Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Merrill Edge vs Robinhood 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 charges $6.95 per stock trade which is $6.95 more than Robinhood which charges customers $0 per trade. Looking at trading options, Merrill Edge's base fee is $6.95 while Robinhood's is $N/A. Option contracts are pricier at Robinhood, costing $N/A versus $0.75 at Merrill Edge. 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. Robinhood supports Stock Trading while Merrill Edge supports Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Merrill Edge boasts an offering of 3688 mutual funds compared to Robinhood's 0 available funds. And, commission free ETFs deserve a comparison, which for investors means access to 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Neither broker offers virtual trading. For mobile trading, Merrill Edge along with Robinhood both support the 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 offered by Merrill Edge while Robinhood offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, Merrill Edge posted awards Best in Class - Research in 2018, while Robinhood found itself with none of these.
Overall, Merrill Edge boasts 4.00 stars versus Robinhood's 2.50 stars.