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Merrill Edge vs Sofi Invest 2022

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November 02, 2022

Is Merrill Edge better than Sofi Invest? After testing 15 of the best online brokers over six months, E*TRADE (92.52%) is better than Merrill Edge (84.89%). Founded in 1982 as one of the first online brokerages in the United States, E*TRADE highlights include $0 trades, two excellent mobile apps and the Power E*TRADE platform, which is great for beginners, active trading and options trading.

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Overall RatingMerrill EdgeSofi InvestE*TRADE
Overall4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars4.5 Stars4.5 Stars
Investment Options4 Stars2 Stars5 Stars
Platforms & Tools4 Stars1.5 Stars4.5 Stars
Mobile Trading Apps4 Stars3.5 Stars5 Stars
Research4.5 Stars2 Stars4.5 Stars
Customer Service4.5 Stars4 Stars4.5 Stars
Education4.5 Stars3 Stars4.5 Stars
Ease Of Use4 Stars4 Stars5 Stars
ReviewMerrill Edge ReviewSofi Invest ReviewE*TRADE Review
Trading FeesMerrill EdgeSofi InvestE*TRADE
Minimum Deposit$0.00$5.00$0.00
Stock Trades$0.00$0.00$0.00
Penny Stock Fees (OTCCB)N/AN/A$6.95
Mutual Fund Trade Fee$19.95$0$19.99
Options (Base Fee)$0.00$0.00$0.00
Options (Per Contract)$0.65$0.00$0.65
Futures (Per Contract)N/A$0.00$1.50
Broker Assisted Trade Fee29.95$0$25
Margin RatesMerrill EdgeSofi InvestE*TRADE
Margin Rate Under $24,999.99N/A5.25%11.95%
Margin Rate $25,000.00 to $49,999.99N/A5.25%11.45%
Margin Rate $50,000.00 to $99,999.99N/A5.25%10.95%
Margin Rate $100,000.00 to $249,999.99N/A5.25%10.45%
Margin Rate $250,000.00 to $499,999.99N/A5.25%9.95%
Margin Rate $500,000.00 to $999,999.99N/A5.25%9.45%
Margin Rate Above $1,000,000.00N/A5.25%8.45%
Account FeesMerrill EdgeSofi InvestE*TRADE
IRA Annual Fee$0.00$0.00$0.00
IRA Closure Fee$49.95$20.00$0.00
Account Transfer Out (Partial)$0.00$75.00$25.00
Account Transfer Out (Full)$49.95$75.00$75.00
Options Exercise Fee$0.00N/A$0.00
Options Assignment Fee$0.00$0.00$0.00
Investment OptionsMerrill EdgeSofi InvestE*TRADE
Stock TradingYesYesYes
Margin TradingYesYesYes
Fractional SharesNoYesNo
OTCBB / Pink SheetsYesYesYes
Options TradingYesNoYes
Complex Options Max Legs404
Futures TradingNoNoYes
Forex TradingNoNoNo
Crypto TradingNoYesNo
Crypto Trading - Total Coins0300
Mutual Funds (No Load)295206486
Mutual Funds (Total)346607242
Bonds (US Treasury)YesNoYes
Bonds (Corporate)YesNoYes
Bonds (Municipal)YesNoYes
Advisor ServicesYesNoYes
International Countries (Stocks)000
Order TypesMerrill EdgeSofi InvestE*TRADE
Order Type - MarketYesYesYes
Order Type - LimitYesYesYes
Order Type - After HoursYesYesYes
Order Type - StopYesNoYes
Order Type - Trailing StopYesNoYes
Order Type - OCONoNoYes
Order Type - OTONoNoYes
Order Type - Broker AssistedYesNoYes
BeginnersMerrill EdgeSofi InvestE*TRADE
Education (Stocks)YesYesYes
Education (ETFs)YesYesYes
Education (Options)YesYesYes
Education (Mutual Funds)YesYesYes
Education (Bonds)YesYesYes
Education (Retirement)YesYesYes
Retirement CalculatorYesNoYes
Investor DictionaryYesYesYes
Paper TradingNoNoYes
Webinars (Archived)YesYesYes
Progress TrackingNoNoNo
Interactive Learning - QuizzesYesNoYes
Stock Trading AppsMerrill EdgeSofi InvestE*TRADE
iPhone AppYesYesYes
Android AppYesYesYes
Apple Watch AppYesNoYes
Trading - StocksYesYesYes
Trading - After-HoursYesYesYes
Trading - Simple OptionsYesNoYes
Trading - Complex OptionsYesNoYes
Order Ticket RT QuotesYesYesYes
Order Ticket SRT QuotesNoNoYes
Stock App FeaturesMerrill EdgeSofi InvestE*TRADE
Market Movers (Top Gainers)YesYesYes
Stream Live TVNoNoYes
Videos on DemandNoNoNo
Stock AlertsYesNoYes
Option Chains ViewableYesNoYes
Watch List (Real-time)YesYesYes
Watch List (Streaming)YesNoYes
Watch Lists - Create & ManageYesNoYes
Watch Lists - Column CustomizationNoNoYes
Watch Lists - Total Fields285395
Stock App ChartingMerrill EdgeSofi InvestE*TRADE
Charting - After-HoursNoNoYes
Charting - Can Turn HorizontallyYesNoYes
Charting - Multiple Time FramesYesYesYes
Charting - Technical Studies34010
Charting - Study CustomizationsYesNoYes
Charting - Stock ComparisonsYesNoYes
