Is Firstrade better than Merrill Edge? After testing 15 of the best online brokers over five months, Merrill Edge (88.87%) is better than Firstrade (76.33%). Backed by parent company Bank of America, Merrill Edge delivers $0 stock and ETF trades with fantastic research and customer service. Better yet, for current banking customers, Merrill Edge's Preferred Rewards program offers the best rewards benefits across the industry.
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Firstrade vs Merrill Edge 2020
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Special Offer
Commission-Free Trading on 700+ ETFs Open Account
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Special Offer
Get up to $600 when you invest in a new Merril Edge Self-Directed account. Open Account
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| Open Account | Open Account |
Overall Rating
| Feature | Firstrade | Merrill Edge |
| Overall | ||
| Firstrade Review | Merrill Edge Review |
Trading Fees
| Feature | Firstrade | Merrill Edge |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trade Fee (per trade) | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 |
| Options Base Fee | $0.00 | $0.00 |
| Options Per Contract Fee | $0.00 | $0.65 |
| Mutual Fund Trade Fee | $0.00 | $19.95 |
| Broker Assisted Trades Fee | $19.95 | $29.95 |
| Commissions & Fees | ||
| Winner | check_circle |
Margin Rates
| Feature | Firstrade | Merrill Edge |
| Under $24,999.99 | 9.00% | 10.13% |
| $25,000.00 to $49,999.99 | 8.75% | 9.00% |
| $50,000.00 to $99,999.99 | 8.25% | 9.00% |
| $100,000.00 to $249,999.99 | 7.75% | 7.63% |
| $250,000.00 to $499,999.99 | 7.50% | 7.63% |
| $500,000.00 to $999,999.99 | 5.60% | 7.38% |
| Above $1,000,000.00 | 5.00% | 6.75% |
| Commissions & Fees | ||
| Winner | check_circle |
Account Fees
| Feature | Firstrade | Merrill Edge |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $0.00 | $49.95 |
| Returned ACH Fee | $50.00 | $30.00 |
| Returned Wire Fee | $50.00 | N/A |
| Stock Certificate Processing Fee | $300.00 | $500.00 |
| Stock Certificate Delivery Fee | $300.00 | N/A |
| Paper Statement Fee | $5.00 | $5.00 |
| Paper Confirmation Fee | $3.00 | $3.00 |
| Domestic Wire Fee | $30.00 | $24.95 |
| International Wire Fee | $50.00 | $24.95 |
| Commissions & Fees |
Investment Options
| Feature | Firstrade | Merrill Edge |
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Stock Trading |
Yes | Yes |
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Fractional Shares |
No | No |
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OTCBB / Pink Sheets |
Yes | Yes |
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Options Trading |
Yes | Yes |
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Complex Options Max Legs |
4 | 2 |
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Futures Trading |
No | No |
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Forex Trading |
No | No |
| Commission-Free ETFs | all | all |
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Mutual Funds (No Load) |
10746 | 2471 |
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Mutual Funds (Total) |
14939 | 3709 |
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Bonds (US Treasury) |
Yes | Yes |
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Bonds (Corporate) |
Yes | Yes |
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Bonds (Municipal) |
Yes | Yes |
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Interest Sharing |
No | No |
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Advisor Services |
No | Yes |
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International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | Firstrade | Merrill Edge |
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Order Type - Market |
Yes | Yes |
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Order Type - Limit |
Yes | Yes |
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Order Type - Stop |
Yes | Yes |
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Order Type - Trailing Stop |
Yes | Yes |
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Order Type - Contingent |
Yes | No |
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Order Type - MultiContingent |
Yes | No |
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Order Type - OCO |
Yes | No |
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Order Type - OTO |
Yes | No |
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Order Type - OTOCO |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | Firstrade | Merrill Edge |
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Desktop Platform (Windows) |
No | Yes |
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Desktop Platform (Mac) |
No | Yes |
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Web Platform |
Yes | Yes |
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Paper Trading |
No | No |
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Trade Journal |
No | No |
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Watch Lists - Total Fields |
47 | 285 |
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Heat Mapping |
Yes | Yes |
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AI Assistant Bot |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | Firstrade | Merrill Edge |
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Charting - Trade Off Chart |
No | Yes |
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Charting - Indicators / Studies |
58 | 100 |
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Charting - Drawing Tools |
8 | 22 |
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Charting - Historical Trades |
No | Yes |
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Charting - Corporate Events |
Yes | Yes |
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Charting - Automated Analysis |
No | Yes |
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Charting - Save Profiles |
No | Yes |
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Charting - Study Customizations |
6 | 8 |
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Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | Firstrade | Merrill Edge |
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Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
No | Yes |
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Streaming Time & Sales |
No | Yes |
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Streaming TV |
No | No |
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Direct Market Routing - Stocks |
No | No |
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Direct Market Routing - Options |
No | No |
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Ladder Trading |
No | No |
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Trade Hot Keys |
No | Yes |
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Level 2 Quotes - Stocks |
No | Yes |
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Level 2 Quotes - Options |
No | Yes |
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Trade Ideas - Backtesting |
No | Yes |
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Short Locator |
No | No |
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Order Liquidity Rebates |
No | No |
| Winner | check_circle |
Mobile Trading Apps
| Feature | Firstrade | Merrill Edge |
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iPhone App |
Yes | Yes |
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Android App |
Yes | Yes |
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Apple Watch App |
No | Yes |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | Yes |
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Trading - Conditional Orders |
No | No |
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Trading - Mutual Funds |
No | Yes |
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Trading - Simple Options |
Yes | Yes |
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Trading - Complex Options |
Yes | Yes |
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Trading - Option Rolling |
No | No |
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Touch / Face ID |
Yes | Yes |
| Winner | check_circle |
Mobile App Features
| Feature | Firstrade | Merrill Edge |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts |
No | Yes |
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Charting - After Hours |
No | Yes |
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Charting - Drawing |
No | Yes |
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Charting - Study Customizations |
