Truist Trade Review for 2025
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Truist Trade Review
Key takeaways:
• Truist Financial provides investment accounts to go with its banking services.
• Truist offers self-directed brokerage accounts through a program called Truist Trade.
• Commission-free trades are available in a Truist Trade account.
Overview of Truist Trade
If you already use Truist for banking, you should explore the company’s self-directed investing program. Here’s what you need to know:
Investing and Trading
Truist Trade is a self-directed brokerage platform designed for Truist clients to invest at minimal cost. Through Truist Trade, customers can buy and sell stocks, ETFs, options, mutual funds, and bonds. However, no other asset types are currently available through this platform. Truist does provide full-service brokerage accounts with more investment choices via other subsidiaries.
Truist Trade does not include financial planning or investment advice. These services are offered by Truist Financial Corporation through its other departments.
Truist Trade Fees
A Truist Trade account can be started with as little as $1, with no ongoing minimum balance required.
The platform does not charge commissions on equity trades involving 1,000 shares or fewer. For trades exceeding this volume, a $0.03-per-share commission applies. If you use a live broker over the phone to make a trade, there is an additional fee of $25.
Options trades are not commission-free and follow this tiered fee schedule:
| Trade Amount | Fee |
|---|
| $0 - $2,999.99 | $38.00 + 0.90% of principal |
| $3,000 - $9,999.99 | $41.00 + 0.80% of principal |
| $10,000 and above | $51.00 + 0.70% of principal |
Bond trades include markups and markdowns, while mutual fund trades may incur transaction fees of up to $50 each.
Although Truist Trade is generally a cost-effective option, it has an annual account fee of $60. This fee can be waived if household assets total $250,000 or more. Additionally, accounts that log in to the Wealthscape Investor or Investment Portfolio platform during the previous calendar year are exempt from the fee.
Margin Trading
A Truist Trade brokerage account can be set up as either a margin or cash account. However, the interest rates for margin loans are not published, and customer service is unable to provide this information.
Software
Truist Trade customers can manage their accounts, including deposit accounts with Truist Bank and other securities accounts with Truist Investment Services, through the mobile app and website. The app works on tablets and phones with iOS and Android and offers mobile check deposit and other helpful tools.
Additional Features
Extended Hours: Not available through Truist Trade.
Fractional-share Trading: Only full shares can be traded at Truist Trade.
Initial Public Offerings: Not offered.
IRA Service: Both Roth and Traditional IRAs can be opened through Truist Trade.
Dividend Reinvestment Plan: DRIP service is available for stocks and funds in a Truist Trade account.
Fully-Paid Stock Lending Program: Offered in full-service securities accounts at Truist.
Recommendations
Retirement Planning & Long-Term Investing: Without annuities or financial planners, Truist Trade isn’t the best choice. A full-service account with Truist Investment Services may be more suitable.
Active Stock Trading: Truist Trade’s basic software makes us think that
Charles Schwab might be a better option.
Small Accounts: Truist Trade’s $60 maintenance fee makes it less ideal for small investors. Robinhood could be a better alternative.
Beginners: An advisory account through Truist Invest (robo service) or Truist Investment Services (full-service option) is a better fit for beginners than a self-directed account.
Mutual Funds: A self-directed or full-service account at Truist is a good way to invest in mutual funds.
Truist Trade Review Judgment
Truist Trade offers a decent self-directed service, but some fees are higher than current industry standards. Since this department is meant to be a discount brokerage, it lacks the value expected in this category.
Updated on 12/22/2024.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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