Can you Buy Crypto on ETrade? – Best eTrade Alternatives

ETrade is a popular online brokerage platform known for its user-friendly interface and commission-free stock trading. But what about cryptocurrency? Can you buy Bitcoin, Ethereum, or other digital currencies directly on ETrade?

The answer is no, ETrade doesn’t currently offer direct trading in cryptocurrencies. However, that doesn’t mean you can’t gain access to the crypto market through ETrade. This blog is a complete guide on how you can buy crypto on ETrade with ETrade alternatives.

Can I Buy Crypto on ETrade?

No, you cannot directly buy cryptocurrencies like Bitcoin or Ethereum on ETrade. However, ETrade does offer a few ways to gain indirect exposure to the cryptocurrency market:

Cryptocurrency Futures: These are contracts that predict the future price of a cryptocurrency. Trading futures can be complex and risky, so it’s important to understand them before investing.
Cryptocurrency-related Securities: ETrade offers stocks of companies that deal in cryptocurrency, such as cryptocurrency exchanges or miners. By investing in these companies, you’re indirectly investing in the success of the cryptocurrency market.

Best ETRADE Alternatives for Owning Cryptos

ETrade doesn’t allow direct ownership of cryptocurrencies, but there are several alternatives that do. Here are some popular options to consider:

Coinbase:

A well-established exchange known for its user-friendly interface and security features. Offers a variety of cryptocurrencies for purchase and trading. With over 110 million users, it’s one of the most trusted places to get involved in the world of crypto.

Funding Methods	Debit & Credit card, Paypal, ACH, Bank transfer
Cryptocurrencies	100+
Countries	100+

Gemini:

Another reputable exchange with a focus on security and regulation. Offers a smaller selection of cryptocurrencies compared to Coinbase but may be appealing for its emphasis on safety.
Their exchange offers features like recurring buys, price alerts, and an advanced trading mode.

Feature	Details
Platform Type	Cryptocurrency Exchange
Founded	2014
Regulation	NYDFS- regulated
Supported Cryptocurrencies	100+
Supported Fiat Currencies	USD, EUR, GBP and more

Kraken:

Kraken is a major cryptocurrency exchange founded in 2011, making it one of the oldest in the industry. It is a well-established exchange known for its advanced trading features and margin trading options. Suitable for more experienced crypto traders.

Fees	Competitive trading fees based on method and cryptocurrency
Funding Method	Bank transfers (SEPA, SWIFT), credit/debit cards
Cryptocurrencies	Over 200+
Countries	100+

Binance:

A global leader in crypto exchanges, offering a vast selection of cryptocurrencies, margin trading, and staking options. Keep in mind that Binance may not be available in all regions due to regulatory restrictions.

Funding Method	Credit /Debit card, Bank Transfer, P2P
Supported Cryptocurrencies	BTC, ETH, BNB

Webull:

Primarily a stock and ETF trading platform, but also offers a limited selection of cryptocurrencies for commission-free trading.

They also boast a user-friendly platform with advanced charting tools and market data.

Supported Cryptocurrencies	BTC, ETH and more
Fees	Commission free trading

How to Buy Crypto with an E*Trade Alternative

Here are few steps to follow to buy crypto with an ETrade alternative:

Pick Your Platform:

Research reputable crypto exchanges like Coinbase, Gemini, or Kraken. Consider fees, security, and available cryptos.

Compare Options:

Use a review site to compare features and fees between platforms.

Create an Account:

Go to your chosen platform’s website and start the account creation process.

Verify Your Identity:

Provide ID verification, Social Security number, and banking details as required.

Fund Your Account:

Choose a funding method like bank transfer, debit card (watch for fees), or ACH transfer (if available).

Buy Your Crypto:

Find the cryptocurrency you want and specify the amount (quantity or dollar amount). Confirm the order details including fees.

Why No Direct Crypto on ETRADE?

ETRADE’s decision to exclude direct cryptocurrency trading is primarily attributed to the cryptocurrency market’s inherent volatility and complex regulatory landscape.

The platform’s focus appears to be on offering investment options that they consider more stable and subject to established regulatory frameworks.

FAQs

Yes, although eTrade doesn’t offer direct crypto purchases, they do provide options for indirect exposure to cryptocurrencies:

Cryptocurrency Stocks: Invest in companies involved in the cryptocurrency industry, like blockchain technology firms.
Cryptocurrency ETFs (Exchange-Traded Funds): These funds track a group of assets that may include cryptocurrencies.
Coin Trusts: These function similarly to ETFs but focus on a single cryptocurrency, like Bitcoin.

E*Trade doesn’t offer direct ownership of cryptocurrencies like Bitcoin, but you can gain indirect exposure through EFTs which is available for both Bitcoin and Ethereum.

The cryptocurrency market is still relatively new and unregulated. ETrade might be waiting for clearer regulations or considering the risks involved before offering direct crypto trading.

The fees will depend on the specific investment you choose. eTrade’s standard commission rates apply to stock and ETF trades. Coin Trusts might have different fee structures, so be sure to check the details before investing.

Trustworthy platform: eTrade is a well-established and regulated brokerage firm.
Variety of options: You can choose from different crypto-related investments based on your risk tolerance and investment goals.
Convenience: If you already have an E*Trade account, you can manage all your investments in one place.

Conclusion

In conclusion, while ETrade doesn’t allow directly buying cryptocurrencies, there are numerous alternatives that serve your crypto investment needs. This guide provided a brief overview of popular platforms like Coinbase, Gemini, Kraken, Binance, and Webull. Each offers unique features, fees, and security measures.