Yes | Yes |
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Heatmapping |
No | Yes |
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Stream Live TV |
No | No |
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Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
Research Overview
| Feature | Firstrade | Merrill Edge |
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Research - Stocks |
Yes | Yes |
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Research - ETFs |
Yes | Yes |
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Research - Mutual Funds |
Yes | Yes |
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Research - Pink Sheets / OTCBB |
Yes | Yes |
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Research - Fixed Income |
Yes | Yes |
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Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | Yes |
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Screener - Mutual Funds |
Yes | Yes |
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Screener - Options |
No | Yes |
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Screener - Bonds |
Yes | Yes |
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Misc - Portfolio Builder |
No | Yes |
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Misc - Portfolio Allocation |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | Firstrade | Merrill Edge |
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Stock Research - Reports |
1 | 3 |
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Stock Research - Earnings |
Yes | Yes |
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Stock Research - Insiders |
Yes | Yes |
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Stock Research - Metric Comp |
Yes | Yes |
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Stock Research - SEC Filings |
Yes | Yes |
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Stock Research - Social |
No | No |
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Stock Research - Balance Sheet |
Yes | Yes |
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Stock Research - Cash Flows |
Yes | Yes |
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Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
No | Yes |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | Firstrade | Merrill Edge |
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ETFs - Strategy Overview |
Yes | Yes |
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ETFs - Top 10 Holdings |
Yes | Yes |
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ETFs - Sector Exposure |
Yes | Yes |
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ETFs - Risk Analysis |
Yes | Yes |
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ETFs - Performance Analysis |
Yes | Yes |
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ETFs - Ratings |
Yes | Yes |
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ETFs - Morningstar StyleMap |
Yes | Yes |
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ETFs - Reports |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | Firstrade | Merrill Edge |
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Mutual Funds - Strategy Overview |
Yes | Yes |
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Mutual Funds - Prospectus |
Yes | Yes |
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Mutual Funds - Reports |
No | Yes |
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Mutual Funds - Fees Breakdown |
Yes | Yes |
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Mutual Funds - Top 10 Holdings |
Yes | Yes |
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Mutual Funds - Asset Allocation |
Yes | Yes |
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Mutual Funds - Sector Allocation |
Yes | Yes |
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Mutual Funds - Country Allocation |
Yes | Yes |
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Mutual Funds - StyleMap |
Yes | Yes |
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Mutual Funds - 3rd Party Ratings |
Yes | Yes |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | Firstrade | Merrill Edge |
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Option Chains - Streaming |
No | Yes |
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Option Chains - Total Columns |
8 | 69 |
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Option Chains - Greeks |
5 | 5 |
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Option Chains - Quick Analysis |
No | Yes |
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Option Analysis - P&L Charts |
No | Yes |
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Option Probability Analysis |
No | Yes |
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Option Probability Analysis Adv |
No | No |
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Option Positions - Greeks |
No | Yes |
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Option Positions - Adv Analysis |
No | Yes |
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Option Positions - Rolling |
Yes | Yes |
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Option Positions - Grouping |
No | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | Firstrade | Merrill Edge |
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Education (Stocks) |
Yes | Yes |
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Education (ETFs) |
No | Yes |
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Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
No | Yes |
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Education (Fixed Income) |
No | Yes |
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Education (Retirement) |
Yes | Yes |
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Paper Trading |
No | No |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
6 | 0 |
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Webinars (Archived) |
Yes | No |
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Live Seminars |
No | Yes |
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Progress Tracking |
No | Yes |
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Interactive Learning - Quizzes |
No | Yes |
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Investor Magazine |
No | Yes |
| Education | ||
| Winner | check_circle |
Banking
| Feature | Firstrade | Merrill Edge |
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Retail Locations |
1 | 4300 |
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Member FDIC |
No | Yes |
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Checking Accounts |
Yes | Yes |
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Savings Accounts |
No | Yes |
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Credit Cards |
No | Yes |
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Debit Cards |
Yes | Yes |
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Mortgage Loans |
No | Yes |
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No Fee Banking |
No | No |
| Banking | ||
| Winner | check_circle |
Overall
| Feature | Firstrade | Merrill Edge |
| Firstrade Review | Merrill Edge Review | |
| Overall | ||
| Winner | check_circle |
The StockBrokers.com annual broker review assesses more than a dozen different brokers over six months, surfacing the best online stock brokers. This review compares Firstrade vs Merrill Edge. Is Firstrade or Merrill Edge a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. Firstrade and Merrill Edge have equal fees for trading stocks (equities), $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Firstrade's per contract rate of $0 is less than Merrill Edge which charges $0.65. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews.
For our next comparison of these two brokers, being able to trade the way you want is a must. Both Firstrade and Merrill Edge support Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, Firstrade boasts an offering of 14939 mutual funds compared to Merrill Edge's 3709 available funds.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. Firstrade nor Merrill Edge offers virtual trading. For mobile trading, Firstrade and Merrill Edge both have a iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Clients can have Checking Accounts and Debit Cards at Firstrade while customers at Merrill Edge can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Firstrade and Merrill Edge, Merrill Edge is the winner.
All pricing data was obtained from a published web site as of 01/20/2020 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
