Is Merrill Edge better than TradeStation? After testing 11 of the best online brokers over three months, Merrill Edge (91.72%) is better than TradeStation (76.56%). Merrill Edge offers $0 trades with industry-leading research tools (especially ESG research) and excellent customer service. Better yet, for current Bank of America customers, Merrill Edge's Preferred Rewards program provides the best rewards of any bank broker we tested in 2021.
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Merrill Edge vs TradeStation 2021
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SPECIAL OFFER
Get up to $600 when you invest in a new Merrill Edge Self-Directed account.
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PROMO OFFER
Trade Stocks, Options, Futures, & Crypto.
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Overall Rating
| Feature | Merrill Edge | TradeStation |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Merrill Edge Review | TradeStation Review | |
| Winner | check_circle |
Trading Fees
| Feature | Merrill Edge | TradeStation |
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| ETF Trade Fee | $0.00 | $0.00 |
| Mutual Fund Trade Fee | $19.95 | $14.95 |
| Options (Base Fee) | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.60 |
| Futures (Per Contract) | N/A | $1.50 |
| Broker Assisted Trade Fee | $29.95 | $0.00 |
Margin Rates
| Feature | Merrill Edge | TradeStation |
| Under $24,999.99 | 8.63% | 9.50% |
| $25,000.00 to $49,999.99 | 7.50% | 9.50% |
| $50,000.00 to $99,999.99 | 7.50% | 8.75% |
| $100,000.00 to $249,999.99 | N/A | 8.75% |
| $250,000.00 to $499,999.99 | N/A | 8.75% |
| $500,000.00 to $999,999.99 | N/A | 5.50% |
| Above $1,000,000.00 | N/A | 5.50% |
Account Fees
| Feature | Merrill Edge | TradeStation |
| IRA Annual Fee | $0.00 | $35.00 |
| IRA Closure Fee | $49.95 | $50.00 |
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Account Transfer Out (Partial) |
$0.00 | $125.00 |
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Account Transfer Out (Full) |
$49.95 | $125.00 |
Investment Options
| Feature | Merrill Edge | TradeStation |
|
Stock Trading |
Yes | Yes |
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Fractional Shares |
No | No |
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OTCBB / Pink Sheets |
Yes | Yes |
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Options Trading |
Yes | Yes |
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Complex Options Max Legs |
2 | 4 |
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Futures Trading |
No | Yes |
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Forex Trading |
No | No |
|
Crypto Trading |
No | Yes |
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Crypto Trading - Total Coins |
0 | 4 |
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Mutual Funds (No Load) |
2952 | 887 |
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Mutual Funds (Total) |
3466 | 4357 |
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Bonds (US Treasury) |
Yes | Yes |
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Bonds (Corporate) |
Yes | Yes |
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Bonds (Municipal) |
Yes | Yes |
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Advisor Services |
Yes | No |
|
International Trading |
No | No |
Order Types
| Feature | Merrill Edge | TradeStation |
|
Order Type - Market |
Yes | Yes |
|
Order Type - Limit |
Yes | Yes |
|
Order Type - After-Hours |
Yes | Yes |
|
Order Type - Stop |
Yes | Yes |
|
Order Type - Trailing Stop |
Yes | Yes |
|
Order Type - OCO |
No | Yes |
|
Order Type - OTO |
No | Yes |
|
Order Type - Broker Assisted |
Yes | Yes |
Beginners
| Feature | Merrill Edge | TradeStation |
|
Education (Stocks) |
Yes | Yes |
|
Education (ETFs) |
Yes | No |
|
Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
Yes | No |
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Education (Bonds) |
Yes | No |
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Education (Retirement) |
Yes | No |
|
Retirement Calculator |
Yes | No |
|
Investor Dictionary |
Yes | No |
|
Paper Trading |
No | Yes |
|
Videos |
Yes | Yes |
|
Webinars (Monthly Avg) |
1 | 10 |
|
Webinars (Archived) |
Yes | No |
|
Progress Tracking |
No | No |
|
Interactive Learning - Quizzes |
Yes | No |
Stock Trading Apps
| Feature | Merrill Edge | TradeStation |
|
iPhone App |
Yes | Yes |
|
Android App |
Yes | Yes |
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Apple Watch App |
Yes | No |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | Yes |
|
Trading - Simple Options |
Yes | Yes |
|
Trading - Complex Options |
