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 Scottrade 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 and Scottrade both cost $6.95 per trade. With options, the base fee is $6.95 for both Merrill Edge and Scottrade. Each option contract then costs $0.75 at Merrill Edge and $0.70 at Scottrade. 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 alongside Scottrade offer clients Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Merrill Edge trails Scottrade by 9,911 total mutual funds, with Scottrade offering 13599 and Merrill Edge offering 3688. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both Merrill Edge and Scottrade offer 0 commission free ETFs.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Scottrade makes virtual trading available to clients, while Merrill Edge does not. For mobile trading, Merrill Edge and Scottrade 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 and Debit Cards are available to clients of Scottrade while Merrill Edge offers customers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, Merrill Edge was rated Best in Class - Research, while Scottrade was rated none of these.
Overall, both Merrill Edge and Scottrade share a rating of 4.00 stars.