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E*TRADE Review

ETrade Review

 

 

Overall, E*Trade is regulated by two tier-1 regulators respectively. It has a high trust score of 70 out of 100 and is considered a low-risk trading partner. E*Trade offers 3 accredited retail trading accounts.

 

🔎 Broker🥇 E*Trade
📝 RegulationSEC, FINRA
🎉 Sign Up BonusBonus is dependent on the amount funded to the account.
➖ Min. Deposit from$50 USD / R 800 ZAR
➕ Max Leverage1:2000
💳 Commission Yes
🛑 Inactivity FeeNo
🚀 Open an Account👉 Click Here

 

Overall Rating

4.6/5

Rated #377 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

E*Trade Review – 20 Key Point Quick Overview:

 

  1. ☑️E*Trade Overview
  2. ☑️E*Trade Safety and Security
  3. ☑️E*Trade Sign-Up Bonus
  4. ☑️E*Trade Minimum Deposit
  5. ☑️E*TRADE Account Types
  6. How to Open an E*Trade Account – Step by Step Guide
  7. E*Trade Islamic Account
  8. E*Trade Demo Account
  9. E*Trade Trading Platforms
  10. E*Trade Markets, Products and Instruments
  11. E*Trade Deposit and Withdrawal
  12. E*Trade Fees, Commissions, and Spreads
  13. E*Trade Best Countries by Traders
  14. E*Trade vs XM vs OctaFX – A Comparison
  15. E*Trade Customer Reviews
  16. E*Trade Current Popularity Trend
  17. E*Trade Pros and Cons
  18. E*Trade Conclusion
  19. E*Trade Disclaimer
  20. Frequently Asked Questions

 

E*Trade Overview

 

E*Trade Reviews

 

E*TRADE is a forex broker company in the United States.

 

Finding a reputable E*TRADE review local or worldwide can be a difficult process, especially finding a complete list from a trustworthy reputable source.

 

Below is an in-depth review regarding E*TRADE to help you make an informed decision before opening your account or trading on their platform.

 

A Forex broker like E*TRADE provides traders with access to one or more platforms that will allow them to buy and sell foreign currencies. Forex brokers are also known as retail or currency trading brokers.

Retail currency traders in turn use these broker companies to gain access to the 24-hour currency market for speculation purposes.

 

Forex broker services can also be provided for institutional clients and large companies such as investment banks.

 

E*TRADE was founded in 1982 and has its headquarters in Arlington, in the United States with 30 more retail branches across the other states. E*TRADE was acquired by Morgan Stanley in February 2020.

 

E*TRADE specializes in providing first-class service to a new generation of digitally inclined investors and traders and backs it with personal professional guidance. The company has a high-tech and top-rated stock plan administration platform for advisors.

 

E*TRADE is regulated by top-tier regulators like the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC).

 

E*Trade Safety and Security

 

E*Trade regulated

 

E*Trade is licensed and regulated by multiple leading international governing bodies, allowing E*Trade clients to trade with financial security.

 

ETRADE is regulated by top-tier US regulators like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) therefore clients can be sure about being protected by an amount of $500,000 which includes $250 000 for cash.

 

E*TRADE does not provide negative balance protection.

 

🔎 Regulatory Authority📌 Abbreviation🌎 Country
🥇 Securities and Exchange Commission SECUnited States
🥈 Financial Industry Regulatory AuthorityFINRAWashington, D.C., United States

 

E*Trade Sign-Up Bonus

 

E*Trade Sign up Bonus benefit

 

E*Trade does not at this time (2022) offer a Sign-Up Bonus,  Welcome bonus, or the advantage/profits of a no-deposit bonus with first-time sign-up or account registration.  E*Trade does offer periodic competitions and profitable events.

 

Forex brokers often lure new traders with offers of deposit bonuses. This can be useful, but it is essential to discern what the conditions are to really benefit from a bonus.

 

The bonus usually compensates traders for choosing a certain broker, since once the account is active, the trader will have the same expenses as any other. The bonus usually only starts giving some expenses back to the trader once the person has proved himself as an active trader.

 

Hence, although no deposit bonuses are a great way to help you start trading, the terms to benefit from it often require trading with such a high volume before you can withdraw profits, that it may not be worthwhile.

 

The European Securities and Markets Authority (ESMA) has also recently placed investor protection measures on the marketing, distribution, or sale of CFDs which prevent brokers to provide the retail client with a payment, monetary or excluded non-monetary benefit in relation to the marketing, distribution or sale of a CFD, thus ruling out the offering of such bonuses.

 

According to the company website and other sources, E*TRADE offers a bonus of up to $3500 when you open up a new E*TRADE account using a referral link.

