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Charles Schwab vs Merrill Edge 2022

Is Charles Schwab better than Merrill Edge? After testing 15 of the best online brokers over six months, Charles Schwab (89.63%) is better than Merrill Edge (84.89%). With nearly $8 trillion in client assets, Charles Schwab understands how to consistently deliver value to its customers. Highlights include $0 trades, excellent stock research, a diverse selection of trading tools, and an industry-leading offering of financial planning services.

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Overall Rating expand_moreexpand_less Charles Schwab Merrill Edge
Overall starstarstarstarstar_border starstarstarstarstar_border
Commissions & Fees starstarstarstarstar_border starstarstarstarstar_border
Investment Options starstarstarstarstar starstarstarstarstar_border
Platforms & Tools starstarstarstarstar_border starstarstarstarstar_border
Mobile Trading Apps starstarstarstarstar_border starstarstarstarstar_border
Research starstarstarstarstar starstarstarstarstar_border
Customer Service starstarstarstarstar_border starstarstarstarstar_border
Education starstarstarstarstar_border starstarstarstarstar_border
Ease Of Use starstarstarstarstar_border starstarstarstarstar_border
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Review Charles Schwab Review Merrill Edge Review
Trading Fees expand_moreexpand_less Charles Schwab Merrill Edge
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Mutual Fund Trade Fee $49.95 $19.95
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.65
Futures (Per Contract) $2.25 N/A
Broker Assisted Trade Fee $25.00 $29.95
Margin Rates expand_moreexpand_less Charles Schwab Merrill Edge
Margin Rate Under $24,999.99 8.33% 8.63%
Margin Rate $25,000.00 to $49,999.99 7.83% 7.50%
Margin Rate $50,000.00 to $99,999.99 6.88% 7.50%
Margin Rate $100,000.00 to $249,999.99 6.83% N/A
Margin Rate $250,000.00 to $499,999.99 6.58% N/A
Margin Rate $500,000.00 to $999,999.99 5.08% N/A
Margin Rate Above $1,000,000.00 4.75% N/A
Account Fees expand_moreexpand_less Charles Schwab Merrill Edge
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $49.95
Account Transfer Out (Partial) $25.00 $0.00
Account Transfer Out (Full) $50.00 $49.95
Options Exercise Fee 0.00 2.95
Options Assignment Fee 0.00 2.95
Investment Options expand_moreexpand_less Charles Schwab Merrill Edge
Stock Trading Yes Yes
Fractional Shares Yes No
OTCBB / Pink Sheets Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 4
Futures Trading Yes No
Forex Trading No No
Crypto Trading No No
Crypto Trading - Total Coins 0 0
Mutual Funds (No Load) 7537 2952
Mutual Funds (Total) 10228 3466
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services Yes Yes
International Countries (Stocks) 28 0
Order Types expand_moreexpand_less Charles Schwab Merrill Edge
Order Type - Market Yes Yes
Order Type - Limit Yes Yes
Order Type - After Hours Yes Yes
Order Type - Stop Yes Yes
Order Type - Trailing Stop Yes Yes
Order Type - OCO Yes No
Order Type - OTO Yes No
Order Type - Broker Assisted Yes Yes
Beginners expand_moreexpand_less Charles Schwab Merrill Edge
Education (Stocks) Yes Yes
Education (ETFs) Yes Yes
Education (Options) Yes Yes
Education (Mutual Funds) Yes Yes
Education (Bonds) Yes Yes
Education (Retirement) Yes Yes
Retirement Calculator Yes Yes
Investor Dictionary Yes Yes
Paper Trading No No
Videos Yes Yes
Webinars (Archived) Yes Yes
Progress Tracking No No
Interactive Learning - Quizzes No Yes
Stock Trading Apps expand_moreexpand_less Charles Schwab Merrill Edge
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes Yes
Trading - Stocks Yes Yes
Trading - After-Hours Yes Yes
Trading - Simple Options Yes Yes
Trading - Complex Options Yes Yes
Order Ticket RT Quotes Yes Yes
Order Ticket SRT Quotes No No
Stock App Features expand_moreexpand_less Charles Schwab Merrill Edge
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes No
Videos on Demand Yes No
Stock Alerts No Yes
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) No Yes
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization No No
Watch Lists - Total Fields 130 285
Stock App Charting expand_moreexpand_less Charles Schwab Merrill Edge
Charting - After-Hours No No
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 32 34
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons Yes Yes
Trading Platforms expand_moreexpand_less Charles Schwab Merrill Edge
Desktop Trading Platform Yes Yes
Web Trading Platform Yes Yes
Paper Trading No No
Trade Journal Yes No
Watch Lists - Total Fields 130 285
Stock Chart Features expand_moreexpand_less Charles Schwab Merrill Edge
Charting - Adjust Trades on Chart Yes Yes
Charting - Indicators / Studies 41 104
Charting - Drawing Tools 15 22
Charting - Notes Yes Yes
Charting - Index Overlays Yes Yes
Charting - Historical Trades No Yes
Charting - Corporate Events Yes Yes
Charting - Custom Date Range Yes Yes
Charting - Custom Time Bars Yes Yes
Charting - Automated Analysis Yes Yes
Charting - Save Profiles Yes Yes
Trade Ideas - Technical Analysis Yes Yes
Charting - Study Customizations 7 8
Charting - Custom Studies No No
Day Trading expand_moreexpand_less Charles Schwab Merrill Edge
Streaming Time & Sales Yes Yes
Streaming TV Yes No
Direct Market Routing - Stocks Yes No
Ladder Trading No No
Trade Hot Keys Yes No
Level 2 Quotes - Stocks Yes Yes
Trade Ideas - Backtesting Yes Yes
Trade Ideas - Backtesting Adv No No
Short Locator Yes No
Order Liquidity Rebates No No
Research Overview expand_moreexpand_less Charles Schwab Merrill Edge
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes Yes
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes Yes
Screener - Stocks Yes Yes
Screener - ETFs Yes Yes
Screener - Mutual Funds Yes Yes
Screener - Bonds Yes Yes
Misc - Portfolio Allocation Yes Yes
Stock Research expand_moreexpand_less Charles Schwab Merrill Edge
Stock Research - PDF Reports 8 3
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes Yes
Stock Research - Social Yes No
Stock Research - News Yes Yes
Stock Research - ESG No Yes
Stock Research - SEC Filings Yes Yes
ETF Research expand_moreexpand_less Charles Schwab Merrill Edge
ETFs - Strategy Overview Yes Yes
ETF Fund Facts - Inception Date Yes Yes
ETF Fund Facts - Expense Ratio Yes Yes
ETF Fund Facts - Net Assets Yes Yes
ETF Fund Facts - Total Holdings Yes Yes
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes Yes
ETFs - Risk Analysis Yes Yes
ETFs - Ratings Yes Yes
ETFs - Morningstar StyleMap Yes Yes
ETFs - PDF Reports Yes Yes
Mutual Fund Research expand_moreexpand_less Charles Schwab Merrill Edge
Mutual Funds - Strategy Overview Yes Yes
Mutual Funds - Performance Chart Yes Yes
Mutual Funds - Performance Analysis Yes Yes
Mutual Funds - Prospectus Yes Yes
Mutual Funds - 3rd Party Ratings Yes Yes
Mutual Funds - Fees Breakdown Yes Yes
Mutual Funds - Top 10 Holdings Yes Yes
Mutual Funds - Asset Allocation Yes Yes
Mutual Funds - Sector Allocation Yes Yes
Mutual Funds - Country Allocation Yes Yes
Mutual Funds - StyleMap Yes Yes
Options Trading expand_moreexpand_less Charles Schwab Merrill Edge
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 44 68
Option Chains - Greeks 5 5
Option Chains - Quick Analysis Yes Yes
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes Yes
Option Probability Analysis Adv Yes No
Option Positions - Greeks Yes Yes
Option Positions - Greeks Streaming Yes Yes
Option Positions - Adv Analysis Yes Yes
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes Yes
Banking expand_moreexpand_less Charles Schwab Merrill Edge
Bank (Member FDIC) Yes Yes
Checking Accounts Yes Yes
Savings Accounts Yes Yes
Credit Cards Yes Yes
Debit Cards Yes Yes
Mortgage Loans Yes Yes
Customer Service expand_moreexpand_less Charles Schwab Merrill Edge
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support Yes Yes
Overall expand_moreexpand_less Charles Schwab Merrill Edge
Overall starstarstarstarstar_border starstarstarstarstar_border
Commissions & Fees starstarstarstarstar_border starstarstarstarstar_border
Investment Options starstarstarstarstar starstarstarstarstar_border
Platforms & Tools starstarstarstarstar_border starstarstarstarstar_border
Mobile Trading Apps starstarstarstarstar_border starstarstarstarstar_border
Research starstarstarstarstar starstarstarstarstar_border
Education starstarstarstarstar_border starstarstarstarstar_border
Ease Of Use starstarstarstarstar_border starstarstarstarstar_border
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Charles Schwab vs Merrill Edge Comparison

