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Charles Schwab vs Merrill Edge 2026

StockBrokers.com

Written by StockBrokers.com

September 17, 2025

In this head to head comparison of Charles Schwab vs Merrill Edge, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.

Charles Schwab
5/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.65
Merrill Edge
4.5/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.65

Range of investments

Charles Schwab vs Merrill Edge: If you want the widest range of investment options, Schwab has the edge. StockBrokers.com rates Schwab 4.5/5 stars for Range of Investments and ranks it #3 of 14 brokers, while Merrill Edge earns 4/5 stars and ranks #7. Both cover the essentials, but Schwab adds more markets that active or curious traders may appreciate.

Both brokers offer stock trading, options, mutual funds, OTC stocks, and margin. They also provide traditional and Roth IRA accounts, plus access to advisor services. Neither platform supports crypto trading, and each offers zero coins.

The key differences come down to access and flexibility: Charles Schwab supports fractional shares, forex, and futures, while Merrill Edge does not. Choose Schwab if you want fractional share investing or to trade currencies and futures alongside core products. Choose Merrill Edge if your focus is on mainstream securities like stocks, funds, and options and you don’t need fractional shares, forex, or futures.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Stock Trading info Yes Yes
Account Feature - Margin Trading info Yes Yes
Fractional Shares (Stocks) info Yes No
OTC Stocks info Yes Yes
Mutual Funds info Yes Yes
Options Trading info Yes Yes
Futures Trading info Yes No
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Range of Investments 4.5/5 Stars 4/5 Stars

Dive deeper: Best Options Trading Platforms for 2026, Best Futures Trading Platforms for 2026

Trading platforms and tools

If you want the strongest mix of trading platforms and tools, Charles Schwab is the clear winner in a Charles Schwab vs. Merrill Edge comparison. Schwab earns 4.5/5 stars and ranks #1 of 14 brokers at StockBrokers.com; Merrill Edge scores 3.5/5 stars and ranks #7. Schwab offers more platform choices, far deeper charting and customization, plus extras like paper trading and a built-in trading journal. Merrill Edge covers the basics with a capable web platform and helpful chart features, but it lacks downloadable apps, paper trading, and advanced study customization—better suited to casual investors who want simple, browser-based trading.

Platform access: Charles Schwab offers downloadable desktop platforms for both Windows and Mac, along with a browser-based platform. Merrill Edge provides a browser-based platform only (no Windows or Mac downloads). Practice and planning tools tilt to Schwab: paper trading and a trading journal are included at Schwab, while Merrill Edge offers neither. For watchlists, Schwab supports up to 580 columns/fields versus Merrill Edge’s 285, giving power users more ways to sort and screen. Order management is solid on both: you can adjust open orders directly on a stock chart at Schwab and Merrill Edge.

Charting favors Schwab for depth and flexibility. Technical indicators: Schwab 374 vs. Merrill Edge 105. Drawing tools: Schwab 24 vs. Merrill Edge 23. Both platforms let you add notes to charts, show historical trades, display corporate events (earnings, splits, dividends), set custom date ranges, enable automated pattern recognition, and save multiple chart profiles. Customization goes further at Schwab: editing a simple moving average study offers 35 fields (vs. 8 at Merrill Edge), and Schwab lets you create custom studies, which Merrill Edge does not. The takeaway: active traders and technical analysts get more flexibility at Charles Schwab, while Merrill Edge covers essentials for straightforward chart review.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Web Trading Platform info Yes Yes
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info Yes No
Paper Trading info Yes No
Watchlists - Total Fields info 580 285
Charting - Indicators / Studies info 374 105
Charting - Drawing Tools info 24 23
Advanced Trading 4.5/5 Stars 3.5/5 Stars

Dive deeper: Best Stock Brokers for 2026, Best Paper Trading Apps & Platforms for 2026

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Beginners and education

Charles Schwab and Merrill Edge both give beginner investors a wide range of education. Each broker covers stocks, ETFs, options, mutual funds, and bonds. You’ll find helpful formats at both, including educational videos, webinars, and quizzes, making it easier to learn at your own pace and build confidence.

