Through the years, eTrade USA ranks as one of the safest companies investors and traders can do business with and make investments through. This is because they guide clients by educating them and providing all adequate information for trading safely and earning maximum returns. They also offer the appropriate tools, research, and education to enable their customers to be up to date with the market.
Our eTrade review analyzes the company’s ability to provide the appropriate services to prospective clients and provide them with enough returns. eTrade opinions over the internet typically assess the strong suits of the firm. However, in this eTrade USA review, you would find both the advantages of the company as well as the disadvantages and all added costs. Then, you can decide for yourself if eTrade fits into what you seek.
Our Fidelity review and eToro USA review explicitly analyzes costs, advantages, and disadvantages, similar to this eTrade review. The goal is to allow clients to compare and contrast benefits then choose the most convenient.
Additionally, another guarantee of their legitimacy is that they have a number of top-tier regulators regulating them. FINRA, SEC, SPIC, and NFA, to mention a few, are all top-notch regulatory bodies that ensure investor protection. Companies that are regulated by these organizations are monitored to ensure customers are not duped.
The firm has undergone several changes throughout its existence. Some of which are directly linked the sell-off of certain parts of the companies directive. Thus, the scope of eTrade USA operations are more limited than they once were. For our readers who find themselves outside of America, there are alternatives. You can check out our Interactive Brokers review for their great offers and multiple asset classes.
Interactive is a financial service company too. Since pricing and fees are also vital in a review, you would want to compare the one of eTrade with other financial services.
eTrade USA Open Account
Our eTrade review found that creating an eTrade is quite simple. You can quickly complete your registration online since every part of the company’s website has account types with “open an account” located below or beside them. All you have to do is determine the kind of account you’re interested in and complete the registration process.
Since the company has scaled down, it only caters to American residents. The deposit minimum for basic accounts is $0. However, if you are interested in a margin account, you need a minimum deposit of $2000, while $500 – $15,000 is the range for personalized investments with eTrade USA. The available account types are individual, joint, business, retirement, pension, education savings, custodial, and eTrade personalized investment accounts. Thus, depending on your preference and financial goals, you can easily choose the type that works for you.
The requirements for getting an eTrade open account is the same for most financial services companies—information like your name, address, social security number, and other personal details. Your bank details and other business details would also be required. The process takes approximately 15 minutes, after which you would wait for confirmation of your activated eTrade open account.
eTrade Open Account Offers
There are several reasons to open an account with eTrade. The firm offers a wide range of services, from services for investors to stock plan administrators. Each customer has benefits they can enjoy and take advantage of from eTrade.
Our eTrade review USA plans to explain these account types to prospective clients as well as current clients looking to open other accounts with the company. Unfortunately, after the rebrand of eTrade in jurisdictions outside of the USA, US residents are the only candidates who can get an eTrade open account. The firm has many branches in 17 states across the US.
They include Arizona, Colorado, California, the District of Columbia, Florida, Georgia, Illinois, Massachusetts, Michigan, Minnesota, New Jersey, New York, North Carolina, Oregon, Pennsylvania, Texas, and Washington. You can visit the company’s website to find the branch nearest you.
They have brokerage accounts, accounts for retirement plans (for both individuals and businesses), and bank accounts. The following are some popular accounts that might interest prospective clients.
Brokerage Account
eTrade USA offers brokerage accounts to customers who want to deal with tradable goods on the financial market. Their wide diversity of asset classes include stocks, futures, bonds, ETFs, mutual funds, and options. Sadly, eTrade open accounts have a limited number of currencies for their forex trade. You can check our JP Morgan You Invest review if you’re interested in one with more opportunities. However, their financial services are very appealing offers for many classes of investors in the US.
Commissions on most of the asset classes in this eTrade open account are low. This means they are either $0 or less than that of many of their competitors. Also, new investors need not worry about having difficulties with the complex nature of brokerage.
eTrade makes it a point to make information available to interested investors who do not understand the market. You can also access trading tools to make your experience better.
Premium Savings Account
If you are looking to protect your money and get access to it when you need it, this eTrade open account is the right choice for you. You do not need a deposit amount to open a savings account with the firm. With an eTrade open account for savings, your deposits are insured for up to $1,250,000.
Your account is also protected by the Federal Deposit Insurance Corporation (FDIC). But, savings do not involve too many risks as investing does, which means that you need not worry as much. eTrade also provides tools for clients with this type of account.
IRA Accounts
For those interested in IRA accounts, there are three types that prospective clients can try out: the traditional IRA account, the Roth IRA, and the Rollover IRA. For these types, eTrade has a selector tool on their website that can help customers choose which IRA fits their long-term or short-term goals.
