E-TRADE REVIEW

With its Super Bowl ads, E*Trade became one of the most recognizable names when it comes to investing online, particularly the ones that used to feature the famously cute baby (with a tinge of creepiness) talking with a male baritone voice. Remember him? If you need to jog your memory or you’re just in need of a little bit of comic relief, YouTube is your friend.

Boom! He says. Manolo Gonzalez (Not the son of actress Sofia Vergara), who should be around ten years old now, was the most popular of the E*Trade babies.

E-TRADE REVIEW – ONE OF THE OLDEST ONLINE BROKERS

Another reason why E*Trade is a household name in the online investment industry is that it was an early player.  Back in 1982, a two-man startup launched an electronic system for stockbrokers called TradePlus.

According to one of those two men, Bill Porter, who was 54 at the time (see, it’s never too late to start something new and exciting), started the project with his partner, Bernard A. Newcomb, to enable an individual with a personal computer to trade stocks from home.

In the beginning, this company was started with $15,000. In 1991, TradePlus became E*Trade, a name now synonymous with online trading. As of today, E*Trade Financial (E*Trade stock symbol is ETFC) is a $7 billion online trading giant for do-it-yourself investors. Clearly, you are dealing with a trustworthy broker. E*Trade has stood the test of time, but is this the broker for you? Let’s take a look at this E*Trade review.

E-TRADE REVIEW – THREE TRADING PLATFORMS

As a member of Bullish Bears, you want to take control of your economic freedom by learning how to trade with the right tools. An online stock trading service is only as good as the platforms they offer. At least as far as active traders are concerned.

If you are considering E*Trade as your broker, you’ll be happy to know that they do have intuitive trading portals. If you’re a beginner to stock trading, the E*Trade platform can be as easy to learn as TD Ameritrade’s TOS and probably more accessible than Interactive Brokers’ TWS.

Also, E*Trade Web, the browser-based platform at etrade.com is ideal for the less active traders.  With streaming market data, real-time quotes, and market analysis the web platform can track your accounts, create watch lists and execute your trades. Moreover, you passive investors who are into mutual funds and IRA accounts can check your investments as often as needed with this free solution.

E-TRADE REVIEW

For the active investor type that likes to stay on top of market movements, the OptionsHouse by E*Trade might be better suited. Don’t let the name fool you. The OptionsHouse trading platform is not only for options trading. Stocks, futures, index funds, and even Bitcoin are at your disposal to trade.

Nonetheless, the OptionsHouse trading platform has a better reputation among options traders. It’s likely one of the reasons why E*Trade bought the company a couple of years ago.

E-TRADE REVIEW – THE PRO PLATFORM

For advanced trading, E*Trade offers the Pro Platform. The desktop software is jam-packed with tools. It includes a powerful strategy scanner. It even has backtesting capabilities.

The Pro platform is genuinely designed for the pros and for the high-volume traders. It offers a higher level of customization that professionals may require. However, it is not free unless you meet some minimum requirement.

The E*TRADE Pro trading platform is available at no additional charge to customers who execute at least 30 stock or options trades during a calendar quarter. Or maintain a brokerage account balance of at least $250,000. Yes, you read this right. Not $25,000 but $250,000!

E-TRADE REVIEW

How much does it cost to use E*Trade?  E*Trade’s commissions are not the cheapest at $6.95. If you’re an active trader, executing more than 30 trades each quarter, your commission per trade goes down to $4.95.

Basically 2 to 3 trades a week will get you there. Of course, if you fall under the Pattern Day Trader (PDT) rule because your account is less than $25,000, three day trades a week is all you can do.

E-TRADE REVIEW – POTENTIAL LIKES AND DISLIKES

3 thing you may like about E*Trade:

1. Multiple financial services provided
2. Lots of trading tools within all platforms
3. Simpler to use than some of its competitors

3 thing you may dislike about E*Trade:

1. $500 minimum deposit amount
2. Little costlier than many of its major competitors
3. No paper trades, no demo account, no virtual trading

Looking for how to learn stock trading? Take our free stock trading courses to help you start your trading journey.

E-TRADE REVIEW –  LITTLE HIGHER FEES FOR A BETTER SERVICE

At $6.95, E*Trade’s commissions are on the pricier side.  However, if you are an active trader, you can reduce these to $4.95. Despite these costs, E*Trade customers like its intuitive platforms and the excellent customer service. If you need help with your trading activities, chances are that E-Trade support will respond promptly.

Because of that support, if you’re starting on the path to economic freedom, I think you’ll be in good hands with E*Trade.  Who and what is E*Trade for? By offering both advanced and easy-to-use features, E-Trade offers decent options to both experienced and new traders. For short-term trading or longer-term investments, E*Trade is a leader in the industry.

E-TRADE REVIEW

Regardless of the broker you choose, the Bullish Bears community has your back with education, coaching, and support. Because no matter how powerful or beautiful your platform is, it takes dedication and time to learn how to be a good trader.  And here’s the secret -there is no secret. It does not happen overnight, but the information you will gain by being a member will be crucial to your trading career.