Is Ally Invest better than Merrill Edge? After testing 15 of the best online brokers over five months, Merrill Edge (88.87%) is better than Ally Invest (79.49%). Backed by parent company Bank of America, Merrill Edge delivers $0 stock and ETF trades with fantastic research and customer service. Better yet, for current banking customers, Merrill Edge's Preferred Rewards program offers the best rewards benefits across the industry.
StockBrokers.com is committed to the highest ethical standards and reviews services independently. Advertiser Disclosure
Merrill Edge vs Ally Invest 2020
|
|
|
|
Special Offer
Get up to $600 when you invest in a new Merril Edge Self-Directed account. Open Account
|
||
| Open Account |
Overall Rating
| Feature | Merrill Edge | Ally Invest |
| Overall | ||
| Merrill Edge Review | Ally Invest Review |
Trading Fees
| Feature | Merrill Edge | Ally Invest |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trade Fee (per trade) | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 |
| Options Base Fee | $0.00 | $0.00 |
| Options Per Contract Fee | $0.65 | $0.50 |
| Mutual Fund Trade Fee | $19.95 | $9.95 |
| Broker Assisted Trades Fee | $29.95 | $20.00 |
| Commissions & Fees | ||
| Winner | check_circle |
Margin Rates
| Feature | Merrill Edge | Ally Invest |
| Under $24,999.99 | 10.13% | 9.50% |
| $25,000.00 to $49,999.99 | 9.00% | 9.25% |
| $50,000.00 to $99,999.99 | 9.00% | 8.50% |
| $100,000.00 to $249,999.99 | 7.63% | 7.25% |
| $250,000.00 to $499,999.99 | 7.63% | 6.25% |
| $500,000.00 to $999,999.99 | 7.38% | 5.75% |
| Above $1,000,000.00 | 6.75% | 5.00% |
| Commissions & Fees | ||
| Winner | check_circle |
Account Fees
| Feature | Merrill Edge | Ally Invest |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $49.95 | $50.00 |
| Returned ACH Fee | $30.00 | $30.00 |
| Returned Wire Fee | N/A | $30.00 |
| Stock Certificate Processing Fee | $500.00 | $300.00 |
| Stock Certificate Delivery Fee | N/A | $300.00 |
| Paper Statement Fee | $5.00 | $2.00 |
| Paper Confirmation Fee | $3.00 | $1.00 |
| Domestic Wire Fee | $24.95 | $30.00 |
| International Wire Fee | $24.95 | N/A |
| Commissions & Fees |
Investment Options
| Feature | Merrill Edge | Ally Invest |
|
Stock Trading |
Yes | Yes |
|
Fractional Shares |
No | No |
|
OTCBB / Pink Sheets |
Yes | Yes |
|
Options Trading |
Yes | Yes |
|
Complex Options Max Legs |
2 | 4 |
|
Futures Trading |
No | No |
|
Forex Trading |
No | Yes |
| Commission-Free ETFs | all | all |
|
Mutual Funds (No Load) |
2471 | 11234 |
|
Mutual Funds (Total) |
3709 | 18728 |
|
Bonds (US Treasury) |
Yes | Yes |
|
Bonds (Corporate) |
Yes | Yes |
|
Bonds (Municipal) |
Yes | Yes |
|
Interest Sharing |
No | No |
|
Advisor Services |
Yes | Yes |
|
International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | Merrill Edge | Ally Invest |
|
Order Type - Market |
Yes | Yes |
|
Order Type - Limit |
Yes | Yes |
|
Order Type - Stop |
Yes | Yes |
|
Order Type - Trailing Stop |
Yes | Yes |
|
Order Type - Contingent |
No | Yes |
|
Order Type - MultiContingent |
No | No |
|
Order Type - OCO |
No | Yes |
|
Order Type - OTO |
No | Yes |
|
Order Type - OTOCO |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | Merrill Edge | Ally Invest |
|
Desktop Platform (Windows) |
Yes | No |
|
Desktop Platform (Mac) |
Yes | No |
|
Web Platform |
