The Etrade platform provides a variety of investment opportunities for customers. It is renowned for enabling a thriving environment that caters to customers’ banking, investment and brokerage needs. If you’re hoping to find the best platform to trade Forex, you may have wondered if Etrade makes provision for customers to trade Forex.
Etrade allows customers to trade currency pairs and provides a ton of different Forex services for customers. It makes Forex services available through its several branches, round-the-clock customer service, and expert investment advisors.
How To Start Forex on Etrade
To start your Forex journey with this broker, you may simply register a demo account with their MT4 platform. I have noted this platform to be very customer-friendly; therefore, first-time users can easily navigate their way through its features.
However, if you encounter any difficulty while using this feature, you may simply contact their customer’s service. As I mentioned earlier, their customer service works 24/7 to ensure that customers’ needs are promptly catered for. You may also place a call to any of the numerous branches.
FYI: The best way I've found to invest in ETFs is through M1 Finance. It's free and you even get an instant line of credit! Have a look here (link to M1 Finance).
Forex Trading Features on Etrade:
- Regulation: The Etrade platform is regulated by the Financial Industry Regulatory Authority (FINRA) and the Security Exchange Commission (SEC). These bodies are in charge of regulating the activities of this broker. Therefore, your assets are safe on Etrade and you never have to worry about foul play.
- Platform: Etrade supports the Meta Trader (MT4) platform for forex trading. This platform is renowned for the smooth processing of trades and transactions. It’s also very user-friendly, allowing for easy use by Forex amateurs.
- Maximum Leverage: Etrade offers leverage as high as 500:1. This implies that brokers can risk as much as they want to. High leverage significantly increases a trader’s trading position. This allows traders to magnify their profits from a little position.
- Minimum position. Etrade offers a position size as low as 0.01. This makes it easier for traders with low capital to enter trades with this broker. If you’re a broker with low capital starting your journey, Etrade is one platform you may wish to try out.
- Pip Spread on Majors: If you’re a trader, you’re aware of the importance of trading with a platform that offers little spread on majors. The Etrade platform is one such platform. This broker offers a spread of 1-3 on major currency pairs, which is very favorable for traders.
- Automated Trading: This broker makes provision for automated trading as well as manual trading. Automated trading is a feature that utilizes the use of robots to enter a trade. This is opposed to manual trading in which trades are performed by individuals. It’s an added advantage because you may decide to let your trades be automated rather than doing so yourself.
- Demo account: This broker includes a demo account feature for customers. This feature enables customers to practice trading with the platform before placing actual money in their accounts. This feature is especially important for newbies.
- 24-hourtrading and customer service: 24-hour trading is a feature provided by the Etrade platform. This allows the execution of trades at any hour of the day. Hence, as expected, they also provide 24-hour customer service to cater to customers’ needs at any time of the day.
NOTE: The easiest way to add diversification to your portfolio is to invest in real estate through Fundrise. You can become private real estate investor without the burden of property management! Check it out here (link to Fundrise).
How Much Money Do You Need To Start Forex Trading on Etrade?
Etrade requires customers to make a minimum deposit of $100 to start using the Forex feature. An added benefit is that this broker collects little by way of commission. The Forex fees are also on the very low side. A brief trip to the broker’s site reveals the currency rates, which makes it easy for customers.
FYI: Another great way to get exposure to the real estate sector is by investing in real estate debt. Groundfloor offers fantastic short-term, high-yield bonds that can add diversification to your portfolio!
What Are The Benefits Of Forex Trading On Etrade?
- Good for low-capital traders. Among the benefits of Forex trading with Etrade is that it is good for traders who have low capital. If you’re looking to get into Forex trading, this platform is one of the best to get started on. It accommodates low-cost entry traders who are just beginning their Forex trading journey.
- Reliability : In terms of reliability, the Etrade platform is easily the most reliable brokerage firm. This platform boasts a rich and long history of customer satisfaction. It is one of America’s foremost financial institutions and it has maintained a legacy that makes it one of the nation’s go-to financial parastatals.
- Variety of trading platforms: This platform also provides a variety of trading platforms for all traders. Customers may choose to trade with the Etrade app, the Etrade website, or any of the numerous Etrade branches across the country. This way, this iconic financial platform makes provision for the specific needs of every trader.
- Commission: When it comes to commissions, Etrade is one of the few platforms that implements a zero-commission fee. This means that trades placed with this broker are implemented with no charges on a customer’s account.
- Good user interface: The Etrade platform is designed to be very user-friendly. This means that customers can easily navigate the platform and first-timers may experience no difficulty in using the platform. There are also video tutorials on the platform to teach customers how to use their site.
ALSO: Small-cap equities can add a lot of upside to a portfolio while mitigating risks. Recently, I've discovered Mainvest's investment platform which makes it easy to invest in small and local businesses with returns of 10-25%. Take a look here (link to Mainvest).
What Are The Problems With Forex Trading on Etrade?
- Limited payment options: The Etrade platform provides limited payment options for customers using this broker. Unlike some brokers that allow customers to pay through several means, only some payment options are accepted by this broker.
- Huge withdrawal fees: Added to the problems of Forex trading with this broker is that it charges huge fees on withdrawal. While you may find some brokers that charge no withdrawal fees, this broker charges $20 for every withdrawal made on their platform.
Forex trading on Etrade promises numerous good prospects for customers. In the true fashion of this financial giant, traders are guaranteed a great trading experience. Every trade feature provided by this broker has been tailored to achieve maximum customer satisfaction.
Are you an amateur forex trader in search of a good broker? You may want to try Etrade out. Granted, it may not be the most popular name in the forex trading niche, but it’s worth its weight in gold.
Over the past years, I have discovered several tools and products that have helped me tremendously on my path to financial freedom:
P.S.: The links below are affiliate links, which means I receive a small commission at no extra cost to you when you sign up for one of the services. Thank you for your support!
1)Personal Capital is simply the best tool out there to track your net worth and plan for financial freedom. Just their retirement planner alone has become an invaluable tool to keep myself on track financially. Try it out, it's free!
2) Take a look at M1 Finance, my favorite broker. I love how easy it is to invest and maintain my portfolio with them. I can set up automatic transfers, rebalance my portfolio with one click and even borrow up to 35% of my assets at super low interest rates!
3) Fundrise is by far the best way I've found to invest in Real Estate. You can diversify your portfolio by investing in their eREITs or even allocate capital to individual properties (without the hassle of managing tenants!).
4) Groundfloor is another great way to get exposure to the real estate sector by investing in short-term, high-yield real estate debt. Current returns are >10% and you can get started with just $10.
5) If you are interested in startup investing, check out Mainvest. I've started allocating a small amount of assets to invest in and support small businesses. Return targets are between 10-25% and you can start with just $100!
To see all of my most up-to-date recommendations, check out the Recommended Tools section.