Are you an investor or trader looking for a better alternative to E*TRADE? If so, you’re in luck! This blog post will explore the top competitors and options for E*TRADE.

We will look at their features, fees, customer service, and other essential factors that can help traders pick the right broker.

If you’re looking for E*TRADE alternatives, look no further than our expert guide! Here, investors and traders will learn which platform is the most suitable to meet their specific goals.

What is E*TRADE?

E*TRADE is an online investment platform that makes trading stocks, bonds, Exchange Traded Funds, and mutual funds more accessible.

With a full-featured website and mobile apps, you can access real-time market data and analysis to help you make informed decisions. In addition, the Power E*TRADE Advanced Trading app provides advanced trading tools for options, stocks, futures, and ETFs.

E*TRADE has various plans designed for different investors or traders so you can find the brokerage account right for you.

It also offers retirement guidance, financial insights, and educational resources such as live seminars and videos on Facebook to help investors invest confidently.

Why are people looking for alternatives to E*TRADE?

People usually are looking for other online trading platforms instead of E*TRADE because it can be too expensive and doesn’t have enough investment choices.

Newer online brokerages offer better features like commission-free trading, better research tools, and mobile apps, making managing your money easier.

So now, lots of people are using these newer platforms instead of E*TRADE.

What Are the Top E*TRADE Alternatives?

Here is the list of the best E*TRADE alternatives.

TD Ameritrade

TD Ameritrade

TD Ameritrade is one of the most respected online stock trading platforms in 2023.

The platform was founded in 1975 and has grown to become one of the leading providers of financial services and investment products.

TD Ameritrade is known for its comprehensive features and services, which can help investors make the most of their investments.

Features

  • Order execution quality allows investors to input orders and execute trades quickly

  • Access to independent advisors who can offer personalized advice tailored to your individual needs

  • Access to a wide range of research tools, including market analysis reports, financial news updates, webinars, and tutorials

  • No commission fee is charged when investing in stocks or ETFs

Fees

TD Ameritrade charges different fees for different accounts and investments. For example, if you are investing in stocks or ETFs, there is no commission fee charged by TD Ameritrade.

Comparison

When it comes to comparing TD Ameritrade and E*TRADE, there are several key differences that investors need to consider since these two brokerages offer different experiences.

One of the most significant differences between TD Ameritrade and E*TRADE is the number of currency pairs available for foreign exchange trading. TD Ameritrade offers access to 70 currency pairs, while E*TRADE does not provide this service.

Both brokerages have a $0 commission on stocks and ETF trades. However, TD Ameritrade has more fee-free options than E*TRADE regarding mutual funds.

E*TRADE gets a slight edge regarding mobile trading as they offer mutual fund trading by mobile device. Additionally, E*TRADE offers checking accounts with no minimum balance requirements and free online bill pay.

Bottom line

TD Ameritrade is that it is an excellent stock trading platform and a great E*TRADE alternative for investors who want access to personalized advice from experienced advisors and a wide range of research tools.

It offers commission-free stock, ETF trades, and $0 commission on mutual funds, making it one of the most cost-efficient online brokerages.

TD Ameritrade also has a robust mobile platform and offers foreign exchange trading in 70 currency pairs, which is unavailable on E*TRADE. For these reasons, TD Ameritrade is our top pick as the best E*TRADE alternative.

Charles Schwab

Charles Schwab

Charles Schwab is a full-service financial services company offering a wide range of brokerage, banking, and financial advisory services.

With its online trading platform, personalized support, and investor education resources, Schwab makes it easy to take advantage of the U.S. stock market.

In addition to its comprehensive suite of investing tools, Schwab also offers competitive fees on all trades.

Features

  • Online platform allows to research stocks and ETFs, trade options and futures contracts, and see what is happening in the markets in real-time
  • Personalized advice from experienced investment professionals to help develop an individualized investment strategy
  • Comprehensive suite of investing tools & resources
  • Competitive fees on all trades
  • Portfolio margining with fractional shares available
  • Comprehensive range of IRA options with low fees and automated investment management services

Fees

Schwab charges no commissions for stock and ETF trades. However, if you buy OTC stocks, there is a fee of $6.95 per trade.

