Is Lightspeed better than Merrill Edge? After testing 15 of the best online brokers over five months, Merrill Edge (88.87%) is better than Lightspeed (61.30%). 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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Merrill Edge vs Lightspeed 2020
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Get up to $600 when you invest in a new Merril Edge Self-Directed account. Open Account
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| Open Account |
Overall Rating
| Feature | Merrill Edge | Lightspeed |
| Overall | ||
| Merrill Edge Review | Lightspeed Review |
Trading Fees
| Feature | Merrill Edge | Lightspeed |
| Minimum Deposit | $0.00 | $10,000.00 |
| Stock Trade Fee (per trade) | $0.00 | $4.50 |
| ETF Trade Fee | $0.00 | $4.50 |
| Options Base Fee | $0.00 | $0.00 |
| Options Per Contract Fee | $0.65 | $0.60 |
| Mutual Fund Trade Fee | $19.95 | N/A |
| Broker Assisted Trades Fee | $29.95 | $25.00 |
| Commissions & Fees | ||
| Winner | check_circle |
Margin Rates
| Feature | Merrill Edge | Lightspeed |
| Under $24,999.99 | 10.13% | 8.00% |
| $25,000.00 to $49,999.99 | 9.00% | 8.00% |
| $50,000.00 to $99,999.99 | 9.00% | 7.00% |
| $100,000.00 to $249,999.99 | 7.63% | 7.00% |
| $250,000.00 to $499,999.99 | 7.63% | 6.75% |
| $500,000.00 to $999,999.99 | 7.38% | 6.25% |
| Above $1,000,000.00 | 6.75% | 6.00% |
| Commissions & Fees | ||
| Winner | check_circle |
Account Fees
| Feature | Merrill Edge | Lightspeed |
| IRA Annual Fee | $0.00 | $35.00 |
| IRA Closure Fee | $49.95 | $95.00 |
| Returned ACH Fee | $30.00 | $30.00 |
| Returned Wire Fee | N/A | $30.00 |
| Stock Certificate Processing Fee | $500.00 | $75.00 |
| Stock Certificate Delivery Fee | N/A | $50.00 |
| Paper Statement Fee | $5.00 | $5.00 |
| Paper Confirmation Fee | $3.00 | $2.00 |
| Domestic Wire Fee | $24.95 | $20.00 |
| International Wire Fee | $24.95 | $50.00 |
| Commissions & Fees |
Investment Options
| Feature | Merrill Edge | Lightspeed |
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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 |
2 | 4 |
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Futures Trading |
No | Yes |
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Forex Trading |
No | No |
| Commission-Free ETFs | all | 0 |
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Mutual Funds (No Load) |
2471 | 0 |
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Mutual Funds (Total) |
3709 | 0 |
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Bonds (US Treasury) |
Yes | Yes |
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Bonds (Corporate) |
Yes | No |
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Bonds (Municipal) |
Yes | No |
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Interest Sharing |
No | No |
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Advisor Services |
Yes | No |
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International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | Merrill Edge | Lightspeed |
|
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 |
No | Yes |
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Order Type - MultiContingent |
No | Yes |
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Order Type - OCO |
No | Yes |
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Order Type - OTO |
No | Yes |
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Order Type - OTOCO |
No | Yes |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | Merrill Edge | Lightspeed |
|
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 |
No | Yes |
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Trade Journal |
No | No |
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Watch Lists - Total Fields |
285 | 141 |
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Heat Mapping |
Yes | No |
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AI Assistant Bot |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | Merrill Edge | Lightspeed |
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Charting - Trade Off Chart |
Yes | Yes |
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Charting - Indicators / Studies |
100 | 20 |
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Charting - Drawing Tools |
22 | 8 |
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Charting - Historical Trades |
Yes | Yes |
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Charting - Corporate Events |
Yes | No |
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Charting - Automated Analysis |
Yes | No |
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Charting - Save Profiles |
Yes | Yes |
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Charting - Study Customizations |
8 | 4 |
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Charting - Custom Studies |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | Merrill Edge | Lightspeed |
|
Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
Yes | No |
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Streaming Time & Sales |
Yes | Yes |
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Streaming TV |
No | No |
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Direct Market Routing - Stocks |
No | Yes |
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Direct Market Routing - Options |
No | Yes |
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Ladder Trading |
No | 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 | No |
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Short Locator |
No | Yes |
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Order Liquidity Rebates |
No | Yes |
| Winner | check_circle |
Mobile Trading Apps
| Feature | Merrill Edge | Lightspeed |
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iPhone App |
Yes | Yes |
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Android App |
Yes | Yes |
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Apple Watch App |
Yes | No |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | No |
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Trading - Conditional Orders |
No | No |
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Trading - Mutual Funds |
Yes | No |
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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 | No |
| Winner | check_circle |
Mobile App Features
| Feature | Merrill Edge | Lightspeed |
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Watch List Syncing |
Yes | No |
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Stock Alerts |
Yes | Yes |
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Charting - After Hours |
Yes | No |
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Charting - Drawing |
Yes | No |
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Charting - Study Customizations |
Yes | No |
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Heatmapping |
Yes | No |
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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 | Merrill Edge | Lightspeed |
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Research - Stocks |
Yes | Yes |
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Research - ETFs |
Yes | Yes |
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Research - Mutual Funds |
