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Merrill Edge vs Robinhood 2023

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Written by StockBrokers.com

January 23, 2023

Is Merrill Edge better than Robinhood? After testing 17 of the best online brokers over three months, Merrill Edge (95.25%) is better than Robinhood (83.65%). Merrill Edge and its parent, Bank of America, make for a well-rounded offering, with $0 trades, robust research, reliable customer service; and its Stock Stories and Fund Stories are an industry standout. There are some gaps in investment offerings, including crypto and futures.

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Overall RatingMerrill EdgeRobinhood
Overall 5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 3.5/5 Stars
Platforms & Tools 4.5/5 Stars 3/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2.5/5 Stars
Customer Service 4.0/5 Stars N/A
Education 5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review Merrill Edge Review Robinhood Review
Trading FeesMerrill EdgeRobinhood
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTCCB) N/A N/A
Mutual Fund Trade Fee $19.95 N/A
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.00
Futures (Per Contract) N/A N/A
Broker Assisted Trade Fee $29.95 N/A
Margin RatesMerrill EdgeRobinhood
Margin Rate Under $25,000 Varies 9.75%
Margin Rate $25,000 to $49,999.99 Varies 9.75%
Margin Rate $50,000 to $99,999.99 Varies 9.75%
Margin Rate $100,000 to $249,999.99 Varies 9.75%
Margin Rate $250,000 to $499,999.99 Varies 9.75%
Margin Rate $500,000 to $999,999.99 Varies 9.75%
Margin Rate Above $1,000,000 Varies 9.75%
Account FeesMerrill EdgeRobinhood
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $49.95 $0.00
Account Transfer Out (Partial) $0.00 $100.00
Account Transfer Out (Full) $49.95 $100.00
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment OptionsMerrill EdgeRobinhood
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares No Yes
OTCBB / Pink Sheets Yes No
Options Trading Yes Yes
Complex Options Max Legs 4 4
Futures Trading No No
Forex Trading No No
Crypto Trading No Yes
Crypto Trading - Total Coins 0 17
Mutual Funds (No Load) 2952 0
Mutual Funds (Total) 3466 0
Bonds (US Treasury) Yes No
Bonds (Corporate) Yes No
Bonds (Municipal) Yes No
Advisor Services Yes No
International Countries (Stocks) 0 0
Order TypesMerrill EdgeRobinhood
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 No No
Order Type - OTO No No
Order Type - Broker Assisted Yes No
BeginnersMerrill EdgeRobinhood
Education (Stocks) Yes Yes
Education (ETFs) Yes No
Education (Options) Yes Yes
Education (Mutual Funds) Yes No
Education (Bonds) Yes No
Education (Retirement) Yes No
Retirement Calculator Yes No
Investor Dictionary Yes Yes
Paper Trading No No
Videos Yes No
Webinars Yes No
Webinars (Archived) Yes No
Progress Tracking No No
Interactive Learning - Quizzes Yes No
Stock Trading AppsMerrill EdgeRobinhood
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 No Yes
Stock App FeaturesMerrill EdgeRobinhood
Market Movers (Top Gainers) Yes Yes
Stream Live TV No No
Videos on Demand No No
Stock Alerts Yes Yes
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) Yes No
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization No Yes
Watch Lists - Total Fields 285 3
Stock App ChartingMerrill EdgeRobinhood
Charting - After-Hours No Yes
Charting - Can Turn Horizontally Yes No
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 34 6
Charting - Study Customizations Yes Yes
Charting - Stock Comparisons Yes No
Trading PlatformsMerrill EdgeRobinhood
Active Trading Platform Merrill Edge Market Pro
Desktop Trading Platform No No
Desktop Platform (Mac) No No
Web Trading Platform Yes Yes
Paper Trading No No
Trade Journal No No
Watch Lists - Total Fields 285 3
Stock Chart FeaturesMerrill EdgeRobinhood
Charting - Adjust Trades on Chart Yes No
Charting - Indicators / Studies 104 6
Charting - Drawing Tools 23 0
Charting - Notes Yes No
Charting - Index Overlays Yes No
Charting - Historical Trades Yes No
Charting - Corporate Events Yes No
Charting - Custom Date Range Yes No
Charting - Custom Time Bars Yes No
Charting - Automated Analysis Yes No
Charting - Save Profiles Yes No
Trade Ideas - Technical Analysis Yes No
Charting - Study Customizations 8 1
Charting - Custom Studies No No
Day TradingMerrill EdgeRobinhood
Streaming Time & Sales Yes No
Streaming TV No No
Direct Market Routing - Stocks No No
Ladder Trading No No
Trade Hot Keys No No
Level 2 Quotes - Stocks Yes No
Trade Ideas - Backtesting Yes No
Trade Ideas - Backtesting Adv No No
Short Locator No No
Order Liquidity Rebates No No
Research OverviewMerrill EdgeRobinhood
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes No
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes No
Screener - Stocks Yes No
Screener - ETFs Yes No
Screener - Mutual Funds Yes No
Screener - Bonds Yes No
Misc - Portfolio Allocation Yes Yes
Stock ResearchMerrill EdgeRobinhood
Stock Research - PDF Reports 3 0
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes No
Stock Research - Social No No
Stock Research - News Yes Yes
Stock Research - ESG Yes No
Stock Research - SEC Filings Yes No
ETF ResearchMerrill EdgeRobinhood
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 No
ETF Fund Facts - Total Holdings Yes Yes
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes Yes
ETFs - Risk Analysis Yes No
ETFs - Ratings Yes No
ETFs - Morningstar StyleMap Yes No
ETFs - PDF Reports Yes No
Mutual Fund ResearchMerrill EdgeRobinhood
Mutual Funds - Strategy Overview Yes No
Mutual Funds - Performance Chart Yes No
Mutual Funds - Performance Analysis Yes No
Mutual Funds - Prospectus Yes No
Mutual Funds - 3rd Party Ratings Yes No
Mutual Funds - Fees Breakdown Yes No
Mutual Funds - Top 10 Holdings Yes No
Mutual Funds - Asset Allocation Yes No
Mutual Funds - Sector Allocation Yes No
Mutual Funds - Country Allocation Yes No
Mutual Funds - StyleMap Yes No
Options TradingMerrill EdgeRobinhood
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes No
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 68 17
Option Chains - Greeks 5 5
Option Chains - Quick Analysis Yes Yes
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes No
Option Probability Analysis Adv No No
Option Positions - Greeks Yes Yes
Option Positions - Greeks Streaming Yes Yes
Option Positions - Adv Analysis Yes No
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes Yes
BankingMerrill EdgeRobinhood
Bank (Member FDIC) Yes No
Checking Accounts Yes No
Savings Accounts Yes No
Credit Cards Yes No
Debit Cards Yes Yes
Mortgage Loans Yes No
Customer ServiceMerrill EdgeRobinhood
Phone Support (Prospect Customers) Yes No
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) Yes No
Live Chat (Current Customers) Yes Yes
24/7 Support Yes Yes
OverallMerrill EdgeRobinhood
Overall 5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 4.5/5 Stars 3.5/5 Stars
Platforms & Tools 4.5/5 Stars 3/5 Stars
Mobile Trading Apps 5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2.5/5 Stars
Education 5/5 Stars 3.5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review Merrill Edge Review Robinhood Review
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Merrill Edge vs Robinhood Comparison

Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Merrill Edge vs Robinhood.

Is Merrill Edge or Robinhood better for beginners?

Merrill Edge offers more comprehensive new investor education for beginner investors than Robinhood. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while Robinhood offers investors access to Education (Stocks) and Education (Options), neither have Paper Trading.

What about Merrill Edge vs Robinhood pricing?

Merrill Edge and Robinhood charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Merrill Edge, costing $0.65 per contract versus $0.00 per contract at Robinhood. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Merrill Edge or Robinhood offer a wider range of investment options?

Merrill Edge offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Advisor Services, while Robinhood offers investors access to Stock Trading, Fractional Shares and Options Trading, neither have Futures Trading and Forex Trading. Looking at Mutual Funds, Robinhood trails Merrill Edge in its offering of no transaction fee (NTF) mutual funds, with Merrill Edge offering 3095 and Robinhood offering 0.

Which trading platform is better: Merrill Edge or Robinhood?

To compare the trading platforms of Merrill Edge and Robinhood, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Merrill Edge offers a better experience. With research, Merrill Edge offers superior market research. Finally, we found Robinhood 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. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while Robinhood offers Debit Cards.

Is Merrill Edge good?

Merrill Edge and its parent, Bank of America, make for a well-rounded offering, with $0 trades, robust research, reliable customer service; and its Stock Stories and Fund Stories are an industry standout. There are some gaps in investment offerings, including crypto and futures.

Is Robinhood good?

Robinhood is very easy to use and its educational content is a joy to read. But, in today’s competitive market for your investing dollars, there are several more compelling options among brokerages.

Merrill Edge vs Robinhood Winner

Overall winner: Merrill Edge

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