Etrade To Offer Global Tradeing...

Discussion in 'Trading' started by stonedinvestor, Feb 22, 2007.

  1. E*Trade launches pilot global trading platform
    Tue Feb 20, 2007 8:56AM EST

    NEW YORK (Reuters) - Online bank and brokerage E*Trade Financial Corp. said on Tuesday it has launched a pilot global trading platform that gives U.S. retail customers electronic access to foreign stocks and currencies in international markets.

    The platform, which will be widely available in the second quarter, allows E*Trade's U.S. brokerage customers to buy and sell common stock in Canada, France, Germany, Hong Kong, Japan and the United Kingdom.

    Customers will also be able to buy and sell euros, pounds, yen, Canadian and Hong Kong dollars.

    "Retail investors see international investments as a key component of overall portfolio diversification and want the added benefit of direct share ownership," said R. Jarrett Lilien, president of E*Trade, in a statement.
  2. I volunteered to beta test the new etrade platform... Their FX rates make it prohibitive to use. Here's the feedback I sent:

    Thanks for activating my global account, much appreciated. Can't really comment on the software or the
    execution. I never got beyond the exchange rates, which are simply
    prohibitive. Even for a $25,000 order, I'm losing 1.2% on the
    exchange. In and out that's 2.4%. I don't think so.

    Give me ForEx at the bid/ask spread and put a reasonable commission on
    it. If not, call out what the haircut is, don't bury it in a table of
    conversion rates. I'm not impressed at all. If you need a benchmark,
    look at Interactive brokers. For example, it would cost me $2.50 to
    change USD 10,000 into Euros, versus $126 for your platform.

    Right now, IB looks like a better deal to me. They have a rep for bad
    customer service, but I've had my share of 45 minute waits and very
    inexperienced customer service reps at E*Trade so that's a wash. They
    also offer 20 or so exchanges. Sorry for the poor feedback, but since
    you were good enough to put me into the beta program, I thought I'd
    pass it along. Good luck.