Yes | Yes |
|
Paper Trading |
No | No |
|
Trade Journal |
No | No |
|
Watch Lists - Total Fields |
285 | 21 |
|
Heat Mapping |
Yes | No |
|
AI Assistant Bot |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | Merrill Edge | Ally Invest |
|
Charting - Trade Off Chart |
Yes | No |
|
Charting - Indicators / Studies |
100 | 117 |
|
Charting - Drawing Tools |
22 | 36 |
|
Charting - Historical Trades |
Yes | No |
|
Charting - Corporate Events |
Yes | Yes |
|
Charting - Automated Analysis |
Yes | Yes |
|
Charting - Save Profiles |
Yes | Yes |
|
Charting - Study Customizations |
8 | 5 |
|
Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | Merrill Edge | Ally Invest |
|
Stock Alerts - Basic Fields |
Yes | Yes |
|
Stock Alerts - Advanced Fields |
Yes | No |
|
Streaming Time & Sales |
Yes | No |
|
Streaming TV |
No | No |
|
Direct Market Routing - Stocks |
No | No |
|
Direct Market Routing - Options |
No | No |
|
Ladder Trading |
No | No |
|
Trade Hot Keys |
Yes | No |
|
Level 2 Quotes - Stocks |
Yes | No |
|
Level 2 Quotes - Options |
Yes | No |
|
Trade Ideas - Backtesting |
Yes | Yes |
|
Short Locator |
No | No |
|
Order Liquidity Rebates |
No | No |
| Winner | check_circle |
Mobile Trading Apps
| Feature | Merrill Edge | Ally Invest |
|
iPhone App |
Yes | Yes |
|
Android App |
Yes | Yes |
|
Apple Watch App |
Yes | No |
|
Trading - Stocks |
Yes | Yes |
|
Trading - After-Hours |
Yes | No |
|
Trading - Conditional Orders |
No | No |
|
Trading - Mutual Funds |
Yes | No |
|
Trading - Simple Options |
Yes | Yes |
|
Trading - Complex Options |
Yes | Yes |
|
Trading - Option Rolling |
No | No |
|
Touch / Face ID |
Yes | Yes |
| Winner | check_circle |
Mobile App Features
| Feature | Merrill Edge | Ally Invest |
|
Watch List Syncing |
Yes | Yes |
|
Stock Alerts |
Yes | No |
|
Charting - After Hours |
Yes | No |
|
Charting - Drawing |
Yes | No |
|
Charting - Study Customizations |
Yes | No |
|
Heatmapping |
Yes | No |
|
Stream Live TV |
No | No |
|
Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
Research Overview
| Feature | Merrill Edge | Ally Invest |
|
Research - Stocks |
Yes | Yes |
|
Research - ETFs |
Yes | Yes |
|
Research - Mutual Funds |
Yes | Yes |
|
Research - Pink Sheets / OTCBB |
Yes | Yes |
|
Research - Fixed Income |
Yes | No |
|
Screener - Stocks |
Yes | No |
|
Screener - ETFs |
Yes | No |
|
Screener - Mutual Funds |
Yes | No |
|
Screener - Options |
Yes | No |
|
Screener - Bonds |
Yes | Yes |
|
Misc - Portfolio Builder |
Yes | Yes |
|
Misc - Portfolio Allocation |
Yes | No |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | Merrill Edge | Ally Invest |
|
Stock Research - Reports |
3 | 2 |
|
Stock Research - Earnings |
Yes | Yes |
|
Stock Research - Insiders |
Yes | Yes |
|
Stock Research - Metric Comp |
Yes | No |
|
Stock Research - SEC Filings |
Yes | Yes |
|
Stock Research - Social |
No | No |
|
Stock Research - Balance Sheet |
Yes | Yes |
|
Stock Research - Cash Flows |
Yes | Yes |
|
Stock Research - News |
Yes | Yes |
|
Stock Research - ESG |
Yes | No |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | Merrill Edge | Ally Invest |
|
ETFs - Strategy Overview |
Yes | Yes |
|
ETFs - Top 10 Holdings |
Yes | No |
|
ETFs - Sector Exposure |
Yes | No |
|
ETFs - Risk Analysis |
Yes | Yes |
|
ETFs - Performance Analysis |
Yes | Yes |
|
ETFs - Ratings |
Yes | Yes |