Yes | Yes |
|
Order Ticket RT Quotes |
Yes | Yes |
|
Order Ticket SRT Quotes |
No | Yes |
Stock App Features
| Feature | Merrill Edge | TradeStation |
|
Market Movers (Top Gainers) |
Yes | Yes |
|
Stream Live TV |
No | No |
|
Videos on Demand |
No | No |
|
Stock Alerts |
Yes | Yes |
|
Option Chains Viewable |
Yes | Yes |
|
Watch List (Real-time) |
Yes | Yes |
|
Watch List (Streaming) |
Yes | Yes |
|
Watch Lists - Create & Manage |
Yes | Yes |
|
Watch Lists - Column Customization |
No | Yes |
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Watch List - Column Filtering |
Yes | Yes |
Stock App Charting
| Feature | Merrill Edge | TradeStation |
|
Charting - After-Hours |
No | Yes |
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Charting - Can Turn Horizontally |
Yes | Yes |
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Charting - Multiple Time Frames |
Yes | Yes |
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Charting - Technical Studies |
34 | 45 |
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Charting - Study Customizations |
Yes | Yes |
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Charting - Stock Comparisons |
Yes | No |
Trading Platforms
| Feature | Merrill Edge | TradeStation |
|
Desktop Trading Platform |
Yes | Yes |
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Web Trading Platform |
Yes | Yes |
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Paper Trading |
No | Yes |
|
Trade Journal |
No | No |
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Watch Lists - Total Fields |
285 | 335 |
Stock Chart Features
| Feature | Merrill Edge | TradeStation |
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Charting - Adjust Trades on Chart |
Yes | Yes |
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Charting - Indicators / Studies |
104 | 290 |
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Charting - Drawing Tools |
22 | 23 |
|
Charting - Notes |
Yes | Yes |
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Charting - Index Overlays |
Yes | Yes |
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Charting - Historical Trades |
Yes | Yes |
|
Charting - Corporate Events |
Yes | No |
|
Charting - Custom Date Range |
Yes | Yes |
|
Charting - Custom Time Bars |
Yes | Yes |
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Charting - Automated Analysis |
Yes | No |
|
Charting - Save Profiles |
Yes | Yes |
|
Trade Ideas - Technical Analysis |
Yes | Yes |
|
Charting - Study Customizations |
8 | 12 |
|
Charting - Custom Studies |
No | Yes |
Day Trading
| Feature | Merrill Edge | TradeStation |
|
Streaming Time & Sales |
Yes | Yes |
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Streaming TV |
No | No |
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Direct Market Routing - Stocks |
No | Yes |
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Ladder Trading |
No | Yes |
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Trade Hot Keys |
No | Yes |
|
Level 2 Quotes - Stocks |
Yes | Yes |
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Trade Ideas - Backtesting |
Yes | Yes |
|
Trade Ideas - Backtesting Adv |
No | Yes |
|
Short Locator |
No | Yes |
|
Order Liquidity Rebates |
No | Yes |
Research Overview
| Feature | Merrill Edge | TradeStation |
|
Research - Stocks |
Yes | Yes |
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Research - ETFs |
Yes | Yes |
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Research - Mutual Funds |
Yes | No |
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Research - Pink Sheets / OTCBB |
Yes | Yes |
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Research - Bonds |
Yes | No |
|
Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | No |
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Screener - Mutual Funds |
Yes | No |
|
Screener - Options |
Yes | Yes |
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Screener - Bonds |
Yes | No |
|
Misc - Portfolio Builder |
Yes | No |
|
Misc - Portfolio Allocation |
Yes | No |
Stock Research
| Feature | Merrill Edge | TradeStation |
|
Stock Research - PDF Reports |
3 | 0 |
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Stock Research - Earnings |
Yes | No |
|
Stock Research - Insiders |
Yes | No |
|
Stock Research - SEC Filings |
Yes | No |
|
Stock Research - Social |
No | No |
|
Stock Research - Balance Sheet |
Yes | No |
|
Stock Research - Cash Flows |
Yes | No |
|
Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
Yes | No |
ETF Research
| Feature | Merrill Edge | TradeStation |
|
ETFs - Strategy Overview |
Yes | No |