Trading PlatformsMerrill EdgeSofi InvestE*TRADE
Active Trading PlatformMerrill Edge Market ProN/APower E*TRADE
Desktop Trading PlatformNoNoNo
Desktop Platform (Mac)NoNoNo
Web Trading PlatformYesYesYes
Paper TradingNoNoYes
Trade JournalNoNoNo
Watch Lists - Total Fields285395
Stock Chart FeaturesMerrill EdgeSofi InvestE*TRADE
Charting - Adjust Trades on ChartYesNoYes
Charting - Indicators / Studies1040119
Charting - Drawing Tools23031
Charting - NotesYesNoYes
Charting - Index OverlaysYesNoYes
Charting - Historical TradesYesNoYes
Charting - Corporate EventsYesNoYes
Charting - Custom Date RangeYesNoYes
Charting - Custom Time BarsYesNoNo
Charting - Automated AnalysisYesNoYes
Charting - Save ProfilesYesNoYes
Trade Ideas - Technical AnalysisYesNoYes
Charting - Study Customizations806
Charting - Custom StudiesNoNoNo
Day TradingMerrill EdgeSofi InvestE*TRADE
Streaming Time & SalesYesNoYes
Streaming TVNoNoYes
Direct Market Routing - StocksNoNoYes
Ladder TradingNoNoNo
Trade Hot KeysNoNoYes
Level 2 Quotes - StocksYesNoYes
Trade Ideas - BacktestingYesNoNo
Trade Ideas - Backtesting AdvNoNoNo
Short LocatorNoNoNo
Order Liquidity RebatesNoNoNo
Research OverviewMerrill EdgeSofi InvestE*TRADE
Research - StocksYesNoYes
Research - ETFsYesNoYes
Research - Mutual FundsYesNoYes
Research - Pink Sheets / OTCBBYesNoYes
Research - BondsYesNoYes
Screener - StocksYesNoYes
Screener - ETFsYesNoYes
Screener - Mutual FundsYesNoYes
Screener - BondsYesNoYes
Misc - Portfolio AllocationYesYesYes
Stock ResearchMerrill EdgeSofi InvestE*TRADE
Stock Research - PDF Reports306
Stock Research - EarningsYesNoYes
Stock Research - InsidersYesNoYes
Stock Research - SocialNoNoYes
Stock Research - NewsYesYesYes
Stock Research - ESGYesNoNo
Stock Research - SEC FilingsYesNoYes
ETF ResearchMerrill EdgeSofi InvestE*TRADE
ETFs - Strategy OverviewYesYesYes
ETF Fund Facts - Inception DateYesNoYes
ETF Fund Facts - Expense RatioYesYesYes
ETF Fund Facts - Net AssetsYesNoYes
ETF Fund Facts - Total HoldingsYesNoYes
ETFs - Top 10 HoldingsYesYesYes
ETFs - Sector ExposureYesNoYes
ETFs - Risk AnalysisYesNoYes
ETFs - RatingsYesNoYes
ETFs - Morningstar StyleMapYesNoYes
ETFs - PDF ReportsYesNoYes
Mutual Fund ResearchMerrill EdgeSofi InvestE*TRADE
Mutual Funds - Strategy OverviewYesNoYes
Mutual Funds - Performance ChartYesNoNo
Mutual Funds - Performance AnalysisYesNoYes
Mutual Funds - ProspectusYesNoYes
Mutual Funds - 3rd Party RatingsYesNoYes
Mutual Funds - Fees BreakdownYesNoYes
Mutual Funds - Top 10 HoldingsYesNoYes
Mutual Funds - Asset AllocationYesNoYes
Mutual Funds - Sector AllocationYesNoYes
Mutual Funds - Country AllocationYesNoYes
Mutual Funds - StyleMapYesNoYes
Options TradingMerrill EdgeSofi InvestE*TRADE
Option Chains - Basic ViewYesNoYes
Option Chains - Strategy ViewYesNoYes
Option Chains - StreamingYesNoYes
Option Chains - Total Columns68031
Option Chains - Greeks505
Option Chains - Quick AnalysisYesNoYes
Option Analysis - P&L ChartsYesNoYes
Option Probability AnalysisYesNoYes
Option Probability Analysis AdvNoNoYes
Option Positions - GreeksYesNoYes
Option Positions - Greeks StreamingYesNoYes
Option Positions - Adv AnalysisYesNoYes
Option Positions - RollingYesNoYes
Option Positions - GroupingYesNoYes
BankingMerrill EdgeSofi InvestE*TRADE
Bank (Member FDIC)YesYesYes
Checking AccountsYesYesYes
Savings AccountsYesYesYes
Credit CardsYesYesYes
Debit CardsYesYesYes
Mortgage LoansYesYesYes
Customer ServiceMerrill EdgeSofi InvestE*TRADE
Phone Support (Prospect Customers)YesYesYes
Phone Support (Current Customers)YesYesYes
Email SupportYesNoYes
Live Chat (Prospect Customers)YesYesNo
Live Chat (Current Customers)YesYesYes
24/7 SupportYesNoYes
OverallMerrill EdgeSofi InvestE*TRADE
Overall4.5 Stars3.5 Stars5 Stars
Commissions & Fees4.5 Stars4.5 Stars4.5 Stars
Investment Options4 Stars2 Stars5 Stars
Platforms & Tools4 Stars1.5 Stars4.5 Stars
Mobile Trading Apps4 Stars3.5 Stars5 Stars
Research4.5 Stars2 Stars4.5 Stars
Education4.5 Stars3 Stars4.5 Stars
Ease Of Use4 Stars4 Stars5 Stars
ReviewMerrill Edge ReviewSofi Invest ReviewE*TRADE Review
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Merrill Edge vs Sofi Invest Comparison

