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Etrade customer reviews, complaints, ratings, brokerage pros and cons. Is Etrade safe and good firm to open an investment account?

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Etrade Customer Reviews

by John Smith, 10/30/2018

Pros: NONE

Cons: Absolute Worst!!! Everything is wrong.

NEVER USE THEM!!! THEY ARE THE WORST FIRM AND GET AWAY WITH EVERYTHING BECAUSE THEY KNOW THEY HAVE MILLIONS OF LAWYERS ON CALL.....THEY TOLD ME I HAD DAYS TO REMEDY A MARGIN CALL. AND THEN THEY SOLD SHARES IN MY ACCOUNT WITHOUT TELLING ME!
THIEVES
FRAUDSTERS

by Ginger, 10/26/2018

Pros: Advanced charting, margins, friendly customer support.

Cons: No cons on broker but the trading platform could use more options for placing orders.

Been with them for more than 10 years without any problems. Their customer support is helpful and knowledgeable. Never had to wait 30 minutes for service like TradeStation. They even call you up time to time for their new products. I am very happy with their trading platform etradepro, but it lacks some technical indications for day trading.

by Jonathan Montana, 8/22/2018

Pros: I haven't experienced any pros

Cons: Disrespectful to retailers and terrible business practices

I was a victim of identify fraud and theft from my account at Etrade. I was a customer with E-trade indirectly through various companies and their stock programs. I recently decided to open a retail account (individual account) for which they set you up with a debit card to use. I wasn't aware that I selected that option and so I didn't even know I would be receiving a debit card. It must have been their default settings. It required me to deposit funds into my account to open the account for which I deposited 1k. I was happy to open this new account and was excited to use the Options House trading platform to trade options. I wanted to test the platform first prior to sending over any larger sums of funds. Etrade proceeded to send the pin and the debit card to my unit at the condominium complex one day apart from each other; unfortunately, our community was targeted by professional thieves who had many of the neighbors phone numbers, social security information, etc. When they stole our mail they had both my pin and the card in the box for which they used and had provided my social security number to activate the card. I was initially made aware of this issue because of a phone call from Etrade with a fraud alert which notified me of the issue. I logged into my account and the funds were empty less 20 dollars remaining. I did everything I could to assist the security team and of course they made it seem like I was the culprit. But I just shook it off and realized that they had to be suspicious because they didn't know who did it and the person(s) had my social security number and a girl called in using a burner phone with my phone number. So I could see why they would be suspicious. However, what they failed to assert is that I've been an indirect customer with them through various companies for over 14 years, including a verifiable income over 200k+ and would have no reason to steal 1k dollars to jeopardize my career and my character. Not to mention I trade with TD Ameritrade and have been doing business with them for over 15 years. So later I find that many of my neighbors have also been victimized on the same dates and their credit cards were used and the thieves had their personal information as well: phone numbers, social security, etc. I filed a police report and so did many of the neighbors. We contacted USPS and they also sent us a letter verifying that there was a major break-in at the local station where many of our mail was stolen. We also believe they stole mail at our location of residence as well. With all this information, one would think they would take the side of the customer and provide great customer service, additionally they're backed by their insurance company to cover the 1k; so there is no loss of money to them, however, they decided to not do business with me any longer. This was very alarming to me and I felt like they were attacking my character as an honest person and someone who merely wanted to do business with them as a retailer. So what I found was that none of their security team took the time to contact the detective who was assigned to my case nor did they contact the other victims in the complex for which I sent them their contact information and who would testify that they too were part of fraud and mail theft, nor did they contact the USPS that were willing to testify to the numerous claims from victims that had called to complain of fraud and mail theft for the date that my mail was stolen. The USPS was also willing to testify to the fact that there was a major break in to the local department where many of our mail was stolen and the police had caught someone that lived in the county. With all of these facts, they refused to take the customer's (My) side and provide excellent customer service and to provide a business relationship that was beneficial to both. Instead they decided to treat me as a low-end retailer and attack my character, make me feel horrible and eliminate me from being able to do business with one of the largest brokers in the US. I later found out from a manager that the reason they decided not to do business with me was in part by my choice of words during my initial conversation with their security team. They said I mentioned it was an internal theft that they should investigate. Well, yes, initially I thought it was internal to Etrade because all of my personal information was stolen and the card was used just a week after I opened the account. It just so happened that from the nextdoor app other neighbors came forward and expressed what had happened to them. But initially any customer would assume what I did and be emotional at the time that their money was stolen and that someone had all of their personal information. So rather than the security team look at all the evidence and even put any effort into the additional evidence and witnesses that were ready to testify, they decided to focus on the fact that I initially "blamed" them. And for all fairness, I wasn't blaming them, I was merely suggesting to Etrade that they cannot count out a possible internal crime - no company should. But they shouldn't have taken those words so personally especially when I was emotional about my situation. In my opinion, this is not a way to practice ethical and A+ customer service and business practices. And I can provide a police report, USPS letter to testify of the facts and the testimony of various neighbors (up to 10 neighbors currently and counting).