 

Such a bonus is tiered depending on how much you deposit in cash or securities within 60 days of opening an account.

 

🔎 Broker🥇 E*Trade
🎉 Sign Up Bonus✅Dependent on the amount deposited
🤝 Partnership OptionX No
🚀 Open an Account👉 Click Here

 

E*Trade Minimum Deposit

 

E*Trade minimum deposit

 

The minimum deposit amount required to register an E*Trade Professional live trading account is $500 USD. This minimum deposit amount required for Standard Account registration will depend on the payment system chosen.

 

🔎 Account💰 Min Deposit🚀 Open an Account
📌 Individual Account$ 0 USD / R 0 ZAR👉 Click Here
📌 Joint Account$ 0 USD / R 0 ZAR👉 Click Here
📌 Business Account$ 0 USD / R 0 ZAR👉 Click Here

 

E*Trade Account Types

 

E*Trade Accounts

 

E*Trade provides three different account types, Individual account, Joint account, and Business account.  The minimum deposit amount required to register an  E*Trade Professional live trading account is $1 USD.

 

A forex account is a trading account held by a trader with a company like E*TRADE, that is issued with the primary purpose of trading through its platforms. Usually, the number and type of accounts that a trader can open with a broker company differ according to the country in which the brokerage operates, the country of residence of the trader, and the regulatory authorities under whose jurisdiction it operates.

 

Accounts usually differ in the way spreads or commissions are applied, what minimum deposit is needed to open that type of account and certain services or advantages that account holders may get access to.

 

In the case of Muslim customers, special Islamic accounts, that is swap-free accounts, are offered that mirror the other account types, but operate in accordance to Shariah law.

 

The retail brokerage branch of E*TRADE is available for US-based clients only.

 

E*TRADE offers the following account types:

  • Individual – The account can be owned by a single individual.
  • Joint accounts – can be jointly owned by two or more account owners.
  • Business accounts – This type of account is owned by a legal entity like a company.

 

US clients can open an ETRADE account with a user-friendly and fully digital process. For non-US clients, the process takes much longer, since E*TRADE requires a paper-based application.

 

🔎 Account❤️ Best Suited To / Offers💰 Min Deposit🚀 Open an Account
📌 Individual AccountAll Traders$ 0 USD / R 0 ZAR👉 Click Here
📌 Joint AccountPartners$ 0 USD / R 0 ZAR👉 Click Here
📌 Business AccountEstablished Businesses$ 0 USD / R 0 ZAR👉 Click Here

 

 

How to Open an E*Trade Account – Step by Step Guide

 

1.  Step 1:  Start Process

 

Navigate to the E*Trade website home page and select the option to  “open an account”

 

E*Trade Open an account

 

2.  Step 2: Select account type

 

On the next screen select an account type that you would like to use.

 

E*Trade Select account

 

3.  Step 3:  Register and Verify the account

 

Once the account is selected, personal information can be completed and the account registered. Once the account is registered a verification email will be sent to the email address. When the account is verified, traders can log in and start trading.

 

 E*Trade Islamic Account

 

E*Trade Islamic account

 

E*Trade does not offer Islamic swap-free trading in any of the accounts offered.

 

🔎 Broker🥇 E*Trade
☪️ Islamic AccountX No
☑️ Accounts OfferedNone
🚀 Open an Account👉 Click Here

 

E*Trade Demo Account

 

E*Trade Demo accounts

 

E*Trade does not offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.

 

🔎 Broker🥇 E*Trade
🆓 Demo AccountX No
💸 Virtually FundedNone
💻 Terminal AccessNone
🚀 Open an Account👉 Click Here

 

E*Trade Trading Platforms

 

E*Trade Trading platform

 

The forex trading software, also called the platform, provided by a broker company to its clients to carry out their trades can be a multi-asset one that allows clients to trade forex as well as other asset classes like CFDs on stocks, stock indices, precious metals, and cryptocurrencies.

 

Some companies provide their own proprietary platform, which may benefit traders due to specific characteristics developed by specialists employed by the broker, while others prefer to provide the better-known platforms that were tried and tested over time. If there is a choice, the trader should keep in mind what he would like to trade and find the platform that suits his needs best.

 

ETRADE provides two platforms, known as E*TRADE and Power E*TRADE.

 

E*TRADE

E*TRADE has all the tools a trader or investor needs to research investments, track the markets, place trades, and hone their skills. It sports features such as independent analyst research, quotes, news and charts, investing tools and screeners to spot emerging opportunities and retirement planning and learning resources.

E*TRADE’s mobile trading platform is very easy to use and offers a lot of features.