If you need help from Schwab’s professionals, there will be an extra charge of $25. For options trades, it costs $0.65 per contract, and $2.25 per contract for futures trading. The fees for buying bonds or CDs depend on the product type and size of the order.

Comparison

Both Charles Schwab and E*TRADE offer portfolio margining, but Schwab offers fractional shares, while E*TRADE only offers fractional shares in its dividend reinvestment and robo-advisory services.

Schwab charges $50 to trade mutual funds, while E*TRADE charges $20. Additionally, Schwab offers a wide range of services and fees for stock and ETF trades with no commissions.

E*TRADE offers investors access to the same financial services as Schwab; however, their mobile app provides a smaller selection of fractional shares than some other brokers.

Regarding IRAs, both Charles Schwab and E*TRADE offer many options, but Schwab is the better choice for low fees and automated investment management services.

Bottom line

Charles Schwab is an excellent E*TRADE alternative for those looking for an investment platform with low fees and comprehensive features.

With Schwab, you can access intuitive online trading tools and platforms, personalized advice from experienced professionals, and competitive pricing on stock, ETF, options, futures contracts, and more.

Whether a beginner or an experienced investor, Schwab has everything you need to reach your financial goals, making Charles Schwab an excellent E*TRADE alternative.

Fidelity

Fidelity

Fidelity Investments is an excellent choice for investing in stocks, ETFs, mutual funds, etc. With Fidelity, you can access many features and services that can help you manage your finances and investments to plan for retirement.

Features

  • Financial planning and advice

  • Retirement planning services

  • Wealth management services

  • Trading and brokerage services, with competitive fees on stock and ETF trades

  • Research, educational offerings, and other investment resources

  • Banking solutions include small business loans, equipment financing, personal banking services, online banking options, mobile banking apps, and more

Fees

Fidelity charges $0 for most online stock trades. They also charge $0.65 for each option you trade.

If your account has between $10,000 and $49,999 in it, then they will charge a fee of $3 per month. However, Fidelity also offers over 3,400 mutual funds with no extra costs.

Comparison

Both platforms offer competitive rates with $0 stock and ETF trades. In addition, E*TRADE charges a flat rate of $0.65 per contract for options contracts, while Fidelity charges the same amount.

Margin rates on E*TRADE start at 8.95%, while those on Fidelity start at 9%.

Mutual funds are also free to buy from both platforms, with Fidelity having more options with over 6,200 no-load funds.

Fidelity customer service has far more reviews than E*TRADE (4.8 stars from over 400K reviews compared to 4.6 stars from 139K reviews). However, E*TRADE has an advantage regarding automated accounts as they operate an FDIC-insured bank, while Fidelity does not.

Bottom line

Fidelity is that it is one of the best E*TRADE alternatives for those looking to trade stocks, ETFs, and mutual funds without paying high trading fees.

Fidelity offers many features and services, banking solutions, and more to meet all your investment needs.

Additionally, their well-rated app on the App Store gives users excellent customer service for a fraction of the cost.

Fidelity is an excellent choice for anyone looking for an alternative to E*TRADE or any other online trading platform.

The Motley Fool

The Motley Fool

The Motley Fool is a leading financial services company that provides resources and advice to help investors make smarter decisions. With an easy-to-navigate platform, users can access educational videos, articles, and market analysis to learn more about investing.

Features

  • Educational videos

  • Expert consumer finance advice

  • Market analysis

  • Personalized portfolios

  • Stock recommendations from experts

  • In-depth research reports

  • Exclusive stock picks from a team of experts

  • Tax advice and retirement planning tools

Fees

The Motley Fool has different fees depending on the service you choose. Their basic membership is free, but their premium membership has extra fees depending on your selected plan.

The Stock Advisor is the most popular plan, which costs $199 per year. It gives people access to the latest stock recommendations.

For more advanced services, they have Rule Breakers, which costs $299 per year. This one gives you in-depth research reports, and particular stock picks from experts at The Motley Fool.

Comparison

One of the main differences between The Motley Fool and E*TRADE is their approach to educating investors.

The Motley Fool offers educational resources such as videos, articles, and expert recommendations, making them ideal for beginner investors who need help learning the basics. Meanwhile, E*TRADE focuses more on providing advanced trading capabilities like access to market data and tools.

