Written by StockBrokers.com
In this head to head comparison of Merrill Edge vs Firstrade, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.
Bottom line: In the Merrill Edge vs. Firstrade comparison, both online brokers cover the core investment options most people want—stocks, options, mutual funds, OTC stocks, and margin trading—while neither offers forex, futures, or crypto. Firstrade stands out for fractional share investing, while Merrill Edge stands out for access to advisor services. Both earn 4 out of 5 stars for Range of Investments, with StockBrokers.com ranking Firstrade #5 of 14 brokers and Merrill Edge #7.
Investment choices are similar: each platform supports stock trading, options trading, mutual funds, OTC stocks, and margin trading. Neither broker supports crypto trading (0 coins), forex, or futures, so traders looking for those markets will need another provider. The key product difference is fractional shares—available at Firstrade, not at Merrill Edge.
For accounts and guidance, both Merrill Edge and Firstrade offer Traditional and Roth IRAs. Pick Firstrade if starting small with fractional shares matters most. Choose Merrill Edge if you want the option to work with advisor services alongside your self-directed investing.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Stock Trading | Yes | Yes |
| Account Feature - Margin Trading | Yes | Yes |
| Fractional Shares (Stocks) | No | Yes |
| OTC Stocks | Yes | Yes |
| Mutual Funds | Yes | Yes |
| Options Trading | Yes | Yes |
| Futures Trading | No | No |
| Crypto Trading | No | No |
| Crypto Trading - Total Coins | 0 | 0 |
| Range of Investments |
|
|
Dive deeper: Best Options Trading Platforms for 2026, Best Futures Trading Platforms for 2026
Bottom line: In the Merrill Edge vs Firstrade matchup for trading platforms and tools, Merrill Edge comes out ahead. Both brokers rely on a web platform and skip desktop downloads, paper trading, and trading journals, but Merrill Edge supplies far more features and flexibility. StockBrokers.com rates Merrill Edge 3.5/5 stars (7th of 14) versus Firstrade at 1/5 stars (12th of 14).
Platform access and workflow: Neither broker offers a Windows or Mac desktop platform; each provides a browser-based platform. Watchlists are much deeper at Merrill Edge (up to 285 fields) than at Firstrade (50). Merrill Edge lets you adjust open orders right on the chart and save multiple chart profiles; Firstrade does not. Editing an SMA study offers more tweakable fields at Merrill Edge (8) than at Firstrade (6). Neither broker supports paper trading, a trading journal, or custom studies.
Charting and analysis: Merrill Edge provides 105 technical indicators and 23 drawing tools, edging out Firstrade’s 102 indicators and 8 drawing tools. Merrill Edge also adds handy touches Firstrade lacks, including notes on charts, historical trade markers, corporate events (earnings, splits, dividends), and custom date ranges. Both platforms can display automated chart pattern analysis, but the broader toolset and on-chart controls make Merrill Edge the more capable choice for everyday research and trade management.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Web Trading Platform | Yes | Yes |
| Desktop Trading Platform | No | No |
| Desktop Platform (Mac) | No | No |
| Paper Trading | No | No |
| Watchlists - Total Fields | 285 | 50 |
| Charting - Indicators / Studies | 105 | 102 |
| Charting - Drawing Tools | 23 | 8 |
| Advanced Trading |
|
|
Dive deeper: Best Stock Brokers for 2026, Best Paper Trading Apps & Platforms for 2026
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Merrill Edge vs Firstrade for investor education: Merrill Edge is the stronger choice for beginners and self-taught investors. It earns 4 out of 5 stars for education and ranks #6 of 14 brokers on StockBrokers.com, while Firstrade scores 2.5 stars and ranks #13. If you want a wider set of lessons and learning tools, Merrill Edge covers more ground.
