Many people involved in the world of crypto may have wondered at some point if Etrade has crypto to offer.
It makes perfect sense, but many of us are still completely unaware if this is the case or not.
Fortunately, we’ve created a handy guide which outlines what is on offer and how you can get involved, along with the risks and things to think about.
So, if you’d like to learn more – join us below!
Who Are E*Trade?
E*TRADE is one of the largest online brokers in the United States. They provide trading services for stocks, options, futures, forex, ETFs and cryptocurrencies.
They were founded back in 1988 by Richard W. Rosenthal and Charles A. Schwab. The company was purchased by TD Ameritrade in 1998.
In 2017, they acquired Robinhood Financial Inc., an app-based brokerage that offers free stock trades.
What Is On Offer?
The most popular cryptocurrency offered is Bitcoin (BTC). This is due to its popularity and ease of use.
However, there are other altcoins available too. You’ll also find Ethereum (ETH), Litecoin (LTC) and Ripple (XRP).
These are all traded against USD and you can buy them through your account balance or via credit card.
As mentioned, you can trade BTC, ETH, LTC and XRP. But, these aren’t the only coins you can trade.
There’s also Dash, Dogecoin, Monero, NEM, Peercoin, Primecoin, Quark, ReddCoin, Ripple, Stellar Lumens and Zcash.
How Can I Trade Cryptocurrencies?
To begin trading, you need to open an account.
You can do so by visiting us.etrade.com/what-we-offer/investment-choices/cryptocurrency and once registered, you’ll be able to view your portfolio, as well as deposit funds into it.
If you’re new to crypto, then you’ll want to start off small.
So, you should deposit $100 into your account and wait until you see how it goes before depositing any more.
Once you’ve deposited enough money, you’ll be ready to start trading. When you log in to your account, you’ll be presented with a list of assets.
From here, you can select from the different types of asset such as BTC, ETH, LCC and XRP.
When selecting an asset, you’ll be given a price chart showing the current value of the coin.
You can either click on the ‘Buy’ button to place a sell order or the ‘Sell’ button to place a buy order.
This will take you to the order page where you can enter details such as quantity, limit and stop loss. You’ll then be asked to confirm your order.
Once confirmed, your order will be placed and you’ll receive confirmation via email.
Can I Use My Credit Card To Deposit Funds Into My Account?
Yes, you can. As long as you have a valid credit card attached to your account, you can deposit funds using it.
However, you’ll first need to verify your identity. This means providing proof of ID and address.
After verification, you’ll be provided with a link which allows you to make deposits.
Is Trading With E*Trade Safe?
Yes, it is. There are no fees associated with trading at E*Trade. You won’t pay anything extra when buying or selling.
You’ll need to ensure that you keep your login credentials safe though.
Risks And Considerations
There are many things to think about when investing in crypto, so we’ll go through these.
There are risks involved with investing in cryptocurrencies. One risk is that prices could drop significantly.
Another is that hackers may attempt to steal your information.
Another risk is that if you lose access to your account, you could lose your investment.
If this happens, you’ll need to contact customer service for assistance.
It’s also worth recognizing that investing in crypto can become an addiction for some people and you could lose more money than you can afford to invest.
ETFs Are A Good Way To Invest In Cryptocurrency.
An ETF is similar to a mutual fund but instead of being managed by a third party, they’re managed by a company called the Exchange Traded Fund Association (ETFA).
The thing to consider here though is that they may charge management fees. These fees vary depending on what type of ETF you invest in.
For example, some ETFs don’t charge any fees while others charge between 0.1% and 1%.
It’s also worth knowing that there isn’t much regulation surrounding crypto investments.
This means that you don’t know what tax laws apply to crypto transactions.
As crypto is still relatively new too, it’s worth remembering that the market is still growing and evolving.
This means that you shouldn’t expect to get rich overnight.
Instead, you should focus on learning and understanding the basics of crypto before making large investments.
How Do I Know That The Price Of Bitcoin Is Going Up Or Down on E*Trade?
You can use the price charts available at e*Trade to see how the price of bitcoin changes over time.
If you want to track the price of other coins, you can do so too.
When you log into your account, you’ll be presented with a list of all the assets you’ve invested in.
If you hover over each one, you’ll be able to see the current value of your holdings.
If you click on the chart, you’ll be taken to the full-screen version of the chart. Here, you can view the most recent price movements for each asset.
Is E*Trade Worth Using For Crypto?
E*Trade has been around since 1999. It’s one of the oldest online brokerages out there.
They offer low commissions, great customer support and a wide range of financial products, so it’s definitely something to think about.
However, there are downsides to using them, most notably, their website doesn’t have as many features as those offered by newer brokers.
Additionally, they only allow US customers to trade via their platform.
The Bottom Line
E*Trade does have crypto and there’s plenty of things to think about.
It’s wise to speak with an independent advisor before you decide to invest any money into crypto on any platform.
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