E*Trade

1-800-387-2331, +1 678 624 6210
Time-Life Building, New York City, United States

E-Trade has long been one of the most popular online brokers, largely because of its easy-to-navigate online experience on both its website and mobile app. The company offers a tiered commission structure that favors frequent traders but can add up to high costs for casual investors.

QUICK FACTS

  • Commission: $9.99; volume discounts available
  • Account minimum: $500
  • Promotion: 60 days of commission-free trades with deposit of $10,000 or more

E-Trade is best for:

  • Frequent traders
  • Beginner investors
  • Commission-free ETFs
  • Research and data
  • Retirement planning assistance

E-Trade’s biggest drawback is its commissions. But the company excels in innovative trading technology, and frequent traders will benefit from the company’s tiered pricing and E-Trade Pro platform access. E-Trade also appeals to retirement savers, who will be helped toward their goals by the company’s wealth of retirement planning resources and large selection of commission-free ETFs and no-transaction fee mutual funds.

Founded in: 1982
Licensed: FINRA, SIPC, NFA : 0380377
Platforms: E*TRADE Mobile, E*TRADE Website, E*Trade Pro, E*Trade FX, Market Trader
Capital:
Fees:
Broker: 9.99
Exchange:
Withdrawal:
Minimum Deposit: 500

Mobile Trading Daily Analytics Bonuses & Discounts Seminars, Education Manager Support

User Reviews

Hilltowntrader

Etrade has been struggling with providing basis to the IRS, and has defaulted to running two parallel systems: the one they provide to the IRS and the one they show their customers on the website. What they show you is not what they show the IRS.

The corporate actions group, which handles splits and mergers, is totally incompetent and arrogant. A simple split like AA's recent 1 for 3 reverse splits will, after of week of trying, turn a 300 share lot, not into 100 shares, but two lots of random numbers of shares. I've had as much as $860 of basis vanish in a merger. Something complex like the RRD split still has not been executed, two weeks after the split --- and the corporate actions group refuses to say what method or algorithm they use to allocate basis. As that I can track outcomes between accounts, I can attest that their allocation of basis is random, not even showing consistency internally.

I just had 10 random tiny lots show up in various account. No explanation -- or if I ask, the standard reply is "its complicated and the back office is working on it." If lots can show up at random, then value can disappear at random as well.

I have come to dread any corporate actions, because getting anything resembling accurate is a fight every time.

ZokRules

RUN. Cannot access money because ETRADE decided to change my account details. At least it wasn't much.

vacuumation

Etrade has some of the WORST customer service you will ever have the misfortune of encountering in your life. Do not put your hard-earned money with them. They will hijack it.

My handicapped father and I have had a joint brokerage and retirement account with them for over ten years. Three months ago they placed a 'suspicious activity' block on our online access solely because of multiple check-ins (which is what you do with multiple devices!), but when we tried to get it reactivated -- so we can get our over $10,000 of funds -- they kept demanding more and more faxes and documents. Then when you call one of their lackeys in the Phillippines, they say "we need the front and back" or make some other absurd request. We have sent multiple POAs and still can't get anyone on the case. The person they say is "in charge" of our case is some person in the Phillippines who is never, ever around.

I travelled all the way do a major city just to visit one of their few in-person branches nationwide. Still got nowhere despite all the assurances from the person I spoke to there in their office. When I followed up with the card he gave me, there was no response. The Live Chat on their website is ridiculous; they don't help you with anything substantial. Calling the Etrade line will lead to more headache because they want all this verification stuff which makes it take forever to get a human (from the Phillipines) on the other line.