  The Einstein Telescope (ET), a future third-generation gravitational wave
detector will have detection sensitivity for gravitational wave signals down to
1 Hz. This improved low-frequency sensitivity of the ET will allow the
observation of low mass binaries for a longer period of time in the detection
band before their merger. Because of an improved sensitivity as compared to
current and advanced 2G detectors, the detection rate will also be greatly
improved. Given the high detection rate of merging compact binaries with the
ET, it will be a useful instrument to conduct population studies. In this paper
we present an algorithm to estimate the parameters of the low mass merging
compact binary systems such as localization, chirp mass, redshift, mass ratios
and total mass of the source which are crucial in order to estimate the
capability of the ET to study various compact binary populations. For the
compact binary population distributed uniformly in comoving volume we find that
with single ET, $\approx 1\%$ of binaries can be localized within 800 square
degrees. The values of chirp mass and total mass can be constrained within
$\lesssim 5\%$ error, while $z$ and $D_L$ can be estimated with an error of
$\lesssim 15\%$ for effective SNR $\gtrsim 50$ using single ET.