|
ETFs - Morningstar StyleMap |
Yes | No |
|
ETFs - Reports |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | Merrill Edge | Ally Invest |
|
Mutual Funds - Strategy Overview |
Yes | Yes |
|
Mutual Funds - Prospectus |
Yes | No |
|
Mutual Funds - Reports |
Yes | Yes |
|
Mutual Funds - Fees Breakdown |
Yes | Yes |
|
Mutual Funds - Top 10 Holdings |
Yes | No |
|
Mutual Funds - Asset Allocation |
Yes | No |
|
Mutual Funds - Sector Allocation |
Yes | Yes |
|
Mutual Funds - Country Allocation |
Yes | No |
|
Mutual Funds - StyleMap |
Yes | No |
|
Mutual Funds - 3rd Party Ratings |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | Merrill Edge | Ally Invest |
|
Option Chains - Streaming |
Yes | Yes |
|
Option Chains - Total Columns |
69 | 8 |
|
Option Chains - Greeks |
5 | 1 |
|
Option Chains - Quick Analysis |
Yes | Yes |
|
Option Analysis - P&L Charts |
Yes | Yes |
|
Option Probability Analysis |
Yes | Yes |
|
Option Probability Analysis Adv |
No | No |
|
Option Positions - Greeks |
Yes | Yes |
|
Option Positions - Adv Analysis |
Yes | Yes |
|
Option Positions - Rolling |
Yes | No |
|
Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | Merrill Edge | Ally Invest |
|
Education (Stocks) |
Yes | Yes |
|
Education (ETFs) |
Yes | No |
|
Education (Options) |
Yes | Yes |
|
Education (Mutual Funds) |
Yes | Yes |
|
Education (Fixed Income) |
Yes | Yes |
|
Education (Retirement) |
Yes | Yes |
|
Paper Trading |
No | No |
|
Videos |
Yes | No |
|
Webinars (Monthly Avg) |
0 | 15 |
|
Webinars (Archived) |
No | No |
|
Live Seminars |
Yes | No |
|
Progress Tracking |
Yes | No |
|
Interactive Learning - Quizzes |
Yes | No |
|
Investor Magazine |
Yes | No |
| Education | ||
| Winner | check_circle |
Banking
| Feature | Merrill Edge | Ally Invest |
|
Retail Locations |
4300 | 0 |
|
Member FDIC |
Yes | Yes |
|
Checking Accounts |
Yes | Yes |
|
Savings Accounts |
Yes | Yes |
|
Credit Cards |
Yes | Yes |
|
Debit Cards |
Yes | Yes |
|
Mortgage Loans |
Yes | Yes |
|
No Fee Banking |
No | Yes |
| Banking | ||
| Winner | check_circle |
Overall
| Feature | Merrill Edge | Ally Invest |
| Merrill Edge Review | Ally Invest Review | |
| Overall | ||
| Winner | check_circle |
Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare Ally Invest vs Merrill Edge.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Ally Invest and Merrill Edge both cost $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Option contracts are pricier at Merrill Edge, costing $0.65 versus $0.50 at Ally Invest. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. Merrill Edge provides its clients with Stock Trading, Options Trading and Mutual Funds while Ally Invest provides clients access to Stock Trading, Options Trading, Mutual Funds and Forex Trading. Looking at mutual funds, Ally Invest boasts an offering of 18728 mutual funds compared to Merrill Edge's 3709 available funds.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Neither Ally Invest and Merrill Edge offer virtual trading. Taking a look at mobile trading, Ally Invest along with Merrill Edge both support the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are found at Ally Invest alongside Merrill Edge.
Overall, between Ally Invest and Merrill Edge, Merrill Edge is the winner.
All pricing data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