Key differences appear in hands-on practice and structure. Charles Schwab includes paper trading and lets you track your learning progress, two features Merrill Edge does not offer. That extra practice and guidance help explain why Schwab earns 5 stars for education and ranks #2 out of 14 brokers on StockBrokers.com, while Merrill Edge earns 4 stars and ranks #6. If you want practice before risking real money and a clearer learning path, Schwab stands out; if you just need solid educational content, Merrill Edge still delivers.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes Yes
Education (Fixed Income) info Yes Yes
Videos info Yes Yes
Webinars info Yes Yes
Education 5/5 Stars 4/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2026

Stock trading apps

For stock trading apps, Charles Schwab is the clear leader over Merrill Edge. Schwab earns 5 stars and ranks #1 out of 14 brokers on StockBrokers.com, while Merrill Edge holds 4 stars and ranks #9. Schwab also packs in more power for charts, customization, and media, making it a better fit for active traders, while Merrill Edge covers the everyday basics well.

Both brokers offer iPhone and Android apps, mobile options trading, streaming quotes, stock alerts, and custom watchlists. Schwab also supports Apple Watch, which Merrill Edge does not. Schwab provides mobile after-hours stock trading; Merrill Edge’s mobile after-hours availability isn’t specified here.

Schwab stands out on research and charting. It includes streaming live TV and on-demand videos, while Merrill Edge lacks both. Schwab lets you customize watch list columns and offers after-hours charting; Merrill Edge does not. For technical studies, Schwab supplies 373 versus Merrill Edge’s 34. Both apps support landscape charts, multiple time frames, and comparing symbols on the same chart.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Stock Alerts info Yes Yes
Charting - After-Hours info Yes No
Charting - Technical Studies info 373 34
Mobile Trading Apps 5/5 Stars 4/5 Stars

Dive deeper: Best Stock Trading Apps for 2026

Fees

When choosing between Charles Schwab and Merrill Edge, an initial observation shows that both platforms have enticing features for investors. They share several benefits, such as no minimum deposit requirement and free regular stock trades, ensuring easy accessibility for beginners. Though both charge $0.65 per options contract, where they differ is in specific fee categories. Merrill Edge has an upper hand with no charge for full account transfers, while Charles Schwab offers a more predictable margin rate structure. The choice between them may hinge on specific investment needs and priorities.

Charles Schwab stands out for its predictable margin interest rates, where it clearly defines the rates depending on the balance. This transparency benefits investors who utilize margin trading. Furthermore, Charles Schwab offers a zero-cost option for regular stock trades and does not impose any additional expenses for IRA annual and closure fees. However, a caveat for Charles Schwab customers is the $50 charge for full account transfers, which could be important for those considering transferring their whole account elsewhere.

Merrill Edge, parallel to Charles Schwab, charges nothing for regular stock trades or minimum deposits. It remains clear of any fees for both partial account transfers and options exercise and assignment, thus maintaining competitiveness. However, margin interest rates with Merrill Edge vary, which may be a concern for traders relying on consistent borrowing costs. While Merrill Edge distinguishes itself with $0 charges for full account transfers, it carries a $49.95 fee for closing an IRA, worth considering for those looking to open or close retirement accounts.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Minimum Deposit info $0.00 $0.00
Stock Trades info $0.00 $0.00
Options (Per Contract) info $0.65 $0.65
Options Exercise Fee info $0.00 $0.00
Options Assignment Fee info $0.00 $0.00
IRA Annual Fee info $0.00 $0.00
IRA Closure Fee info $0.00 $49.95

Dive deeper: Best Free Trading Platforms for 2026

Day Trading

When it comes to day trading capabilities, Charles Schwab and Merrill Edge both offer a range of useful features, but Charles Schwab provides a more comprehensive toolset. Both platforms offer streaming time and sales for stocks and level 2 quotes, essential features for any day trader. However, Schwab stands out with additional offerings like streaming live TV, direct market routing for stocks, and ladder trading—features not available with Merrill Edge. Schwab also supports trading hotkeys for quick trade entries, which can be critical for making timely market decisions.

