E-Trade Review: Good Overall Broker or Antiquated?
E-Trade Review: In an age when commission free brokers are making a lot of noise, there are a lot of people who would prefer to pay for excellent service. And likely choose a well-established broker like E*Trade – instead of depending on a cheaper solution. That great customer service may explain why E*Trade has been one of the top players in the online investing industry for a long time. It defines itself as an online discount brokerage ‘hybrid’ because of its reliance on customer service reps and accessible advisers for those who want the “human touch.”
While researching for this E-Trade Review and seeing the many positive comments about E-Trade customer service; regardless of the “perceived” higher fees and commissions, I was reminded of that social media criticism (mostly aimed at Facebook) that if you are not paying for something, then you are not a customer… you are likely the product.
Is Etrade Any Good as a Broker? (E-Trade Review)
- Is Etrade any good as a broker? E-Trade still has a lot to offer even though they are an old school brokers. Their trading platform is easy to use and has intuitive and simple to use investing tools and great customer service.
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.
One of the Oldest Online Brokers: E-Trade Review
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 (learn how to invest in stocks).
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. Check out a list of the top trading companies.
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.
Active Investor
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.
The Is the E-Trade Pro Platform Platform Free? (Review Breakdown)
- Yes, the Pro platform is free if you make 30 trades per quarter. 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!
How Much Are Etrades Fees in 2021? (E-Trade Pricing Breakdown)
- $0 for stocks, options, and etf’s
- $ 0.65 options contracts or $0.50 with 30+ trades per quarter
- $1.50 – futures contracts
- $1 bonds (minimum $10, maximum $250)
- Get updated pricing here.
Potential Likes and Dislikes
3 thing you may like about E*Trade:
- Multiple financial services provided
- Lots of trading tools within all platforms
- Simpler to use than some of its competitors
3 thing you may dislike about E*Trade:
- $500 minimum deposit amount
- Little costlier than many of its major competitors
- No paper trades, no demo account, no virtual trading
Looking for how to learn stock trading? Take our free stock market trading courses to help you start your trading journey.
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.
The Bottom Line: 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.