Comparing brokers side by side is no easy task. For our 2022 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker. Let's compare Charles Schwab vs Merrill Edge.

Is Charles Schwab or Merrill Edge better for beginners?

Merrill Edge offers more comprehensive new investor education for beginner investors than Charles Schwab. Both Charles Schwab and Merrill Edge offer Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), neither have Paper Trading.

What about Charles Schwab vs Merrill Edge pricing?

Charles Schwab and Merrill Edge charge the same amount for regular stock trades, $0.00. Charles Schwab and Merrill Edge both charge $0.65 per option contract. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Charles Schwab or Merrill Edge offer a wider range of investment options?

Charles Schwab offers investors access to Stock Trading, Fractional Shares, Options Trading, OTCBB / Pink Sheets, Mutual Funds, Futures Trading and Advisor Services, while Merrill Edge offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Advisor Services, neither have Forex Trading. Looking at Mutual Funds, Merrill Edge trails Charles Schwab in its offering of no transaction fee (NTF) mutual funds, with Charles Schwab offering 4294 and Merrill Edge offering 3095.

Which trading platform is better: Charles Schwab or Merrill Edge?

To compare the trading platforms of Charles Schwab and Merrill Edge, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Charles Schwab offers a better experience. With research, Charles Schwab offers superior market research. Finally, we found Charles Schwab 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 available to customers of Charles Schwab and Merrill Edge.

Is Charles Schwab good?

With nearly $8 trillion in client assets, Charles Schwab understands how to consistently deliver value to its customers. Highlights include $0 trades, excellent stock research, a diverse selection of trading tools, and an industry-leading offering of financial planning services.

Is Merrill Edge good?

Merrill Edge offers $0 trades with industry-leading research tools — especially for ESG research — and excellent customer service. Better yet, the Preferred Rewards program at Bank of America, Merrill Edge’s parent, offers the best rewards of any bank broker we tested in 2022.

Charles Schwab vs Merrill Edge Winner

Overall winner: Charles Schwab

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