Both brokers teach stocks and options and offer educational videos and webinars. Merrill Edge also includes ETF, mutual fund, and bond education, plus quizzes to test what you’ve learned. Firstrade does not provide ETF, mutual fund, or bond education, and it lacks quizzes. Neither platform offers paper trading or a way to track your learning progress. For most new investors, Merrill Edge feels like the more complete classroom; Firstrade works if you only need the basics.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Education (Stocks) | Yes | Yes |
| Education (ETFs) | Yes | No |
| Education (Options) | Yes | Yes |
| Education (Mutual Funds) | Yes | No |
| Education (Fixed Income) | Yes | No |
| Videos | Yes | Yes |
| Webinars | Yes | Yes |
| Education |
|
|
Dive deeper: Best Stock Trading Platforms for Beginners of 2026
Merrill Edge vs Firstrade: both stock trading apps cover the essentials and earn 4 out of 5 stars from StockBrokers.com, with Firstrade ranked slightly higher (#8 of 14) than Merrill Edge (#9). Firstrade shines for deeper chart tools and extra watch list controls, while Merrill Edge is confirmed to support after-hours trading on mobile. Neither app includes Apple Watch support, streaming live TV, or on-demand videos.
On mobile access, both brokers offer iPhone and Android apps and allow options trading, streaming quotes, stock alerts, and custom watch lists. Merrill Edge supports after-hours trading in its app; Firstrade’s after-hours mobile availability isn’t specified. Neither app offers streaming live TV or videos on demand.
For charts, both apps allow landscape view, multiple time frames, and the ability to compare stocks on the same chart, but neither supports after-hours charting. Firstrade offers a wider range of technical studies (81 vs Merrill Edge’s 34) and lets you customize watch list columns, something Merrill Edge doesn’t provide.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| iPhone App | Yes | Yes |
| Android App | Yes | Yes |
| Apple Watch App | No | No |
| Stock Alerts | Yes | Yes |
| Charting - After-Hours | No | No |
| Charting - Technical Studies | 34 | 81 |
| Mobile Trading Apps |
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|
Dive deeper: Best Stock Trading Apps for 2026
When assessing online brokers like Merrill Edge and Firstrade, it's crucial to examine their account fees and charges. Both platforms stand out for not requiring a minimum deposit and offering commission-free regular stock trades. However, significant differences arise in options trading costs and certain additional fees. Most notably, Firstrade charges nothing for options contracts, while Merrill Edge imposes a small fee per contract. For those focused on options trading without incurring per-contract fees, Firstrade could be more appealing.
Merrill Edge and Firstrade have different approaches to margin interest rates and additional charges. Firstrade has set margin interest rates ranging from 12.00% to 12.75% depending on the balance, while Merrill Edge's rates vary. Additionally, while both platforms offer free IRA annual maintenance, Merrill Edge has a $49.95 fee for closing an IRA, which Firstrade does not charge. On the other hand, Merrill Edge offers free account transfers, whereas Firstrade charges for both partial and full transfers.
Overall, both Merrill Edge and Firstrade cater to fee-conscious investors, yet their specific fees and charges may sway your decision depending on your trading priorities. Firstrade offers a significant advantage for frequent options traders with its $0 options contract fee, while Merrill Edge provides an edge with no fees for account transfers, which is enticing for those expecting to move accounts. When choosing a broker, it’s essential to match their fee structure with your trading habits to maximize value.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.00 |
| Options Exercise Fee | $0.00 | $0.00 |
| Options Assignment Fee | $0.00 | $0.00 |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $49.95 | $0.00 |
Dive deeper: Best Free Trading Platforms for 2026
When comparing Merrill Edge and Firstrade for day trading, there are some clear differences in their offerings. Merrill Edge provides streaming time and sales data for stocks, a critical feature for active traders who need up-to-the-minute information. In contrast, Firstrade does not offer this capability, which may be limiting for day traders looking for detailed stock insights. Additionally, Merrill Edge supports level 2 quotes, offering a deeper view into market activity than Firstrade, which lacks this feature. For traders interested in backtesting strategies, Merrill Edge allows basic strategy backtesting, whereas Firstrade does not offer any backtesting options, potentially hindering those looking to test and refine their trading strategies.
