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.
When deciding between Merrill Edge and Firstrade for your investment needs, both brokerages offer a range of options catering to various types of investors. Merrill Edge is well-suited for individuals who may also benefit from their advisory services, which Firstrade does not provide. Both platforms offer stock, margin, options, OTC stocks, and mutual fund trading, but Firstrade stands out with its availability of fractional shares trading, which Merrill Edge does not offer. Neither broker offers forex, futures, or crypto trading; thus, those looking for cryptocurrency access will need to consider other platforms.
Both Merrill Edge and Firstrade make traditional and Roth IRA accounts available for retirement planning, providing investors with solid options for building their retirement portfolios. The platforms are highly rated in their range of investment options, with both earning 4.5 out of 5 stars. However, when ranked by StockBrokers.com for their range of investments, Firstrade holds a slight edge, securing the #6 spot compared to Merrill Edge's #7 ranking.
Overall, while Merrill Edge may appeal to investors seeking a platform with advisory services, Firstrade offers a slight advantage in terms of investment variety due to its fractional shares capability. Ultimately, the decision between the two will depend on your specific investment goals and whether you prioritize advisory services or the ability to trade fractional shares.
| 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 2025, Best Futures Trading Platforms for 2025: A Beginner-Friendly Guide to an Advanced Market
In the realm of online trading platforms and tools, Merrill Edge outpaces Firstrade in several key areas, ranking 6th out of 14 brokers according to StockBrokers.com, compared to Firstrade's 11th place. This performance difference is mirrored in customer satisfaction with Merrill Edge receiving a 4-star rating versus Firstrade's 3 stars. Investors seeking robust charting capabilities will find Merrill Edge more appealing due to its wider array of technical indicators, drawing tools, and the ability to adjust open orders directly on stock charts.
Both Merrill Edge and Firstrade provide browser-based trading platforms and lack desktop downloadable options for Windows and Mac, limiting offline trading options. Neither platform offers paper trading or trading journals, which might be a drawback for beginners looking to practice or track their trades. However, Merrill Edge impresses with 105 technical indicators and 23 drawing tools, whereas Firstrade offers 102 indicators and just 8 drawing tools, providing a more comprehensive toolset for in-depth analysis on Merrill Edge.
Further distinctions highlight Merrill Edge's enhanced customization and historical data display features. Users can annotate charts, view historical trades, and incorporate corporate event data such as earnings and dividends, capabilities not available with Firstrade. Additionally, Merrill Edge offers the ability to save multiple chart profiles and supports more customization fields in SMA studies than Firstrade. While neither platform supports custom study creation, these extra functionalities provide a richer trading and analysis experience for Merrill Edge users, catering to those who prioritize detail-oriented chart management.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| Web Trading Platform | Yes | Yes |
| Desktop Trading Platform | No | No |
| Desktop Platform (Mac) | No | No |
| Paper Trading | No | No |
| Watch Lists - Total Fields | 285 | 50 |
| Charting - Indicators / Studies | 105 | 102 |
| Charting - Drawing Tools | 23 | 8 |
| Platforms & Tools |
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|
Dive deeper: Best Online Brokers & Trading Platforms for 2025, Best Paper Trading Apps & Platforms for 2025
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When it comes to beginner and investor education, Merrill Edge has a more comprehensive offering compared to Firstrade, though both have their strengths. Merrill Edge stands out by providing education across various areas including stocks, ETFs, options, mutual funds, and bonds. This makes it a versatile choice for newcomers looking to understand a broad range of investment options. Additionally, Merrill Edge supports learning through educational videos and quizzes, which help to reinforce learning. Though they lack webinar support and the ability to track learning progress, their varied educational resources earn them a solid education rating of 4.5 stars and a #5 ranking by StockBrokers.com.