 

Power E*TRADE

Power E*TRADE is an innovative desktop trading platform packed with easy-to-use tools for stocks, options, and futures trading, charting tools that automatically populate charts with technical analysis patterns and education and advanced intraday and historical charting with 100+ studies, 30+ drawing tools, and many chart types.

 

Mobile platform

The Power E*TRADE app is an intuitive mobile platform for traders that lets them stay connected to their brokerage accounts and the markets on the go.

 

E*Trade Markets, Products and Instruments

 

E*Trade Instruments

 

Most brokers offer all or some of the following market instruments for trading:

 

Forex:

Forex trading, or currency or FX trading, involves the currency exchange market where individuals, companies and financial institutions exchange currencies for one another at floating rates.

 

Commodities:

As with currency exchange markets, commodity markets offer trading in contract-based tradable goods.

 

Indices:

Equity or stock indices can represent a specific set of the largest companies of a nation or they can represent a specific stock market. It is actual stock market indexes which measures the value of a specific section of a stock market.

 

Precious metals:

This involves the trading of gold, silver, and other precious metals as hard commodities that are contract-based tradable.

 

Energy:

The high volatility of energy prices due to political, environmental and several other factors, is a typical feature of this product, making it a popular trading choice.

 

Cryptocurrencies:

Tradable cryptocurrencies include the following:

  • Bitcoin (BTC) is the digital currency with the largest market capitalization and price levels and dominates 50% of the total crypto market cap.
  • Litecoin (LTC) is similar to Bitcoin but differs in terms of scalability.
  • Ethereum (ETH) is the second-largest cryptocurrency after Bitcoin and allows developers to create smart contracts on a platform.
  • Ripple (RPL) is popular among big banks with the Ripple network a next-generation real-time gross settlement system.
  • Bitcoin Cash (BCH) was created as a new version of the blockchain with different rules.
  • E*TRADE offers trading with stocks on the NYSE, NASDAQ, AMEX, OTCBB stock exchanges and has a fair bond selection. Traders can only trade on CBOE exchange with options and with futures on three exchanges: CME Group, ICE US, CFE.
  • E*TRADE offers only 9 currencies to trade and futures contracts can only be traded a few months a year.

 

 E*Trade Deposit and Withdrawal

 

E*Trade Depositing

 

The company’s account minimum is $500 for brokerage accounts and $0 for IRA accounts.

 

US clients can use check, ACH, and wire transfers for depositing cash, while for non-US clients wire transfer and check are the only available options to deposit or withdraw money.

 

Credit/debit cards and electronic wallets are not provided at all.

 

Withdrawals usually take two business days and you can only withdraw money to accounts in your own name.

 

E*Trade Fees, Commissions, and Spreads

 

E*Trade Margins

 

The cost of trading depends on different factors like commissions, spread, and margins.

 

The spread of a currency pair is the difference between the bid and the asking rate. A pip represents the smallest increment that an exchange rate can move. One pip is 0.01 for currency pairs with JPY as the term currency and 0.0001 for all other pairs.

 

The amount of money required in your account to open a position is called the margin and is calculated according to the current price of the base currency against USD, the size (volume) of the position and the leverage applied to your account.

 

Commissions are the charges imposed by an investment broker on a trader for making trades on the trader’s behalf. The level of commissions depends on the asset being traded and the type of service offered by the broker.

 

Execution-only brokers, which do not involve in personal investment advice and give traders complete control over how they trade the markets, usually charge lower commissions.

 

While the contract for differences (CFDs) trading is a form of derivative trading that enables traders to speculate on the rising or falling prices of fast-moving global financial markets, its trading on shares will incur a commission. CFD trades on other markets have no commission but do wrap a spread around the market price of a certain instrument.

 

E*TRADE ETRADE prides itself on offering low trading fees.

 

The commission for all E*TRADE stocks and ETFs is free due to the introduction of commission-free trading in the US in 2019.

 

The E*TRADE financing rate comprises a base rate plus a premium or discount depending on the financed amount.

 

E*TRADE fund fees are generally high, approximately $19.99 per trade. E*TRADE does not charge a commission for ca. 4 500 mutual funds. If a trader sells these no-transaction-fee funds within 90 days after the purchase, a $49.99 fee is charged.

 

E*TRADE charges no fee to trade stocks, ETFs, and most mutual funds. Options contracts are charged an industry-standard $0.65 and Futures contracts are charged $1.50 per side.

 

There are no minimum trade requirements or inactivity fees.

