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TD Ameritrade vs Merrill Edge 2023

StockBrokers.com

Written by StockBrokers.com

August 29, 2023

Is TD Ameritrade better than Merrill Edge? After testing 17 of the best online brokers over three months, our analysis finds that TD Ameritrade (97.39%) is better than Merrill Edge (95.24%). TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners and reliable customer service. This outstanding all-around experience makes TD Ameritrade one of our top overall brokers in 2023, in which it placed among Best in Class in several categories including options trading and best for beginners. Note: TD Ameritrade was acquired in 2020 by Charles Schwab, and as of August 2023, TD Ameritrade client accounts are being migrated in batches to Schwab, which will retain the standout thinkorswim platform.

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Overall Rating TD Ameritrade Merrill Edge
Overall 5/5 Stars 5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Customer Service 4.5/5 Stars 4.0/5 Stars
Education 5/5 Stars 5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review TD Ameritrade Review Merrill Edge Review
Broker Screenshots TD Ameritrade Merrill Edge
Trading Platform & Tools Gallery (click to expand)
Research Gallery (click to expand)
Mobile Trading Apps Gallery (click to expand)
Education Gallery (click to expand)
Trading Fees TD Ameritrade Merrill Edge
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) info $6.95 N/A
Mutual Fund Trade Fee Varies $19.95
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.65
Futures (Per Contract) $2.25 (Not offered)
Broker Assisted Trade Fee $25 $29.95
Margin Rates TD Ameritrade Merrill Edge
Margin Rate Under $25,000 14.75% info Varies info
Margin Rate $25,000 to $49,999.99 14.25% Varies info
Margin Rate $50,000 to $99,999.99 13.25% Varies info
Margin Rate $100,000 to $249,999.99 13.00% Varies info
Margin Rate $250,000 to $499,999.99 12.75% Varies info
Margin Rate $500,000 to $999,999.99 Varies info Varies info
Margin Rate Above $1,000,000 Varies info Varies info
Account Fees TD Ameritrade Merrill Edge
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $49.95
Account Transfer Out (Partial) info $0.00 $0.00
Account Transfer Out (Full) info $75.00 $49.95
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment Options TD Ameritrade Merrill Edge
Stock Trading info Yes Yes
Margin Trading Yes Yes
Fractional Shares info No No
OTC Stocks info Yes Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 4
Futures Trading info Yes No
Forex Trading info Yes No
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Mutual Funds (No Load) info 3698 2952
Mutual Funds (Total) info 5876 3466
Bonds (US Treasury) info Yes Yes
Bonds (Corporate) info Yes Yes
Bonds (Municipal) info Yes Yes
Advisor Services info Yes Yes
International Countries (Stocks) info 0 0
Order Types TD Ameritrade Merrill Edge
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes Yes
Order Type - OCO info Yes No
Order Type - OTO info Yes No
Order Type - Broker Assisted info Yes Yes
Beginners TD Ameritrade Merrill Edge
Education (Stocks) info Yes Yes
Education (ETFs) info Yes Yes
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes Yes
Education (Bonds) info Yes Yes
Education (Retirement) info Yes Yes
Retirement Calculator info Yes Yes
Investor Dictionary info Yes Yes
Paper Trading info Yes No
Videos info Yes Yes
Webinars info Yes Yes
Webinars (Archived) info Yes Yes
Progress Tracking info Yes No
Interactive Learning - Quizzes info Yes Yes
Stock Trading Apps TD Ameritrade Merrill Edge
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info Yes Yes
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes Yes
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info Yes No
Stock App Features TD Ameritrade Merrill Edge
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info Yes No
Videos on Demand info Yes No
Stock Alerts info Yes Yes
Option Chains Viewable info Yes Yes
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes Yes
Watch Lists - Create & Manage info Yes Yes
Watch Lists - Column Customization info Yes No
Watch Lists - Total Fields info 514 285
Stock App Charting TD Ameritrade Merrill Edge
Charting - After-Hours info Yes No
Charting - Can Turn Horizontally info Yes Yes
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 400 34
Charting - Study Customizations info Yes Yes
Charting - Stock Comparisons info Yes Yes
Trading Platforms TD Ameritrade Merrill Edge