Further distinguishing itself, Charles Schwab offers both basic and advanced strategy backtesting, enabling traders to refine their approaches beyond basic setups. In comparison, Merrill Edge only includes basic backtesting capabilities. Furthermore, Schwab provides a short locator tool for real-time insights into available shares for shorting, while this tool is absent in Merrill Edge. Neither platform offers order liquidity rebates, but Charles Schwab's suite of day trading tools clearly offers a more extensive set of features for active traders seeking flexibility and efficiency in their trading strategies.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Streaming Time & Sales info Yes Yes
Streaming TV info Yes No
Direct Market Routing - Equities info Yes No
Level 2 Quotes - Stocks info Yes Yes
Trade Ideas - Backtesting info Yes Yes
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes No

Dive deeper: Best Day Trading Platforms of 2026 for Beginners and Active Traders

Market Research

Charles Schwab vs. Merrill Edge for market research: both earn 4.5 stars, but Schwab ranks #2 of 14 brokers at StockBrokers.com while Merrill Edge ranks #4. Schwab nudges ahead with social media sentiment for stocks and a larger set of downloadable equity reports, while Merrill Edge stands out if you want downloadable mutual fund reports. Either way, both are strong picks for everyday investors who want clear, actionable research.

Coverage is wide on both platforms: research for stocks, ETFs, mutual funds, pink sheets/OTC, and bonds, plus the ability to view portfolio allocation by asset class and access ESG research. Schwab offers seven downloadable stock PDF reports (Merrill Edge offers three) and includes social sentiment for stocks, a feature Merrill Edge does not provide. For ETFs, both offer downloadable PDFs; for mutual funds, only Merrill Edge provides downloadable PDFs.

Idea generation is also well served at both brokers with screeners for stocks, ETFs, mutual funds, and bonds. If you want the most stock reports and sentiment-driven insights, choose Schwab; if you value mutual fund PDFs alongside well-rounded tools, Merrill Edge is appealing. With equal star ratings, the better fit depends on which research extras matter most to you.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Research - Stocks info Yes Yes
Screener - Stocks info Yes Yes
Research - ETFs info Yes Yes
Screener - ETFs info Yes Yes
Research - Mutual Funds info Yes Yes
Screener - Mutual Funds info Yes Yes
Research - Fixed Income info Yes Yes
Screener - Fixed Income info Yes Yes
Research 4.5/5 Stars 4.5/5 Stars

Banking

When comparing the banking features of online brokers Charles Schwab and Merrill Edge, both provide a comprehensive range of services that cater to various financial needs. Charles Schwab and Merrill Edge each offer checking and savings accounts, making everyday banking and saving convenient for their customers. Additionally, they both issue debit and credit cards, providing flexible spending options. For those interested in home ownership, mortgage loans are available through each broker. Investors looking to grow their money can find Certificates of Deposit (CDs) with both Charles Schwab and Merrill Edge, offering secure investment opportunities. Overall, both Charles Schwab and Merrill Edge present a full suite of banking services that effectively support the financial goals and daily needs of their users.

Feature Charles Schwab logoCharles Schwab
Merrill Edge logoMerrill Edge
Checking Accounts info Yes Yes
Savings Accounts info Yes Yes
Debit Cards info Yes Yes
Credit Cards info Yes Yes
Mortgage Loans info Yes Yes
Brokerage CDs info Yes Yes

Dive deeper: Best Brokerage Checking Accounts for 2026

Winner

After opening live accounts and testing 14 of the best online brokers, our research and live account testing finds that Charles Schwab is better than Merrill Edge. Charles Schwab finished with an overall score of 93.3%, while Merrill Edge finished with a score of 81.9%.

For most investors, the search for a great broker ends with Charles Schwab. Retaining the #1 Overall ranking in 2026, Schwab continues to set the industry standard. The broker uniquely balances scale with sophistication, offering both simplified mobile tools and the professional-grade thinkorswim platform. From buying a first fractional share to managing a multimillion-dollar estate, Schwab provides a platform tailored to every need, serving as the definitive operating system for modern wealth.

FAQs

Can you trade cryptocurrency with Charles Schwab or Merrill Edge?

Both Charles Schwab and Merrill Edge do not offer crypto trading, each providing access to 0 coins for cryptocurrency transactions. For those looking to invest in crypto, alternative platforms should be considered.

Dive deeper: Best Online Brokers for Crypto Trading in 2026

Does Charles Schwab or Merrill Edge offer IRAs?

Both Charles Schwab and Merrill Edge offer traditional and Roth IRA accounts without any annual fees, but Charles Schwab sets itself apart by not charging any closure fees, whereas Merrill Edge imposes a $49.95 fee upon closing an IRA account.

