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.
| Overall Rating | Charles Schwab | Merrill Edge |
|---|---|---|
| Overall | ||
| Commissions & Fees | ||
| Investment Options | ||
| Platforms & Tools | ||
| Mobile Trading Apps | ||
| Research | ||
| Customer Service | ||
| Education | ||
| Ease Of Use | ||
| Winner | check_circle | |
| Review | Charles Schwab Review | Merrill Edge Review |
| Trading Fees | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | 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 | Charles Schwab | Merrill Edge |
|---|---|---|
| Overall | ||
| Commissions & Fees | ||
| Investment Options | ||
| Platforms & Tools | ||
| Mobile Trading Apps | ||
| Research | ||
| Education | ||
| Ease Of Use |
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.
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.
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.
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.
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.
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.
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.
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.
Overall winner: Charles Schwab
Explore our other online trading guides:
Interactive Brokers
Charles Schwab
eToro
TD Ameritrade
Fidelity
Merrill Edge
E*TRADE
TradeStation
