E*TRADE Review: All-In-One Shop for Your Money

E*TRADE might be for you if: You're looking for an all-in-one broker with low fees and physical branch locations. The platform offers thousands of mutual funds you can trade without paying hefty transaction fees. In our E*TRADE review, we'll cover the details so you can decide if this stock broker is right for you.

Author's note: My favorite brokers are those that make investing in stocks and ETFs easy and affordable. I've been investing for four years, and I plan on holding my investments for decades. Robinhood is my go-to platform. Top perks include an IRA match and a no-frills interface. I don't day trade or dabble in mutual funds, but I do invest in Bitcoin; it's a must-have option.

E*TRADE gives all the basic investment options and then some -- E*TRADE offers over 6,000 mutual funds. The platform also gives you a truly staggering number of brokerage account types to choose from. These include IRAs, rollovers, and a robo-advisory account.

Investments

• ETFs
• Futures
• Options
• Mutual funds
• Stocks

Brokerage accounts

• Beneficiary IRAs
• Coverdell ESA
• Custodial
• IRA
• IRA for minors
• Robo-advisory
• Rollover IRAs
• Roth IRA
• SEP IRA
• SIMPLE IRA
• Traditional brokerage

E*TRADE offers cheap stock, ETF, and options trading. You can even trade over 6,000 no-load mutual funds through the online brokerage platform. E*TRADE also offers E*TRADE Core Portfolios, a robo-advisory service with its own fees.

Margin rates

E*TRADE lets you invest on margin, but rates are high compared to alternatives.

E*TRADE offers a number of research reports and tools, more than your typical discount broker.

Independent research reports: You get access to reports from independent research providers, such as Thomson Reuters and Credit Suisse.

TipRanks: E*TRADE pulls consensus price targets from analysts who are ranked on TipRanks, which tracks the accuracy of sell-side analysts, columnists, and other market followers.

Screeners: E*TRADE offers tons of screeners for stocks, ETFs, and mutual funds, but one area where E*TRADE really shines is in options, thanks to its Power E*TRADE platform. Its StrategySEEK tool lets you search for options trades based on your view of where a stock may trade in the future. It might help you maximize a profit or loss, or to minimize the cost of making an options trade.

Active traders love E*TRADE's basic web platform, as well as its advanced platform for active traders who qualify for access.

The basic web platform contains many of the features active traders and investors like to see -- free streaming market data, market commentary, analyst research, and a lengthy list of screeners to sort the market to find good investments. You can make a trade with just a few clicks, and it's simple enough for investors of all experience levels.

The Power E*TRADE platform offers impressive charting capabilities, and options trading features that have made it a favorite among options traders. The platform offers graphics to show the maximum profit or loss and breakeven point for a given options trade, making it easy to see the potential risks and rewards of complex (multi-leg) options positions. With features that include Level II quotes, advanced charting tools, and even a live Bloomberg TV feed, it's built with active traders in mind.

App

The E*TRADE Mobile and Power E*TRADE apps are available on iOS and Android devices, giving you powerful platforms on which you can place trades on just about any device. The basic E*TRADE app and the advanced Power E*TRADE app are rated 4.6 and 4.5 on the App Store, respectively. The stock trading apps are also available on Google Play.

People who live near an E*TRADE branch get an additional avenue for customer support through one of its brick-and-mortar locations. Given its branch network isn't as robust as Fidelity or Charles Schwab, you may want to see if there's an E*TRADE nearby before opening an account. (Frankly, 24/7 phone and online chat support is good enough for most investors, anyway.)

You can get in touch with E*TRADE via:

• Phone line open 24/7
• In-person at Morgan Stanley Private Banks
• 24/7 online chat

E*TRADE is a safe place to invest your money. The broker covers you if someone uses your account without permission. It won't sell your personal information to advertisers, it encrypts your data, and it offers two-factor authentication. Deposits are covered by the SIPC for up to $500,000 (including $250,000 for cash only).

E*TRADE Securities Inc. was founded in 1991. Since then, it's undergone big changes. Most recently, Morgan Stanley acquired E*TRADE in 2020. That's why you can walk into Morgan Stanley banks for in-person customer service on your E*TRADE accounts. E*TRADE acquired what's now the Power E*TRADE platform after it was founded, which is why there are two apps.

Though E*TRADE is technically a discount brokerage, it's evolved to offer much, much more than cheap options trading. From Roth IRAs to custodial accounts, you can open pretty much any kind of brokerage account you want. You can even bank through the online platform.

Keep reading about E*TRADE on these pages:

At The Motley Fool Ascent, brokerages are rated on a scale of one to five stars. We primarily focus on fees, available assets, and account types; however, we also take into account features like research, education, tax-loss harvesting, and highly rated mobile apps. Our highest-rated brokerages generally include low fees, a diverse range of assets and account types, and useful platform features.

See our full methodology here: Ratings Methodology