Comparing brokers side by side is no easy task. For our 2022 annual broker review, we spent hundreds of hours assessing 15 brokerages to find the best online broker. Let's compare Merrill Edge vs Sofi Invest.

Is Merrill Edge or Sofi Invest better for beginners?

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

What about Merrill Edge vs Sofi Invest pricing?

Merrill Edge and Sofi Invest 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 Sofi Invest. For a complete commissions summary, see our best brokers for free stock trading guide.

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

Which trading platform is better: Merrill Edge or Sofi Invest?

To compare the trading platforms of Merrill Edge and Sofi Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, E*TRADE offers a better experience. With research, Merrill Edge offers superior market research. Finally, we found E*TRADE 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 available to customers of Merrill Edge and Sofi Invest.

Is Merrill Edge good?

Merrill Edge offers $0 trades with industry-leading research tools — especially for ESG research — and excellent customer service. Better yet, the Preferred Rewards program at Bank of America, Merrill Edge’s parent, offers the best rewards of any bank broker we tested in 2022.

Is Sofi Invest good?

SoFi Invest offers a wide range of services, including access to cryptocurrencies, IPOs and automated investing. It is relatively easy to use, and gets high marks for its mobile app. However, its lack of research, as well as its lagging education and trading tools, leave it a step behind industry leaders.

Merrill Edge vs Sofi Invest Winner

Overall winner: E*TRADE

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