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Etrade Bitcoin Crypto Currency Investing (2021)


Etrade crypto trading account fees. How to buy or sell Etrade crypto currencies mutual fund, blockchain fund, ETF, BAT, NEO, Ripple, Stellar, Cardano, Dogecoin, Ethereum (ETH), Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC).



Trading Bitcoin at E*Trade


If you haven’t seen the results you were hoping for in the stock market, maybe it’s time to trade the world’s new hot commodity: Bitcoin. E*Trade provides a way to do this. Here’s how to get started:


Futures on Bitcoin


E*Trade doesn’t offer direct trading in cryptocurrencies, but it does offer futures trading with access to the Chicago Mercantile Exchange (CME). Because the CME currently offers futures contracts on Bitcoin (and options on those futures contracts), it’s possible to make an investment in Bitcoin with the right E*Trade account.

To access the CME with an E*Trade account, you’ll need to enable the account for futures trading. To do this, go to the Account Preferences area on the broker’s website and scroll down to the Account features section. Here, you’ll see a link to apply for futures trading. Just follow the prompts and you’ll be ready in no time.


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Submitting Futures Orders on Power E*Trade


To trade Bitcoin contracts at E*Trade, you’ll want to launch the broker’s browser platform. The button to do this is on the dashboard after logging in.

With Power E*Trade open, you’ll want to type in an available contract for Bitcoin. The search box is located at the top of the platform.

For Bitcoin, the futures symbol will begin with BTC. This is the basic contract symbol for Bitcoin. Next there will be a month code. It is a single letter, such as F for January or Q for August. Obviously, the letters don’t correspond alphabetically to the names of the months.

Finally, there will be a code for the year. On E*Trade’s software, a single number is used to represent the year. For example, 2021’s code is 1. On other trading platforms, you may need to use a 2-digit code (21 for 2021, for example). On Power E*Trade, BTCM1 is the Bitcoin contract that expires in June (M is for June) 2021. The software displays a price ladder for an entered contract. Red shows ask prices, and green displays bids.

Strangely, it’s not possible to trade futures contracts on E*Trade’s more advanced desktop program E*Trade Pro. Contracts can be traded on the Power E*Trade mobile app, though.


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Cost of Trading Futures at E*Trade


E*Trade charges $2.50 per contract, per side for Bitcoin trades. This is a little higher than the broker’s normal $1.50 commission for other futures products.


An Alternative to E*Trade: Webull


If trading futures contracts doesn’t quite appeal to you, or you don’t like the commission, there is always direct trading in cryptocurrencies themselves. Unfortunately, E*Trade doesn’t offer this service—but Webull does.

Besides Bitcoin, Webull offers trading in these currencies:

- Litecoin
- Ethereum
- Dogecoin
- Bitcoin Cash

So you get more coins at Webull. That’s the first advantage. The second is that Webull only has a $1 minimum trade amount. Futures trades will require more.


How to buy bitcoin on Webull


Another advantage with direct trading in cryptocurrencies is that currencies trade every day of the week. The futures markets are closed on Sundays.

Yet another strength cryptocurrency trading has over futures trading is price. Webull charges nothing for crypto trades, which is obviously better than E*Trade’s futures commission schedule.

The primary disadvantage of Webull’s cryptocurrency service is that it is not available inside of an IRA. You can only trade securities (stocks, bonds, and options) inside a Webull IRA. E*Trade, by comparison, permits futures trading, and thus Bitcoin trading, inside of retirement accounts.

It’s also possible to trade cryptocurrencies on Webull’s desktop platform. As we saw earlier, E*Trade has not enabled futures trading on its desktop software. Learn more...


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