A step-by-step guide on how to open a new Account on E*trade!
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How to create an account on E*Trade
To begin you can either visit the E*Trade website or you can click the link here.
If you do decide to click the link, you will land on the first page as my referral and you’re eligible for a cash reward up to $3,500 once you open and fund your account. Sounds like a good deal right?
Anyhow dependless of how you decide to begin your signup process to E*Trade, select Individual account and click continue.
On the first page since you do not have an account select NO and then click continue. Please upload your Contact Information. They need to be accurate so make sure you use your real information. Once ready click continue.
On the next page you will be asked to provide your Residential address and Citizen status, once more please provide your accurate information.
To be able to complete the application you will need to provide a Date of Birth and Social Security number. Add your employment Status, investment profile, and pick if you want to add trading features such as option or margin trading.
If you don’t want to add them now you can always add them later.
The next part will be to answer some regulatory questions, please answer them as they apply to you, there are no right or wrong answers. For obvious reasons I will not be sharing the page with the questions.
Now lets proceed with the brokerage account setup. You have a few options depending on how you came up with the funding, select the one or more that apply to you. For the majority of people I am assuming you will pick Employment compensation, but once more pick the ones that are accurate to your situation.
Last, indicate for what reason you want to open that account, pick the one that applies to you, it will only help you moving forward. Then you have to choose how you want your uninvested cash to be managed. Again feel free to pick the option that best work for you, and also if you want to add a trusted contact person. This could be your spouse for example, or a parent or whoever you want to add.
We are almost there, read and accept the agreements and disclosures, and then create your User ID and Password. Make sure you remember your password and ID as you will use them constantly to login to the website, so they are essential.
Click continue and then you will be asked to enter your phone number in order to confirm your account.
Usually at the end of the process you shall get the following message:
“We’re currently reviewing your application. Please allow up to 1 business day for this process to be completed.”
However you can click to continue to Etrade.com and use your credentials to login. The first time you do you will be greeted by a pop up that will ask you to set up your security questions. Feel free to pick your three questions and then answer them.
Congrats, your account is complete, you most likely have to wait one more day until it becomes fully operational, however you have completed all the steps needed to open and verify an account on E*trade.
E*trade has quite a lot to offer, and prior we dive in to their trading platform power E*trade and how to use it lets check what all the options on the toolbar do.
On the Complete View tab you can see the total assets the days gain or loss, and below that you will have your account number, net account value, days gain and the available funds for withdrawal and your cash purchasing power.
Last below you will be able to see the symbol of the stocks , ETF or asset you have purchased the change of the day, last price, and day’s gain.
These numbers don’t change automatically so you will have to refresh.
On the right side you can launch the power E*trade, which we will do bit later or singup for papertradring, which we will do through the account we just opened.
Last you have alerts, which summarize your activity, the buy and sell orders you have placed and if they have been executed or not.
The Portfolio tab allows you to dive even more into your account, your positions can be seen here, the quantity of what you owe, the average price paid, and the total value.
On performance and value you can see how you measure against the Down Jones, S&P 500 and Nasdaq. I am actually proud to say that I have outperformed them quite well over the past 2 years since I started trading that account. And especially this year I have the upper hand by quite a lot. See I was shorting the market while the moonboys and bulls were betting that the market will rise. Anyhow we will talk more about that later.
On the next tab you have the option to open a margin account, I have not yet to do it, but it is in my plans to create one.
Gain and losses will provide you a better look on the quantity and assets you have traded this year or previous years.
Allocation and Risk will break your account value on how you trade. Holding only two stocks and mainly cash you can see that my portfolio in this account is not diversified. My risk grade is 70 which is between conservative and moderate. But again this is because I have a very small amount of assets, the more assets you owe the more diversified our portfolio becomes and this could lower your risk.
Last tab on the portfolios is the Estimated Income, which estimates how much money you will be making by Dividends in the next weeks, months or years.
Moving forward to the watch Lists tab, you can add stocks and assets you want to follow. For example, on the account we opened today I have added APPLE and AMAZON, you can see their last price, change of the day and change since I added them on my list. To add an asset just enter the symbol, lets say Microsoft, pick the symbol and click add. You can add as many as you want here, and not only stocks you can add ETFs as well and other assets,
Let’s add triple QQQs, easy right.
Once you have your account fully verified and funded you will be able to place trades from here or set alerts. I will explain on the trading tab how to place orders so let’s have a look on how to add alerts. In apple stock Click the bell icon, select an alert type, I will do a high price target , add 148 and click set alert. Done!
Orders, Balances, Transactions are self explanatory and they do not provide any additional insight to this walkthrough, but I would like to point out that in the Tax Center you can download your 1099 which will be very useful once you do your taxes.
To do all that though you need to fund your account, to do that click transfer and from here you will need to add an account. You will need to connect your bank account to E*trade, search for your bank click on it and you will be asked to login to your online bank profile and follow the steps, it usually takes one day for the verification of funds to process and then up to 3 days for the transfer to happen.
I hope that this video helped you to open and fund an account with E*trade, while get you familiarized with the platform.
Also watch How To Buy And Sell Stocks On E*Trade