Merrill Edge vs Ally Invest Comparison
Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Merrill Edge vs Ally Invest.
Is Merrill Edge or Ally Invest better for beginners?
Merrill Edge offers more comprehensive new investor education for beginner investors than Ally Invest. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while Ally Invest offers investors access to Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), neither have Paper Trading.
What about Merrill Edge vs Ally Invest pricing?
Merrill Edge and Ally Invest charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Merrill Edge, costing $0.65 per contract versus $0.50 per contract at Ally Invest. For a complete commissions summary, see our best brokers for free stock trading guide.
Does Merrill Edge or Ally Invest offer a wider range of investment options?
Merrill Edge offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Advisor Services, while Ally Invest offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds, Forex Trading and Advisor Services, neither have Fractional Shares and Futures Trading. Looking at Mutual Funds, Merrill Edge trails Ally Invest in its offering of no transaction fee (NTF) mutual funds, with Ally Invest offering 4000 and Merrill Edge offering 3095.
Which trading platform is better: Merrill Edge or Ally Invest?
To compare the trading platforms of Merrill Edge and Ally Invest, 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. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while Ally Invest offers Checking Accounts, Savings Accounts, Debit Cards and Mortgage Loans.
Is Merrill Edge good?
Merrill Edge and its parent, Bank of America, make for a well-rounded offering, with $0 trades, robust research, reliable customer service; and its Stock Stories and Fund Stories are an industry standout. There are some gaps in investment offerings, including crypto and futures.
Is Ally Invest good?
For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website offer a convenient solution. Its website is far stronger than the mobile app.
Merrill Edge vs Ally Invest Winner
Overall winner: Merrill Edge
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