Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 4,000 data points, let's compare Merrill Edge vs SpeedTrader.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Merrill Edge, with its regular stock trades costing $6.95, is more expensive than SpeedTrader's rate of $4.49 per trade. With options, the base fees charged are $N/A (SpeedTrader) and $6.95 (Merrill Edge). Each option contract then costs $0.75 at Merrill Edge and $0 at SpeedTrader. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. SpeedTrader offers clients Stock Trading and Options Trading while Merrill Edge offers Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Merrill Edge boasts an offering of 3709 mutual funds compared to SpeedTrader's 0 available funds.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. SpeedTrader has virtual trading, Merrill Edge doesn't. Taking a look at mobile trading, SpeedTrader supports the iPhone App and Android App while Merrill Edge supports the iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Merrill Edge while SpeedTrader offers customers none of these. On the whole, when it comes to tools, research, and mobile trading, Merrill Edge along with SpeedTrader both finished with awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, between Merrill Edge and SpeedTrader, Merrill Edge is the winner
Merrill Edge Review