TD Ameritrade 300

Etrade Complaints (2022)


Etrade complaints and reviews for 2022. Etrade problems with brokerage fees and trading platform; website issues.



E*Trade Complaints Introduction


E*Trade offers investors a lot of important financial services. Nevertheless, it does receive some complaints from its customers. Here's an overview of some of the more significant E*Trade problems.


E*Trade Complaints


The first E*Trade complaint, and that's the big one, is that investors at E*Trade must pay $19.99 for mutual funds while Ally Invest charges $9.95 and Firstrade charges $0.

There is an advanced desktop platform called E*Trade Pro is available for active traders at E*Trade, but some customers have complained that the requirements are too steep. An account must have a balance of at least $250,000. Alternatively, traders who execute 30 option or equity trades per quarter gain access. These standards are pretty high. Schwab, by comparison, only requires a $1,000 account balance.

E*Trade requires a $500 deposit to open a brokerage account. Many other brokers nowadays have eliminated opening deposit requirements. WellsTrade and Firstrade accounts, for instance, can be opened with no money down.

E*Trade charges $19.99 for option assignments and exercises. This fee is quite a bit higher than what other firms charge. Ally Invest, for example, charges $0 for exercises and assignments.

More than a few customers have complained about fees associated with E*Trade IRAs. Withdrawals prior to age 59½ carry a $25 fee, and so do recharacterizations. Taking out excess contributions costs $25, while closing an IRA incurs a $60 fee. All of these can be avoided by opening a no-fee IRA at TD Ameritrade.

Although E*Trade does offer two checking accounts through its FDIC-insured bank, only one of them receives ATM fee refunds. However, this second account comes with a $15 monthly fee. It can be avoided only with significant requirements. For example, 30 trades in a linked securities account will waive the fee. Alternatively, an account balance of $5,000 will work. It would probably be better in this situation just to go to Schwab, who provides a checking account with unlimited ATM rebates for all customers. E*Trade also does not offer any credit cards, savings accounts, or mortgage loans. Merrill Edge offers all three through its parent company Bank of America.

A margin account can be opened at E*Trade, although the broker's rates are a little steep. A debit under $10,000 right now costs 10.00%. M1 Finance charges just 3.50%.

Several complaints have been leveled against E*Trade's mobile platform. First of all, traders don't like the steep requirement for streaming CNBC. The broker requires $99.95 per month, or at least 30 trades per quarter. Either requirement is rather excessive, compared to the free streaming that Schwab offers. Another criticism of the app is that it only has ten technical studies (the TD Ameritrade thinkorswim app has 400) and the time scale can only be displayed out to 5 years max. A third complaint is that account statements cannot be accessed on the platform. The Vanguard app does have this feature.

Despite the flaws of the broker's mobile app, at least E*Trade provides one. It does not offer an app for Apple TV, which Fidelity does.

The E*Trade mutual fund screener returns 7,620 products that are open to new investors. This is less than WellsTrade (9,957) and Firstrade (more than 10,000).


E*Trade Problems


Bullish Signals


Despite E*Trade's problems, the firm does have some nice features in other areas. Here are some strengths the company has, which may outweigh its downsides.

Investors at E*Trade have access to not just securities, but also futures. Most other brokers don't have futures trading.

A customer service associate is available 24 hours a day, 7 days a week, not just over the phone, but also via on-line chat. Firstrade doesn't offer 24/7 service, and Merrill Edge doesn't have an on-line chat feature.

E*Trade does have a platform for Apple Watch. Many other brokers, including Vanguard and Wellstrade, don't offer the technology.

E*Trade is one of the few brokers to offer an Investment Club Account. This allows multiple investors to pool their money and make joint financial decisions. It's a great way for friends to collaborate with each other in the world of investments.

Extensive materials on investment education can be found on the E*Trade website. These resources are available in video, course, and article format. The E*Trade library is much larger than IB's and WellsTrade's. E*Trade also has good security research tools, which Firstrade mostly lacks.


E*Trade Problems Recap


There are some complaints that E*Trade customers make occasionally. But overall, the firm provides a trading environment where investors can succeed.


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About the Author
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.