E*TRADE was founded in 1982 and had their first online trade in 1982. They are headquartered in Arlington, Virginia and have 30 retail branches across the United States. They offer $0 commissions for online stock, ETF and options trades. In February 2020, Morgan Stanley agreed to purchase E*Trade for around $13 billion with the transaction set to be complete by the end of the year.
|Nationalities||USA clients only|
|Is a corporate Account Possible?|
|Sign Up process||Medium|
|Funding options||Check, wire transfer|
|Forex: Spot Trading||NO|
Regulation and Trust
E*TRADE Securities LLC is a member of The Securities Investor Protection Corporation (SIPC). Clients are therefore covered up to $500,000 in securities, including a $250,000 limit for cash claims. On top of this, E*TRADE has purchased additional protection to a limit of $600 million. E*TRADE take clients security seriously and therefore offer the E*TRADE Complete Protection Guarantee. This protects clients against fraud, provides payment protection and complete privacy protection. E*TRADE is also regulated by the Financial Industry Regulatory Authority (FINRA).
Commissions & Fees
Markets.com claim they are transparent and upfront about their pricing. However, we found that their costs and pricing could be more explicit and easy to find on their website. They offer no commission or trading fees, however, this makes their spreads higher than competitors. They offer spreads as low as 1.8 pips on EUR/USD. An overnight rollover fee may be charged to each opening position at the end of the company’s trading day. The method of calculation for this charge will vary according to the instrument and due to the interbank interest rate. This fee may happen without any notice. Markets.com does not charge any withdrawal fees or deposit fees.
E*TRADE has built a large community of employees, traders and social media followers. They have approximately 4100 employees and at the end of February 2020 they had 7,317,506 accounts. In March 2020 their recorded Daily Average Revenue Trades (DARTs) was 748,000. They currently hold $265 billion in assets.
E*TRADE is present on multiple social media platforms and have a large following. They have over 155 thousand followers on Facebook, over 71 thousand followers on Twitter, 47 thousand subscribers on YouTube, 11 thousand followers on Instagram and are also present on LinkedIn. They post interesting articles and financial news across their platforms.
E*TRADE has years of experience and this shows in their intuitive and user-friendly platforms. The two main web-based platforms connect to their respective applications, allowing for a seamless trading experience. Power E*TRADE offers great tools for traders to use at their disposal and also delivers speed. The mobile applications are well designed and have a host of advanced features that allows you to easily manage your account. In terms of their website, it can be quite difficult to navigate and find certain information such as account minimums or instructions on closing an account.
Functionality and Tools
E*TRADE thrives in terms of functionality and tools. After acquiring OptionsHouse technology, E*TRADE was able to integrate advanced options tools into the Power E*TRADE platform. The platform has over 100 technical studies and 30 drawing tools. The platform allows you to look at “what-if” scenarios and add technical patterns on charts. In terms of their mobile applications, which are incredibly well designed, you can live stream Bloomberg TV, customize your dashboard and select charts and studies. The Power E*TRADE mobile app provides 40 indicators and the E*TRADE mobile app offers ten.
There are great educational materials available to traders and there are demos available in order to get a glance at what each E*TRADE platform can do. They also offer at least 12 free webinars per month.
E*TRADE offers two web trading platforms with their own respective trading mobile applications. Power E*TRADE is their innovative platform that comes with advanced charts and tools better suited towards active traders looking for advanced research. E*TRADE is the original platform that has tools, research, news and charts and is better suited to traders looking for easy executions. There are no desktop trading platforms offered. The apps to accompany these platforms are available to download on both the AppStore and Google Play. Power E*TRADE for iOS received a 4.4 star rating and E*TRADE for iOS received a 4.6 star rating and is number 45 in Finance on the App store.
E*TRADE has great customer service with 30 physical branches across the US. You can contact them through email, live online chat or by phone. E*TRADE has Financial Consultants that can help guide you and find solutions for you. Contacting these consultants is free of charge. They also have a simple but informative set of FAQs with answers to certain questions you may have. At the time of review, the wait time for their Live Chat was longer than normal and therefore they suggested calling or emailing them instead.
E*TRADE has high-quality trading tools, research and allow you to trade ETFs, mutual funds, options, futures, stocks, and bonds. The mobile platform has been well designed, is user friendly and customizable. Drawbacks include no credit/debit facilities for transfers and only US citizens are able to open an account. E*TRADE is highly regulated and appeals to traders that are entering the market as well as more skilled traders.