Both platforms share several limitations. Neither offers streaming live TV or direct market routing, features that can be crucial for certain traders seeking comprehensive market analysis and order routing options. Ladder trading and trading hotkeys, which can enhance the efficiency of trade execution, are also absent in both platforms. Additionally, neither provides a short locator tool or order liquidity rebates. These shared shortfalls suggest that while Merrill Edge might have an edge over Firstrade in specific functionalities like time and sales data and level 2 quotes, traders seeking advanced tools and flexibility may need to consider these limitations in their decision-making process.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Streaming Time & Sales | Yes | No |
| Streaming TV | No | No |
| Direct Market Routing - Equities | No | No |
| Level 2 Quotes - Stocks | Yes | No |
| Trade Ideas - Backtesting | Yes | No |
| Trade Ideas - Backtesting Adv | No | No |
| Short Locator | No | No |
Dive deeper: Best Day Trading Platforms of 2026 for Beginners and Active Traders
Merrill Edge vs. Firstrade market research: Merrill Edge takes a slight lead for most investors who want classic analyst coverage and fund depth. It earns 4.5 out of 5 stars and ranks #4 of 14 brokers for research on StockBrokers.com, ahead of Firstrade’s 4 stars and #6 rank. Both platforms cover stocks, ETFs, mutual funds, OTC/pink sheets, and bonds, and both offer ESG data and portfolio allocation views, but Merrill Edge delivers more downloadable reports while Firstrade adds social media sentiment for stock ideas.
Each broker supplies stock, ETF, mutual fund, and bond screeners for trade ideas. You can research every major asset class on either platform, including pink sheets/OTCBB and bonds. For downloadable PDFs, Merrill Edge provides three stock research reports and also offers ETF and mutual fund reports; Firstrade supplies one stock report and ETF reports, but no mutual fund PDFs.
Pick Merrill Edge if you value more analyst PDFs and stronger mutual fund research alongside ESG insights and allocation tracking. Choose Firstrade if social media sentiment is important to your stock research, while still keeping access to screeners and research across ETFs, mutual funds, bonds, and OTC securities.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Research - Stocks | Yes | Yes |
| Screener - Stocks | Yes | Yes |
| Research - ETFs | Yes | Yes |
| Screener - ETFs | Yes | Yes |
| Research - Mutual Funds | Yes | Yes |
| Screener - Mutual Funds | Yes | Yes |
| Research - Fixed Income | Yes | Yes |
| Screener - Fixed Income | Yes | Yes |
| Research |
|
|
When comparing the banking features of Merrill Edge and Firstrade, several distinctions stand out between these two online brokers. Merrill Edge provides a broader range of services, offering both checking and savings accounts, in addition to debit and credit cards. Customers seeking loan options will find mortgage loans available through Merrill Edge, enhancing its banking versatility. Furthermore, Merrill Edge provides Certificates of Deposit (CDs), balancing traditional banking needs with investment options. Firstrade also offers checking accounts, debit cards, and CDs, but it lacks savings accounts, credit cards, and mortgage loan options, which might limit users looking for comprehensive banking services within a single broker. Overall, while both brokers provide fundamental banking services, Merrill Edge offers a more complete solution for those needing an all-rounded banking experience.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Checking Accounts | Yes | Yes |
| Savings Accounts | Yes | No |
| Debit Cards | Yes | Yes |
| Credit Cards | Yes | No |
| Mortgage Loans | Yes | No |
| Brokerage CDs | Yes | Yes |
Dive deeper: Best Brokerage Checking Accounts for 2026
After opening live accounts and testing 14 of the best online brokers, our research and live account testing finds that Merrill Edge is better than Firstrade. Merrill Edge finished with an overall score of 81.9%, while Firstrade finished with a score of 67.8%.
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.
Both Merrill Edge and Firstrade do not offer crypto trading, with zero cryptocurrencies available on each platform.
Dive deeper: Best Online Brokers for Crypto Trading in 2026
Both Merrill Edge and Firstrade offer traditional and Roth IRA accounts with no annual fees, making them attractive options for cost-conscious investors. However, while Merrill Edge charges a $49.95 closure fee for IRA accounts, Firstrade allows for IRA account closure at no additional cost, providing more flexibility and savings for account holders.