The Motley Fool offers a lower fee structure than E*TRADE, which makes them more affordable for beginner investors. They also may offer discounts to particular categories of people, making their services even more cost-effective.

The Motley Fool offers services to help investors make better investment decisions, while E*TRADE focuses more on trading stocks and ETFs.

Bottom line

The Motley Fool is an excellent E*TRADE alternative for investing in stocks and ETFs.

They offer comprehensive investing advice at an affordable price point, with free basic membership and discounts available for some members. Furthermore, the team of experts at The Motley Fool provides educational resources such as videos, articles, and stock recommendations to help you make smarter decisions about your investments.

For these reasons, The Motley Fool is one of the best E*TRADE alternatives in 2023.

Robinhood

Robinhood

Robinhood is an innovative and user-friendly trading platform that has revolutionized the investing industry. It allows users to invest in stocks, options, ETFs, and crypto with zero commission fees.

The Robinhood app is intuitive and straightforward, making it easy for beginners to start investing. With plenty of features, the platform offers a comprehensive investing experience.

Features

  • Commission-free trading for stocks, options, ETFs, or crypto

  • Easy-to-use app, user-friendly and intuitive, making it easy for beginners to start investing.

  • Fractional shares you can buy for little

  • Automatic investments on a weekly or monthly basis

  • Cash management allows earning interest on uninvested cash

Fees

Robinhood does not usually charge a fee for trading stocks, options, ETFs, or crypto.

However, there are some other fees you should know about. These include the SEC fee, which is $0.0000221 per share, and the FINRA Trading Activity Fee, which is $0.000119 per share. In addition, if you trade options, there is an extra fee of $0.65 per contract.

Comparison

E*TRADE and Robinhood offer free trades, but E*TRADE has more investment options and features than Robinhood. On the other hand, Robinhood is better for options trading since they don’t charge any fees for options contracts.

Robinhood has access to cryptocurrencies, while E*TRADE’s access to traditional asset classes is much more limited.

Regarding fees for margin trading, Robinhood charges a flat 11.25%, while Robinhood Gold includes $1,000 of margin for $5/month compared to E*TRADE’s pricier rate of $6.95 per trade plus 9.5% interest on balances under $10,000.

If you’re interested in options trading or cryptocurrencies, Robinhood may be the better choice. On the other hand, if you want access to more investment options and features, ETRADE may be the way to go.

Bottom line

Robinhood is an excellent and cost-effective alternative to E*TRADE for both beginner and experienced investors.

While both platforms offer free trades, Robinhood stands out for its user-friendly mobile app, fractional shares, and access to cryptocurrencies, which allows investors to diversify their portfolios in ways that weren’t previously available.

Firstrade

Firstrade

Firstrade is an online brokerage firm that has been providing investors with the tools and resources to make informed decisions since 1985. The company offers a range of features that make it an attractive option for self-directed investors, including commission-free trading on stocks, ETFs, options, and mutual funds.

Features

  • Commission-free trading on stocks, ETFs, options, and mutual funds
  • User-friendly trading platform
  • Access to research and educational resources
  • Low fees for options trades
  • Mobile app that allows investors to trade on the go

Fees

There are no fees for trading online. But if you need help from a broker to make trades, Firstrade charges $19.95 for stocks/ETFs and options plus an extra $0.50 per contract.

If you want to transfer money out of your account, it costs $75 for all of the balance or $55 for a partial transfer.

Comparison

Firstrade has the edge due to its commission-free trading on stocks, ETFs, options, and mutual funds. On the other hand, E*TRADE charges $0.65 per option contract, but it offers a more robust trading platform with its Power E*TRADE platform and access to analyst ratings.

E*TRADE offers managed portfolios for those who want a hands-off approach to investing.

Both Firstrade and E*TRADE offer account types such as individual brokerage accounts, IRAs, and more.

If low fees and a user-friendly platform are your primary considerations, Firstrade may be the better choice. But if you’re looking for advanced tools, research, and managed portfolios, E*TRADE may be the way to go.

Bottom line

Firstrade is an excellent choice for self-directed investors who want to take advantage of the platform’s user-friendly design and access to research and educational resources, making it easy to make informed investment decisions.

Firstrade’s low fees for options trades make it attractive for those who want to trade options without paying high fees.

So this is why Firstrade is one of the best E*TRADE alternatives.

