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Merrill Edge vs Charles Schwab 2023

StockBrokers.com

Written by StockBrokers.com

April 11, 2023

Is Merrill Edge better than Charles Schwab? After testing 17 of the best online brokers over three months, Merrill Edge (95.25%) is better than Charles Schwab (94.51%). 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.

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  • check_box_outline_blankcheck_boxCharles Schwab
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  • check_box_outline_blankcheck_boxFirstrade
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxJ.P. Morgan Self-Directed Investing
  • check_box_outline_blankcheck_boxMerrill Edge
  • check_box_outline_blankcheck_boxRobinhood
  • check_box_outline_blankcheck_boxSofi Invest
  • check_box_outline_blankcheck_boxtastytrade
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTradeStation
  • check_box_outline_blankcheck_boxTradier
  • check_box_outline_blankcheck_boxVanguard
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Compare

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Overall RatingMerrill EdgeCharles Schwab
Overall 5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 5/5 Stars
Customer Service 4.0/5 Stars 4.5/5 Stars
Education 5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review Merrill Edge Review Charles Schwab Review
Trading FeesMerrill EdgeCharles Schwab
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) N/A $6.95
Mutual Fund Trade Fee $19.95 Varies
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.65
Futures (Per Contract) N/A $2.25
Broker Assisted Trade Fee $29.95 $25
Margin RatesMerrill EdgeCharles Schwab
Margin Rate Under $25,000 Varies 13.08%
Margin Rate $25,000 to $49,999.99 Varies 12.58%
Margin Rate $50,000 to $99,999.99 Varies 11.63%
Margin Rate $100,000 to $249,999.99 Varies 11.58%
Margin Rate $250,000 to $499,999.99 Varies 11.33%
Margin Rate $500,000 to $999,999.99 Varies Varies info
Margin Rate Above $1,000,000 Varies Varies info
Account FeesMerrill EdgeCharles Schwab
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $49.95 $0.00
Account Transfer Out (Partial) $0.00 $25.00
Account Transfer Out (Full) $49.95 $50.00
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment OptionsMerrill EdgeCharles Schwab
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares No Yes
OTC Stocks Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 4
Futures Trading No Yes
Forex Trading No No
Crypto Trading No No
Crypto Trading - Total Coins 0 0
Mutual Funds (No Load) 2952 14996
Mutual Funds (Total) 3466 17912
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services Yes Yes
International Countries (Stocks) 0 12
Order TypesMerrill EdgeCharles Schwab
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 No Yes
Order Type - OTO No Yes
Order Type - Broker Assisted Yes Yes
BeginnersMerrill EdgeCharles Schwab
Education (Stocks) Yes Yes
Education (ETFs) Yes Yes
Education (Options) Yes Yes
Education (Mutual Funds) Yes No
Education (Bonds) Yes Yes
Education (Retirement) Yes Yes
Retirement Calculator Yes Yes
Investor Dictionary Yes Yes
Paper Trading No No
Videos Yes Yes
Webinars Yes Yes
Webinars (Archived) Yes Yes
Progress Tracking No No
Interactive Learning - Quizzes Yes No
Stock Trading AppsMerrill EdgeCharles Schwab
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
SB Gallery - Mobile Apps
Stock App FeaturesMerrill EdgeCharles Schwab
Market Movers (Top Gainers) Yes Yes
Stream Live TV No Yes
Videos on Demand No Yes
Stock Alerts Yes No
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) Yes No
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization No No
Watch Lists - Total Fields 285 130
Stock App ChartingMerrill EdgeCharles Schwab
Charting - After-Hours No No
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 34 32
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons Yes Yes
Trading PlatformsMerrill EdgeCharles Schwab
Active Trading Platform Merrill Edge Market Pro StreetSmart Edge
Desktop Trading Platform No Yes
Desktop Platform (Mac) No No
Web Trading Platform Yes Yes
Paper Trading No No
Trade Journal No Yes
Watch Lists - Total Fields 285 130
Stock Chart FeaturesMerrill EdgeCharles Schwab
Charting - Adjust Trades on Chart Yes Yes
Charting - Indicators / Studies 104 41
Charting - Drawing Tools 23 15
Charting - Notes Yes Yes
Charting - Index Overlays Yes Yes
Charting - Historical Trades Yes No
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 8 7
Charting - Custom Studies No No
Day TradingMerrill EdgeCharles Schwab
Streaming Time & Sales Yes Yes
Streaming TV No Yes
Direct Market Routing - Stocks No Yes
Ladder Trading No No
Trade Hot Keys No Yes
Level 2 Quotes - Stocks Yes Yes
Trade Ideas - Backtesting Yes Yes
Trade Ideas - Backtesting Adv No No
Short Locator No Yes
Order Liquidity Rebates No No
Research OverviewMerrill EdgeCharles Schwab
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 ResearchMerrill EdgeCharles Schwab
Stock Research - PDF Reports 3 7
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes Yes
Stock Research - Social No Yes
Stock Research - News Yes Yes
Stock Research - ESG Yes Yes
Stock Research - SEC Filings Yes Yes
ETF ResearchMerrill EdgeCharles Schwab
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 ResearchMerrill EdgeCharles Schwab
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 TradingMerrill EdgeCharles Schwab
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 68 44
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 No Yes
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
BankingMerrill EdgeCharles Schwab
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 ServiceMerrill EdgeCharles Schwab
Phone Support (Prospect Customers) No Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) Yes No
Live Chat (Current Customers) Yes Yes
24/7 Support Yes Yes
OverallMerrill EdgeCharles Schwab
Overall 5/5 Stars 4.5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 5/5 Stars
Platforms & Tools 4.5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 5/5 Stars
Education 5/5 Stars 4.5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review Merrill Edge Review Charles Schwab Review
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Merrill Edge vs Charles Schwab 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 Charles Schwab.

Is Merrill Edge or Charles Schwab better for beginners?

Merrill Edge offers more comprehensive new investor education for beginner investors than Charles Schwab. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while Charles Schwab offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement). Neither have Paper Trading. See our guide to Best Paper Trading Platforms for more.

What about Merrill Edge vs Charles Schwab pricing?

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

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

Merrill Edge offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds and Advisor Services, while Charles Schwab offers investors access to Stock Trading, Fractional Shares, Options Trading, OTC Stocks, Mutual Funds, Futures Trading 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 7168 and Merrill Edge offering 3095.

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

To compare the trading platforms of Merrill Edge and Charles Schwab, 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 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 available to customers of Merrill Edge and Charles Schwab.

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 Charles Schwab good?

As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

Merrill Edge vs Charles Schwab Winner

Overall winner: Merrill Edge

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