Is Interactive Brokers better than Merrill Edge? After testing 11 of the best online brokers over three months, Interactive Brokers (95.07%) is better than Merrill Edge (91.72%). Once again, in 2021, Interactive Brokers is our top pick for professionals because of its institutional-grade desktop trading platform and rock bottom margin rates. Professionals aside, Interactive Brokers also appeals to casual investors with $0 trades and its user-friendly web platform.
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Interactive Brokers vs Merrill Edge 2021
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Overall Rating
| Feature | Interactive Brokers | Merrill Edge |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Interactive Brokers Review | Merrill Edge Review | |
| Winner | check_circle |
Trading Fees
| Feature | Interactive Brokers | Merrill Edge |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 |
| Mutual Fund Trade Fee | $14.95 | $19.95 |
| Options (Base Fee) | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.65 |
| Futures (Per Contract) | $0.85 | N/A |
| Broker Assisted Trade Fee | $30.00 | $29.95 |
Margin Rates
| Feature | Interactive Brokers | Merrill Edge |
| Under $24,999.99 | 1.58% | 8.63% |
| $25,000.00 to $49,999.99 | 1.58% | 7.50% |
| $50,000.00 to $99,999.99 | 1.58% | 7.50% |
| $100,000.00 to $249,999.99 | 1.08% | N/A |
| $250,000.00 to $499,999.99 | 1.08% | N/A |
| $500,000.00 to $999,999.99 | 1.08% | N/A |
| Above $1,000,000.00 | 0.75% | N/A |
Account Fees
| Feature | Interactive Brokers | Merrill Edge |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $0.00 | $49.95 |
|
Account Transfer Out (Partial) |
$0.00 | $0.00 |
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Account Transfer Out (Full) |
$0.00 | $49.95 |
Investment Options
| Feature | Interactive Brokers | Merrill Edge |
|
Stock Trading |
Yes | Yes |
|
Fractional Shares |
Yes | No |
|
OTCBB / Pink Sheets |
Yes | Yes |
|
Options Trading |
Yes | Yes |
|
Complex Options Max Legs |
6 | 2 |
|
Futures Trading |
Yes | No |
|
Forex Trading |
No | No |
|
Crypto Trading |
Yes | No |
|
Crypto Trading - Total Coins |
4 | 0 |
|
Mutual Funds (No Load) |
10882 | 2952 |
|
Mutual Funds (Total) |
11160 | 3466 |
|
Bonds (US Treasury) |
Yes | Yes |
|
Bonds (Corporate) |
Yes | Yes |
|
Bonds (Municipal) |
Yes | Yes |
|
Advisor Services |
No | Yes |
|
International Trading |
Yes | No |
Order Types
| Feature | Interactive Brokers | Merrill Edge |
|
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 |
Yes | No |
|
Order Type - OTO |
Yes | No |
|
Order Type - Broker Assisted |
Yes | Yes |
Beginners
| Feature | Interactive Brokers | Merrill Edge |
|
Education (Stocks) |
Yes | Yes |
|
Education (ETFs) |
Yes | Yes |
|
Education (Options) |
Yes | Yes |
|
Education (Mutual Funds) |
No | Yes |
|
Education (Bonds) |
Yes | Yes |
|
Education (Retirement) |
Yes | Yes |
|
Retirement Calculator |
No | Yes |
|
Investor Dictionary |
Yes | Yes |
|
Paper Trading |
Yes | No |
|
Videos |
Yes | Yes |
|
Webinars (Monthly Avg) |
20 | 1 |
|
Webinars (Archived) |
Yes | Yes |
|
Progress Tracking |
Yes | No |
|
Interactive Learning - Quizzes |
Yes | Yes |
Stock Trading Apps
| Feature | Interactive Brokers | Merrill Edge |
|
iPhone App |
Yes | Yes |
|
Android App |
Yes | Yes |
|
Apple Watch App |
Yes | Yes |
|
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 |
Yes | No |
Stock App Features
| Feature | Interactive Brokers | Merrill Edge |
|
Market Movers (Top Gainers) |
Yes | Yes |
|
Stream Live TV |
Yes | No |
|
Videos on Demand |
Yes | 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 |