Active Trading Platform info thinkorswim Merrill Edge Market Pro
Desktop Trading Platform info Yes No
Desktop Platform (Mac) info Yes No
Web Trading Platform info Yes Yes
Paper Trading info Yes No
Trade Journal info Yes No
Watch Lists - Total Fields info 514 285
Stock Chart Features TD Ameritrade Merrill Edge
Charting - Adjust Trades on Chart info Yes Yes
Charting - Indicators / Studies info 429 104
Charting - Drawing Tools info 24 23
Charting - Notes info Yes Yes
Charting - Index Overlays info Yes Yes
Charting - Historical Trades info Yes Yes
Charting - Corporate Events info Yes Yes
Charting - Custom Date Range info Yes Yes
Charting - Custom Time Bars info Yes Yes
Charting - Automated Analysis info Yes Yes
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info Yes Yes
Charting - Study Customizations info 9 8
Charting - Custom Studies info Yes No
Day Trading TD Ameritrade Merrill Edge
Streaming Time & Sales info Yes Yes
Streaming TV info Yes No
Direct Market Routing - Stocks info Yes No
Ladder Trading info Yes No
Trade Hot Keys info Yes No
Level 2 Quotes - Stocks info Yes Yes
Trade Ideas - Backtesting info Yes Yes
Trade Ideas - Backtesting Adv info Yes No
Short Locator info No No
Order Liquidity Rebates info No No
Research Overview TD Ameritrade Merrill Edge
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info Yes Yes
Research - Pink Sheets / OTCBB info Yes Yes
Research - Bonds info Yes Yes
Screener - Stocks info Yes Yes
Screener - ETFs info Yes Yes
Screener - Mutual Funds info Yes Yes
Screener - Bonds info Yes Yes
Misc - Portfolio Allocation info Yes Yes
Stock Research TD Ameritrade Merrill Edge
Stock Research - PDF Reports info 6 3
Stock Research - Earnings info Yes Yes
Stock Research - Insiders info Yes Yes
Stock Research - Social info Yes No
Stock Research - News info Yes Yes
Stock Research - ESG info No Yes
Stock Research - SEC Filings info Yes Yes
ETF Research TD Ameritrade Merrill Edge
ETFs - Strategy Overview info Yes Yes
ETF Fund Facts - Inception Date info Yes Yes
ETF Fund Facts - Expense Ratio info Yes Yes
ETF Fund Facts - Net Assets info Yes Yes
ETF Fund Facts - Total Holdings info No Yes
ETFs - Top 10 Holdings info Yes Yes
ETFs - Sector Exposure info Yes Yes
ETFs - Risk Analysis info Yes Yes
ETFs - Ratings info Yes Yes
ETFs - Morningstar StyleMap info Yes Yes
ETFs - PDF Reports info Yes Yes
Mutual Fund Research TD Ameritrade Merrill Edge
Mutual Funds - Strategy Overview info Yes Yes
Mutual Funds - Performance Chart info Yes Yes
Mutual Funds - Performance Analysis info Yes Yes
Mutual Funds - Prospectus info Yes Yes
Mutual Funds - 3rd Party Ratings info Yes Yes
Mutual Funds - Fees Breakdown info Yes Yes
Mutual Funds - Top 10 Holdings info Yes Yes
Mutual Funds - Asset Allocation info Yes Yes
Mutual Funds - Sector Allocation info Yes Yes
Mutual Funds - Country Allocation info No Yes
Mutual Funds - StyleMap info Yes Yes
Options Trading TD Ameritrade Merrill Edge
Option Chains - Basic View info Yes Yes
Option Chains - Strategy View info Yes Yes
Option Chains - Streaming info Yes Yes
Option Chains - Total Columns info 35 68
Option Chains - Greeks info 5 5
Option Chains - Quick Analysis info Yes Yes
Option Analysis - P&L Charts info Yes Yes
Option Probability Analysis info Yes Yes
Option Probability Analysis Adv info Yes No
Option Positions - Greeks info Yes Yes
Option Positions - Greeks Streaming info Yes Yes
Option Positions - Adv Analysis info Yes Yes
Option Positions - Rolling info Yes Yes
Option Positions - Grouping info Yes Yes
Banking TD Ameritrade Merrill Edge
Bank (Member FDIC) info No Yes
Checking Accounts info Yes Yes
Savings Accounts info No Yes
Credit Cards info Yes Yes
Debit Cards info Yes Yes
Mortgage Loans info No Yes
Customer Service TD Ameritrade Merrill Edge
Phone Support (Prospect Customers) info Yes No
Phone Support (Current Customers) info Yes Yes
Email Support info Yes Yes
Live Chat (Prospect Customers) info Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes Yes
Overall TD Ameritrade Merrill Edge
Overall 5/5 Stars 5/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 5/5 Stars 4.5/5 Stars
Mobile Trading Apps 5/5 Stars 5/5 Stars
Research 5/5 Stars 5/5 Stars
Education 5/5 Stars 5/5 Stars
Ease Of Use 5/5 Stars 5/5 Stars
Winner check_circle
Review TD Ameritrade Review Merrill Edge Review
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TD Ameritrade vs Merrill Edge Comparison

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare TD Ameritrade vs Merrill Edge.

