ETRADE Review: Stock Trading on ETRADE Platform

Since 1982, ETRADE stockbrokers has been providing services to millions of investors in the US. It stands out from the crowd with the three trading platforms: E-Trade Pro, Power E-Trade, and E-Trade Web. These platforms are user-friendly and designed to simplify the complex trading for all investors. Even though ETRADE’s commissions ($6.95) are not the cheapest in the market, it accommodates both young investors and regular stock traders. To add on, customers benefit from a range of educational resources, modern trading platforms, and advanced tools that deliver the authentic user experience.

Unlike common stockbrokers, ETRADE covers everything you need for successful trading, including multiple accounts such as brokerage, bank, and IRA, and supports customized managed portfolios as well. This platform offers excellent support from real people. You don’t have to worry about jargons or answered emails. As a proof of their unparalleled services, ETRADE has earned several accolades including, Best Brokers for Beginners 2019, Best Stock Trading Apps, Best Brokers for ETFs, Best Brokers for IRAs and the Best Web Trading Platforms 2019.

The platform recently received a thorough facelift that made it easier to navigate, Acquisition of OptionsHouse a few years back rewarded the firm with state of the art options trading tools. ETRADE option trading tools are specially made for the mass affluent (traders with over $100,000 in tradable assets) and active traders.

Commissions and Fees

ETRADE users can access the latest pricing and rates under the ‘Pricing’ section on the homepage. Compared to other brokers in the market, some of their rates are not ideal for traders in search of the lowest rates.

To be more specific, the platform charges significantly more compared to brands such as Fidelity, TD Ameritrade, and Charles Schwab. The ETRADE charges $6.95 as the base rate per stock trade ranking it among the most expensive full-service forex brokers in the industry. Trades placed pre or post the official market hours incur an additional ECN fee of $0.005/share. However, closing any short option of less than 10 cents is free.

High volume traders have nothing to worry about as they profit from tiered pricing that reduces to $4.95 for 30 or higher trades per quarter. This is slightly higher than their rivals like Charles Schwab, TD Ameritrade and Fidelity Investments that offer a flat rate of 4.95%, regardless of your trades. There is an additional fee of $25 for all broker-assisted trades, except for Extended Hours overnight session trades.

Trust, Security, and Safety

ETRADE is a pioneer of online trading for the retail investor. It has over 30 retail branches across the United States further solidifying its position as a trusted online forex broker. This platform values user’s privacy and confidentiality. It’s policy clearly outlines the type of personal information it collects and how it is used. Also, customers are provided with the option to limit the use and sharing of their personal information.

The customer’s security comes first at ETRADE. The platform has five ways of protecting the user’s assets. They include:

• The Federal Deposit Insurance Corporation (FDIC)-Banking protection
• The Scientific Investor Protection Corporation (SIPC)-Brokerage protection
• The Securities and Exchange Commissions (SEC)-Customer Protection
• London Insurers-Brokerage protection

Also, the platform offers its unique ETRADE Complete Protection Guarantee (ECPG) that provides an additional layer of security.

Desktop Experience

As aforementioned, the ETRADE platform is designed for new and veteran investors and traders alike. It offers users different options upon logging in. The options are, launching Power ETRADE or request for a download ETRADE Pro software from the customer support team.

Both platforms are easy to use on both Mac and Windows PCs. The charting engine is powered by Chart IQ, one of the leading providers of HTML5-optimized charts. The benefits include flawless panning and zooming, inbuilt Recognia technical analysis, and more. Generally, the desktop version delivers a relaxed user experience throughout the trading process.

Mobile Experience

ETRADE ranks among the best website for mobile trading. We tried both the Power ETRADE Mobile and the ETRADE Mobile, and both platforms are easy to use and feature-rich. To be more specific, the ETRADE mobile works nicely for stock trading and Power ETRADE is the ideal platform for options trading. The two mobile apps provided by this platform and can be downloaded for free on the App Store and Google Play.

• Power ETRADE App: This app is designed for all kind of traders. It is packed with simple to use tools and features that enhance the overall user experience. With the Power E*TRADE App, customers can quickly trade stocks, ETFs, view market movements, locate potential trades, execute options strategies, and much more.
• ETRADE Mobile App: The founder of mobile trading, ETRADE is committed to delivering a seamless experience to investors and traders on the go. Apple and Android users can access the platform on their Apple Watch and other premier tablet devices. This app has been named ‘Best in Class’ mobile app by Stockbrokers.com. It lets users invest in stocks, ETFs, mutual funds, and options.

Additionally, it allows one to manage cash with Transfer Money, Bill Pay and watch Bloomberg TV for the latest news and updates.

Opening an Account

Registering on ETRADE website is straightforward and fast. Start by clicking the open an account tab on the right corner. The main requirements are the Social Security number or ITIN, Employer’s name, and the address. You will then be prompted to choose between Brokerage and Retirement accounts before filling in personal information.

Next is identity verification, then creating an investment profile and customizing the account with additional features. Your account will then be reviewed and once approved; you will only need to deposit funds and start trading. The registration process takes about 24 hours.

Desktop users at ETRADE have two options. You can remain on the website itself (recommended for beginners) or as aforementioned, download and install ETRADE Pro or run the Power ETRADE directly on your PC browser. The main website has all the tools starters need to get started, but the ETRADE Pro is the best platform for options traders and advanced charting. ETRADE Pro is an idea for high-frequency traders.

Regardless of the platform you choose, you have access to real-time market data and trends. All platforms support the capability to place orders directly on the chart and track them in real-time.

Deposits and Withdrawal Options

The platform supports a variety of banking options. These payment options are secured by the ETRADE Complete Protection Guarantee system, which ensures that there is no loss of money to fraudsters and hackers. The main options available are:

• Transfer Money: Takes up to 3 business days
• Wire Transfer: Same business day
• Transfer an account: Takes ten business days
• Deposit a check: Takes up to 5 business days

Investment Products

The platform provides traders with over 300 exchange-traded funds at zero commissions and more than 4,500 no-fee mutual funds. It has pooled together 12+ ETFS with around the clock market on weekdays. When it comes to options trading, the options are flexible. You can search for debt issued by specific firms or build bond ladders. Currently, there are six main investment choices for all customers:

• Stocks.
• Options.
• Futures.
• ETFs.
• Mutual Funds.
• Bond & CDs.

Research Tools and Insights

The Power ETRADE platform packs together some of the best trading tools. For example, the TradeLab allows users to analyze options trading ideas and strategies, while StrategySEEK is essential for finding trading opportunities. There is a LiveAction widget in Power ETRADE that allows users to scan the market based on live and real-time data.

Education

Whether you are new or a regular trader on ETRADE platform, you will have access to the Knowledge section. The section hosts detailed articles, videos, and a comprehensive educational library. Additional helpful ideas can be found in Research, Market news, Screeners, and Thematic Investing sections of the website.

Special Features

ETRADE website supports Bloomberg Live TV that gives users the latest business and financial news, live feeds, and more information from around the world.

Final Thoughts

If you are thinking of learning about stock trading or taking your online stock trading to the next level, ETRADE is your solution. Though the commission and fees are slightly higher than the common platforms, it has exclusive features and tools to guide you. This platform is developed in HTML5 language, meaning, it retains high-quality user experience across all devices including smartphone, tablet, and personal computers.

The platform has one of the best mobile and options trading tools, and it continues to be a frontrunner in the search for new and innovative ways to trade. The platform charges more than most platforms, but it provides a comprehensive and well-rounded stock trading environment. It is a reliable, trusted, and full-service stockbrokers that continues to push the boundaries of what is possible in stock trading.