Etrade vs Competition: Intro
E*Trade has some entertaining advertisements on television. E*Trade's competitors - Firstrade,
M1 Finance, Webull, and Ally Invest - also have a lot going for them. So how does E*Trade compare
to some of its main rivals in terms of actual brokerage services and pricing?
Etrade vs Competitors
Recommendations
Beginners: With excellent
customer service and good learning materials, E*Trade would definitely be a good broker for new traders.
All other brokers have fewer educational materials, but they are easy to use and better priced than E*Trade.
Mutual Fund Investors: Hands down, E*Trade is one of the best brokers for mutual funds. But
they do charge a $19.95 commission for most funds. With over 12,000 funds with $9.95 commission,
Ally Invest
is our pick.
Individual Retirement Accounts: We don’t care for E*Trade’s IRA fees. Firstrade would be a
better pick.
Active ETF and Stock Trading: We propose E*Trade for frequent traders with at least $1,000 to
work with.
Webull is a
better priced option, though.
Long-Term Investors and Retirement Savers: With target-date mutual funds, 401(k) plans, and
financial planning services, we can recommend E*Trade for investors with a long-term view. So is
Ally Invest and M1 Finance.
Small Accounts: All these brokers have no account minimum and no fees.
Etrade Website/Trading Platform/Tools Review
Website
The broker's website is well-designed and attractive. Users can place trades, read market news, and conduct security research. Etrade’s Total Trade Ticket
is a convenient web-based trading system for stocks, options, and ETF’s. Conditional orders can be placed on the website. These include such strategies as
one-triggers-all, contingent, and bracketed.
Excellent research for securities is also available on the website. Buy, hold, and sell recommendations can be found from several independent sources, such
as Thomson Reuters, S&P Capital IQ, UBS, and Deutsche Bank.
MarketCaster is a platform that displays real-time trade information for watch lists and account positions. Columns can be customized to display different
types of data, such as price, volume, bid size, 52-week high, and market value. A trade button takes the user back to the website to execute a buy or sell order.
Advanced Trading Platforms
The Etrade Developer Platform allows clients to construct their own trading platform. The broker recommends using PHP, Java, or JavaScript. Users will then be
able to access Etrade account and position information, market data and place trades from the platform. Users can also cancel or modify orders, and check the
status of an order. The platform can display a security's or index's vital information and receive important messages from Etrade.
The broker's own advanced platform is also available. Etrade Pro is a desktop system and can be used to trade stocks, ETF's, options, and futures. As the name
implies, it is the broker's most advanced platform. It has Level II quotes, market news, security search, and a margin analyzer. Unfortunately, the software
is only available to traders who complete 30 or more trades per quarter, or have at least $250,000 in an Etrade brokerage account. In comparison,
Charles Schwab requires only a $1,000 account balance to use its advanced platform, and
TD Ameritrade has no requirement.
Mobile Trading
Investors with busy lifestyles should check out the suite of mobile platforms that Etrade has to offer. The broker has platforms for iPad, iPhone, Apple Watch,
Android devices, Windows phone, Amazon Fire phone, and Kindle Fire HD. The interface is intuitive and simple to use. There is a trade ticket and many other
vital features, such as charting, educational Etrade videos, and mobile check deposit. There is also a CNBC video archive. This library is available at no
charge. However, live streaming of CNBC news is only available to frequent traders or to customers who are willing to pay a very expensive $99.95 fee, per month!
The apps got high, 4 star rating in both Google Play and iTunes.
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