e-trade Review

etrade reviewsE*Trade gives you a lot of control over your home interface with customizable options such as market watch, watchlists, and news. Like most online brokers nowadays, they offer hidden stops, bracketed trades, and trailing stops.

In particular, E*Trade provides a fair amount of investment articles designed to help you learn more about the markets. They also put an emphasis on their retirement planning and tax center.

Recently they added a Blackberry Application that allows the user to view real-times quotes and trade via mobile phone. The new technology is called Mobile Pro.

As far as charts go, E*Trade is one of the best.

Their charts are clear and come in many sizes. You even have the capability of saving your chart settings to be implemented on a later date, a feature that proves to be a major time saver in the long run.

Of course, charts come in varying time ranges and can also display indicators such as a volume bar.

E*Trade also implements a quality stock screener into their platform. You instantly sort through thousands of stocks, mutual funds, and ETFs according to criteria on their database. They have custom screens, and pre-set screens depending on what you are looking for.

Commissions: F

If you make more than 1500 trades/quarter you pay just $6.99 per trade. If you only make between 150 and 1499 trades/quarter your cost is $7.99 per trade. If your account balance is over $50,000 or you make 30–149 trades/quarter, you pay $9.99 per trade. All accounts with less than $50,000 and if you make 0–29 trades/quarter, you’ll have to pay $12.99 per trade.

In conclusion, the average long term investor will be hit hard by E*Trades commissions. Of all the discount brokers I have reviewed, none charge more for a stock trade than E*Trade.
Some don’t find out until it is to late, but a quarterly $40 maintenance fee is charged on all accounts with less than $10,000. Below is a summary of stock and options fees.

Stock Commissions

Qualifications Cost per trade
Less than $50,000 in assets and 0-29 trades/quarter $12.99
$50,000+ in assets or 30-149 trades/quarter $9.99
150-1499 trades/quarter $7.99
1500+ trades/quarter $6.99

Options Commissions

Qualifications Cost per Trade plus cost per contract
Less than $50,000 in assets and 0-29 trades/quarter $12.99 plus $0.75
$50,000+ in assets or 30-149 trades/quarter $9.99 plus $0.75
150-1499 trades/quarter $7.99 plus $0.75
1500+ trades/quarter $6.99 plus $0.75

Customer Service: B

E*Trade is open for questions by telephone 24 hours a day and can also be contacted by phone or email. If you need to contact them in person, 20 offices around the nation are available for consultation.

Unfortunately, E*Trade has received many customer complaints about service all over the web.

I have compiled a list of the most frequent complaints they receive.

-locked accounts
-wire transfer difficulties
-confusion regarding their joint account programs

***Many many individuals with inactive accounts have reported that E*Trade will sell their stock without notifying them in order to pay the $40 maintenance fee.

Trade speed and reliability: A

It is reported that buying and selling on E*Trade is a breeze. Their platform is effective at trade executions and timing is reported down to the second. The trade-ticket offered by E*Trade for submitted an order is auto-populated for convenience.

Most importantly, E*Trade is known for executing trades promptly and at the best price possible. Few customers talk about E*Trade in a negative fashion in this manner. The speed of the website is also good.

Registration: A

It is very easy to register with E-trade and they have a reliable platform. Once an account is opened and money is transferred either electronically or by checking account, the investor is able to log in and navigate the site. The initial deposit required for this online discount broker is $1000.

You must specify your investment objectives, account options, and file proper documentation in order to start your account.

All the statements and confirmations are done electronically with this brokerage.

If you want more reviews, check out my Scottrade Review here.

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