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.
Account Opening :
Account opening is fully digital but quite complex. They take long time to verify account. The minimum deposition for account opening is low.
What is minimum deposit at E*Trade?
The minimum deposit at E*Trade is $0. However, 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||The account is owned by a single individual|
|Joint account||Two or more account owners|
|Business account||The account is owned by a legal entity|
|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 non trading fees. While 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 deposit through bank transfer. No other means of deposition is supported by them. It allows deposit only through bank transfer, no debit/credit card deposition or withdrawal is supported.
Withdrawal is also same as deposit. No withdrawal fee is charged for ACH, while it costs $25 for wire transfer. US residents can withdraw via ACH or Check as well.
E*Trade offers two types of trading platform: Mobile application and web trading. It doesn’t provide desktop trading platform. Both the available platform is easy to use and have 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 require 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 stock broker. Providing quality education and research tools. It charges no inactivity fee and have $0 deposition fee. Its platform is easy to use and are beginner friendly.
It has some drawbacks too, that it charges high fee for wire transfer. Along with that the desktop platform is not easy to use. It does not provide credit/debit card assistance.
As it charges no commission on majority of assets, and do not have any inactivity fee. Feel free to try E*Trade.