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.
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Merrill Edge vs Ally Invest 2020
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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 | 8.63% | 7.75% |
| $25,000.00 to $49,999.99 | 7.50% | 7.50% |
| $50,000.00 to $99,999.99 | 7.50% | 6.75% |
| $100,000.00 to $249,999.99 | N/A | 5.50% |
| $250,000.00 to $499,999.99 | N/A | 4.50% |
| $500,000.00 to $999,999.99 | N/A | 4.00% |
| Above $1,000,000.00 | N/A | 3.25% |
| 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 |
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Stock Trading |
Yes | Yes |
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Fractional Shares |
No | No |
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OTCBB / Pink Sheets |
Yes | Yes |
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Options Trading |
Yes | Yes |
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Complex Options Max Legs |
2 | 4 |
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Futures Trading |
No | No |
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Forex Trading |
No | Yes |
| Commission-Free ETFs | all | all |
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Mutual Funds (No Load) |
2471 | 11234 |
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Mutual Funds (Total) |
3709 | 18728 |
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Bonds (US Treasury) |
Yes | Yes |
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Bonds (Corporate) |
Yes | Yes |
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Bonds (Municipal) |
Yes | Yes |
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Interest Sharing |
No | No |
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Advisor Services |
Yes | Yes |
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International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | Merrill Edge | Ally Invest |
|
Order Type - Market |
Yes | Yes |
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Order Type - Limit |
Yes | Yes |
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Order Type - Stop |
Yes | Yes |
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Order Type - Trailing Stop |
Yes | Yes |
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Order Type - Contingent |
No | Yes |
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Order Type - MultiContingent |
No | No |
|
Order Type - OCO |
No | Yes |
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Order Type - OTO |
No | Yes |
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Order Type - OTOCO |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | Merrill Edge | Ally Invest |
|
Desktop Platform (Windows) |
Yes | No |
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Desktop Platform (Mac) |
Yes | No |
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Web Platform |
Yes | Yes |
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Paper Trading |
No | No |
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Trade Journal |
No | No |
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Watch Lists - Total Fields |
285 | 21 |
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Heat Mapping |
Yes | No |
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AI Assistant Bot |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | Merrill Edge | Ally Invest |
|
Charting - Trade Off Chart |
Yes | No |
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Charting - Indicators / Studies |
100 | 117 |
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Charting - Drawing Tools |
22 | 36 |
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Charting - Historical Trades |
Yes | No |
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Charting - Corporate Events |
Yes | Yes |
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Charting - Automated Analysis |
Yes | Yes |
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Charting - Save Profiles |
Yes | Yes |
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Charting - Study Customizations |
8 | 5 |
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Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | Merrill Edge | Ally Invest |
|
Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
Yes | No |
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Streaming Time & Sales |
Yes | No |
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Streaming TV |
No | No |
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Direct Market Routing - Stocks |
No | No |
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Direct Market Routing - Options |
No | No |
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Ladder Trading |
No | No |
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Trade Hot Keys |
Yes | No |
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Level 2 Quotes - Stocks |
Yes | No |
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Level 2 Quotes - Options |
Yes | No |
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Trade Ideas - Backtesting |
Yes | Yes |
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Short Locator |
No | No |
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Order Liquidity Rebates |
No | No |
| Winner | check_circle |
Mobile Trading Apps
| Feature | Merrill Edge | Ally Invest |
|
iPhone App |
Yes | Yes |
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Android App |
Yes | Yes |
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Apple Watch App |
Yes | No |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | No |
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Trading - Conditional Orders |
No | No |
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Trading - Mutual Funds |
Yes | No |
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Trading - Simple Options |
Yes | Yes |
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Trading - Complex Options |
Yes | Yes |
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Trading - Option Rolling |
No | No |
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Touch / Face ID |
Yes | Yes |
| Winner | check_circle |
Mobile App Features
| Feature | Merrill Edge | Ally Invest |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts |
Yes | No |
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Charting - After Hours |
Yes | No |
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Charting - Drawing |
Yes | No |
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Charting - Study Customizations |
Yes | No |
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Heatmapping |
Yes | No |
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Stream Live TV |
No | No |
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Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
Research Overview
| Feature | Merrill Edge | Ally Invest |
|
Research - Stocks |
Yes | Yes |
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Research - ETFs |
Yes | Yes |
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Research - Mutual Funds |
Yes | Yes |
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Research - Pink Sheets / OTCBB |
Yes | Yes |
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Research - Fixed Income |
Yes | No |
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Screener - Stocks |
Yes | No |