Yes | No |
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Watch List - Column Filtering |
Yes | Yes |
Stock App Charting
| Feature | Interactive Brokers | Merrill Edge |
|
Charting - After-Hours |
Yes | No |
|
Charting - Can Turn Horizontally |
Yes | Yes |
|
Charting - Multiple Time Frames |
Yes | Yes |
|
Charting - Technical Studies |
70 | 34 |
|
Charting - Study Customizations |
Yes | Yes |
|
Charting - Stock Comparisons |
No | Yes |
Trading Platforms
| Feature | Interactive Brokers | Merrill Edge |
|
Desktop Trading Platform |
Yes | Yes |
|
Web Trading Platform |
Yes | Yes |
|
Paper Trading |
Yes | No |
|
Trade Journal |
Yes | No |
|
Watch Lists - Total Fields |
669 | 285 |
Stock Chart Features
| Feature | Interactive Brokers | Merrill Edge |
|
Charting - Adjust Trades on Chart |
Yes | Yes |
|
Charting - Indicators / Studies |
121 | 104 |
|
Charting - Drawing Tools |
9 | 22 |
|
Charting - Notes |
Yes | Yes |
|
Charting - Index Overlays |
Yes | Yes |
|
Charting - Historical Trades |
Yes | Yes |
|
Charting - Corporate Events |
Yes | Yes |
|
Charting - Custom Date Range |
No | Yes |
|
Charting - Custom Time Bars |
Yes | Yes |
|
Charting - Automated Analysis |
Yes | Yes |
|
Charting - Save Profiles |
Yes | Yes |
|
Trade Ideas - Technical Analysis |
Yes | Yes |
|
Charting - Study Customizations |
6 | 8 |
|
Charting - Custom Studies |
No | No |
Day Trading
| Feature | Interactive Brokers | Merrill Edge |
|
Streaming Time & Sales |
Yes | Yes |
|
Streaming TV |
Yes | No |
|
Direct Market Routing - Stocks |
Yes | No |
|
Ladder Trading |
Yes | No |
|
Trade Hot Keys |
Yes | No |
|
Level 2 Quotes - Stocks |
Yes | Yes |
|
Trade Ideas - Backtesting |
Yes | Yes |
|
Trade Ideas - Backtesting Adv |
Yes | No |
|
Short Locator |
Yes | No |
|
Order Liquidity Rebates |
Yes | No |
Research Overview
| Feature | Interactive Brokers | Merrill Edge |
|
Research - Stocks |
Yes | Yes |
|
Research - ETFs |
Yes | Yes |
|
Research - Mutual Funds |
Yes | Yes |
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Research - Pink Sheets / OTCBB |
Yes | Yes |
|
Research - Bonds |
Yes | Yes |
|
Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | Yes |
|
Screener - Mutual Funds |
Yes | Yes |
|
Screener - Options |
Yes | Yes |
|
Screener - Bonds |
Yes | Yes |
|
Misc - Portfolio Builder |
Yes | Yes |
|
Misc - Portfolio Allocation |
Yes | Yes |
Stock Research
| Feature | Interactive Brokers | Merrill Edge |
|
Stock Research - PDF Reports |
5 | 3 |
|
Stock Research - Earnings |
Yes | Yes |
|
Stock Research - Insiders |
Yes | Yes |
|
Stock Research - SEC Filings |
Yes | Yes |
|
Stock Research - Social |
Yes | No |
|
Stock Research - Balance Sheet |
Yes | Yes |
|
Stock Research - Cash Flows |
Yes | Yes |
|
Stock Research - News |
Yes | Yes |
|
Stock Research - ESG |
Yes | Yes |
ETF Research
| Feature | Interactive Brokers | Merrill Edge |
|
ETFs - Strategy Overview |
Yes | Yes |
|
ETF Fund Facts - Inception Date |
Yes | Yes |
|
ETF Fund Facts - Expense Ratio |
Yes | Yes |
|
ETF Fund Facts - Net Assets |
Yes | Yes |
|
ETF Fund Facts - Total Holdings |
Yes | Yes |
|
ETFs - Top 10 Holdings |
Yes | Yes |
|
ETFs - Performance Analysis |
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
| Feature | Interactive Brokers | Merrill Edge |
|
Mutual Funds - Strategy Overview |
Yes | Yes |
|
Mutual Funds - Performance Chart |
No | Yes |
|
Mutual Funds - Performance Analysis |
Yes | Yes |
|
Mutual Funds - Prospectus |
Yes | Yes |
|
Mutual Funds - PDF Reports |
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 |
|