Dive deeper: Best IRA Accounts for 2026
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| Review | Merrill Edge Review | Firstrade Review |
| Broker Screenshots | Merrill Edge | Firstrade | |
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| Broker Gallery (click to expand) |
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| Trading Fees | Merrill Edge | Firstrade | |
|---|---|---|---|
| Minimum Deposit | $0.00 | $0.00 | |
| Stock Trades | $0.00 | $0.00 | |
| Penny Stock Fees (OTC) | N/A | $0.00 | |
| Mutual Fund Trade Fee | Varies | $0 | |
| Options (Per Contract) | $0.65 | $0.00 | |
| Futures (Per Contract) | (Not offered) | (Not offered) | |
| Broker Assisted Trade Fee | $29.95 | $19.95 |
| Margin Rates | Merrill Edge | Firstrade | |
|---|---|---|---|
| Margin Rate Under $25,000 | Varies | 12.75% | |
| Margin Rate $25,000 to $49,999.99 | Varies | 12.50% | |
| Margin Rate $50,000 to $99,999.99 | Varies | 12.00% | |
| Margin Rate $100,000 to $249,999.99 | Varies | 11.50% | |
| Margin Rate $250,000 to $499,999.99 | Varies | 11.25% | |
| Margin Rate $500,000 to $999,999.99 | Varies | 9.35% | |
| Margin Rate Above $1,000,000 | Varies | 8.75% |
| Account Fees | Merrill Edge | Firstrade | |
|---|---|---|---|
| IRA Annual Fee | $0.00 | $0.00 | |
| IRA Closure Fee | $49.95 | $0.00 | |
| Account Transfer Out (Partial) | $0.00 | $55.00 | |
| Account Transfer Out (Full) | $0.00 | $75.00 | |
| Options Exercise Fee | $0.00 | $0.00 | |
| Options Assignment Fee | $0.00 | $0.00 |
| Investment Options | Merrill Edge | Firstrade | |
|---|---|---|---|
| Stock Trading | Yes | Yes | |
| Account Feature - Margin Trading | Yes | Yes | |
| Fractional Shares (Stocks) | No | Yes | |
| OTC Stocks | Yes | Yes | |
| Options Trading | Yes | Yes | |
| Complex Options Max Legs | 4 | 4 | |
| Futures Trading | No | No | |
| Forex Trading | No | No | |
| Crypto Trading | No | No | |
| Crypto Trading - Total Coins | 0 | 0 | |
| Fixed Income (Treasurys) | Yes | Yes | |
| Fixed Income (Corporate Bonds) | Yes | Yes | |
| Fixed Income (Municipal Bonds) | Yes | Yes | |
| Traditional IRAs | Yes | Yes | |
| Roth IRAs | Yes | Yes | |
| Advisor Services | Yes | No | |
| International Countries (Stocks) | 0 | 0 |
| Order Types | Merrill Edge | Firstrade | |
|---|---|---|---|
| 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 |
| Beginners | Merrill Edge | Firstrade | |
|---|---|---|---|
| Education (Stocks) | Yes | Yes | |
| Education (ETFs) | Yes | No | |
| Education (Options) | Yes | Yes | |
| Education (Mutual Funds) | Yes | No | |
| Education (Fixed Income) | Yes | No | |
| Education (Retirement) | Yes | Yes | |
| Retirement Calculator | Yes | Yes | |
| Investor Dictionary | Yes | Yes | |
| Paper Trading | No | No | |
| Videos | Yes | Yes | |
| Webinars | Yes | Yes | |
| Progress Tracking | No | No | |
| Interactive Learning - Quizzes | Yes | No |
| Stock Trading Apps | Merrill Edge | Firstrade | |
|---|---|---|---|
| iPhone App | Yes | Yes | |
| Android App | Yes | Yes | |
| Apple Watch App | No | No | |
| 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 | Yes |
| Stock App Features | Merrill Edge | Firstrade | |
|---|---|---|---|
| Mobile Research - Market Movers | Yes | Yes | |
| Stream Live TV | No | No | |
| Videos on Demand | No | No | |
| Stock Alerts | Yes | Yes | |
| Option Chains Viewable | Yes | Yes | |
| Watchlist (Real-time) | Yes | Yes | |
| Watchlist (Streaming) | Yes | Yes | |
| Mobile Watchlists - Create & Manage | Yes | Yes | |
| Mobile Watchlists - Column Customization | No | Yes |
| Stock App Charting | Merrill Edge | Firstrade | |
|---|---|---|---|
| Charting - After-Hours | No | No | |
| Charting - Can Turn Horizontally | Yes | Yes | |
