E*TRADE Review

Platforms and tools

Power E*TRADE is a web-based platform that allows traders to innovate and provides speed, ease-of use, and all the tools they need to succeed. In our 2021 Review, Power E*TRADE was awarded the "Best Web-Based platform" award. E*TRADE was also voted the best platform for options trading.

Charting: Power E*TRADE's charting engine uses Chart IQ, a third-party provider of HTML5 charts. Highlights include smooth zooming and panning, integrated Trading Central (Recognia), technical analysis, 114 optional indicators and 32 drawing tools. We had to be very selective in order to find flaws. Using multiple concurrent charts can prove cumbersome compared with the thinkorswim platform's preset grid functionality.

Options trading: Power E*TRADE is the ideal platform for both casual and active option traders. It offers a seamless position management system, custom grouping, streaming greeks, risk analysis and more. For new investors, Power E*TRADE is the best platform to learn how trade options. Snapshot Analysis is a tool that allows you to translate Risk/Reward with smiling faces. Key events to be aware of are also listed along with a P&L chart. It is a work-of-art.

Futures trading: Power E*TRADE is a great platform for futures trading. Multiple futures ladders are possible at once. Orders can be placed quickly using the Quick Trade widget. Position management is also easy.

Research

E*TRADE offers everyday investors all the tools they need to perform market analysis on stocks, ETFs and mutual funds. However, E*TRADE is not as well-respected as category leaders in website design and market commentary.

E*TRADE provides consensus ratings from multiple third parties, including individual analysts via TipRanks. Charting also includes Trefis price estimates right on the chart. You can click on the link to see Trefis's complete analysis. E*TRADE's own staff also has content available on the website, including Market Happenings, Daily Insights, and Bloomberg TV.

Cons: E*TRADE's quote and screening experiences are not as user-friendly and modern in design as Charles Schwab and Fidelity. E*TRADE does not provide in-house analysis and market commentary (articles), but it is still better than its closest competitors in terms of quality, depth and quantity. Live broadcasting is also absent. This is an area in which both TD Ameritrade & Charles Schwab excel.

Mobile trading

E*TRADE Mobile app and Power E*TRADE Mobile app were praised in our 2021 Review. E*TRADE Mobile is recommended for stock trading, and Power E*TRADE Mobile to trade options and futures.

E*TRADE mobile: E*TRADE mobile is beginner-friendly. It focuses on the most important things for casual investors: portfolio management and quotes. Watch lists, market research and trading are all part of E*TRADE Mobile. You can customize your watch lists and stream them ($1,000 minimum balance). Quotes include basic and advanced charts, price alerts and news. You can also access additional research like third-party reports and other research. E*TRADE Mobile also included Bloomberg TV and basic trade ideas screeners for stocks, ETFs and mutual funds. (These screens are not common for mobile apps).

Power E*TRADE mobile: Although it is designed for advanced trading, Power E*TRADE can be used easily due to its modern platform layout and design. Switch between multi-legged options trading using a variety of pre-defined strategies, streaming Bloomberg TV and futures trading. The Live Action feature is another advanced tool that allows you to find investment opportunities using pre-defined options screensers that are categorized according to unusual activity, volatility or technical patterns.

Charting on mobile: Power E*TRADE is easy to use because ChartIQ is the same engine that powers the web-based Power E*TRADE charting experience. However, depth can vary by app. E*TRADE Mobile has ten indicators while Power E*TRADE Mobile has 108. Despite the differences in indicator types, E*TRADE Mobile offers ten indicators.

Offering Investments

E*TRADE offers everything that an investor could expect from a full service brokerage. E*TRADE Capital Management offers all investment options, including bonds and options, as well as financial planning services. E*TRADE Bank offers banking services, and E*TRADE Futures LLC provides futures trading.

E*TRADE's only notable offerings are forex trading and international trading. These two services are rare among US-based brokerages.

Is E*TRADE able to trade crypto? E*TRADE currently does not offer cryptocurrency trading.

Education

E*TRADE's education offerings are mixed. The website has a lot to offer, but it is not easy to navigate.

The pros: E*TRADE relies heavily on third-party content providers to provide a comprehensive selection of educational content. There are dozens of articles covering all aspects of investing, including stock trading and retirement. Each month there are at least 25 webinars, and archived recordings of these webinars are also available.

Cons: E*TRADE's learning experiences were disappointing overall. We would like to see more education for novice investors. The "Library" contains all educational content organized by topic. There are no pre-set flows or tracking of progress once you have chosen a topic. There is plenty of content. However, if it's not easy to find the information you need and isn't interesting, it won't be used. Video content is also sparse.

Banking

E*TRADE offers essential banking services through 30 branches located across the US. E*TRADE Bank offers banking services such as checking accounts without ATM fees, high yield savings accounts and debit cards. E*TRADE Bank, a member of the Federal Deposit Insurance Corporation is insured bank deposits up to $250,000.

E*TRADE isn't even close to the leader Bank of America Merrill Edge. Despite this, FDIC-insured online banking is very rare.

Last Thoughts

E*TRADE has been a leader in mobile, web and options trading since Power E*TRADE was launched. They continue to innovate every year. E*TRADE offers a comprehensive offering that will please the majority.

E*TRADE, regardless of your investment style, is a reliable and full-service broker who sets the standard for all its competitors.

What is the best thing about E*TRADE?

E*TRADE is ranked highly in several key categories when compared to the top online stock brokers in the U.S. making it an excellent choice for most investors.

E*TRADE was established in 1982. It has enjoyed a strong market share in the U.S. brokerage industry, serving nearly 6 million accounts and more than 1 million trades per day, according to its most recent regulatory filing. Morgan Stanley acquired E*TRADE in October 2020.

E*TRADE is good for beginners.

E*TRADE is an excellent choice for beginners due to its simple-to-use mobile and web trading platforms, as well as a range of educational materials that can accelerate your learning.

Power E*TRADE is a great platform for all types of traders. It's intelligent design offers a perfect blend of rich features and easy-to-use functionality.

E*TRADE offers Power E*TRADE Mobile as well, which is a mobile version of its web app. This app will be appreciated by beginners; E*TRADE Mobile is more complicated.

What is the cost of E*TRADE?

E*TRADE is an ETF broker that charges zero commissions for trading U.S stocks and ETFs.

Other costs for your E*TRADE brokerage account include $0.65 per option contract, $6.95 for penny stocks, $19.99 per trade for mutual funds, $25 per trade for broker-assisted trading, and half of a penny per share ECN fees when you trade in the pre-market or after-market hours.

Real-time streaming quotes are free, but you must have a minimum of $1,000 to enable this feature.

E*TRADE

E*TRADE, headquartered in New York City in New York City was established in 1982. It was, along with its closest competitors in the United States, one of the first online brokers (1). E*TRADE purchased online broker OptionsHouse for $725 million in September 2016. This acquisition opened the door to what is now known as the Power E*TRADE platform. Morgan Stanley (NYSE MS) acquired E*TRADE in October 2020. E*TRADE was home to 5.8 million retail brokerage accounts, processed more than 1,010,000 online trades daily (3) by the end of the first half 2020.