E*Trade Review 2021 – Founded 1982

By | June 18, 2021

E*Trade is a trustable online broker operating from the US. It has a long operating history and has good financial audits as well. In this E*Trade review, we’re going to focus on its workings and operations, along with its pros and cons.

What is E*Trade?

E*Trade review

Interactive Broker is an online brokerage providing a wide range of investment opportunities. It is one of the biggest discount brokers.

The broker provides access to 30 branches across the US. It allows you to invest in stocks, options, mutual funds, ETFs, futures, bonds, and currencies. 

The firm offers low-cost investment, market research, multiple trading platforms, and competitive customer services. It was founded in 1982 and issued its first IPO in 1996. It has trade relations with top financial firms as well.

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Account Opening :

Account opening is fully digital but quite complex. They take a long time to verify the account. However, the minimum deposition for account opening is low.

What is minimum deposit at E*Trade?

The minimum deposit at E*Trade is $0. However, the minimum deposit also depends on account types.

  • Basic account : $0
  • Margin Account : $2,000
  • E*TRADE Personalized Investments : $500-$150,000

E*Trade account types

Account typeShort Description
Individual accountA single individual owns the account.
Joint accountTwo or more account owners
Business accountA legal entity owns the account.
Retirement account (Traditional IRA, Roth IRA, etc.)Individual retirement accounts
Pension accountAccounts for self-employed individuals and small businesses
Education Savings AccountEducation Savings Account
Custodial accountsSpecial accounts for custodial purposes

Fees:

E*Trade Fees

E*Trade charges low fees for stocks, bonds, futures, options, and more. It has low nontrading fees. At the same time, those mutual funds which are not free are costly.

AssetsFee Terms
US stockFree stock and ETF trading
Mutual fund$19.99 per trade; ca. 4,500 free mutual funds
Inactivity feeNo Inactivity fee

E*Trade deposit and withdrawal:

E*Trade offer 1 base currency as USD. It only allows deposits through bank transfers. They support no other means of deposition. It will enable deposit only through bank transfer; no debit/credit card deposition or withdrawal is supported.

Withdrawal is also the same as a deposit. However, no withdrawal fee is charged for ACH, while it costs $25 for a wire transfer. US residents can withdraw via ACH or Check as well.

Trading Platform:

E*Trade Trading Platform

E*Trade offers two types of trading platforms: Mobile application and web trading. It doesn’t provide a desktop trading platform. However, both the available platform is easy to use and have a good user interface. Its mobile application is one of the best in the market.

E*Trade provides two kind of platform :

  • E*Trade
  • Power E*Trade

Both of the platforms have almost similar functionality. E*Trade has a desktop trading platform known as E*Trade PRO. They don’t usually recommend this platform to new users. It is quite complex to navigate and requires master skills.

Products Offered:

Stock 5
ETF2300
Fund520
Bond 88,000
Option 5
Future3

Customer Service:

E*Trade Customer Service

You can contact E*Trade via:

  • Phone
  • Email
  • Live Chat

E*Trade support is available 24/7.

Pros/Cons

ProsCons
Low trading fees (free stock
and ETF trading)
Only US markets, no forex
Great research toolsHigh fees for non-free mutual funds
Some mutual funds and bonds are freeSlow account verification
Good production qualityCredit/Debit card not available

The Verdict:

E*Trade is one of the biggest US stockbrokers. Providing quality education and research tools. It charges no inactivity fee and has a $0 deposition fee. Its platform is easy to use and is beginner-friendly.

It has some drawbacks too that it charges a high fee for wire transfer. Along with that, the desktop platform is not easy to use. Moreover, it does not provide credit/debit card assistance.

As it charges no commission on the majority of assets and does not have any inactivity fee. Feel free to try E*Trade.


FAQs

What is the minimum deposit at E*Trade?

Minimum deposit at E*trade is $0.

Do they provide demo account on E*Trade?

No, they do not offer any demo account.

Can I convert my Standard Account to a Commission Account, or vise versa?

No, you are not allowed to switch between accounts. You have to operate a separate account if you want to use both of them.

E*Trade Review

8.6

Account Opening

9.0/10

Fees

8.0/10

Products Offered

8.0/10

Customer Service

9.5/10
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