Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker. Yielding a database of over 4,000 data points, let's compare ChoiceTrade vs Merrill Edge.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Merrill Edge charges more than ChoiceTrade for placing regular stock trades ($2.95 and $0, respectively). Looking at trading options, ChoiceTrade's base fee is $0 while Merrill Edge's is $2.95. ChoiceTrade's per contract rate of $0.40 is less than Merrill Edge which charges $0.65. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. ChoiceTrade provides its clients with Stock Trading and Options Trading while Merrill Edge provides clients access to Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, ChoiceTrade trails Merrill Edge by 3,709 total mutual funds, with Merrill Edge offering 3709 and ChoiceTrade offering 0.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. ChoiceTrade offers virtual trading while Merrill Edge does not. Taking a look at mobile trading, ChoiceTrade supports the iPhone App and Android App while Merrill Edge supports the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Merrill Edge while customers at ChoiceTrade can have none of these.
Overall, between ChoiceTrade and Merrill Edge, Merrill Edge is the winner.
Merrill Edge Review