by Frank, 5/27/2018

Pros: Tax department seems fairly good

Cons: Customer service and management are terrible

Etrade Financial: I've had an etrade account for over 21 years. In February etrade forced me to either sign that I read and understood 6 exchange agreements or I would lose access to my account. I read the agreements but can't honestly say I understood them so I chose not to sign them. I was promptly locked out of my account. Unlike better quality brokerage firms, etrade does not assign a financial consultant to an account, so I had no one to help me other than customer service. Unfortunately, etrade customer service not only didn’t help me, they gave me wrong information and failed to respond in a timely manner. Other etrade staff that I talked to didn't understand exactly what the agreements were about either. It turned out the agreements pertained to use of real time quotes. I found that out by talking to someone in TD Ameritrade, because I couldn't get an answer from etrade staff. Etrade staff appears to be woefully undertrained. I don't use real time quotes but etrade did not offer the opportunity to opt out. There were only two choices: sign the agreements or have my account held hostage. Etrade held my account hostage for about a week and then a corporate manager allowed me to opt out of real time quotes, because etrrade apparently got numerous complaints about their behavior. I was locked out of my account during an extremely volatile time in the market but could not access my account to protect my assets. A corporate manager offered me $100 for my inconvenience and losses. I told him that was an insult because I lost several thousand dollars during the time I was locked out of my account. I filed a complaint with the SEC. I'm still waiting to hear what he SEC is going to do. My guess is nothing. The etrade compliance analyst wrote up a brief analysis of the issue and said etrade would do nothing to make me whole. The analyst lied about things I said. I complained to the CEO of etrade. Now etrade told me I have to move my account. I was planning to move my account anyhow but thought what kind of firm screws over a 21 year customer and then asks them to leave? I am partially to blame for not reading the fine print. Etrade states in the Terms and Conditions of the Agreement Etrade "reserves the right to terminate my account or to block access to the Service without notice, for any reason or for no reason." Trust me, etrade will do exactly that. Another negative to etrade: Some companies offer a DRIP program where an investor owning shares of equities in the company can reinvest the distributions at a discount to market price. When the investor purchases and holds shares of those equities through a brokerage firm the investor can still participate in the DRIP program, but only if the brokerage firm participates on the investor’s behalf. I hold an equity from a company with a DRIP plan discount and I hold that equity in two brokerage firms, Fidelity and etrade. Fidelity automatically participates in the company’s DRIP plan and my shares are automatically reinvested at the discount price (currently a discount of 2.5%). Etrade does NOT participate in the company’s DRIP plan and distributions are reinvested at market price. While this doesn’t add up to a lot of money, a 2.5% discount can amount to a fair chunk of change if you have a lot of shares or if you hold that equity for a long time. The point is some brokerage firms watch out for their clients and try to maximize their client’s earnings while other brokerage firms twiddle their thumbs and do little to help their clients. Etrade does more to harm a customer than to help a customer. Every dollar counts, so why go to a brokerage firm that isn’t willing to work for you? Since etrade decided to close my account they wrote to me and told me I would be charged a transfer fee but it would be reimbursed to me. Wrong! They lied! They kept the transfer fee. I had to go after etrade to make them honor what they said in writing. Etrade is a very untrustworthy firm. You can do better with almost any other firm.

by Not Happy, 5/17/2018

Pros: Was all fine until it wasn't

Cons: Untrustworthy, unreliable and unpredictable investment and banking platform .

Account Closed and Funds Gone Missing

Up until this week I had had an Etrade account for around ten years and was perfectly happy using it. As such, my E-trade account had become central to my investment, savings, and retirement interests. That all changed when I tried to add an external account into which I could transfer funds.

Seven days ago E-trade suspended, and then closed, my account on the pretext of suspicious activity (i.e attempting to add the external account). It was claimed by E-trade that they had information that the external account was associated with fraud; and abruptly closed my E-trade account. It is not clear to me how they came to that conclusion, as the external account is with one of the largest banks in the US, and provided no explanation or evidence of wrong-doing on my part (as there was none) or of the external bank.