| Charting - Multiple Time Frames | Yes | Yes | |
| Charting - Technical Studies | 34 | 81 | |
| Charting - Study Customizations | Yes | Yes | |
| Charting - Stock Comparisons | Yes | Yes |
| Trading Platforms | Merrill Edge | Firstrade | |
|---|---|---|---|
| Active Trading Platform | Merrill Edge Market Pro | N/A | |
| Desktop Trading Platform | No | No | |
| Desktop Platform (Mac) | No | No | |
| Web Trading Platform | Yes | Yes | |
| Paper Trading | No | No | |
| Trade Journal | No | No | |
| Watchlists - Total Fields | 285 | 50 |
| Stock Chart Features | Merrill Edge | Firstrade | |
|---|---|---|---|
| Charting - Adjust Trades on Chart | Yes | No | |
| Charting - Indicators / Studies | 105 | 102 | |
| Charting - Drawing Tools | 23 | 8 | |
| Charting - Notes | Yes | No | |
| Charting - Historical Trades | Yes | No | |
| Charting - Corporate Events | Yes | No | |
| Charting - Custom Date Range | Yes | No | |
| Charting - Custom Time Bars | Yes | No | |
| Charting - Automated Analysis | Yes | Yes | |
| Charting - Save Profiles | Yes | No | |
| Trade Ideas - Technical Analysis | Yes | Yes | |
| Charting - Study Customizations | 8 | 6 | |
| Charting - Custom Studies | No | No |
| Day Trading | Merrill Edge | Firstrade | |
|---|---|---|---|
| Streaming Time & Sales | Yes | No | |
| Streaming TV | No | No | |
| Direct Market Routing - Equities | No | No | |
| Ladder Trading | No | No | |
| Trade Hot Keys | No | No | |
| Level 2 Quotes - Stocks | Yes | No | |
| Trade Ideas - Backtesting | Yes | No | |
| Trade Ideas - Backtesting Adv | No | No | |
| Short Locator | No | No | |
| Order Liquidity Rebates | No | No |
| Research Overview | Merrill Edge | Firstrade | |
|---|---|---|---|
| Research - Stocks | Yes | Yes | |
| Research - ETFs | Yes | Yes | |
| Research - Mutual Funds | Yes | Yes | |
| Research - Pink Sheets / OTCBB | Yes | Yes | |
| Research - Fixed Income | Yes | Yes | |
| Screener - Stocks | Yes | Yes | |
| Screener - ETFs | Yes | Yes | |
| Screener - Mutual Funds | Yes | Yes | |
| Screener - Fixed Income | Yes | Yes | |
| Portfolio Asset Allocation | Yes | Yes |
| Stock Research | Merrill Edge | Firstrade | |
|---|---|---|---|
| Stock Research - PDF Reports | 3 | 1 | |
| 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 Research | Merrill Edge | Firstrade | |
|---|---|---|---|
| ETFs - Investment Objective | Yes | Yes | |
| ETF Fund Facts - Inception Date | Yes | Yes | |
| ETF Fund Facts - Expense Ratio | Yes | Yes | |
| ETF Fund Facts - Total 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 | Merrill Edge | Firstrade | |
|---|---|---|---|
| Mutual Funds - Investment Objective | 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 | Merrill Edge | Firstrade | |
|---|---|---|---|
| Option Chains - Total Greeks | 5 | 5 | |
| Option Analysis - P&L Charts | Yes | Yes |
| Banking | Merrill Edge | Firstrade | |
|---|---|---|---|
| Bank (Member FDIC) | Yes | No | |
| Checking Accounts | Yes | Yes | |
| Savings Accounts | Yes | No | |
| Credit Cards | Yes | No | |
| Debit Cards | Yes | Yes | |
| Mortgage Loans | Yes | No |
| Customer Service | Merrill Edge | Firstrade | |
|---|---|---|---|
| Phone Support (Prospective Customers) | Yes | Yes | |
| Phone Support (Current Customers) | Yes | Yes | |
| Email Support | No | Yes | |
| Live Chat (Prospective Customers) | Yes | Yes | |
| Live Chat (Current Customers) | Yes | Yes | |
| 24/7 Support | Yes | No |
| Overall | Merrill Edge | Firstrade | |
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| Ease of Use |
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| Winner | check_circle | ||
| Review | Merrill Edge Review | Firstrade Review |
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