Ally Invest

Ally Invest

Ally Invest is a comprehensive online investing platform that offers investors a wide range of investment options. Ally Invest provides users various products, from stocks and ETFs to options, bonds, and mutual funds. The platform also features educational resources to help users gain knowledge and make informed investment decisions.

Features

  • User-friendly platform that is easy to navigate for beginners and experienced traders alike
  • Access to stocks, options, ETFs, bonds, mutual funds, and more so investors can build diversified portfolios easily
  • Real-time market data plus educational resources available on the platform
  • Automated portfolio management with Ally Invest Managed Portfolios

Fees

Ally Invest charges $0 for trades of stocks, ETFs, and options. They also have no account management fees or transfer fees.

Options trades are a flat fee of $0.50 per contract and no base commission.

For stocks priced under $2 per share, the platform charges a commission of $0.01.

Mutual fund trades cost $9.95 per trade (no-load funds) or nothing (load funds).

Bond trades cost a commission of $1 with a minimum fee of $10 and a maximum fee of $250.

Comparison

One of the significant differences between Ally Invest and E*TRADE is their fees and commissions. Ally Invest has some of the lowest prices in the industry – charging $0 per trade for stocks, ETFs, and options. As a result, mutual fund trades cost $9.95 per trade. In contrast, E*TRADE charges $0 per trade for stocks, ETFs, and options but mutual fund trades cost $19.99.

Ally Invest and E*TRADE offer stocks, bonds, ETFs, and mutual funds. However, E*TRADE offers more advanced trading tools, such as Power E*TRADE, which is unavailable with Ally Invest.

Both brokerages offer mobile apps to manage your investments on the go.

The Ally Invest app is user-friendly, with features like Zelle transfers and mobile check deposits, while the E*TRADE app offers more advanced trading tools.

If you’re looking for a low-cost option with basic trading capabilities, then Ally Invest may be your better choice. However, if you’re an experienced trader who wants access to advanced trading tools, then E*TRADE may be the better choice.

Bottom line

Ally Invest offers competitive fee structures with no account management or transfer fees, flat fee options trade, and no commission on eligible U.S. stocks and ETFs

The user-friendly platform provides a wide range of investment products, tools, and resources to help investors make informed decisions.

In addition, if you’re already an Ally Bank customer, you can integrate your accounts for seamless account management.

All these factors combined make Ally Invest one of the best E*TRADE alternatives for investors.

What is better than E*TRADE?

Here are the top picks that are often compared favorably to E*TRADE:

  1. TD Ameritrade: TD Ameritrade offers $0 commissions for online equity, ETF, and options trades with no account minimums. They also offer various investment options, including forex trading and futures trading.

  2. Fidelity: Fidelity offers $0 commissions for online equity, ETF, and options trades. They also have a user-friendly mobile app and provide various investing tools.

  3. Charles Schwab: Charles Schwab offers $0 commissions for online equity, ETF, and options trades with no account minimums. They also provide access to over 4,000 mutual funds with no transaction fees.

Is E*TRADE cheaper than TD Ameritrade?

It depends on what type of trades you plan to make. E*TRADE and TD Ameritrade offer $0 commissions for online equity, ETF, and options trades.

However, there are some differences in their fees for other types of trades.

For example, TD Ameritrade charges $0 per trade for no-load mutual funds, but E*TRADE charges $19.99 for no-load mutual funds.

On the other hand, E*TRADE offers a lower fee for broker-assisted trades at $25, while TD Ameritrade charges $44.99.

Is Schwab or E*TRADE better?

Schwab and E*TRADE are two well-known online brokers that offer a wide range of investment options. Both have $0 commissions for online equity, ETF, and options trades.

However, there are differences in their fees for other types of trades; for example, E*TRADE charges $19.99 per trade for no-load mutual funds, while Schwab offers over 4,000 no-transaction-fee mutual funds.

Schwab also offers access to futures trading, while E*TRADE provides forex trading and has more physical branches for in-person assistance.

Conclusion

There is no perfect option, and everyone’s needs differ, but we hope this article has helped you look at the top E*TRADE alternatives and competitors available today.

Each company offers unique advantages, so it is essential to consider all factors. However, anyone can find the right platform for their investment goals with research and patience.

Now, go ahead and make your choice!