Prior to the account being suspended I had initiated a transfer of funds (a non-trivial amount) into my E-trade account. When the account was closed I attempted to recall the funds, but was unsuccessful. I am now advised by the sending bank that the funds were transferred successfully to my (now closed) E-trade account; and they have provided a federal trace number as evidence. E-trade however maintain that since the account is closed they have not, and are not able to, receive the funds; which is in contradiction to evidence provided by the trace.

To try and sort out the mess created by the abrupt closure of the account I've called E-trade every day for the past week, sometimes more than once a day - each time having to run the call center gauntlet of security questions and interrogation by the new person I speak to - to try and resolve the multitude of difficulties the account closure has created. This has consumed multiple hours of aggravation; having to appraise each new customer support individual of the issues at hand, and being placed on hold or transferred to individuals unable to resolve these issues as they have arisen.

With regard to the missing funds, it is now one week since I initiated that associated transfer yet there is still no acceptance on E-trades part that they have received the funds, where they have gone, or when they will be returned.


I am exasperated with the lack of progress and don't know what else to do. The best E-trade can advise, as we head into the second week of this debacle, is to call back in 24-48 hours.

by Paul, 4/2/2018

Pros:

Cons:

Had constant trouble with this company. Avoid under any circumstances.

by Salman, 3/4/2016

Pros:

Cons:

Worst broker in US imo and also for many others seen here. I had 100,000+ balance in e*Trade securities at one point trusting them blindly. But my old school way of checking bank reconciliation helped me catch those thieves. I managed to see a difference of $999.00 difference in balance after making a transaction. The funny thing was the transaction amount was accurate but calculation was 999 bucks short. I mean 99% people would fail to catch this one. When I complained afterwards, they apologized and refund after 2 working days but what if I don't catch it? It's very hard for me to check everything as it takes a lot of time.

by madge, 1/21/2016

Pros:

Cons:

A fellow guru trader recommended e-trader - he just signed up as well. Long story short, they took my money and now I have limited access to my account. I spoke to 2 representatives yesterday and today and they keep asking me the same question, re-assuring me my account should be okay EOD, and it still has not. I will not be with this company for too long, I could be working right now with another broker but when you block me from my money, we have a problem. Stay away from e*Trade to save yourself heartache, financial loss and pain. Yes, time is money.

by Dave, 2/25/2015

Pros:

Cons:

I had a very bad experience at ETRADE and I would not recommend it to anyone. I opened a Managed Rollover IRA account. It was doing very poorly so I tried to talk to the account manager to put it in a different fund. I couldn't get him on the phone and he didn't return my calls. After several attempts I finally was able to get it changed. It did even worse. I then decided to move the money to a different company. I called them and asked them to convert my account to cash for the transfer. After two weeks they hadn't done it. I called again. I called again. They still hadn't done it. It took a month of calls to get them to do this. Terrible performance, worse customer service.

by Seth, 1/7/2015

Pros:

Cons:

I have been an eTrade customer for many years. I have a brokerage, checking, and savings account with them. I've had some problems with them in the past putting security holds on my account, but in the last few months, it's become ridiculous. In just the last 30 days alone they've put a hold on my account four different times! I tried to buy tires at Walmart and my card declined. I called eTrade and they said the purchase triggered a fraud alert and they froze my account. A few weeks later I tried to buy my wife a washing machine for Christmas at Lowes and again my card declined. I called eTrade and they said the purchase triggered their fraud alert and they froze my account again. Four times now in just the last 30 days. It's horrible to have your card decline when you know you have plenty of money in your account. I'm in the process of closing my accounts and moving them elsewhere.



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Leading U.S. Brokerage Review Websites About Etrade

"Among the first brokerages to go online, Etrade began as a higher-priced firm, aimed at investors who were willing to pay a premium for its outstanding investing tools and research resources. Since then, the company has lowered its prices to compete more closely with discount brokerages, while still offering an impressive selection of educational features...For very frequent traders, or for buy-and-hold investors, Etrade’s commissions or fees can begin to add up. But for a semi-active investor who can take advantage of Etrade’s resources, the company is a great and dependable online brokerage."

Nerd Wallet

"While ETRADE may not have the cheapest trades, the broker provides an easy-to-use website, a high quality mobile experience, and excellent research that will satisfy both casual and active investors."

Stock Brokers

"Etrade is a great option to consider if you’re looking for a place to manage your investments. They do have a solid amount of offerings and have high quality tools to use. Etrade offers a good number of mutual funds and 80+ commission-free ETFs to choose from. The other thing I like about Etrade is their maturity allows them to offer a number of different things you won’t be able to find at most other brokerages."

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Etrade reviewed by former and current clients. Etrade customer reviews: 10. Rating: 2.