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E*TRADE

E*TRADE

 3.7/5 (383 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

  • 5 stars
  • 4 stars
  • 3 stars
  • 2 stars
  • 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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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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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Jan. 8, 2022

I am going to keep this brief because E Trades does not care but people should be warned. I have spent literally hours approx 28 hours on hold over a three week period. I left 18 messages with beneficiary account manager in which I never received a call back. I final sent an email blast plus 12 physical letters before I heard from an "executive". Because I went to these lengths they will not release my deceased husband’s funds. I have hired an attorney who has sued Etrade many times and has said this is normal practice. I have recorded this nightmare and will continue to do so.

2 people found this review helpful
Rated with 1 star
Verified Reviewer
Original review: Dec. 28, 2021

My mother passed away in July 2021 and in October we began the process of having her E*Trade assets transferred into an estate account. We sent in all the required signed and notarized paperwork in early September. It is now late December and after four previous occasions of waiting on hold for more than an hour each time, and finally talking to representatives of the Beneficiary Services Department – we are still waiting for the funds to be made available for transfer. This extraordinarily poor level of customer service needs to be publicized so they might do something to fix this situation. I am writing this while on their call in line again – waiting.

6 people found this review helpful

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    Rated with 1 star
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    Verified Reviewer
    Original review: Dec. 10, 2021

    I've been an Etrade customer for about 20 years. They were never great--their website and mobile app have always been broken, and they've given me false information from time-to-time, but overall, they used to be decent, and they offered flexibility with things like their bond-purchasing platform that were useful. Since I had a lot invested with them, they used to even answer my phone calls immediately with their "elite service" they offered.

    Now that they've been acquired, I've had them give me blatantly false information when I've called multiple times. They refused to cancel a security transfer even after being given a valid request, which they are not supposed to be allowed to do. Now, I'm on hold with "elite services" which said it has an estimated wait time of 30 minutes, and I think will be much more by the time I get through. They are sketchy as hell now, snotty when you make a request, and unresponsive and unavailable. I think it's finally time to jump ship. Compared to TD Ameritrade or other online platforms, they are no longer even in the same league.

    5 people found this review helpful
    Rated with 2 stars
    Verified Reviewer
    Original review: Dec. 7, 2021

    We invested and built our life savings with E*Trade, however as time went on, we were occasionally directed to funds or investments that maybe were more lucrative for the financial advisor or e*Trade and less suitable for us. When we tried to move our accounts, 5 total, with our life savings, the financial consultant with e*Trade all but threatened us with dirty tricks. We didn't realize what she did until we found our money in limbo for months with no way to get access or redirect our investments during these tumultuous times (pandemic, with market going up and down with less pattern). This action, really showed that "our" financial assistant was not "ours" but was out for themselves.

    5 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Dec. 6, 2021

    I have read all the reviews and shocked this company is allowed to continue business without an FTC, SEC, and FINRA sanction. My funds were put on a security hold to verify my information "due to suspicious activity". I appreciate they are looking out for me but after reading the other reviews, I believe they are trying to systematically usurp customer funds, deny widows and orphans access to their money, and intentionally make it impossible to get a hold of anyone. I will be looking to file a class action.

    8 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 16, 2021

    Opened an account over a month ago, it has been locked since I opened it. I declined the two step verification and bam! Lock on the account. I can't access my account to trade or withdraw my money. They have total control. I've been on hold for upwards of two hours every day. I've emailed, texted...I even drafted a letter and uploaded it to the account. Nothing!

    9 people found this review helpful
    Rated with 4 stars
    Verified Reviewer
    Original review: Oct. 22, 2021

    This platform is great for beginners and even experts. E*TRADE guides the new users through its app and online platform and educates them with infographics and charts. Really simple and entertaining.

    Be the first one to find this review helpful
    Rated with 3 stars
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    Verified Reviewer
    Original review: Oct. 7, 2021

    I had an account and used some of it. Later found out they allowed my account to be transferred into 4 other stocks without any notification to me. Always stay on top of your account and keep passwords a secret even from spouses, family anybody that is not you.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 24, 2021

    I have had to work with E-Trade for two death claims. One in 2018 and one in 2021. eTrade transfers out the bulk of the assets and then posts the dividend/interest payment to the decedent account. Multiple calls in 2018 and confirmation that the dividend/interest would be transferred over and it is still in the decedent account at eTrade and I'm now receiving escheat notices from eTrade. I had given up when it seemed the funds would never be disbursed to me after multiple assurances it would transferred and the account closed out.

    Fast forward to 2021. Again the bulk of the funds were transferred and then funds posted to the decedent account. I called last week and talked with a representative in the decedent area and they assured me the funds would be transferred to my eTrade account that was set up specifically for this process. (No explanation why the dividends did not automatically transfer over). Representative assured me the funds would be transferred and it would take 2 - 3 days. One week later I'm on hold because the funds were not transferred. This is a familiar feeling. Is this just eTrade's way of making more money or something? I don't get it.

    Since this seems to be such a difficult task maybe you should look at your process/systems and post the dividends/interest BEFORE transferring the funds. Would never use eTrade personally based on my experience and eTrade's inability to complete requests. I guess I should be grateful the bulk of the money was transferred at least. :-(

    9 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 21, 2021

    It has been over a year trying to close an estate of my husband. The account is an joint account, but that does not matter to them. You do not have rights to account even though it is joint. Every paper I fill out has more to follow. Finally they okay it telling me my transfer will take place 5 to 7 days. It has been over 18 days. I sent a letter of demand, but no response. I have to get the lawyer involved. Widows should not have to go through this. I will be closing my account moving to different broker.

    7 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