Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Ally Invest vs Merrill Edge to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Merrill Edge charges $6.95 per stock trade which is $6.95 more than Ally Invest which charges customers $0 per trade. For options trading, Merrill Edge has a base fee of $6.95, and Ally Invest a base fee of $0. Each option contract then costs $0.75 at Merrill Edge and $0.50 at Ally Invest. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. Merrill Edge supports Stock Trading, Options Trading and Mutual Funds while Ally Invest supports Stock Trading, Options Trading, Mutual Funds and Forex Trading. As far as mutual funds go, Merrill Edge trails Ally Invest by 10,291 total mutual funds, with Ally Invest offering 14000 and Merrill Edge offering 3709.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Neither broker offers virtual trading. For mobile trading, Ally Invest along with Merrill Edge both support the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. 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 winner.
Ally Invest Review
Merrill Edge Review