Etrade rating

TradeMonster


TradeMonster is no longer in business. For a $0-commission alternative, we recommend Charles Schwab. Please read detailed Charles Schwab Review.


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Overview of Tradestation


TradeMonster merged with another discount broker, Optionshouse, which was then acquired by E*TRADE, and later by Morgan Stanley. The TradeMonster brand is now discontinued.

InvestmentsCommissions
Stocks and ETFs $0
Stocks and ETFs broker assisted $0
Options$0.50 per contract
Mutual funds $20
Futures $1.50 per contract

Investments stocks, options, mutual funds, bonds, futures, ETFs
TradeMonster minimum deposit to open account $0 for cash account, $2,000 for margin account


TradeMonster Review

We've had a positive experience with TradeMonster's advanced platform, TradeMonster Pro, over the past few months. To access it, you need to qualify as an active trader, which means making 30 or more trades per quarter. After meeting this requirement, you'll receive a notification in your account, and you can then access the platform via the active trading link on their website. Make sure you have the latest version of Java installed on your computer. Once downloaded, the TradeMonster Pro login icon will appear on your desktop for easy access.

Initially, TradeMonster Pro might seem overwhelming due to its complex layout filled with various boxes and numbers. It's designed for experienced traders and offers comprehensive features. By spending some time learning the platform, we found it extremely useful.

The platform has four main tabs: Tools, Quotes, Ticker, and Trade. The Tools tab provides easy access to functions like trading, money movement, research, charting, options, and futures tools. This tab simplifies navigating different sections of the system.


TradeMonster


The Quotes tab lets you enter a stock symbol to get real-time streaming quotes, including bid/ask prices and last trade price, along with the volume of the stock. This data also feeds into other features like the Dow Jones newswire, providing instant access to recent press releases. The quote appears in a separate box within an interactive chart that you can customize based on your analysis needs.

The Ticker tab shows your watchlist in a traditional ticker style, displaying last trade price and price changes in dollars and cents. This compact view updates continuously without taking up much screen space. Advanced users can customize it to integrate with other platform features like level II quotes or option chains, enhancing usability.

The Trade tab opens the Order Entry Screen, which allows you to buy or sell stocks, options, futures, and place conditional orders all from one place. This integrated approach is particularly useful for switching between different investment types quickly, a feature many brokers separate into different sections or platforms. TradeMonster Pro also includes perks like live CNBC access, an Excel Manager for interactive reports, and a strategy screener for real-time stock ideas and alerts.

Mastering this platform requires time and experience, but for active traders, TradeMonster Pro offers customizable and comprehensive trading tools. Our recommendation for serious traders is to consider this platform for its robust capabilities and the convenience of accessing multiple tools in one place. The bonus for opening a new account is also a great incentive.


trademonster website


ETF Fees at TradeMonster


As ETFs become increasingly popular, brokers like Charles Schwab and TradeMonster are enhancing their platforms with features like commission-free ETFs. However, it's important to look closely as there may be hidden fees associated with these offers. This section will focus on researching and trading ETFs on TradeMonster.


TradeMonster Review


How to Find ETFs on TradeMonster


TradeMonster provides an easy-to-use screening tool that lets you filter through their extensive selection of over 2,000 ETFs. You can narrow down your options based on criteria like fund family, strategy, yield, and expense ratio.


Comparing ETFs


TradeMonster also offers a comparison tool that lets you analyze selected ETFs side-by-side. For example, if you're interested in ETFs like SDEM and EMFM from your search, you can compare their returns, yields, expense ratios, and more in detail.


How to Buy ETFs on TradeMonster


Once you've chosen an ETF like EMFM for your portfolio, you can place your order by going to the "Trading" section, selecting "Stocks/ETFs," entering the ETF ticker (EMFM), choosing "Buy," specifying the number of shares and your price limit, and setting the order duration. After reviewing, you can submit your order.


ETF Commissions


At TradeMonster, all ETF trades are commission-free.


TradeMonster Review Summary


In conclusion, TradeMonster offers a solid ETF trading platform and research tools, comparable to those of brokers like Webull. While costs and fees are similar, frequent ETF traders might prefer TradeMonster for its lower prices for high trade volume.


Updated on 7/19/2024.


About the Author
Arthur Chachuna is a professional personal finance blogger, and the owner of Brokerage-Review.com. He has been an avid investor for 25 years, and has a background in both applied math and programming.