If you’re an investor or trader in the U.S interested in buying digital currency using an Etrade account, you’re out of luck. Unfortunately, the platform doesn’t provide native support for users to begin trading or investing in digital currencies such as Ethereum, Bitcoin, or Dogecoin.
The only way to get exposure to digital currencies through the Etrade platform is to invest in cryptocurrency oriented firms publicly listed on the stock exchange. The appropriate stocks would include the following:
- Coinbase (COIN)
- ARK Invest – Innovation EF (ARKK)
- MicroStrategy (MSTR)
If you’re a trader or investor in the United States searching for real digital currencies, perhaps you should look into using customised digital currency investment platforms such as eToro.
What Exactly Is ETRADE?
ETRADE was among the first online broker platforms in the US. As of October 2019, the platform joined the ranks of other digital brokers who moved to commission-free trading on options trades, EFTs, and stock.
The platform has various provisions, including two mobile applications and three web-based/downloadable sites, making it ideal for casual traders, passive investors, and everyone.
Even though the ETRADE has robust features like research, screeners, and news, it remains easy to use and intuitive. Beginner traders, in particular, will find the ETRADE platform among the best choices since it offers extensive educational resources.
Who Is The ETRADE Platform For?
As a trailblazer in the online brokerage field, the platform has placed itself among the leading trading broker sites in the market. It’s a solid, all-around choice for any trader, from beginner investors to advanced ones.
The ETRADE platform has recently made advances to attract active investors with two quality trading sites, various investment options, robust options trading features, and a full-featured phone application.
The power ETRADE site has easy-to-use features for stocks, intuitive, futures trading, and options. If you have a passion for trading and tracking the markets, the ETRADE platform is ideal.
ETRADE’s flagship web page, etrade.com, provides plenty of research and educational resources and a wide array of no-fee finances. Like numerous other large digital brokers, the platform can add value to all trader levels.
Advantages And Disadvantages
Advantages
- After buying OptionsHouse, a rival broker, high-quality features have been incorporated into the Power ETRADE site. The web-based site offers over 100 technical studies and 30 drawing tools to assist traders in assessing prospective trades
- The platform provides two phone applications for traders with divergent interests and investing styles. The power ETRADE phone applications provide technical assessment and interactive charts. The phone app is simple to use and allows traders to stay connected to their brokerage accounts and the markets on the go
- The platform provides automated trading management built into it using Core Portfolios. The robo-advisor builds and manages your portfolio to assist you in achieving your long-term objectives.
Disadvantages
- For traders who’d like to access international markets or trade foreign exchange currencies directly, this isn’t the platform for you as it doesn’t have this ability
- Even though the platform offers discounts on option trade commissions, it only benefits active high-volume investors or traders. The commissions typically cost $0.50 for every contract, but only if you make over thirty trades every quarter. Otherwise, the average price is $0.65
- While the ETRADE platform provides fractional share purchases, traders can only access them via their robo-advisor solution or reinvestment plan. They aren’t accessible if you’re investing and trading in a self-directed portfolio.
Cryptocurrency Futures Trading On ETRADE
Even though you can’t purchase digital currencies on ETRADE, you can invest in crypto futures through the CME (Chicago Mercantile Exchange).
While this effectively offers investors access to digital assets like BTC (Bitcoin), it’s not the recommended method to trade since it’s very risky.
Etrade Trading Fees
The costs of using and having an IRA or a brokerage account go past its price to make a trade. Additionally, discount brokers charge specific fees for activity.
Therefore, ensure you go through a platform’s fee disclosure in full before setting up an account. That said, there’s one item on the platform’s charge list that warrants further discussion:
- No transaction-fee funds, early redemption charge for no-load: although discount brokers provide mutual funds you can sell and buy free of charge, they won’t allow you to trade them at no cost. You’ll incur a $4.99 redemption charge anytime you redeem your investment in a no-transaction-charge, no-load after holding it for less than three months.
Aside from the early redemption charge, there aren’t any charges that stand out. The platform doesn’t have an inactivity fee. Therefore, traders don’t have to worry about their balance being drained if they don’t trade often.
Types Of Orders
As an ETRADE user, you can enter various order types using phone applications, desktops, or the web. The platform’s web page allows users to enter one-triggers-a-one-cancels-other (OTOCO), one-cancels-other (OCO), bracketed, and one-triggers-other (OTO) orders. On the other hand, the mobile platforms only work for OTO and contingent orders.
In addition, when traders are closing out of a position, they can choose tax lots from their portfolio plus the order ticket, maximising tax efficiency. This platform also offers other order types, including market on close, shop on a quote, trailing stops, and stop limit.
Types Of Accounts
The ETRADE platform has a fantastic lineup of various account types. Besides the usual tax-advantaged IRAs (Individual Retirement Accounts) and taxable brokerage accounts, the platform offers Coverdell ESAs (Educational Savings Accounts) and custodian accounts.
Individual retirement accounts are ideal for teenagers with earned revenue in the retirement space. The platform’s whole IRA offers speciality tools for retirement traders who are over fifty-nine and a half years.
Business owners will be happy with the various account types available on the market, including SEP (Simplified Employee Pension) IRA, solo 401(k) plans, and SIMPLE (Savings Incentive Match Plan For Employees Individual Retirement Accounts) IRAs. The platform’s checking cash management and interest-bearing accounts will likely become more appealing when interest rates increase.
Usability
The ETRADE platform has a long performance history as an online brokerage site and is renowned for its ease of use and intuitiveness. The site has a user-friendly interface that can be personalised based on how a user wishes to interact with it.
The online broker has two web-based sites, Power ETRADE and ETRADE web. Each of these platforms has a phone application that mirrors the features of the web-based sites. This is advantageous since you can open and fund accounts seamlessly in minutes, using either your phone or computer.
How To Purchase Cryptocurrency Without Etrade
The best thing would be to use a reliable digital currency exchange site that’ll allow you to withdraw assets such as Dogecoin, Ethereum, and Bitcoin into cold storage. The leading platform in the United States that offers such services is eToro.
Can One Purchase Dogecoin On The Etrade Platform?
Users on the site can’t purchase Dogecoin on ETRADE. Instead, traders will have to leverage a multi-asset digital currency exchange platform like eToro to buy DOGE.
Does The Etrade Platform Trade Cryptocurrency?
Even though you can’t purchase cryptocurrency on the site, you can trade digital currency futures using the Chicago Mercantile Exchange. Although this essentially gives traders access to digital assets such as BTC, it’s not a recommended method to trade as it’s too risky.
Can One Purchase Coinbase On The Etrade Site?
Purchasing Coinbase shares on the site is similar to buying Tesla, Apple, or any other publicly traded firm. You’ll have to order with a retail brokerage company like Etrade, Robinhood, Charles Schwab, or Fidelity.
Can One Buy Ipo On Etrade?
The platform gives qualified accounts the chance to participate in various public offerings, including IPOs (Initial Public Offerings), when organisations first issue trading shares on the open market.
Which Is Better, Td Ameritrade Or Etrade?
Ameritrade is better than ETRADE. TD Ameritrade delivers fantastic trading sites, $0 trades, dependable customer support, industry-leading resources for newbies, and excellent market research.
