The StockBrokers.com annual review (9 years running) takes six months to complete and produces over 30,000 words of research each year. Here's how we test.
Is Merrill Edge better than Interactive Brokers? After scoring brokers in nine separate categories for our 2019 review, Interactive Brokers (80.99%) is better than Merrill Edge (77.93%).
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| Open Account | Open Account |
| Feature | Interactive Brokers | Merrill Edge |
| Overall | ||
| Interactive Brokers Review | Merrill Edge Review |
| Feature | Interactive Brokers | Merrill Edge |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trade Fee (per trade) | N/A | $6.95 |
| ETF Trade Fee | $0.01 | $6.95 |
| Options Base Fee | $0.00 | $6.95 |
| Options Per Contract Fee | $0.70 | $0.75 |
| Mutual Fund Trade Fee | $14.95 | $19.95 |
| Broker Assisted Trades Fee | $30.00 | $29.95 |
| Commissions & Fees | ||
| Winner | check_circle |
| Feature |
Interactive Brokers
Open Account |
Merrill Edge
Open Account |
| Under $24,999.99 | 3.68% | 10.63% |
| $25,000.00 to $49,999.99 | 3.68% | 9.50% |
| $50,000.00 to $99,999.99 | 3.68% | 9.50% |
| $100,000.00 to $249,999.99 | 3.18% | 8.13% |
| $250,000.00 to $499,999.99 | 3.18% | 8.13% |
| $500,000.00 to $999,999.99 | 3.18% | 7.88% |
| Above $1,000,000.00 | 2.68% | 7.25% |
| Commissions & Fees | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $0.00 | $49.95 |
| Returned ACH Fee | N/A | $30.00 |
| Returned Wire Fee | N/A | N/A |
| Stock Certificate Processing Fee | N/A | $500.00 |
| Stock Certificate Delivery Fee | N/A | N/A |
| Paper Statement Fee | N/A | $5.00 |
| Paper Confirmation Fee | N/A | $3.00 |
| Domestic Wire Fee | $10.00 | $24.95 |
| International Wire Fee | $10.00 | $24.95 |
| Commissions & Fees |
| Feature | Interactive Brokers | Merrill Edge |
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Stock Trading |
Yes | Yes |
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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 |
Yes | No |
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Forex Trading |
No | No |
| Commission-Free ETFs | 48 | 0 |
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Mutual Funds (No Load) |
7558 | 2471 |
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Mutual Funds (Total) |
11000 | 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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Advisor Services |
No | Yes |
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International Trading |
Yes | No |
| Offering of Investments | ||
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
Yes | No |
| Offering of Investments | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Desktop Platform (Windows) |
Yes | Yes |
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Desktop Platform (Mac) |
Yes | Yes |
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Web Platform |
Yes | Yes |
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Paper Trading |
Yes | No |
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Trade Journal |
Yes | No |
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Watch Lists - Total Fields |
453 | 285 |
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Two-Factor Authentication Login |
Yes | Yes |
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Heat Mapping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Charting - Trade Off Chart |
Yes | Yes |
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Charting - Indicators / Studies |
121 | 95 |
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Charting - Drawing Tools |
9 | 22 |
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Charting - Historical Trades |
Yes | 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 |
Yes | Yes |
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Charting - Study Customizations |
6 | 8 |
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Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
Yes | Yes |
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Streaming TV |
Yes | No |
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Direct Market Routing - Stocks |
Yes | No |
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Direct Market Routing - Options |
Yes | No |
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Ladder Trading |
Yes | No |
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Trade Hot Keys |
Yes | Yes |
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Level 2 Quotes - Stocks |
Yes | Yes |
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Level 2 Quotes - Options |
Yes | Yes |
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Trade Ideas - Backtesting |
Yes | Yes |
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Short Locator |
Yes | No |
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Client Liquidity Rebates |
Yes | No |
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
Yes | 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 |
Yes | No |
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Trading - Mutual Funds |
Yes | 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 |
| Feature | Interactive Brokers | Merrill Edge |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts - Basic Fields |
Yes | Yes |
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Charting - After Hours |
Yes | Yes |
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Charting - Drawing |
No | Yes |
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Charting - Study Customizations |
Yes | Yes |
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Customizable Homescreen |
No | Yes |
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Heatmapping |
No | Yes |