 

 E*Trade Best Countries by Traders

 

🌎 Country of Trade📌 % of Traders
🥇 United States92.81%
🥈 India1.40%
🥉 Canada0.61%
🥉 Taiwan0.49%
🥉 United Kingdom0.37%
Others
4.30%

 

E*Trade Geographic's

 

 E*Trade vs XM vs OctaFX – A Comparison

 

🔎 Broker🥇 E*Trade🥈 XM🥉 OctaFX
📝 RegulationSEC, FINRA📌 IFSC, ASIC, CySECFSA
➕ Max Leverage1:20001:8881:500
☪️ Islamic AccountNoYesYes
🆓 Demo AccountNoYesYes
💻 Trading PlatformMobile Platforms📌 MT4MT4 / MT5
🚀 Open an Account👉 Click Here👉 Click Here👉 Click Here

 

 E*Trade Customer Reviews

E*Trade Trustpilot Red

Can’t get my money!

I set up an ESA account for my daughter and for the last two years I was able to make distributions from it to pay for college expenses. As of 4 weeks ago, I was no longer able to do so online. So I’ve called 4 times, and submitted paperwork to “repaper” the account and it still doesn’t work. I CAN’T GET MY MONEY OUT. The people I speak with are completely useless. I told them they are good at taking my money, but not good at giving it back!

 

E*Trade Red Trust stars

They don’t answer their phone

They don’t answer their phone, and they don’t have any other way to get ahold of them other than phone.
They said to call them due to unusual activity on my account – meanwhile, 45 minutes later – I have been listening to their awful music. I went all over their site, and I have to do this by phone. But waiting an hour – why do they think this is ok?

E*Trade Red Trust stars

Roth IRA scam

They advertise throughout their website that with their Roth IRA you can withdraw your contributions (not earnings) at any time and any age without penalties or taxes. However, when you go to do this, they tell you they will report it to the IRS as a premature distribution!! Completely ridiculous false advertising and scam to avoid letting you withdraw your own money. DO NOT USE E*TRADE!!

E*Trade Red Trust stars

 

E*Trade Current Popularity Trend

 

According to Google Trends, here is an overview of how frequently the search term ” E*Trade” is entered into Google’s search engine over a given period of time.

 

 

E*Trade Pros and Cons

 

✔️ Pros❌ Cons
Low trading feesOnly US markets covered
User-friendly mobile trading platformSlow account verification
Great research toolsNo forex
Free stock and ETF tradingHigher fees for non-free mutual funds

 

E*Trade Conclusion

 

E*TRADE is one of the biggest stockbrokers in the United States and is regulated by top-tier regulators. E*TRADE’s research functions and tools are of high quality.

 

E*TRADE covers only US markets and its account verification is slow.

 

Overall Rating

4.6/5

Rated #377 of
Recommended FX Brokers

💰Minimum Deposit

USD 100

🌐 Regulators

📱 Trading Desk

Crypto

Yes

📈 Total Pairs

☪️ Islamic Account

No

📊 Trading Fees

Low

🕒 Account Activation Time

24 Hours

🏛️ Visit Broker

 

E*Trade Disclaimer

 

E*TRADE warns potential traders that Forex and CFDs trading always carries a high level of risk, therefore may not be suitable for all investors.

 

Before clients decide to trade the products offered by E*TRADE, they are advised to contemplate their investment objectives, financial situation, needs and level of experience carefully before investing money that they cannot afford to lose.

 

Especially when traders use E*TRADE ’s leveraged accounts, they should make sure to maintain a sufficient level of margin to sustain their positions, since trading Forex/CFD and Options on margin and using a higher than necessary leverage can be either beneficial or detrimental to a trader. It is always possible to sustain a loss of some or all of an initial investment.

 

While E*TRADE promises to make all efforts to fill a trade at the requested price, trading online does not necessarily reduce risks associated with currency trading, therefore quotes and trades are usually subject to the terms and conditions of a Client Agreement, which is accessible through the broker’s website.

 

Potential traders should first acquaint themselves with all these associated risks and seek advice from an independent financial advisor.

 

Frequently Asked Questions

 

Is E*TRADE fake or a scam?

E*TRADE is regulated by SEC and FINRA

 

What is the overall rating out of 10 for E*TRADE?

The overall rating for E*Trade is 7/10

 

Which platforms are supported by E*TRADE?

E*TRADE provides the following popular trading platforms:

  • Power E*TRADE
  • E*TRADE web platform
  • E*TRADE’s mobile trading platform

 

Which live trading accounts does E*TRADE offer?

E*Trade offers three live trading accounts, Individual accounts, Joint accounts & Business accounts

 

Does E*TRADE charge withdrawal fees?

No, but fees from financial institutions may be applicable.

 

 

Author Details

Louis Schoeman

Louis Schoeman

Featured Forex and Stocks writer

Table of Contents

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