E TRADE Review: Traders Report Tax on Withdrawals, Poor Customer Service & Fund Scams

Has your E Trade forex trading account been charged a withholding tax fee? Did your account get blocked because of multiple deposits? Did you have to constantly call the officials to unblock your account? Failed to open a premium savings account despite submitting multiple documents? Is fund transfer too much of a hassle at E Trade? Did you find the E Trade customer support service not helpful? In this E Trade review article, we have shared certain complaints. Take a look!

Explaining the Top Trading Complaints Against E Trade

The Withholding Tax Fee Complaint

This section talks about a trader who was allegedly charged a withholding tax fee as he wanted to make an update to his forex trading account. As per the traders admission, the broker officials told him that he did not file a W9. However, the trader conceded that he had filed it earlier. As the trader filed it again, his trading account got blocked. Sharing the screenshot where the trader has written the E Trade review.

CD Account and ACH Transfer Issues

A trader calls opening an E Trade account was the biggest financial mistake of his life. He claimed the process to be slow, complicated, and included months of verification issues. The trader further stated that when attempting to fund a large CD through multiple ACH transfers, eTrade repeatedly blocked the transactions as “fraud,” forcing them to call the fraud department 6–7 times and even do a three-way call to prove they had the funds. After finally depositing the full amount, eTrade allegedly reduced the agreed CD rate from 4.1% to 3.6%. Check out the screenshot below to understand the matter in greater detail.

The Seemingly Complicated Premium Savings Account Application Process

A trader recently pointed out that E Trade failed to entertain his request to open a premium savings account for nearly five months. Despite submitting a driver's license and other documents, the trader has failed to get a YES from the broker. Disappointed by the long process filled with unresponsive support, the trader shared the negative E Trade review.

The Fund Transfer Glitch

Recently, a trader recounted the problems faced during the fund transfer. While transferring funds, the trader was charged $25, as told to him on a chat. However, the trader could not do a wire transfer and was made to approach the official on a call. On a call, the trader received harsh treatment from the customer support official. Here is the experience the trader had while trading via E Trade. Take a look!

E Trade Review by WikiFX: Check Its Score & Regulatory Status

As complaints were found to be serious, the WikiFX team inspected E Trader thoroughly on several aspects, including its regulatory status. The investigation revealed no license for E Trade, proving our suspicion for the broker. As a result, the team could only give 1.70 out of 10 to E Trade.

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