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From my experience as a trader, there are several key risks and downsides I would stress before considering E*TRADE. First and most concerning for me is the regulatory situation: E*TRADE currently does not hold valid, verifiable regulation, and the reported NFA license is suspected to be a clone. That immediately raises a red flag regarding funds safety and the recourse available if any disputes or issues arise. For traders, especially those considering significant deposits, the absence of proper regulation can expose their funds to elevated risk and leave little protection in worst-case scenarios. Another practical issue I've noted is the absence of forex and several popular asset classes—despite being broadly known, E*TRADE does not offer forex, commodities, indices, or crypto trading. This narrows opportunities for those, like me, who seek portfolio diversification or international exposure. Additionally, while the trading platforms such as Power E*TRADE are technically robust, customer support appears to be limited predominantly to phone, which might not meet all traders’ needs. Furthermore, certain fee structures (for example, options and futures contracts, and mutual funds) can become unfavorable, particularly for lower-volume traders. News of previous regulatory fines and some significant unresolved user complaints regarding fund withdrawals and account issues only add to my hesitation. Personally, I would exercise great caution—without valid oversight, I believe the potential risks can easily outweigh any potential upside.