Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 4,000 data points, let's compare Firstrade vs Merrill Edge.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Merrill Edge charges $6.95 per stock trade which is $6.95 more than Firstrade which charges customers $0 per trade. For options trading, Merrill Edge has a base fee of $6.95, and Firstrade a base fee of $0. Option contracts are pricier at Merrill Edge, costing $0.75 versus $0 at Firstrade. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. Both Firstrade and Merrill Edge support Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Firstrade boasts an offering of 12603 mutual funds compared to Merrill Edge's 3709 available funds.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Neither broker offers virtual trading. Taking a look at mobile trading, Firstrade along with Merrill Edge both support the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts and Debit Cards are available to clients of Firstrade while Merrill Edge offers customers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Firstrade and Merrill Edge, Merrill Edge is the winner
Merrill Edge Review