Dive deeper: Best IRA Accounts for 2026

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Compare

0 of 5
Overall Rating Charles Schwab Merrill Edge
Overall 5/5 Stars 4.5/5 Stars
Range of Investments 4.5/5 Stars 4/5 Stars
Advanced Trading 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 5/5 Stars 4/5 Stars
Research 4.5/5 Stars 4.5/5 Stars
Customer Service 4.5/5 Stars 3.5/5 Stars
Education 5/5 Stars 4/5 Stars
Ease of Use 4.5/5 Stars 4/5 Stars
Winner check_circle
Review Charles Schwab Review Merrill Edge Review
Broker Screenshots Charles Schwab Merrill Edge
Broker Gallery (click to expand)
Trading Fees Charles Schwab Merrill Edge
Minimum Deposit info $0.00 $0.00
Stock Trades info $0.00 $0.00
Penny Stock Fees (OTC) info $6.95 N/A
Mutual Fund Trade Fee info Varies Varies info
Options (Per Contract) info $0.65 $0.65
Futures (Per Contract) info $2.25 (Not offered)
Broker Assisted Trade Fee info $25 $29.95
Margin Rates Charles Schwab Merrill Edge
Margin Rate Under $25,000 info 12.58% Varies info
Margin Rate $25,000 to $49,999.99 info 12.08% Varies info
Margin Rate $50,000 to $99,999.99 info 11.13% Varies info
Margin Rate $100,000 to $249,999.99 info 11.08% Varies info
Margin Rate $250,000 to $499,999.99 info 10.83% Varies info
Margin Rate $500,000 to $999,999.99 info Varies info Varies info
Margin Rate Above $1,000,000 info Varies info Varies info
Account Fees Charles Schwab Merrill Edge
IRA Annual Fee info $0.00 $0.00
IRA Closure Fee info $0.00 $49.95
Account Transfer Out (Partial) info $0.00 $0.00
Account Transfer Out (Full) info $50.00 $0.00
Options Exercise Fee info $0.00 $0.00
Options Assignment Fee info $0.00 $0.00
Investment Options Charles Schwab Merrill Edge
Stock Trading info Yes Yes
Account Feature - Margin Trading info Yes Yes
Fractional Shares (Stocks) info Yes No
OTC Stocks info Yes Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 4
Futures Trading info Yes No
Forex Trading info Yes No
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Fixed Income (Treasurys) info Yes Yes
Fixed Income (Corporate Bonds) info Yes Yes
Fixed Income (Municipal Bonds) info Yes Yes
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info Yes Yes
International Countries (Stocks) info 12 0
Order Types Charles Schwab Merrill Edge
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes Yes
Order Type - OCO info Yes No
Order Type - OTO info Yes No
Order Type - Broker Assisted info Yes Yes
Beginners Charles Schwab Merrill Edge
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes Yes
Education (Fixed Income) info Yes Yes
Education (Retirement) info Yes Yes
Retirement Calculator info Yes Yes
Investor Dictionary info Yes Yes
Paper Trading info Yes No
Videos info Yes Yes
Webinars info Yes Yes
Progress Tracking info Yes No
Interactive Learning - Quizzes info Yes Yes
Stock Trading Apps Charles Schwab Merrill Edge
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes Yes
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes No
Stock App Features Charles Schwab Merrill Edge
Mobile Research - Market Movers info Yes Yes
Stream Live TV info Yes No
Videos on Demand info Yes No
Stock Alerts info Yes Yes
Option Chains Viewable info Yes Yes
Watchlist (Real-time) info Yes Yes
Watchlist (Streaming) info Yes Yes
Mobile Watchlists - Create & Manage info Yes Yes
Mobile Watchlists - Column Customization info Yes No
Stock App Charting Charles Schwab Merrill Edge
Charting - After-Hours info Yes No
Charting - Can Turn Horizontally info Yes Yes
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 373 34
Charting - Study Customizations info Yes Yes
Charting - Stock Comparisons info Yes Yes
Trading Platforms Charles Schwab Merrill Edge
Active Trading Platform info thinkorswim info Merrill Edge Market Pro
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info Yes No