Mutual Funds - 3rd Party Ratings |
Yes | Yes |
Options Trading
| Feature | Interactive Brokers | Merrill Edge |
|
Option Chains - Basic View |
Yes | Yes |
|
Option Chains - Strategy View |
Yes | Yes |
|
Option Chains - Streaming |
Yes | Yes |
|
Option Chains - Total Columns |
37 | 68 |
|
Option Chains - Greeks |
4 | 5 |
|
Option Positions - Greeks Streaming |
Yes | Yes |
|
Option Chains - Quick Analysis |
Yes | Yes |
|
Option Analysis - P&L Charts |
Yes | Yes |
|
Option Probability Analysis |
Yes | Yes |
|
Option Probability Analysis Adv |
Yes | No |
|
Option Positions - Greeks |
Yes | Yes |
|
Option Positions - Adv Analysis |
Yes | Yes |
|
Option Positions - Rolling |
Yes | Yes |
|
Option Positions - Grouping |
Yes | Yes |
Banking
| Feature | Interactive Brokers | Merrill Edge |
|
Bank (Member FDIC) |
Yes | Yes |
|
Checking Accounts |
Yes | Yes |
|
Savings Accounts |
No | Yes |
|
Credit Cards |
No | Yes |
|
Debit Cards |
Yes | Yes |
|
Mortgage Loans |
No | Yes |
Customer Service
| Feature | Interactive Brokers | Merrill Edge |
|
Phone Support (Prospect Customers) |
Yes | Yes |
|
Phone Support (Current Customers) |
Yes | Yes |
|
Email Support |
Yes | Yes |
|
Live Chat (Prospect Customers) |
No | Yes |
|
Live Chat (Current Customers) |
Yes | Yes |
|
24/7 Support |
No | Yes |
Overall
| Feature | Interactive Brokers | Merrill Edge |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Interactive Brokers Review | Merrill Edge Review | |
| Winner | check_circle |
Comparing brokers side by side is no easy task. For our 2021 annual broker review, we spent hundreds of hours assessing 11 brokerages to find the best online broker. Let's compare Interactive Brokers vs Merrill Edge.
Is Interactive Brokers or Merrill Edge better for beginners?
Merrill Edge is better for beginner investors than Interactive Brokers. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement).
What about Interactive Brokers vs Merrill Edge pricing?
Interactive Brokers and Merrill Edge have equal fees for trading stocks (equities), $0 per trade. With options, the base fee is $0 for both Interactive Brokers and Merrill Edge. Option contracts run $0.65 a piece at both brokerages. For a complete commissions summary, see our best discount brokers guide.
Does Interactive Brokers or Merrill Edge offer a wider range of investment options?
Interactive Brokers offers a more diverse selection of investment options than Merrill Edge. Interactive Brokers offers investors access to Stock Trading, Fractional Shares, OTCBB / Pink Sheets, Options Trading, Mutual Funds, Futures Trading and International Trading. Looking at Mutual Funds, Interactive Brokers boasts an offering of 11160 mutual funds compared to Merrill Edge's 3466 available funds.
Which trading platform is better: Interactive Brokers or Merrill Edge?
To compare the trading platforms of both Interactive Brokers and Merrill Edge, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Interactive Brokers offers a better experience. With research, Interactive Brokers offers superior market research. Finally, we found Interactive Brokers to provide better mobile trading apps.
Does either broker offer banking?
Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Clients can have Checking Accounts and Debit Cards at Interactive Brokers while customers at Merrill Edge can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall winner: Interactive Brokers
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All pricing data was obtained from a published web site as of 01/19/2021 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.
