E-TRADE is one of the country’s largest online brokers. It provides a wide range of investment options and trading instruments via its website, desktop, and two mobile apps. A comprehensive educational catalog paired with an easy-to-use website design allows new investors to enter the market with confidence. More experienced investors can pursue their preferred trading strategy by utilizing a comprehensive range of analysis tools, charting functions, and research capabilities.
Company Overview
| Aspects | Details |
| Founded in | 1982 |
| Minimum deposit | $0 |
| Fees | $0 per trade |
| Trading platform | E*TRADE Web and Power E*TRADE |
| Customer support | 24/7 |
| Support | Educational content |
Since its inception in 1982, E-TRADE has been a market leader in the brokerage sector, always embracing innovation to drive progress. E-TRADE capitalized on the emergence and widespread acceptance of the Internet in the early 1990s to build and improve its online platform, reinforcing its reputation as a dynamic, strong trading service. Morgan Stanley has agreed to buy E-TRADE for $13 billion by 2020.
Pros and Cons
| Pros | Cons |
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Why Should You Choose E-Trade?
- For most investors, E-Trade is an amazing online broker. A strong teaching and research platform, trading experts, and free financial counseling are all very helpful to novice and intermediate investors.
- The Power E-Trade platform’s features, such as its risk measurements, options techniques, and charting tools, will be valued by seasoned active traders. Screeners and reports on independent research will be helpful to fundamental investors. The abundance of instructional materials is available to traders and investors of all skill levels.
- Although many different investing demographics are catered to by E-Trade’s offerings, they are not flawless. Expert traders and frequent options traders may want a platform made just for them; for some pros, the absence of a journal feature, in particular, may be an issue.
- Conversely, novice investors may prefer a platform like as Schwab or SoFi that allows fractional shares, so they are not locked into buying a small number of expensive stocks. Investors looking for products like FX or cryptocurrency trading would have to look for other online brokers.
- However, the platform’s major flaw will likely affect investors of all skill levels: Poor customer service with lengthy wait periods over the phone and in text chat. If you can wait for an email response for a few days, this becomes less of a problem.
E-Trade Account Types
The variety of account kinds offered by E-Trade is astounding. It provides custodial accounts and Coverdell educational savings accounts (ESAs) in addition to standard taxable brokerage accounts and tax-advantaged individual retirement accounts (IRAs). Regarding retirement, E-Trade’s Complete IRA offers particular benefits for participants over 59 ½, and the IRA for minors is a terrific option for teenagers with earned income.
The range of account kinds, which includes SEP IRAs, SIMPLE IRAs, and solo 401(k) plans, will satisfy business owners. The interest-bearing savings and checking cash management accounts offered by E-Trade should gain appeal when interest rates rise.
E-Trade Trading Platform
Investors with intermediate and advanced experience can use the Power E-Trade platform. This feature-rich trading tool is simple to use and comes with a Bloomberg TV feed that streams live. More than 145 charting tools put E-Trade in direct rivalry with the top trading platforms in the business for technical traders who want in-depth analysis. Risk probabilities and options methods are simple to understand and get.
Before risking their own money, novice investors can hone their trading and investing skills with paper trading. Furthermore accessible are watchlists, alerts, screeners, Level II quotations, and extended hours trading.
E-Trade Order Types
The majority of standard order types, such as durational and conditional orders, are available to experienced traders on E-Trade’s desktop and mobile platforms. Level 1 to Level 4 trading orders are available for options.
- Day
- Stop limit
- Trailing stop
- Good til canceled (GTC)
- One cancels the other (OCO)
- Limit on open/close
- Market on open/close
- Short
Assets Offerings
E-Trade is one of the top five brokers we analyzed in terms of available assets and allows investors to trade almost every kind of asset. For novices to seasoned traders alike, financial advisors and trading experts are beneficial. New investors will benefit from the platform’s ease of use. For investors looking for these traits, the variety of mutual funds—more than 7,000—and futures trading are beneficial.
Among its special features is the Dime Buyback Program’s ability to cover short options for a charge. Futures options on commodities like corn, gold, and oil are traded six days a week, around the clock.
E-Trade offers access to micro-emini contracts, no short limitations, Bitcoin futures, and futures specialists, making it difficult for futures traders to compete with. Trading is available six days a week, 24 hours a day, just like options.
Fractional shares, overseas trading, and foreign exchange trading (forex) are not provided by E-Trade.
E-Trade Customer Service
In comparison to several of their larger rivals in the investing industry, E-Trade’s customer service had longer wait times and more “no answer” responses, according to our thorough testing of their phone, email, and text systems.
Within ten minutes, no calls placed after 7:00 p.m. were returned. One-day responses and two- or three-day responses were equally distributed across our seven email contacts. The text chat didn’t work.
Alternative To E-Trade
In this section, we will provide a comparison between E-trade with Interactive brokers and eToro.
| E-Trade | Interactive Brokers | eToro |
| Minimum Deposit: $0 | $0 | $10 |
| Mutual Fund Trade Fee: $0 | $14.95 | N/A |
| Margin Rate Under $25,000: 14.2% | 7.83% | Not offered |
| Margin Trading: Yes | Yes | No |
| Forex Trading: No | Yes | No |
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Final Thought
Overall, E-TRADE’s platform is excellent; it serves traders of all experience levels and ideologies and is constantly coming up with new ways to enhance customer support. Customers can select from improved desktop and mobile options that are fully feature parity and can be tailored to their trading style and preferences. A distinct, redoubled emphasis on instructional materials emphasizes E-TRADE’s dedication to providing investors with the information they need to increase their trading proficiency and talents.