Web Trading Platform info Yes Yes
Paper Trading info Yes No
Trade Journal info Yes No
Watchlists - Total Fields info 580 285
Stock Chart Features Charles Schwab Merrill Edge
Charting - Adjust Trades on Chart info Yes Yes
Charting - Indicators / Studies info 374 105
Charting - Drawing Tools info 24 23
Charting - Notes info Yes Yes
Charting - Historical Trades info Yes Yes
Charting - Corporate Events info Yes Yes
Charting - Custom Date Range info Yes Yes
Charting - Custom Time Bars info Yes Yes
Charting - Automated Analysis info Yes Yes
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info Yes Yes
Charting - Study Customizations info 35 8
Charting - Custom Studies info Yes No
Day Trading Charles Schwab Merrill Edge
Streaming Time & Sales info Yes Yes
Streaming TV info Yes No
Direct Market Routing - Equities info Yes No
Ladder Trading info Yes No
Trade Hot Keys info Yes No
Level 2 Quotes - Stocks info Yes Yes
Trade Ideas - Backtesting info Yes Yes
Trade Ideas - Backtesting Adv info Yes No
Short Locator info Yes No
Order Liquidity Rebates info No No
Research Overview Charles Schwab Merrill Edge
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info Yes Yes
Research - Pink Sheets / OTCBB info Yes Yes
Research - Fixed Income info Yes Yes
Screener - Stocks info Yes Yes
Screener - ETFs info Yes Yes
Screener - Mutual Funds info Yes Yes
Screener - Fixed Income info Yes Yes
Portfolio Asset Allocation info Yes Yes
Stock Research Charles Schwab Merrill Edge
Stock Research - PDF Reports info 7 3
Stock Research - Earnings info Yes Yes
Stock Research - Insiders info Yes Yes
Stock Research - Social info Yes No
Stock Research - News info Yes Yes
Stock Research - ESG info Yes Yes
Stock Research - SEC Filings info Yes Yes
ETF Research Charles Schwab Merrill Edge
ETFs - Investment Objective info Yes Yes
ETF Fund Facts - Inception Date info Yes Yes
ETF Fund Facts - Expense Ratio info Yes Yes
ETF Fund Facts - Total Assets info Yes Yes
ETF Fund Facts - Total Holdings info Yes Yes
ETFs - Top 10 Holdings info Yes Yes
ETFs - Sector Exposure info Yes Yes
ETFs - Risk Analysis info Yes Yes
ETFs - Ratings info Yes Yes
ETFs - Morningstar StyleMap info Yes Yes
ETFs - PDF Reports info Yes Yes
Mutual Fund Research Charles Schwab Merrill Edge
Mutual Funds - Investment Objective info Yes Yes
Mutual Funds - Performance Chart info Yes Yes
Mutual Funds - Performance Analysis info Yes Yes
Mutual Funds - Prospectus info Yes Yes
Mutual Funds - 3rd Party Ratings info Yes Yes
Mutual Funds - Fees Breakdown info Yes Yes
Mutual Funds - Top 10 Holdings info Yes Yes
Mutual Funds - Asset Allocation info Yes Yes
Mutual Funds - Sector Allocation info Yes Yes
Mutual Funds - Country Allocation info Yes Yes
Mutual Funds - StyleMap info Yes Yes
Options Trading Charles Schwab Merrill Edge
Option Chains - Total Greeks info 5 5
Option Analysis - P&L Charts info Yes Yes
Banking Charles Schwab Merrill Edge
Bank (Member FDIC) info Yes Yes
Checking Accounts info Yes Yes
Savings Accounts info Yes Yes
Credit Cards info Yes Yes
Debit Cards info Yes Yes
Mortgage Loans info Yes Yes
Customer Service Charles Schwab Merrill Edge
Phone Support (Prospective Customers) info Yes Yes
Phone Support (Current Customers) info Yes Yes
Email Support info Yes No
Live Chat (Prospective Customers) info No Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes Yes
Overall Charles Schwab Merrill Edge
Overall 5/5 Stars 4.5/5 Stars
Range of Investments 4.5/5 Stars 4/5 Stars
Advanced Trading 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 5/5 Stars 4/5 Stars
Research 4.5/5 Stars 4.5/5 Stars
Education 5/5 Stars 4/5 Stars
Ease of Use 4.5/5 Stars 4/5 Stars
Winner check_circle
Review Charles Schwab Review Merrill Edge Review
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