eTrade Review

ETrade Broker Review 2024

ETrade Review: In an age when commission-free brokers make a lot of noise, many people 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 it relies on customer service reps and accessible advisers for those who want the “human touch.”

eTrade Website Review

While researching for this eTrade 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? Even though they are an old-school broker, E-Trade still has much to offer. Their trading platform is easy to use, has intuitive and simple investing tools, and offers 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.

History

Another reason why E*Trade is a household name in the online investment industry is because it was an early player. In 1982, a two-person 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. 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. 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 eTrade 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 consider E*Trade your broker, you’ll be happy to know they 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 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, passive investors in mutual funds and IRA accounts can check their investments as often as needed with this free solution.

COURSE
Day Trading Course Options Trading Course Futures Trading Course
DESCRIPTION Learn how to read penny stock charts, premarket preparation, target buy and sell zones, scan for stocks to trade, and get ready for live day trading action
Learn how to buy and sell options, assignment options, implement vertical spreads, and the most popular strategies, and prepare for live options trading How to read futures charts, margin requirements, learn the COT report, indicators, and the most popular trading strategies, and prepare for live futures trading
INCLUDED

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 available 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.

Mobile Apps

Did you know that E*TRADE has one of the best mobile trading platforms? ETRADE provides two mobile apps, the ETRADE Mobile app and the Power E*TRADE app. These apps offer features such as trading stocks, bonds, ETFs, mutual funds, multi-leg options, access to Bloomberg TV, research, news, and more.

ETrades Fees and Pricing Review

  1. $0 for stocks, options, and ETF’s
  2. $ 0.65 options contracts or $0.50 with 30+ trades per quarter
  3. $1.50 – futures contracts
  4. $1 bonds (minimum $10, maximum $250)

ETrade offers a discounted fee to active traders who meet specific criteria. They charge no annual or inactivity fee. However, it’s important to note that ETrade has been criticized for high fees on specific services, particularly for mutual funds. The fees charged by E*TRADE may vary depending on the type of service or transaction. It’s always a good idea to check their website for the most up-to-date fee schedule, which ETrade provides on their official website here.

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 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 requirements.

ETrade Pros and Cons Review

Pros

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

Cons

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

Two Things I Like About E*TRADE

1. Fractional Shares

E*TRADE offers fractional shares, allowing traders to build a portfolio with previously unaffordable stocks. This feature enables investors to invest in high-priced stocks by purchasing fractions of shares.

2. Core Portfolios

E*TRADE offers a service called E*TRADE Core Portfolios, which allows investors to manage their portfolios by an automated advisory service. This service provides professionally managed portfolios based on the investor’s preferences and goals.

ETrade Awards and Recognition

Without a doubt, E*TRADE has been making waves in the trading world. Just take a look at the reviews and ratings below!

  • E*TRADE received the highest rating for Commissions & Fees, Investment Options, Platforms & Tools, Research, Mobile Trading, Education, and Ease of Use in the StockBrokers.com 2024 Annual Awards
  • NerdWallet’s review of E*TRADE in 2024 rated it 4.4 out of 5 for offering $0 commissions and strong trading platforms.
  • Forbes Advisor rated them 3.6 out of 5 for their trading and automated investing tools.
  • StockBrokers.com’s review of E*TRADE praised its “addictive” tools and features, outstanding web-based POWER ETRADE platform for casual trading, and access to Morgan Stanley research. 

Final Thoughts: ETrade Review

At $6.95, E*Trade’s commissions are on the pricier side. However, you can reduce these to $4.95 if you are an active trader. Despite these costs, E*Trade customers like its intuitive platforms and excellent customer service. If you need help with your trading activities, chances are that E-Trade support will respond promptly. Because of that support, I think you’ll be in good hands with E*Trade if you’re starting on the path to economic freedom.  Who and what is E*Trade for?

By offering advanced and easy-to-use features, E-Trade offers decent options to experienced and new traders. E*Trade is a leader in the industry for short-term trading or longer-term investments.

Frequently Asked Questions

E-Trade has no stock symbol because it is a privately held company.

Without a doubt, E*TRADE is a trusted broker. Since E*TRADE is based in the United States, they're subject to the oversight of top-tier regulatory bodies like SEC and FINRA.

E-Trade emerged as one of the initial online discount brokers for retail investors. Even after 40 years, they remain one of the leading brokerages in the market. With E-Trade, you can access thousands of no-transaction-fee (NTF) mutual funds and the advantage of free commissions on stock and ETF trades.

Absolutely. ETRADE is considered a legitimate and secure company with which to invest. They operate under strict regulations, have account insurance, and prioritize customer account safety. What's more, you're protected up to $500,000, double the typical amount of $250,000.

Not every broker is perfect, including E*TRADE. Some common complaints are the lack of cryptocurrency trading, expensive mutual fund fees, and subpar customer service.

E*TRADE allows investors and traders to trade various securities, including stocks, mutual funds, ETFs, options, and futures. However, you can't trade cryptocurrencies.  

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