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?
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 type||Short Description|
|Individual account||A single individual owns the account.|
|Joint account||Two or more account owners|
|Business account||A legal entity owns the account.|
|Retirement account (Traditional IRA, Roth IRA, etc.)||Individual retirement accounts|
|Pension account||Accounts for self-employed individuals and small businesses|
|Education Savings Account||Education Savings Account|
|Custodial accounts||Special accounts for custodial purposes|
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.
|US stock||Free stock and ETF trading|
|Mutual fund||$19.99 per trade; ca. 4,500 free mutual funds|
|Inactivity fee||No 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.
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 :
- 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.
You can contact E*Trade via:
- Live Chat
E*Trade support is available 24/7.
|Low trading fees (free stock |
and ETF trading)
|Only US markets, no forex|
|Great research tools||High fees for non-free mutual funds|
|Some mutual funds and bonds are free||Slow account verification|
|Good production quality||Credit/Debit card not available|
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.
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.