put me into, I was able to get all my money retrieved, Guard claims (no space helped recover all my funds.

      Price

      Reviewed May 9, 2024

      So far E*Trade has provided me with 2 amended 2023 tax forms; the latest dated 5/7/2024. If you don't mind paying hundreds of dollars (needlessly) each year to file amended tax returns, E*Trade is the broker for you! As an institutional investor, I have never had this experience with any other brokerage firm over the past 30 years. During that time I have worked with many brokers including, Schwab, Fidelity, Vanguard, CIBC, Smith Barney, Salomon, Lehman Brothers, TD Ameritrade, and DLJ. Unfortunately, I am now looking at moving my account to a firm with a more competent back-office. This poor level of service is just not worth the cost!

      Customer ServiceStaff

      Reviewed April 27, 2024

      I previously left another review regarding E*trade's awful customer service. Well, they finally called me and told me we’d have to call Citi Bank for them to verify the bank transactions in order to reinstate my account. Keep in mind the reason it was suspended was because a $13,000 deposit didn’t go through, I have since made an $18,500 deposit which did clear and has been withdrawn from the bank. You’d think that’d be all the proof they need right? Nope. The rep makes me call Citi bank 10 different times all of which we fail to get connected to a rep. The E*trade rep tells me we’re going to call again to which I tell him, no, I’m not going to sit here and keep calling Citi and getting nowhere.

      You already have proof that I had the funds in my bank, so talk to a higher up and take care of this. He said there’s nothing he can do and that we have to call Citi bank. I told him please withdraw my $18,500 then because I’m not doing that. He said no withdraws can be made until we call Citi. E*trade is literally in the process of stealing $18,500 from me.

      Customer Service

      Reviewed April 26, 2024

      I have spent hours on the phone with customer service trying to get this corrected. If my stock investments tank then I can't even sell. Why can't we team up and file a class action lawsuit against ETrade. I'm retired, I have the time. I'll help head it up. This really calls for legal action.

      Stan The Man

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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