Yes | No |
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Research - Pink Sheets / OTCBB |
Yes | No |
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Research - Fixed Income |
Yes | No |
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Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | No |
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Screener - Mutual Funds |
Yes | No |
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Screener - Options |
Yes | No |
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Screener - Bonds |
Yes | No |
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Misc - Portfolio Builder |
Yes | No |
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Misc - Portfolio Allocation |
Yes | No |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | Merrill Edge | Lightspeed |
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Stock Research - Reports |
3 | 0 |
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Stock Research - Earnings |
Yes | No |
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Stock Research - Insiders |
Yes | Yes |
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Stock Research - Metric Comp |
Yes | No |
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Stock Research - SEC Filings |
Yes | No |
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Stock Research - Social |
No | Yes |
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Stock Research - Balance Sheet |
Yes | No |
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Stock Research - Cash Flows |
Yes | No |
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Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
Yes | No |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | Merrill Edge | Lightspeed |
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ETFs - Strategy Overview |
Yes | No |
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ETFs - Top 10 Holdings |
Yes | No |
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ETFs - Sector Exposure |
Yes | No |
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ETFs - Risk Analysis |
Yes | No |
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ETFs - Performance Analysis |
Yes | No |
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ETFs - Ratings |
Yes | No |
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ETFs - Morningstar StyleMap |
Yes | No |
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ETFs - Reports |
Yes | No |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | Merrill Edge | Lightspeed |
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Mutual Funds - Strategy Overview |
Yes | No |
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Mutual Funds - Prospectus |
Yes | No |
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Mutual Funds - Reports |
Yes | No |
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Mutual Funds - Fees Breakdown |
Yes | No |
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Mutual Funds - Top 10 Holdings |
Yes | No |
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Mutual Funds - Asset Allocation |
Yes | No |
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Mutual Funds - Sector Allocation |
Yes | No |
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Mutual Funds - Country Allocation |
Yes | No |
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Mutual Funds - StyleMap |
Yes | No |
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Mutual Funds - 3rd Party Ratings |
Yes | No |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | Merrill Edge | Lightspeed |
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Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
69 | 60 |
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Option Chains - Greeks |
5 | 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 | No |
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Option Probability Analysis Adv |
No | No |
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Option Positions - Greeks |
Yes | Yes |
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Option Positions - Adv Analysis |
Yes | No |
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Option Positions - Rolling |
Yes | Yes |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | Merrill Edge | Lightspeed |
|
Education (Stocks) |
Yes | Yes |
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Education (ETFs) |
Yes | No |
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Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
Yes | No |
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Education (Fixed Income) |
Yes | No |
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Education (Retirement) |
Yes | No |
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Paper Trading |
No | Yes |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
0 | 1 |
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Webinars (Archived) |
No | Yes |
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Live Seminars |
Yes | No |
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Progress Tracking |
Yes | No |
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Interactive Learning - Quizzes |
Yes | No |
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Investor Magazine |
Yes | No |
| Education | ||
| Winner | check_circle |
Banking
| Feature | Merrill Edge | Lightspeed |
|
Retail Locations |
4300 | 0 |
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Member FDIC |
Yes | No |
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Checking Accounts |
Yes | No |
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Savings Accounts |
Yes | No |
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Credit Cards |
Yes | No |
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Debit Cards |
Yes | No |
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Mortgage Loans |
Yes | No |
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No Fee Banking |
No | No |
| Banking | ||
| Winner | check_circle |
Overall
| Feature | Merrill Edge | Lightspeed |
| Merrill Edge Review | Lightspeed Review | |
| Overall | ||
| Winner | check_circle |
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 Lightspeed 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. Lightspeed charges $4.50 per stock trade which is $4.50 more than Merrill Edge which charges customers $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Each option contract then costs $0.65 at Merrill Edge and $0.60 at Lightspeed. 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. Merrill Edge supports Stock Trading, Options Trading and Mutual Funds while Lightspeed supports Stock Trading, Options Trading and Futures Trading. Looking at mutual funds, Merrill Edge offers its clients access to 3709 different mutual funds while Lightspeed has 0 available funds, a difference of 3,709.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Lightspeed has virtual trading, Merrill Edge doesn't. Taking a look at mobile trading, Lightspeed 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, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while Lightspeed offers none of these.
Overall, between Lightspeed 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.
