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 Merrill Edge better than Charles Schwab? After scoring brokers in nine separate categories for our 2019 review, Charles Schwab (84.06%) is better than Merrill Edge (77.93%).
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Special Offer
$0 online stock, ETF, and options commissions at Schwab. Open Account
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Special Offer
300 $0 online stock and ETF trades, no minimum deposit required. Open Account
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| Open Account | Open Account |
| Feature | Charles Schwab | Merrill Edge |
| Overall | ||
| Charles Schwab Review | Merrill Edge Review |
| Feature | Charles Schwab | Merrill Edge |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trade Fee (per trade) | $0.00 | $6.95 |
| ETF Trade Fee | $0.00 | $6.95 |
| Options Base Fee | $0.00 | $6.95 |
| Options Per Contract Fee | $0.65 | $0.75 |
| Mutual Fund Trade Fee | $49.95 | $19.95 |
| Broker Assisted Trades Fee | $25.00 | $29.95 |
| Commissions & Fees | ||
| Winner | check_circle |
| Feature |
Charles Schwab
Open Account |
Merrill Edge
Open Account |
| Under $24,999.99 | 9.58% | 10.63% |
| $25,000.00 to $49,999.99 | 9.08% | 9.50% |
| $50,000.00 to $99,999.99 | 8.13% | 9.50% |
| $100,000.00 to $249,999.99 | 8.08% | 8.13% |
| $250,000.00 to $499,999.99 | 7.83% | 8.13% |
| $500,000.00 to $999,999.99 | 6.58% | 7.88% |
| Above $1,000,000.00 | 6.25% | 7.25% |
| Commissions & Fees | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $50.00 | $49.95 |
| Returned ACH Fee | $25.00 | $30.00 |
| Returned Wire Fee | $25.00 | N/A |
| Stock Certificate Processing Fee | $100.00 | $500.00 |
| Stock Certificate Delivery Fee | N/A | N/A |
| Paper Statement Fee | $0.00 | $5.00 |
| Paper Confirmation Fee | $0.00 | $3.00 |
| Domestic Wire Fee | $25.00 | $24.95 |
| International Wire Fee | $25.00 | $24.95 |
| Commissions & Fees |
| Feature | Charles Schwab | Merrill Edge |
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Stock Trading |
Yes | Yes |
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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 |
4 | 2 |
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Futures Trading |
Yes | No |
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Forex Trading |
No | No |
| Commission-Free ETFs | all | 0 |
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Mutual Funds (No Load) |
5846 | 2471 |
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Mutual Funds (Total) |
5846 | 3709 |
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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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Advisor Services |
Yes | Yes |
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International Trading |
Yes | No |
| Offering of Investments | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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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 |
Yes | No |
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Order Type - MultiContingent |
Yes | No |
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Order Type - OCO |
Yes | No |
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Order Type - OTO |
Yes | No |
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Order Type - OTOCO |
Yes | No |
| Offering of Investments | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Desktop Platform (Windows) |
Yes | Yes |
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Desktop Platform (Mac) |
Yes | Yes |
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Web Platform |
Yes | Yes |
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Paper Trading |
No | No |
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Trade Journal |
Yes | No |
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Watch Lists - Total Fields |
108 | 285 |
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Two-Factor Authentication Login |
Yes | Yes |
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Heat Mapping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Charting - Trade Off Chart |
Yes | Yes |
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Charting - Indicators / Studies |
41 | 95 |
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Charting - Drawing Tools |
15 | 22 |
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Charting - Historical Trades |
No | Yes |
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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 |
6 | 8 |
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Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
Yes | Yes |
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Streaming Time & Sales |
Yes | Yes |
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Streaming TV |
Yes | No |
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Direct Market Routing - Stocks |
Yes | 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 | Yes |
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Level 2 Quotes - Stocks |
Yes | Yes |
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Level 2 Quotes - Options |
Yes | Yes |
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Trade Ideas - Backtesting |
Yes | Yes |
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Short Locator |
No | No |
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Client Liquidity Rebates |
No | No |
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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iPhone App |
Yes | Yes |
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Android App |
Yes | Yes |
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Apple Watch App |
Yes | Yes |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | Yes |
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Trading - Conditional Orders |
No | No |
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Trading - Mutual Funds |
Yes | Yes |
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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 |
| Feature | Charles Schwab | Merrill Edge |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts - Basic Fields |
No | Yes |
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Charting - After Hours |
No | Yes |
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Charting - Drawing |
No | Yes |
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Charting - Study Customizations |
Yes | Yes |
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Customizable Homescreen |
No | Yes |
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Heatmapping |
Yes | Yes |
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Stream Live TV |
Yes | No |
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Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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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 | Yes |
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Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | Yes |
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Screener - Mutual Funds |
Yes | Yes |
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Screener - Options |
Yes | Yes |
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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 | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
|
Stock Research - Reports |
8 | 3 |
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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 | Yes |
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Stock Research - SEC Filings |
Yes | Yes |
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Stock Research - Social |
Yes | 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 |
No | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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ETFs - Strategy Overview |
Yes | Yes |
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ETFs - Top 10 Holdings |
Yes | Yes |
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ETFs - Sector Exposure |
Yes | Yes |
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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 | Yes |
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ETFs - Reports |
Yes | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Mutual Funds - Strategy Overview |
Yes | Yes |
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Mutual Funds - Prospectus |
Yes | Yes |
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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 | Yes |
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Mutual Funds - Asset Allocation |
Yes | Yes |
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Mutual Funds - Sector Allocation |
Yes | Yes |
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Mutual Funds - Country Allocation |
Yes | Yes |
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Mutual Funds - StyleMap |
Yes | Yes |
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Mutual Funds - 3rd Party Ratings |
Yes | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
41 | 69 |
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Option Chains - Greeks |
5 | 5 |
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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 |
Yes | No |
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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 |
| Feature | Charles Schwab | Merrill Edge |
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Has Education - Stocks |
Yes | Yes |
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Has Education - ETFs |
Yes | Yes |
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Has Education - Options |
Yes | Yes |
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Has Education - Mutual Funds |
Yes | Yes |
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Has Education - Fixed Income |
Yes | Yes |
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Has Education - Retirement |
Yes | Yes |
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Paper Trading |
No | No |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
50 | 0 |
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Webinars (Archived) |
Yes | No |
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Live Seminars |
Yes | Yes |
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Progress Tracking |
No | No |
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Interactive Learning - Quizzes |
No | Yes |
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Investor Magazine |
Yes | Yes |
| Education | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
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Retail Locations |
357 | 4400 |
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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 |
Yes | No |
| Banking | ||
| Winner | check_circle |
| Feature | Charles Schwab | Merrill Edge |
| Charles Schwab Review | Merrill Edge Review | |
| Overall | ||
| Winner | check_circle |
Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Charles Schwab 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 Charles Schwab which charges customers $0 per trade. For options trading, Merrill Edge has a base fee of $6.95, and Charles Schwab a base fee of $0. Charles Schwab's per contract rate of $0.65 is less than Merrill Edge which charges $0.75. 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 offers clients Stock Trading, Options Trading and Mutual Funds while Charles Schwab offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Charles Schwab offers its clients access to 5846 different mutual funds while Merrill Edge has 3709 available funds, a difference of 2,137.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Charles Schwab nor Merrill Edge offers virtual trading. For mobile trading, Both Charles Schwab and Merrill Edge offer clients access to an iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are found at Charles Schwab alongside Merrill Edge.
Overall, between Charles Schwab and Merrill Edge, Charles Schwab is the winner.
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.
