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U.S. long-term investors · retirement investors · index-fund and ETF investors

U.S. self-directed stock/ETF investors · Options traders · Futures traders needing CME/ICE US/CFE access

Vanguard Marketing Corporation / Vanguard Brokerage Services is a FINRA-regulated broker-dealer and SIPC member; SEC number appears in FINRA BrokerCheck.

FINRA/SEC/SIPC for Morgan Stanley Smith Barney LLC; NFA/CFTC for futures; FDIC for Morgan Stanley Private Bank deposits; NYDFS for Zero Hash crypto-related services disclosed by E*TRADE.

CRD#: 7452; SEC#: 8-21570

Morgan Stanley Smith Barney LLC: CRD# 149777; SEC# 801-70103 and 8-68191. E*TRADE Futures LLC: NFA ID 0401545 from NFA BASIC search result.

Brokerage assets are held through Vanguard Brokerage Services, a division of Vanguard Marketing Corporation, member FINRA and SIPC. Advice services are provided by Vanguard Advisers, Inc., a registered investment advisor, or by Vanguard National Trust Company, a federally chartered, limited-purpose trust company.

Securities and advisory services: Morgan Stanley Smith Barney LLC; commodity futures/options on futures: E*TRADE Futures LLC; banking: Morgan Stanley Private Bank, National Association; crypto commission charged by zerohash with Zero Hash NYDFS virtual currency business licenses noted on crypto page.

No CFD/forex negative balance protection found; Vanguard margin disclosure says clients can lose more than deposited and are responsible for any shortfall after forced liquidation.

No negative balance protection found; official margin/futures disclosures state customers may lose more than deposited funds and be liable for deficits.

SIPC coverage up to $500,000 including $250,000 cash; certain bank sweep deposits are FDIC insured subject to limits.

SIPC: up to $500,000 including $250,000 cash; excess of SIPC policy: $1B aggregate firmwide, $1.9M per client uninvested cash; FDIC: brokerage sweep up to $500,000 individual/$1,000,000 joint and bank deposits at least $250,000 or $500,000 for Premium Savings where conditions are met.

$0 to open a Vanguard Brokerage Account; mutual funds vary by fund; Vanguard ETFs $1 per share; Digital Advisor requires $100 per brokerage account.

Brokerage accounts: no minimum funding requirements; Core Portfolios: $500 minimum; Premium Savings/Bank CD/Checking: $0 minimum opening deposit but must be funded within 90 days to remain open where disclosed.

Not applicable as a forex/CFD spread field; Vanguard is not presented as a forex/CFD broker. ETF shares trade on the secondary market at market prices that may be above or below NAV.

Not applicable as a primary pricing metric for this U.S. securities/futures/banking platform; E*TRADE discloses commissions, contract fees, bond markups/markdowns and margin rates rather than forex/CFD-style spreads.

$0 online stocks, ETFs and Vanguard mutual fund trades; options $0 + $1 per contract; broker-assisted commission may apply.

stock_commission: $0 for online U.S. exchange-listed stock trades; OTC stock trades $6.95 online or $4.95 for 30+ trades/quarter; broker-assisted trades add $25.; etf_commission: $0 online ETF trades.; options_commission: Options: $0 base commission, $0.65 per contract, reduced to $0.50 with 30+ trades per quarter; exercise/assignments $0; regulatory/exchange fees may apply.; futures_commission: Futures and options on futures: $1.50 per contract per side plus exchange, NFA and other fees.; mutual_fund_commission: $0 for no-load, no-transaction-fee funds; load funds per prospectus; E*TRADE states $0 for online U.S.-listed mutual fund trades in FAQs.; bond_commission: Bonds/CDs: $1 per bond for online secondary trades ($10 min/$250 max); U.S. Treasury auction and online Treasury secondary trades $0; broker-assisted online secondary pricing plus $20 commission.; crypto_commission: Cryptocurrency commission: 0.50% on notional trade value, charged by zerohash, of which E*TRADE receives a portion.

Vanguard does not charge for Electronic Bank Transfers; wire transfers are $10 where applicable; physical certificate deposits can cost $100 per CUSIP.

ACH Transfer Money is free; incoming wire transfers listed as $0; incoming non-U.S. currency may incur conversion fees from Wells Fargo/MSPBNA note says MSPBNA does not charge fees on incoming USD wires.

ACH/electronic bank transfers are not charged by Vanguard; wires are $10 where applicable; full account closure/transfer-out may be $100.

Outgoing wire transfers: $25; full outgoing account transfer: $75; check requests: $0; stop payment requests: $25.

No distinct inactivity fee found in official fee schedule; annual account service fee may apply instead.

No inactivity fee found in checked official Pricing and Rates account activity, special request and brokerage account pages.

Vanguard Brokerage Account can hold mutual funds, ETFs, stocks, bonds, options, CDs and cash/money market products.

E*TRADE offers stocks, ETFs, options, futures, mutual funds, bonds/CDs, IPOs, crypto-related securities/futures, cash savings and managed portfolios.

Vanguard supports online brokerage trading through its website and mobile app for account management, deposits/withdrawals and buying/selling investments.

E*TRADE Web/App for investors; Power E*TRADE Web/App/Pro for active and advanced traders.

Vanguard supports individual/joint brokerage accounts, IRAs, custodial accounts, 529 plans, cash management and advice/robo-advisor services.

Brokerage, retirement, managed portfolios, small-business retirement, banking and crypto-related account/exposure categories are listed on the official accounts page.

Funding methods include bank transfer, check/mobile check deposit, and asset transfers/rollovers.

Funding methods include Transfer Money (ACH), wire, external asset/account transfer, mobile or mailed checks, direct deposit and internal transfers.

Withdrawals/transfers can be initiated from settlement fund; fee schedule covers electronic bank transfers/ACH and wire transfers.

Withdrawals/money movement supported via Transfer Money, wires, check requests, internal transfers and account transfers; exact outbound methods depend on account type and destination.

Securities settle T+1 before proceeds can be withdrawn; electronic bank transfer/check funding may have a 7-calendar-day hold; incoming digital asset transfers may take as little as 5–7 days.

ACH outbound to external account: contact receiving external institution; wire transfer: same business day if received before 6 p.m. ET; internal transfers generally immediate; full brokerage transfer electronically typically 10+ business days, paper/mail 3-6 weeks.