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E*TRADE Trading Platform Review

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01E*TRADE has earned a spot on just about every top 5 broker list you can find. The company’s simplistic website is upfront and transparent, outlining their various account types, investment choices, and pricing, along with some sections that were created for new investors. The website’s transparency is a good sign that traders won’t have to worry about hidden fees or shady policies later down the road, which makes the company worth considering. However, we found ourselves curious about the trading platforms offered by the company, as they have created their very own instead of going with more well-known options like MetaTrader 4 or 5. Do E*TRADE’s platform options stand beside their competition? Keep reading to find out.

E*Trade offers a few different platform choices: the standard E*Trade platform, Power E*Trade, and two mobile platforms that are modeled after both versions.

E*Trade Platform

The original E*Trade platform allows traders to trade stocks, options, ETFs, mutual funds, and bonds by submitting a “user-friendly” order ticket. Professionally managed accounts are also offered through this platform for those that would prefer a more hands-off experience. Here’s what else you can expect to find within this trading platform:

  • Extra tools like streaming quotes, built-in charts, news updates, daily market commentary, free independent research, and more.
  • Insight into the market through screeners that consider the criteria you care about
  • Optimizers, backtesters, analyzers, and the aforementioned screeners
  • Convenient options that allow you to access your cash through the platform
  • Educational resources, including monthly webinars and live events

After checking out all the details, it seems clear that the original E*Trade platform was designed to be navigable by beginners, while providing built-in resources that help with planning, give insight into the market, and convenience. Educational resources are there for beginners, while more experienced traders will be happy with the backtesters, optimizers, analyzers, and other special options. Everyone should be able to benefit from the platform’s screeners and other tools that help with making investment choices. 

E*Trade Power Platform

While the original E*Trade platform seems to focus on several things, the concept behind E*Trade Power is focused more on one goal. The platform aims to simplify the complexity of trading while offering several different benefits to traders with a focus on charting. Here are some of the things available within the platform:

  • Interactive charts with 30+ drawing tools and 100+ technical studies
  • The ability to add technical patterns to charts automatically with an explanation of what they mean
  • Snapshot analysis provides risk/reward probabilities at a glance
  • Spectral analysis provides risk/reward potential and explores “what if” scenarios
  • Live action can scan for abnormalities in the market, like unusual volatility
  • Paper Trading allows one to practice without risking real money

This platform seems to focus more on charting and providing traders with the ability to look at risks and rewards for certain scenarios. Although some of these features are more complex, E*Trade attempts to make this platform navigable and less confusing with a simplistic design. Don’t forget that a mobile version is also available if you prefer to trade on the go. 

The Bottom Line

If you’re planning on opening an account through E*Trade, you’ll have two solid platforms to choose from, along with mobile versions. While the original E*Trade platform and E*Trade Power platforms both offer several unique benefits and allow traders to trade different types of assets, features differ, meaning that traders will need to consider those differences to find the best option. The original platform provides some educational options with a special interest into market insight, allows traders to screen criteria they’re looking for, provides a backtesters, analyzers, and screeners, and comes with extra built-in tools that focus on market analysis and convenience. The E*Trade Power Platform is the superior option for those that find themselves doing a lot of charting, with 30+ drawing tools, technical patterns, and other chart supporting options. The platform also offers snapshot and spectral analysis for risk-reward considerations on trades. Both options offer unique benefits and fit in with the needs of different types of traders, one only needs to decide which platform is the best option for their own needs. 

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