Using data from the StockBrokers.com 2017 Broker Review which tested 16 different online brokers
over six months, we can compare ChoiceTrade vs Merrill Edge to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Merrill Edge charges more than ChoiceTrade for placing regular stock trades ($6.95 and $5.00, respectively). With options, the base fees charged are $6.95 (Merrill Edge) and $5.00 (ChoiceTrade). Option contracts are pricier at Merrill Edge, costing $0.75 versus $0.50 at ChoiceTrade. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. ChoiceTrade and Merrill Edge provide clients with Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Merrill Edge offers its clients access to 7649 different mutual funds while ChoiceTrade has 500 available funds, a difference of 7,149. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both ChoiceTrade and Merrill Edge offer 0 commission free ETFs.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade makes virtual trading available to clients, while Merrill Edge does not. For mobile trading, Merrill Edge supports the iPhone App, iPad App and Android App while ChoiceTrade supports the none of these. Online banking is also used by many customers, and multiple full-service brokerages provide these services. 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. All factors considered, when it comes to platform tools, research, and mobile trading, Merrill Edge was rated Best in Class - Research in 2017, while ChoiceTrade was rated none of these.
Overall, Merrill Edge comes out on top with 4.00 stars over ChoiceTrade's 2.00 stars.