Can You Buy Gold on eTrade?

• eTrade is a web-based discount broker that allows its customers to trade stocks, options, bonds, and mutual funds. eTrade also offers trading in precious metals, promising access to more than 120 different bullion products. eTrade offers access to physical gold in the form of coins, bars, and rounds, as well as gold exchange-traded funds (ETFs). eTrade is an online discount broker.
• It trades stocks, options, bonds and mutual funds.

Yes, you can buy gold on eTrade, an online broker based in San Francisco, California. eTrade is a major site for trading stocks, options, bonds, and mutual funds. eTrade also offers trading in precious metals, promising access to more than 120 different bullion products.

What Is eTrade?

eTrade is an online brokerage firm that offers investors a host of financial services, including brokerage and banking. Like its competitors, eTrade supports trades in stocks, bonds, mutual funds, and ETFs.
The company also offers banking services, such as checking and savings accounts, certificates of deposit (CDs), and online loans.

Gold Trading on eTrade

eTrade offers its customers the ability to trade gold in two ways: through eTrade Pro and through eTrade ProRealTime. The Pro platform allows you to trade gold futures and options, while the ProRealTime platform allows you to trade gold, oil, and natural gas.
As of April 2021, eTrade's Pro platform offers the following gold products:
COMEX Gold Futures (GOLD)
COMEX Gold Options (GOLD)
COMEX Gold Futures and Options (GOLD)
COMEX Gold Options (COMEX Gold Futures)
COMEX Gold Futures and Options (COMEX Gold Futures)
COMEX Gold Options (COMEX Gold Options)
CME Group Gold Futures (GC)
CME Group Gold Options (GC)

With the ProRealTime platform, investors have the following gold products to trade:
COMEX Gold Futures (GOLD)
COMEX Gold Options (GOLD)
COMEX Gold Futures and Options (GOLD)
COMEX Gold Options (COMEX Gold Futures)
COMEX Gold Futures and Options (COMEX Gold Futures)
COMEX Gold Options (COMEX Gold Options)
CME Group Gold Futures (GC)
CME Group Gold Options (GC)

Basic Account Features

For $4.95 per month, or $49.95 per year, eTrade's Basic account offers more than 100 commission-free ETFs, 50 commission-free mutual funds, and 50 commission-free options contracts; access to 24/7 live customer support; streaming quotes and charts; and real-time market news.

Extended Hours Trading

Gold can be purchased through eTrade during Extended Hours Trading. Extended hours trading refers to trading that occurs after normal market hours. Brokerages use this trading option to extend their trading hours, allowing investors to get in and out of trades during off-peak trading hours.

eTrade's Gold Trading Features

Buying gold on eTrade is pretty straightforward, but there are a few things you should know before you purchase.
First, eTrade has no minimums for gold trades, but there's a $10 minimum for all other trades.
You also can't purchase or sell coins, though you can exchange cash for gold.
When buying physical gold, you can only buy gold bars from an audited, third-party refinery.
You can redeem your gold for holdings in eTrade's vault at any time, but you'll have to pay a storage fee.
eTrade charges no commission for gold purchases, though you'll pay a 1% fee on the cash you exchange for gold.

Order Types

With eTrade, you can trade gold using limit orders, market orders, and stop orders.
Limit orders let you set a maximum price you are willing to pay or a minimum price you are willing to accept. When you place a limit order, it executes at, or very close to, your specified price.

Prices and Fees

The minimum price to buy gold on eTrade is $4.95 for 1 gram. If you pay $10.95, you get 4.5 grams.

Fees cost $0.99 per trade if you pay with a credit card.

Other Fees
eTrade charges a $9.99 annual inactivity fee if your account balance is $0 for 365 days.

A $19.99 inactivity fee applies for accounts with $0 that have remained inactive for 120 days.

Other Services

Other brokerages including Ally Invest, TD Ameritrade, and Fidelity Investments also offer the ability to buy gold as a commission-free option. With Ally Invest, for example, you can trade both physical gold bullion and ETFs for no commission if you meet certain requirements.

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The Bottom Line

eTrade offers an online, low cost, and fee structure, and its base commission rate is one of the lowest in the industry. However, this low commission rate is only available for stock trades. If you want access to other asset classes, like futures, options, and Forex, then eTrade's commission rates will be significantly higher.