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Stream Live TV |
Yes | No |
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Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
No | 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 |
No | Yes |
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Screener - Options |
Yes | Yes |
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Screener - Bonds |
Yes | Yes |
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Misc - Portfolio Builder |
Yes | Yes |
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Misc - Portfolio Allocation |
Yes | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
Yes | 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 |
Yes | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Interactive Brokers | 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 |
No | Yes |
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ETFs - Reports |
Yes | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Mutual Funds - Strategy Overview |
No | Yes |
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Mutual Funds - Prospectus |
Yes | Yes |
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Mutual Funds - Reports |
Yes | Yes |
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Mutual Funds - Fees Breakdown |
Yes | Yes |
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Mutual Funds - Top 10 Holdings |
No | Yes |
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Mutual Funds - Asset Allocation |
No | Yes |
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Mutual Funds - Sector Allocation |
No | Yes |
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Mutual Funds - Country Allocation |
No | Yes |
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Mutual Funds - StyleMap |
No | Yes |
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Mutual Funds - 3rd Party Ratings |
No | Yes |
| Research | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
37 | 69 |
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Option Chains - Greeks |
4 | 5 |
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Option Chains - Quick Analysis |
Yes | Yes |
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Option Analysis - P&L Charts |
Yes | Yes |
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Option Probability Analysis |
Yes | Yes |
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Option Probability Analysis Adv |
Yes | No |
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Option Positions - Greeks |
Yes | Yes |
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Option Positions - Adv Analysis |
Yes | Yes |
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Option Positions - Rolling |
Yes | No |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Has Education - Stocks |
Yes | Yes |
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Has Education - ETFs |
No | Yes |
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Has Education - Options |
Yes | Yes |
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Has Education - Mutual Funds |
No | Yes |
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Has Education - Fixed Income |
No | Yes |
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Has Education - Retirement |
No | Yes |
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Paper Trading |
Yes | No |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
20 | 0 |
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Webinars (Archived) |
Yes | No |
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Live Seminars |
No | Yes |
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Progress Tracking |
Yes | No |
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Interactive Learning - Quizzes |
Yes | Yes |
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Investor Magazine |
Yes | Yes |
| Education | ||
| Winner | check_circle |
| Feature | Interactive Brokers | Merrill Edge |
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Retail Locations |
0 | 4400 |
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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 |
| Feature | Interactive Brokers | Merrill Edge |
| Interactive Brokers Review | Merrill Edge Review | |
| Overall | ||
| Winner | check_circle |
Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Interactive Brokers vs Merrill Edge to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Merrill Edge, with its regular stock trades costing $6.95, is more expensive than Interactive Brokers's rate of $0 (the broker charges a per share rate instead) per trade. For options trading, Merrill Edge has a base fee of $6.95, and Interactive Brokers a base fee of $0. Option contracts are pricier at Merrill Edge, costing $0.75 versus $0.70 at Interactive Brokers. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. Merrill Edge offers clients Stock Trading, Options Trading and Mutual Funds while Interactive Brokers offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Interactive Brokers offers its clients access to 11000 different mutual funds while Merrill Edge has 3709 available funds, a difference of 7,291.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers makes virtual trading available to clients, while Merrill Edge does not. For mobile trading, Interactive Brokers and Merrill Edge both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts and Debit Cards are offered by Interactive Brokers while Merrill Edge offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Interactive Brokers and Merrill Edge, Interactive Brokers is the winner.
All pricing data was obtained from a published web site as of 02/18/2019 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.