On the other hand, Firstrade offers focused educational opportunities for stocks and options but does not extend its education to ETFs, mutual funds, or bonds. They match Merrill Edge in providing educational videos and even offer webinars, adding an interactive layer to the learning experience. However, Firstrade does not include educational quizzes or the ability to track learning progress. Despite these limitations, they maintain offering a well-rounded educational experience, reflected by their 3.5-star rating for education and #12 ranking by StockBrokers.com. Ultimately, while both platforms serve beginners, Merrill Edge offers a wider variety of educational content, making it potentially more appealing to those seeking a more complete educational package.
| 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 |
| Paper Trading | No | No |
| Videos | Yes | Yes |
| Webinars | No | Yes |
| Education |
|
|
Dive deeper: Best Stock Trading Platforms for Beginners of 2025
When choosing between Merrill Edge and Firstrade for stock trading app capabilities, both platforms offer substantial features, each with its own strengths. Merrill Edge and Firstrade both provide apps for iPhones and Android devices, with identical offerings like mobile options trading, streaming quotes, and customizable watch lists. They are both rated at 4.5 stars, indicating high user satisfaction. However, Merrill Edge ranks slightly higher in overall performance, placed at #6 out of 14 brokers by StockBrokers.com, compared to Firstrade's #9 ranking.
For those who value after-hours trading, Merrill Edge has an advantage as it supports mobile after-hours stock trading. While both platforms lack Apple Watch compatibility and offerings like streaming live TV or on-demand videos, they excel in chart customization. Firstrade, however, surpasses Merrill Edge in technical analysis features, offering 81 technical studies compared to Merrill Edge's 34. Additionally, Firstrade allows users the flexibility to customize watch list columns, a feature not available on Merrill Edge.
Both apps support viewing charts in landscape mode and offer various time frames for chart analysis. The capability to display stock comparisons on charts is also shared, making both apps suitable for detailed stock analysis on the go. Ultimately, the choice between these two platforms may come down to specific user preferences in features like after-hours trading or detailed technical studies in charting.
| 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 2025
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 |
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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 2025 for Beginners and Active Traders
When analyzing market research capabilities, Merrill Edge and Firstrade both present formidable options, though they have unique strengths that cater to different investor needs. Merrill Edge boasts a better overall rating at 5 stars compared to Firstrade’s 4.5 stars, and holds a slightly higher ranking in market research according to StockBrokers.com. Both platforms provide comprehensive research across various asset classes such as stocks, ETFs, mutual funds, and bonds, with the added advantage for Merrill Edge being its higher number of downloadable PDF reports and mutual fund research capabilities.
Both Merrill Edge and Firstrade offer extensive resources for investors, including research on stocks, ETFs, mutual funds, and bonds. They also both allow users to view their portfolio allocation by asset class. A notable difference, however, is that Firstrade includes social media sentiment data in its stock research, while Merrill Edge does not. When it comes to ESG research, both platforms provide thorough analysis, allowing investors to consider environmental, social, and governance factors in their investment strategies.
Both brokerages offer a variety of screeners to help investors identify trade ideas across different investment categories. While Merrill Edge leads in the quantity of research reports, providing three downloadable PDFs for stocks compared to Firstrade's one, only Merrill Edge offers downloadable reports for mutual funds. As for screeners, both platforms cover stocks, ETFs, mutual funds, and bonds, making each a versatile option for investors aiming for a tailored investing experience. Despite their minor differences, each platform has its appeal depending on the specific research features an investor values most.
| 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 2025
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 92.7%, while Firstrade finished with a score of 81.8%.
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 2025
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.
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| Review | Merrill Edge Review | Firstrade Review |
| Broker Screenshots | Merrill Edge | Firstrade | |
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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 | No | 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 | |
|---|---|---|---|
| Market Movers (Top Gainers) | Yes | Yes | |
| Stream Live TV | No | No | |
| Videos on Demand | No | No | |
| Stock Alerts | Yes | Yes | |
| Option Chains Viewable | Yes | Yes | |
| Watch List (Real-time) | Yes | Yes | |
| Watch List (Streaming) | Yes | Yes | |
| Watch Lists - Create & Manage | Yes | Yes | |
| Watch Lists - 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 | |
| Watch Lists - 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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| Winner | check_circle | ||
| Review | Merrill Edge Review | Firstrade Review |
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