Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Lightspeed 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. Lightspeed, with its regular stock trades costing $4.50, is more expensive than Merrill Edge's rate of $2.95 per trade. With options, the base fees charged are $2.95 (Merrill Edge) and $0 (Lightspeed). Lightspeed's per contract rate of $0.60 is less than Merrill Edge which charges $0.65. 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 provides its clients with Stock Trading, Options Trading and Mutual Funds while Lightspeed provides clients access to Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, Merrill Edge boasts an offering of 3709 mutual funds compared to Lightspeed's 0 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed offers virtual trading while Merrill Edge does not. For mobile trading, Lightspeed 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, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Merrill Edge while Lightspeed offers customers none of these.
Overall, between Lightspeed and Merrill Edge, Merrill Edge is the winner.
Merrill Edge Review