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ETF Fund Facts - Inception Date |
Yes | No |
|
ETF Fund Facts - Expense Ratio |
Yes | No |
|
ETF Fund Facts - Net Assets |
Yes | No |
|
ETF Fund Facts - Total Holdings |
Yes | No |
|
ETFs - Top 10 Holdings |
Yes | No |
|
ETFs - Performance Analysis |
Yes | No |
|
ETFs - Sector Exposure |
Yes | No |
|
ETFs - Risk Analysis |
Yes | No |
|
ETFs - Ratings |
Yes | No |
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ETFs - Morningstar StyleMap |
Yes | No |
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ETFs - PDF Reports |
Yes | No |
Mutual Fund Research
| Feature | Merrill Edge | TradeStation |
|
Mutual Funds - Strategy Overview |
Yes | No |
|
Mutual Funds - Performance Chart |
Yes | No |
|
Mutual Funds - Performance Analysis |
Yes | No |
|
Mutual Funds - Prospectus |
Yes | No |
|
Mutual Funds - PDF Reports |
Yes | No |
|
Mutual Funds - Fees Breakdown |
Yes | No |
|
Mutual Funds - Top 10 Holdings |
Yes | No |
|
Mutual Funds - Asset Allocation |
Yes | No |
|
Mutual Funds - Sector Allocation |
Yes | No |
|
Mutual Funds - Country Allocation |
Yes | No |
|
Mutual Funds - StyleMap |
Yes | No |
|
Mutual Funds - 3rd Party Ratings |
Yes | No |
Options Trading
| Feature | Merrill Edge | TradeStation |
|
Option Chains - Basic View |
Yes | Yes |
|
Option Chains - Strategy View |
Yes | Yes |
|
Option Chains - Streaming |
Yes | Yes |
|
Option Chains - Total Columns |
68 | 32 |
|
Option Chains - Greeks |
5 | 5 |
|
Option Positions - Greeks Streaming |
Yes | Yes |
|
Option Chains - Quick Analysis |
Yes | Yes |
|
Option Analysis - P&L Charts |
Yes | Yes |
|
Option Probability Analysis |
Yes | Yes |
|
Option Probability Analysis Adv |
No | Yes |
|
Option Positions - Greeks |
Yes | Yes |
|
Option Positions - Adv Analysis |
Yes | Yes |
|
Option Positions - Rolling |
Yes | Yes |
|
Option Positions - Grouping |
Yes | Yes |
Banking
| Feature | Merrill Edge | TradeStation |
|
Bank (Member FDIC) |
Yes | No |
|
Checking Accounts |
Yes | No |
|
Savings Accounts |
Yes | No |
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Credit Cards |
Yes | No |
|
Debit Cards |
Yes | No |
|
Mortgage Loans |
Yes | No |
Customer Service
| Feature | Merrill Edge | TradeStation |
|
Phone Support (Prospect Customers) |
Yes | No |
|
Phone Support (Current Customers) |
Yes | No |
|
Email Support |
Yes | Yes |
|
Live Chat (Prospect Customers) |
Yes | No |
|
Live Chat (Current Customers) |
Yes | Yes |
|
24/7 Support |
Yes | No |
Overall
| Feature | Merrill Edge | TradeStation |
| Overall | ||
| Commissions & Fees | ||
| Offering of Investments | ||
| Platforms & Tools | ||
| Mobile Trading | ||
| Research | ||
| Education | ||
| Ease of Use | ||
| Merrill Edge Review | TradeStation Review | |
| Winner | check_circle |
Comparing brokers side by side is no easy task. For our 2021 annual broker review, we spent hundreds of hours assessing 11 brokerages to find the best online broker. Let's compare Merrill Edge vs TradeStation.
Is Merrill Edge or TradeStation better for beginners?
Merrill Edge is better for beginner investors than TradeStation. Merrill Edge offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement).
What about Merrill Edge vs TradeStation pricing?
Merrill Edge and TradeStation have equal fees for trading stocks (equities), $0 per trade. With options, the base fee is $0 for both Merrill Edge and TradeStation. Option contracts are pricier at Merrill Edge, costing $0.65 versus $0.60 at TradeStation. For a complete commissions summary, see our best discount brokers guide.
Does Merrill Edge or TradeStation offer a wider range of investment options?
TradeStation offers a more diverse selection of investment options than Merrill Edge. TradeStation offers investors access to Stock Trading, OTCBB / Pink Sheets, Options Trading, Mutual Funds and Futures Trading. Looking at Mutual Funds, TradeStation offers its clients access to 4357 different mutual funds while Merrill Edge has 3466 available funds, a difference of 891.
Which trading platform is better: Merrill Edge or TradeStation?
To compare the trading platforms of both Merrill Edge and TradeStation, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, TradeStation offers a better experience. With research, Merrill Edge offers superior market research. Finally, we found Merrill Edge 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Merrill Edge while customers at TradeStation can have none of these.
Overall winner: Merrill Edge
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All pricing data was obtained from a published web site as of 01/19/2021 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.
