Pros / E*TRADE offers three platform options for traders with different needs and experience.

Cons / This day trading platform lacks forecasting tools.

 Verdict / E*TRADE offers lower pricing for high-volume traders and offers advanced trading tools through its various platforms, making it a good choice for day traders, though it is still more expensive for options trading.

TopTenREVIEWS - Bronze Award - Awarded for excellence in design, usability and feature set
TopTenREVIEWS - Excellence Award - Awarded for excellence in design, usability and feature set

E*TRADE is day trading software designed for traders of all skill levels and is the recipient of our Top Ten Reviews Bronze Award. It offers a variety of platforms and accounts you can open based on your specific needs and goals. E*TRADE also offers a full range of investment options, a large feature set and low prices, as long as you make more than 30 trades each quarter.

  • Online Stock Trades
  • 10 Options Trades
  • Broker-Assisted Stocks Trades
  1. The lowest cost for a stock trade.
    Less is Better.
  2. 3  E*TRADE
    $4.95
  3. $4.95
  4. $4.95
  5. Category Average
    $5.36

Platform & Tools

E*TRADE offers three platform choices: website, Pro and mobile. Within E*TRADE’s basic website platform, you can invest in most standard vehicles including stocks, bonds, EFTs and mutual funds. There are all the basic features you need within this platform including the ability to order trades, set up watch lists and access analytical charts. Unfortunately, this day trading software lacks forecasting tools to help you more easily create strategies based on a stock’s predicted future.

One of this company’s most popular software options is E*TRADE Pro. With this day trading software, you can monitor and analyze your trades using numerous visual charts. You have access to market news, level II stock quotes and can view detailed information about your own portfolio. To be eligible for E*TRADE Pro, you must have 30 trades per quarter and $250,000 in assets. You must also have a minimum of $500 to open the account.

Additionally, mobile trading from E*TRADE is available for iPhones, Androids and Windows phones. Within the mobile app, you can place trades, analyze and monitor your portfolio. You can also keep track of the latest market news. During our testing, we found the mobile app to be easy to use and straightforward, allowing you to keep up on your trades from any location.

Fees & Commissions

For high-volume traders, E*TRADES fees and commissions are low. The standard set price for stocks, options and ETFs is $6.95 per trade. However, if you have more than 30 trades per quarter, that price drops to $4.95 per trade. Options will cost an additional $0.75 per contract, or $0.50 if you have 30 trades or more each quarter. Also, be aware that broker-assisted trades include additional fees.

The margin rates from this company are higher than other day trading platforms we reviewed. You may see rates as high as 9.5% for accounts with balances less than $10,000 and as low as 6% for accounts with more than 1 million dollars. However, these interest rates are subject to change at any time and without notice.

Education & Resources

There is an extensive selection of educational resources available on the E*TRADE website. You can access articles, videos and webinars on a variety of topics for both beginner and advanced traders. If you have specific questions about the platforms, you can access the FAQs page to find answers regarding opening accounts, investing, trading and additional financial topics. If you have questions or want to talk to a representative in person, you can contact an E*TRADE representative via email, telephone or chat.

Summary

Overall, E*TRADE is an excellent option if you are a high-volume trader. Your costs will be lower and you may qualify for the E*TRADE Pro platform which provides you with advanced tools and features. There are no forecasting tools and to qualify for lower pricing, you must make a minimum of 30 trades each quarter. However, for advanced and high-volume traders, the costs, tools and functionality of this platform make it worth considering.