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 & Brokers for 2026, Best Futures Trading Platforms for 2026
For trading platforms and tools, Merrill Edge comes out ahead of Firstrade overall, thanks to stronger charting features, more watch list fields, and a better set of tools for active traders. Both brokers offer browser-based platforms, but neither provides a downloadable Windows or Mac desktop platform, and neither includes paper trading or a trading journal. If you want the better all-around experience between these two online brokers, Merrill Edge is the stronger choice.
Looking more closely, Merrill Edge offers much more on the charting side. It supports 105 technical indicators and 23 drawing tools, compared with Firstrade’s 102 indicators and 8 drawing tools. Merrill Edge also lets users adjust open orders directly on a stock chart, add notes, view historical trades, display corporate events like earnings and dividends, and save multiple chart profiles. Firstrade offers some helpful basics too, including custom date ranges and automated chart patterns, but it does not include several of Merrill Edge’s more useful chart features.
Another area where Merrill Edge stands out is watch lists, with 285 fields versus Firstrade’s 50. Firstrade does slightly less well in overall testing and third-party rankings too, earning 1 star and placing #12 out of 14 brokers for trading platforms and tools, while Merrill Edge is rated 3.5 stars and ranks #7 out of 14. For most investors comparing online broker trading tools, Merrill Edge offers the deeper feature set and a more flexible platform experience.
| 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 Brokerage Accounts and Online Stock Brokers for 2026, Best Paper Trading Apps and Simulators 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 Trading Platforms and Brokerage Accounts for Beginners in 2026
Merrill Edge and Firstrade both give mobile traders a well-rounded stock trading app experience, and they are closely matched in the features most investors use every day. Each broker offers iPhone and Android apps, streaming quotes, stock alerts, mobile options trading, after-hours charting, landscape charts, multiple time frames, and stock comparison tools. Both also earn 4 out of 5 stars for stock trading apps, but Firstrade has a slight edge in StockBrokers.com’s rankings, placing 8th out of 14 brokers versus Merrill Edge at 9th. The biggest practical difference is that Firstrade lets users customize watch list columns, while Merrill Edge does not.
On the other hand, Merrill Edge stands out for mobile after-hours stock trading, which Firstrade does not clearly match based on the available information. Neither broker offers an Apple Watch app, streaming live TV, or videos on demand in their mobile apps. Merrill Edge also comes with 34 technical studies for charting, while Firstrade offers 102, giving Firstrade a much wider set of charting tools for traders who like to dig into indicators and patterns on their phones.
Overall, Merrill Edge and Firstrade are both solid choices for mobile stock trading, with few major gaps in day-to-day app features. Merrill Edge may appeal to investors who want after-hours trading on mobile, while Firstrade is the better pick for users who want more charting studies and the ability to fine-tune watch lists. For most stock traders, the better app will come down to whether they value after-hours access or deeper chart customization more.
| Feature |
Merrill Edge
|
Firstrade
|
|---|---|---|
| iPhone App | Yes | Yes |
| Android App | Yes | Yes |
| Apple Watch App | No | No |
| Stock Alerts | Yes | Yes |
| Charting - After-Hours | Yes | Yes |
| Charting - Technical Studies | 34 | 102 |
| Mobile Trading Apps |
|
|
Dive deeper: Best Stock Trading Apps of 2026
For most everyday investing costs, Merrill Edge and Firstrade are both attractive because they each have a $0 minimum deposit, $0 stock trades, and $0 IRA annual fees. Where Merrill Edge comes out ahead is on several extra charges: it offers free partial and full account transfers, has no options exercise or assignment fees, and does not charge an IRA closure fee as low as Firstrade’s $0 may sound, though Firstrade also keeps that charge at zero. Overall, Merrill Edge tends to be the better choice for investors who want to avoid added account and transfer fees, while Firstrade stands out for its $0 options contract pricing.
Looking more closely at options trading, Merrill Edge charges $0.65 per contract, while Firstrade charges $0.00 per contract. That makes Firstrade the cheaper choice for frequent options traders. Both brokers also keep options exercise and assignment fees at $0, so the main difference is the per-contract commission.
Margin costs are another area where the two brokers differ. Merrill Edge’s margin rates vary, while Firstrade lists rates of 12.25% for balances below $25,000, 12.00% for balances from $25,000 to $49,999, and 11.50% for balances from $50,000 to $99,999. For investors who plan to borrow on margin, Firstrade provides clear pricing, but Merrill Edge may be more competitive depending on the account and balance level.
| 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 and Apps for 2026
Merrill Edge and Firstrade both give everyday investors access to the core market research tools most people want, including stock, ETF, mutual fund, pink sheets/OTCBB, and bond research. Each broker also offers portfolio allocation by asset class, plus stock, ETF, mutual fund, and bond screeners to help users find trade ideas. Overall, Merrill Edge has the edge for market research, thanks to a higher StockBrokers.com ranking, a better user rating, and a stronger set of research extras.
Where Merrill Edge stands out is in its research depth for stocks and mutual funds. It offers three downloadable PDF stock reports and downloadable PDF research reports for mutual funds, while Firstrade offers one downloadable PDF stock report and no downloadable PDF mutual fund reports. Merrill Edge also provides downloadable PDF ETF research reports, matching Firstrade in that area.
Firstrade does have a few research features that Merrill Edge does not, including stock research based on social media sentiment and ESG research. Still, Merrill Edge offers more total market research support overall, especially if you want more stock reports and mutual fund research material. For most investors comparing online broker research tools, Merrill Edge comes out ahead, while Firstrade remains a capable choice with a few added data points.
| 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 Brokers with 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.
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0 of 5| Overall Rating | Merrill Edge | Firstrade | |
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| Review | Merrill Edge Review | Firstrade Review |
| Broker Screenshots | Merrill Edge | Firstrade | |
|---|---|---|---|
| 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 | $0.000 | |
| 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 | 12.25% | |
| Margin Rate $25,000 to $49,999.99 | Varies | 12.00% | |
| Margin Rate $50,000 to $99,999.99 | Varies | 11.50% | |
| Margin Rate $100,000 to $249,999.99 | Varies | 11.00% | |
| Margin Rate $250,000 to $499,999.99 | Varies | 10.75% | |
| Margin Rate $500,000 to $999,999.99 | Varies | 8.85% | |
| Margin Rate Above $1,000,000 | Varies | 8.25% |
| 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 | Yes | Yes | |
| Charting - Can Turn Horizontally | Yes | Yes | |
| Charting - Multiple Time Frames | Yes | Yes | |
| Charting - Technical Studies | 34 | 102 | |
| 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 | Yes | |
| 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 | No | 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 | Yes |
| Overall | Merrill Edge | Firstrade | |
|---|---|---|---|
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| Range of Investments |
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