Merrill Edge vs Ally Invest Review
The StockBrokers.com annual review (9 years running) takes six months to complete and produces over 30,000 words of research each year. Here's how we test.
Is Ally Invest better than Merrill Edge? After scoring brokers on over 4,000 data points for our 2019 review, Merrill Edge (77.93%) is better than Ally Invest (62.44%). Merrill Edge offers investors an excellent rewards program and a well-rounded package worth being a customer for, especially Bank of America clients.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Merrill Edge, with its regular stock trades costing $6.95, is more expensive than Ally Invest's rate of $4.95 per trade. For options trading, Merrill Edge has a base fee of $6.95, and Ally Invest a base fee of $4.95. Each option contract then costs $0.75 at Merrill Edge and $0.65 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 supports Stock Trading, Options Trading and Mutual Funds while Ally Invest supports Stock Trading, Options Trading, Mutual Funds and Forex Trading. Looking at mutual funds, Ally Invest boasts an offering of 14000 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 broker offers 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.
Ally Invest Review
Merrill Edge Review
All pricing data was obtained from a published web site as of 02/18/2019 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.