Limited margin, futures, and options are available in the traditional IRA accounts. Also, your earnings from investments are tax-deferred with this account. No account minimums and no yearly IRA fees are charged, although there may be other charges such as transaction fees and brokerage commissions.
Like the traditional IRA, Roth IRA also has the tax-deferred benefit. Qualified distributions of both account holders and their beneficiaries are tax-free. All other benefits account holders can enjoy are available on their website.
The Rollover IRA is also a simple process that offers a range of asset classes you can buy and sell using your account.
There is also the Simple IRA and SEP IRA for small businesses.
Due to the company’s recognition as one of the first online broker companies, it has upheld the standards of making the experience of using their platforms easy. Whether you use a computer or phone to access their site, creating an account and accessing the information you seek is quite straightforward.
The website or trading platform is an essential topic in an eTrade review since most of the company’s dealings are through the internet. The company has two leading web-based platforms. However, they have mobile apps that replicate the same experience for clients. The eTrade Power app and website, for example, is an ideal choice for active traders and investors.
The company has numerous trading tools on the app and site that you would find very useful if you fall into those categories of clients. The cookies on the platform also work impressively by making frequently used tools available once you log in.
For the easy usage and maximum accessibility of your eTrade open account, however, you might prefer to use the mobile apps. Although the company’s online site isn’t all bad, getting information that should be made easily accessible to prospective clients is pretty stressful. They are available, but you may have to navigate through the site a bit.
Our eTrade review found that creating an eTrade is quite simple. You can quickly complete your registration online since every part of the company’s website has account types with “open an account” located below or beside them. All you have to do is determine the kind of account you’re interested in and complete the registration process.
Keep in mind that the company only caters to American residents. The deposit minimum for basic accounts is $0. However, if you are interested in a margin account, you need a minimum deposit of $2000, while $500 – $15,000 is the range for personalized investments with eTrade USA. The available account types are individual, joint, business, retirement, pension, education savings, custodial, and eTrade personalized investment accounts. Thus, depending on your preference and financial goals, you can easily choose the type that works for you.
The requirements for getting an eTrade open account is the same for most financial services companies—information like your name, address, social security number, and other personal details. Your bank details and other business details would also be required. The process takes approximately 15 minutes, after which you would wait for confirmation of your activated eTrade open account.
To see how the eTrade account compares, check out the popular Merrill Edge Open Account.
In many an eTrade Review, the company’s trading platforms are rated one of the best in the market. The platforms are user-friendly to beginners or new investors, while professional traders are also immensely content with all the information and tools the company has. There is even a platform that caters explicitly to advance traders.
Power eTrade, eTrade Web, and eTrade Pro are the three platforms clients use to access and operate their accounts. These platforms possess all the tools for investors and traders, and at the same time, it is easy for savers to log in to fund their accounts. With a few taps on your phone or clicks on your computer, you can check your account balance, get primary data, and screen for new offers.
However, all these platforms aren’t the same. Each has distinct purposes and features to cater to different needs.
Power eTrade
Power eTrade is one of two platforms available as a mobile app. The company makes it a point to satisfy all the traders’ needs by providing all the necessary tools for the trade. eTrade opinions in many reviews have one thing in common: they all commend the company’s efforts on the development of this platform.
Regardless of whether you access Power eTrade via a computer or phone, you are not limited since the same resources are available on both. You can view real-time quotes and charts, as well as access option chains you can customize.
If you are looking to trade futures, this platform enables you to input your orders from the futures ladder. Similarly, you can trade complex strategies. The mobile apps are available for free on both the Google PlayStore and iOS App Store.
eTrade Web
This platform is one that any eTrade review will agree is user-friendly for new investors and traders. Using the eTrade Web, you would have access to real-time quotes and stock screeners, amongst other things.
There are also tutorials on the platform that educate customers on how to manipulate stock charts, use various screeners, and trade. Although many customers of eTrade prefer the company’s phone apps, getting familiar with the website isn’t so difficult. Once you get accustomed to it, you realize it is quite easy to use.
eTrade Pro
The eTrade Pro is meant to be a desktop platform. It’s popular among advanced and professional traders who already have some idea about the market. eTrade often encourages new investors to use eTrade instead of eTrade Pro.
eTrade USA also has a platform for the Apple smartwatch device. With it, you can view the day’s return of your account’s portfolio, alerts, and index data.
eTrade Payment and Trading Fees
Nowadays, it is not difficult to find financial services and brokerages that charge $0 fees and deposits. eTrade also falls in this category.
Now, they charge $0 on deposits. Trading in stocks and ETF are free as well. Options also have a trade commission of $0, but there is a contract charge of $0.65. Active traders enjoy an additional discount of $0.50.
