In an age where more and more online discount brokers are vying for the same traders, E*Trade has made a bold move to snatch up new business. From now until December 31st, 2011, E*Trade is offering free trades for the first 60 days you open your account, no strings attached. Well, as few strings as possible!
In order to qualify for this E*Trade promotion, there are a few rules and regulations that need to be followed:
- Only new accounts are allowed for this promotion. This means that if you currently have an account with E*Trade, you’re out of luck.
- The initial deposit on the account must be at least $2,000.
- You’re 60 day free trade period begins the day you open your account, not the day you fund your account. If you take your time in making a deposit, you will lose valuable trading time.
- Free trades are not unlimited. This promotion allows for 500 free trades to be executed. Any unused trades will simply disappear after 60 days as they have no cash value.
- Even though trades are considered “free” you will have to pay for them first. All trades on options and stocks will be deducted from your account and then credited back within 8 weeks. Make sure you plan ahead for this because it can take you by surprised if you’re not prepared.
- Finally, new funds or securities must remain in your account for at least a six month period (minus any losses), or you could forfeit the money saved from trades. Simply put, you shouldn’t make a withdrawal from your E*Trade account to your bank account for the first six months.
So if you find yourself making hundreds of trades a month, buried by thousands of dollars in trading fees, here’s you’re opportunity to send E*Trade the bill for two months. Simply sign-up for an account here, follow the rules and watch as E*Trade reimburses you for every trade you make in the first 60 days of opening your account.
Published or updated March 14, 2013.