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Screener - ETFs |
Yes | No |
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Screener - Mutual Funds |
Yes | No |
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Screener - Options |
Yes | No |
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Screener - Bonds |
Yes | Yes |
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Misc - Portfolio Builder |
Yes | Yes |
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Misc - Portfolio Allocation |
Yes | No |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | Merrill Edge | Ally Invest |
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Stock Research - Reports |
3 | 2 |
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Stock Research - Earnings |
Yes | Yes |
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Stock Research - Insiders |
Yes | Yes |
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Stock Research - Metric Comp |
Yes | No |
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Stock Research - SEC Filings |
Yes | Yes |
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Stock Research - Social |
No | No |
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Stock Research - Balance Sheet |
Yes | Yes |
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Stock Research - Cash Flows |
Yes | Yes |
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Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
Yes | No |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | Merrill Edge | Ally Invest |
|
ETFs - Strategy Overview |
Yes | Yes |
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ETFs - Top 10 Holdings |
Yes | No |
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ETFs - Sector Exposure |
Yes | No |
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ETFs - Risk Analysis |
Yes | Yes |
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ETFs - Performance Analysis |
Yes | Yes |
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ETFs - Ratings |
Yes | Yes |
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ETFs - Morningstar StyleMap |
Yes | No |
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ETFs - Reports |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | Merrill Edge | Ally Invest |
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Mutual Funds - Strategy Overview |
Yes | Yes |
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Mutual Funds - Prospectus |
Yes | No |
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Mutual Funds - Reports |
Yes | Yes |
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Mutual Funds - Fees Breakdown |
Yes | Yes |
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Mutual Funds - Top 10 Holdings |
Yes | No |
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Mutual Funds - Asset Allocation |
Yes | No |
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Mutual Funds - Sector Allocation |
Yes | Yes |
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Mutual Funds - Country Allocation |
Yes | No |
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Mutual Funds - StyleMap |
Yes | No |
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Mutual Funds - 3rd Party Ratings |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | Merrill Edge | Ally Invest |
|
Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
69 | 8 |
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Option Chains - Greeks |
5 | 1 |
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Option Chains - Quick Analysis |
Yes | Yes |
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Option Analysis - P&L Charts |
Yes | Yes |
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Option Probability Analysis |
Yes | Yes |
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Option Probability Analysis Adv |
No | No |
|
Option Positions - Greeks |
Yes | Yes |
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Option Positions - Adv Analysis |
Yes | Yes |
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Option Positions - Rolling |
Yes | No |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | Merrill Edge | Ally Invest |
|
Education (Stocks) |
Yes | Yes |
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Education (ETFs) |
Yes | No |
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Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
Yes | Yes |
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Education (Fixed Income) |
Yes | Yes |
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Education (Retirement) |
Yes | Yes |
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Paper Trading |
No | No |
|
Videos |
Yes | No |
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Webinars (Monthly Avg) |
0 | 15 |
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Webinars (Archived) |
No | No |
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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 |
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Member FDIC |
Yes | Yes |
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Checking Accounts |
Yes | Yes |
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Savings Accounts |
Yes | Yes |
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Credit Cards |
Yes | Yes |
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Debit Cards |
Yes | Yes |
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Mortgage Loans |
Yes | Yes |
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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 2020 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker. Let's compare Ally Invest vs Merrill Edge.
Is Ally Invest or Merrill Edge better for beginners?
Merrill Edge is better for beginner investors than Ally Invest. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Fixed Income) and Education (Retirement).
What about Ally Invest vs Merrill Edge pricing?
Ally Invest and Merrill Edge both cost $0 per trade. For options trading, both Ally Invest and Merrill Edge charge the same base fee of $0. Ally Invest's per contract rate of $0.50 is less than Merrill Edge which charges $0.65. For a complete commissions summary, see our best discount brokers guide.
Does Ally Invest or Merrill Edge offer a wider range of investment options?
Ally Invest offers a more diverse selection of investment options than Merrill Edge. Ally Invest offers investors access to Stock Trading, OTCBB / Pink Sheets, Options Trading, Mutual Funds, Forex Trading and Advisor Services. Looking at Mutual Funds, Ally Invest offers its clients access to 18728 different mutual funds while Merrill Edge has 3709 available funds, a difference of 15,019.
Which trading platform is better: Ally Invest or Merrill Edge?
To compare the trading platforms of both Ally Invest and Merrill Edge, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Merrill Edge offers a better experience. With research, Merrill Edge offers superior market research. Finally, we found Merrill Edge to provide better mobile trading apps.
Does either broker offer banking?
Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Both Ally Invest and Merrill Edge offer Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Ally Invest and Merrill Edge, Merrill Edge is the better online broker.
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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.
