E*TRADE - Trading Platform That's Been Around Forever

E*TRADE started in 1982 when some physicist named Bill Porter decided regular people should be able to trade stocks without calling a broker. Guy built the first electronic trading system from his basement after getting rejected by traditional brokers. Now they've got over 5 million users and $360 billion in customer money.

Platform Confusion - They Have Too Many

E*TRADE has five different platforms. Nobody needs five platforms.

The basic ETRADE Web works for buying stocks and checking your portfolio. Power ETRADE Web has charts and technical analysis for options strategies. Took forever to figure out which platform to use for options. Ended up calling support.

Power E*TRADE Pro is their desktop app for day traders who need multiple monitors and 120 chart tools. The interface is designed by people who clearly don't trade. Everything's where you wouldn't expect. Finding the order entry screen took way too long. It integrates with TradingView and supports Level II market data.

Mobile has two apps because they hate simplicity. Regular ETRADE App works for portfolio checking and basic trades. Power ETRADE App crams advanced features onto your phone screen. Works better than expected but feels cramped. Mobile app crashes when you need it most - like trying to close positions during market crashes. Both apps support Touch ID and Face ID.

They Let You Trade Pretty Much Everything

Stock trades are free like everywhere else. Options cost 65 cents per contract, drops to 50 cents if you trade enough. Futures are $1.50 per contract. They've got bonds, CDs, mutual funds.

Bond selection is decent. Over 6,000 mutual funds but most are garbage. Index funds are better anyway. Options approval process has tons of forms and takes forever. International trading through ADRs but limited selection compared to Interactive Brokers.

The Technical Stuff

Trades execute in about 2 seconds. They route orders through multiple market centers while making money on the spread. Execution quality reports exist if you want to read boring PDFs.

Level II market data is included. Standard order types plus bracket orders for risk management. Paper trading works on all platforms. Integrates with OptionsPlay for options analysis.

E*TRADE's pricing is straightforward compared to most brokers. Fee structure isn't buried in 47-page PDFs. You'll still find hidden charges if you look hard enough.

The "Free" Trading (That's Not Really Free)

Stock and ETF trades are $0 commission, but that's not actually free - they make money by selling your order flow to market makers. Every broker does this now, so whatever. No account minimums, which is nice. The SEC makes brokers tell you who they're selling to, so you can see exactly who they're pimping your trades to.

Options cost 65 cents per contract, dropping to 50 cents if you trade at least 30 times per quarter. That's pretty standard - Schwab charges the same, and Fidelity is identical. TD Ameritrade also matched these rates before being absorbed into Schwab.

Penny stocks and OTC trades cost $6.95, or $4.95 if you're active. Stay away from penny stocks unless you like losing money on scams.

Futures are $1.50 per contract, which is decent. Interactive Brokers charges $0.85, but they nickle and dime you everywhere else. Crypto futures cost $2.50, but honestly, just buy crypto directly through Coinbase or Kraken if that's what you want.

Bonds and Other Boring Stuff

Bond trades cost $1 per bond with a $10 minimum, which beats paying some financial advisor 1% annually to buy bonds for you. Treasury bonds are free, which makes sense since the government wants people to lend them money.

They have 4,500+ mutual funds with no transaction fees. Most mutual funds are overpriced garbage, so stick with low-cost index funds and save yourself the headache.

Margin Rates (aka Borrowing Money to Lose More Money)

Margin rates start at 13.2% which is higher than most credit cards. Borrowing money to buy stocks is usually stupid. Margin calls hit hard in 2022 when everything tanked 20% in a week.

The banking stuff through Morgan Stanley is actually pretty good. Free ATM withdrawals worldwide, decent savings rates, and no monthly fees if you keep $10k combined between accounts. Better than most banks that nickel and dime you to death.

The Fees They Don't Advertise

Account transfers cost $75 if you want to leave. Paper statements cost $2 quarterly unless you keep $10k with them.

There's also regulatory fees that add up - about 17 cents per thousand shares sold, capped at $8.30 per trade. Foreign stock fees are 1% on currency conversion. Nothing shocking, but it adds up if you're not careful.

How They Stack Up Against the Competition

E*TRADE is fine. Not the cheapest, not the most expensive. Robinhood is simpler if you just want to buy stocks. Schwab has more branches if you like talking to humans. Fidelity has better research. Interactive Brokers is cheaper if you trade a lot.

E*TRADE sits in the middle of everything. Not the best at anything, but decent at most things. Good enough for most people who don't want to manage accounts at three different brokers.