For customers who seek to trade in mutual funds, it is important to remember that fees are quite high. Our Lightspeed review might give you a better option in this regard.
Trading Fees
Trading fees are costs traders incur when they buy and sell in the financial market. Examples of these are conversion fees, commissions, financial rates, and spreads. This eTrade review USA points out some of the costs prospective customers should expect.
We found in our eTrade review that eTrade’s fees are generally pretty low in comparison with other companies. They do not charge a commission for ETFs and stocks, which is excellent. Options trading fees are also free. But, there is a volume-based fee of $0.65 per contract. Other asset classes, like their mutual funds, incur a high trading fee of $19.99. Broker Assisted Trades also cost a whopping $25.
Non-Trading Fees
Non-trading fees come from things like withdrawals from your account and inactivity. They are not directly related to your trading activities. With our eTrade review, we found out that the company’s non-trading fees are low.
eTrade charges nothing when you decide to close your account or transfer accounts. Inactivity fees are also non-existent, unlike quite a number of its competitors. If you use Automated Clearing House (ACH) to make withdrawals, you’re not charged any fee.
However, if you decide to use wire transfer, you should be ready for a $25 fee. Apart, from that, you need not worry about non-trading fees when doing business with eTrade USA.
Looking for an alternative broker to compare fees? We’ve done the ground work for you. Take a look at Interactive Brokers USA or our JP Morgan You Invest review for more options.
The customer service of the company is one of its best qualities. Many customers can attest to their readiness to help and how quickly it is for them to reply. You can get to them via phone or email. But, there is also the option of having a live chat with professionals.
Customers get access to retirement specialists, brokers, active trader consultants, financial consultants, and product specialists. If the issue that plagues you is one that you would prefer to sort out in person, it has about 30 local branches in the US that you can visit.
Alternatively, you can also visit their website where there are many Frequently Asked Questions (FAQ). Any inquiries you have may already have answers displayed there as well.
Phone
Customers who prefer to lodge complaints or ask questions via the phone have three different numbers they can dial. Depending on the type of account you have with them, or plan to open with them, a phone number is provided.
There is a contact number for people interested in stock plans, another for designated brokerage, and, finally, one reserved for people looking into eTrade banking and securities. Their support teams are available all day throughout the week. You would be connected within minutes.
Email
You can also reach them by email. eTrade support teams usually get back to customers within a day. Customers who like to do it old school style and send mail also have the option of doing so. There are two New Jersey mailing addresses where customers can send physical mail.
Live Chat
This option might be the only one in which eTrade falls short. Although you might get access to professionals who are ready to answer your questions, there have been several complaints about technical issues.
Safety and Security of Accounts
In a good company review, it is advisable to check for an assurance of protection. In the case of eTrade, you do not need to worry about the safety of your eTrade open account. The company has many regulatory bodies that oversee the operations of eTrade USA. No matter the account you have with eTrade, there are measures in place to sort you out in case of a financial crisis.
The central regulatory bodies that monitor financial services monitor eTrade as well. FINRA, SEC, FDIC, SPIC, and NFA are all top-tier regulatory bodies that monitor eTrade. Each regulatory agency has an amount that is available in insurance to eTrade customers.
Their complete Protection Guarantee also adds up to the numerous insurances to better protect your assets, privacy, and transactions. To find more information on how your eTrade open account is protected, you can check the company’s webpage.
Our eTrade review discovered that once you get your account with eTrade, security for your information is vital . After your first log in using a new device, there is the need to register this device by using a cal or security code. After this registration, you get to access your account by using your ID and password. This access method is not exactly safe, and customers are at risk of having their information and trade activities monitored.
Because this method does not guarantee your account’s safety, it is better to opt for the Symantec Virtual Digital Security Token. It is a tiny device that provides a new personal access code every minute. There is also a version in the form of an app for your phone. Thus when logging in, you would need a key code in addition to your username and password.
eTrade has a variety of products that would interest traders and investors alike. The company deals in Stocks, Bonds, ETFs, Mutual Funds, Options, and Futures. Each has benefits and offers that would help customers reach their desired profits. It is also possible to trade in other North American stocks, such as Canadian stocks.
This aspect of our eTrade review covers products for investors and traders. If you’re interested in their savings accounts, you can check their website for all their fantastic offers. As for their tradable products, you needn’t worry if you have no idea about how the market works. The company has a lot of tutorials and detailed information concerning those.
We found in our eTrade review you can equally contact their support team if you are not satisfied with the information on their page. The available tradable products of the company are:
- Stocks
- Forex
- Bonds
- Options
- Futures
- Mutual Funds
- Exchange-Traded Funds (ETFs)
If you’re new to investing and trading, the company has resources to educate you. This way, you have some idea before you enter the financial market.
