tradeMONSTER vs E*TRADE



These two brokers are like chalk and cheese, E*TRADE are an internationally recognized blue chip broker listed on NASDAQ, the other is a lesser known broker known only to those within the trading community.

But should you discount tradeMONSTER purely because of their size? Some smaller brokers have good things to offer, especially where customer service is concerned.

To find out if they really can compete we’ve compared them both for platform functionality, trading tools, customer service and of course price. Keep on reading to find out which broker is the most suitable for you.

 

Products & Services

Broker tradeMONSTER E*TRADE
Rating [rating:3/5] [rating:3/5]
website Visit the TradeMonster Website Visit the E*TRADE Website
Our Review Read Our TradeMonster Review Read Our Full E*TRADE Review
Bank Deposits Bank Deposits
Bonds Bonds
Certificates of Deposits Certificates of Deposits
Day Trading Day Trading
Services Extended Hours Trading Extended Hours Trading
ETFs ETFs
IRAs IRAs
Mutual Funds Mutual Funds
Trading Community Trading Community

Services Overview

It should come as no surprise that E*TRADE win the services battle. With a network of over 500 branches, they offer their clients everything form traditional brokerage products to traditional banking services.

tradeMONSTER can’t compete with that, but they nevertheless offer the basic trading products that 90% of traders use. The only thing missing is Certificates of Deposit which are available from most high street banks anyway.

Trading Tools

tradeMONSTER E*TRADE
Automated Trading Automated Trading
Investor Resource Center Investor Resource Center
Mobile Trading Mobile Trading
Online Advisor Online Advisor
Trading Tools
Profit & Loss Calculator Profit & Loss Calculator
Streaming Charts Streaming Charts
Stock & Fund Screeners Stock & Fund Screeners
Tables & Graphs Tables & Graphs
Training & Education Training & Education
Virtual Trading Virtual Trading

Trading Tools Overview

This is where the real differences are, it soon becomes clear what kind of traders each broker is looking for when you look at their respected platforms.

E*TRADE actually offer two different platforms depending on your account size and trading style. First up we have the basic trading platform which is nice and simple to use, it has a nice clear interface and a good selection of tools.

For more advanced traders they offer E*TRADE Pro which is a professional style platform with full level 2 data and professional grade tools. This is available free of charge to traders with an account balance in excess of $50,000.

tradeMONSTER on the other hand only offer one platform, trying to accommodate all trader with one platform is a recipe for disaster. As a result it’s a little complicated to use at first, of course over time you’ll get used to it and all its little idiosyncrasies but I can’t help but feel that it could be made a little simpler to use.

Fees & Commissions

tradeMONSTER E*TRADE
Account Minimum $2000 $1000
Margin Account Minimum $2000 $2000
Stocks & ETFs $7.50 $9.99 (0-149 Trades)
Options Base $0.00 $9.99 (0-149 Contracts)
Options Per Contract $0.50 per contract ($12.95 Min) $0.75 per contract
Account Management Fee $0.00 $0.00
Broker Assisted Trades $15.00 $45.00
Mutual Funds $15.00 $19.99
Bonds $15.00 $1.00/bond ($10.00 minimum)
IRA Annual Fee $0.00 $0.00

Summary

To sum-up if you’re an intermediate trader with a midsized account of over $50,000 then E*TRADE is the broker for you. Although their headline rate is quite high, if you trade over 150 times a quarter it’s reduced to $7.99 which Is much more inline with tradeMONSTER.

150 times a quarter is a lot for most traders though, it’s around 2.5 times a day. Most intermediate traders I know don’t trade that a week never mind a day. So this pricing is really reserved for day traders and the like.

So if you trade less than that should you choose tradeMONSTER? No I don’t think so; there are much cheaper and better rounded brokers available like TradeKing or OptionsHouse for instance. Both these brokers have better training, easier to use platforms and cheaper pricing than tradeMONSTER.

tradeMONSTER do have an excellent options platform however, if you trade solely options you might want to check them out.




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