Is TD Ameritrade or Merrill Edge better for beginners?

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2023, our review finds that TD Ameritrade offers more comprehensive new investor education for beginning investors than Merrill Edge. TD Ameritrade offers investors access to Paper Trading, Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement), while Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement).

What about TD Ameritrade vs Merrill Edge pricing?

TD Ameritrade and Merrill Edge charge the same amount for regular stock trades, $0.00. TD Ameritrade and Merrill Edge both charge $0.65 per option contract. For futures, TD Ameritrade charges $2.25 per contract and Merrill Edge charges (Not offered) per contract. For a deeper dive, see our best brokers for free stock trading guide.

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

Looking at a full range of investment options, including order types and international trading, our research has found that TD Ameritrade offers a more comprehensive offering than Merrill Edge. TD Ameritrade ranks #3 out of 17 brokers for our Investment Options category, while Merrill Edge ranks #8.

TD Ameritrade offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Futures Trading, Forex Trading and Advisor Services, while Merrill Edge offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds and Advisor Services. Neither have Fractional Shares Looking at Mutual Funds, Merrill Edge trails TD Ameritrade in its offering of no transaction fee (NTF) mutual funds, with TD Ameritrade offering 3610 and Merrill Edge offering 3095.

Do TD Ameritrade and Merrill Edge offer cryptocurrency?

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that neither TD Ameritrade and Merrill Edge offer crypto trading.

Which trading platform is better: TD Ameritrade or Merrill Edge?

To compare the day trading platforms of TD Ameritrade and Merrill Edge, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, TD Ameritrade offers a better experience.

Does TD Ameritrade or Merrill Edge offer a better stock trading app?

After testing 25 features across the stock trading apps of TD Ameritrade and Merrill Edge, we found TD Ameritrade to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. TD Ameritrade ranks #1 out of 17 brokers, while Merrill Edge ranks #5.

TD Ameritrade Trading App Gallery

Merrill Edge Trading App Gallery

Which broker is better for researching stocks?

For research, Merrill Edge offers superior market research than TD Ameritrade. TD Ameritrade ranks #5 and Merrill Edge ranks #4.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

How do TD Ameritrade and Merrill Edge compare in terms of minimum deposit required?

TD Ameritrade requires a minimum deposit of $0.00, while Merrill Edge requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

Which broker offers better margin rates for accounts under $25,000?

TD Ameritrade charges 14.75% for accounts under $25,000 while Merrill Edge charges a margin rate of Varies. The industry average of the 17 brokers we track is 11%.

Does TD Ameritrade offer fractional shares? Does Merrill Edge?

Fractional shares are not offered by either broker. Our research has found that 41% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Can you trade penny stocks with TD Ameritrade or Merrill Edge?

Both TD Ameritrade and Merrill Edge allow you to trade penny stocks. TD Ameritrade charges $6.95 per trade while Merrill Edge charges N/A. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts, Debit Cards and Credit Cards are offered by TD Ameritrade while Merrill Edge offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.

Which broker offers stronger customer service?

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.

TD Ameritrade was rated 1st out of 14 brokers, with an overall score of 9.3 out of 10.

Merrill Edge was rated 4th out of 14 brokers, with an overall score of 8.4 out of 10.

Is TD Ameritrade good?

TD Ameritrade delivers $0 trades, fantastic trading platforms, excellent market research, industry-leading education for beginners and reliable customer service. This outstanding all-around experience makes TD Ameritrade one of our top overall brokers in 2023, in which it placed among Best in Class in several categories including options trading and best for beginners. Note: TD Ameritrade was acquired in 2020 by Charles Schwab, and as of August 2023, TD Ameritrade client accounts are being migrated in batches to Schwab, which will retain the standout thinkorswim platform.

In the 2023 StockBrokers.com Annual Review, TD Ameritrade was rated No. 1 for Platforms & Tools, Mobile Trading Apps, Ease of Use, Beginners, and Customer Service. It also ranked among Best in Class for Commissions & Fees, Research, Investment Options, Education, Active Trading and Overall. TD Ameritrade also won two StockBrokers.com Industry Awards: No. 1 for Phone Support and Trader App.

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.

In the 2023 StockBrokers.com Annual Review, Merrill Edge was rated No. 1 for Banking Services and ranked among Best in Class for Research, Mobile Trading Apps, Education, Ease of Use, Beginners, Customer Service, IRA Accounts, Options Trading and Overall. Merrill Edge also won three StockBrokers.com Industry Awards: No. 1 for Client Dashboard, Overall Client Experience, and High Net Worth Investors.

TD Ameritrade vs Merrill Edge Winner

Overall winner: TD Ameritrade

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