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From my own careful review and personal research, I did not find any evidence that E*TRADE offers ECN or raw spread accounts as typically understood in the forex industry. My trading experience confirms that these account types are standard among some forex brokers, particularly those focusing on spot forex, but E*TRADE’s focus—based on what I found—is on stocks, ETFs, mutual funds, options, bonds, and futures, not retail forex trading. This is especially important for risk management: E*TRADE currently has no valid regulatory status, and its claimed NFA license appears to be a suspicious clone. That alone makes me extremely cautious about using their services for any purpose, let alone for the specific conditions and lower fees associated with ECN or raw spread trading. If you’re looking for per-lot commissions or competitive spreads as found in typical ECN forex accounts, E*TRADE’s trading model does not seem to support those offerings. Instead, their commission schedule details costs for options, stocks, and futures—such as $0 commission on stocks and a per-contract fee for options and futures, with no mention of forex lot-based pricing. In my judgment, these facts, combined with regulatory uncertainty, mean E*TRADE is unsuitable for traders seeking transparent, low-spread forex execution. For these specialized trading arrangements, I only trust brokers with a clear, verifiable regulatory status and an explicit ECN offering—not what I found with E*TRADE.