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TradeStation vs Merrill Edge 2019
The StockBrokers.com annual review (9 years running) takes six months to complete and produces over 30,000 words of research each year. Here's how we test.
Is TradeStation better than Merrill Edge? After scoring brokers in nine separate categories for our 2019 review, Merrill Edge (77.93%) is better than TradeStation (71.75%). Merrill Edge offers investors an excellent rewards program and a well-rounded package worth being a customer for, especially Bank of America clients.
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| Open Account | Open Account |
Overall Rating
| Feature | TradeStation | Merrill Edge |
| Overall | ||
| TradeStation Review | Merrill Edge Review |
Trading Fees
| Feature | TradeStation | Merrill Edge |
| Minimum Deposit | $500.00 | $0.00 |
| Stock Trade Fee (per trade) | $5.00 | $6.95 |
| ETF Trade Fee | $5.00 | $6.95 |
| Options Base Fee | $5.00 | $6.95 |
| Options Per Contract Fee | $0.50 | $0.75 |
| Mutual Fund Trade Fee | $14.95 | $19.95 |
| Broker Assisted Trades Fee | $50.00 | $29.95 |
| Commissions & Fees | ||
| Winner | check_circle |
Margin Rates
| Feature | TradeStation | Merrill Edge |
| Under $24,999.99 | 9.25% | 10.63% |
| $25,000.00 to $49,999.99 | 9.25% | 9.50% |
| $50,000.00 to $99,999.99 | 8.50% | 9.50% |
| $100,000.00 to $249,999.99 | 8.50% | 8.13% |
| $250,000.00 to $499,999.99 | 8.50% | 8.13% |
| $500,000.00 to $999,999.99 | 5.25% | 7.88% |
| Above $1,000,000.00 | 5.25% | 7.25% |
| Commissions & Fees | ||
| Winner | check_circle |
Account Fees
| Feature | TradeStation | Merrill Edge |
| IRA Annual Fee | 35 | 0 |
| IRA Closure Fee | 50 | 49.95 |
| Returned ACH Fee | 25 | 30 |
| Returned Wire Fee | 25 | N/A |
| Stock Certificate Processing Fee | 150 | 500 |
| Stock Certificate Delivery Fee | 15 | N/A |
| Paper Statement Fee | 1 | 5 |
| Paper Confirmation Fee | 1 | 3 |
| Domestic Wire Fee | 25 | 24.95 |
| International Wire Fee | 35 | 24.95 |
| Commissions & Fees |
Investment Options
| Feature | TradeStation | Merrill Edge |
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Stock Trading |
Yes | Yes |
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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 |
4 | 2 |
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Futures Trading |
Yes | No |
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Forex Trading |
No | No |
| Commission-Free ETFs | 0 | 0 |
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Mutual Funds (No Load) |
887 | 2471 |
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Mutual Funds (Total) |
4357 | 3709 |
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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 |
No | Yes |
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International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | TradeStation | Merrill Edge |
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Order Type - Market |
Yes | Yes |
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Order Type - Limit |
Yes | Yes |
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Order Type - Stop |
Yes | Yes |
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Order Type - Trailing Stop |
Yes | Yes |
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Order Type - Contingent |
Yes | No |
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Order Type - MultiContingent |
Yes | No |
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Order Type - OCO |
Yes | No |
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Order Type - OTO |
Yes | No |
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Order Type - OTOCO |
Yes | No |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | TradeStation | Merrill Edge |
|
Desktop Platform (Windows) |
Yes | Yes |
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Desktop Platform (Mac) |
No | Yes |
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Web Platform |
Yes | Yes |
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Paper Trading |
Yes | No |
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Trade Journal |
No | No |
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Watch Lists - Total Fields |
335 | 285 |
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Two-Factor Authentication Login |
Yes | Yes |
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Heat Mapping |
No | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | TradeStation | Merrill Edge |
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Charting - Trade Off Chart |
Yes | Yes |
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Charting - Indicators / Studies |
282 | 95 |
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Charting - Drawing Tools |
23 | 22 |
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Charting - Historical Trades |
Yes | Yes |
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Charting - Corporate Events |
No | Yes |
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Charting - Automated Analysis |
No | Yes |
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Charting - Save Profiles |
Yes | Yes |
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Charting - Study Customizations |
12 | 8 |
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Charting - Custom Studies |
Yes | No |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | TradeStation | Merrill Edge |
|
Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
Yes | Yes |
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Streaming Time & Sales |
Yes | Yes |
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Streaming TV |
No | No |
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Direct Market Routing - Stocks |
Yes | No |
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Direct Market Routing - Options |
Yes | No |
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Ladder Trading |
Yes | No |
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Trade Hot Keys |
Yes | Yes |
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Level 2 Quotes - Stocks |
Yes | Yes |
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Level 2 Quotes - Options |
Yes | Yes |
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Trade Ideas - Backtesting |
Yes | Yes |
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Short Locator |
Yes | No |
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Client Liquidity Rebates |
Yes | No |
| Winner | check_circle |
Mobile Trading Apps
| Feature | TradeStation | Merrill Edge |
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iPhone App |
Yes | Yes |
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Android App |
Yes | Yes |
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Apple Watch App |
No | Yes |
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Trading - Stocks |
Yes | Yes |
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Trading - After-Hours |
Yes | Yes |
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Trading - Conditional Orders |
Yes | No |
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Trading - Mutual Funds |
No | Yes |
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Trading - Simple Options |
Yes | Yes |
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Trading - Complex Options |
Yes | Yes |
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Trading - Option Rolling |
No | No |
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Touch / Face ID |
Yes | Yes |
| Winner | check_circle |
Mobile App Features
| Feature | TradeStation | Merrill Edge |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts - Basic Fields |
Yes | Yes |
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Stock Alerts - Advanced Fields |
No | No |
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Charting - After Hours |
Yes | Yes |
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Charting - Drawing |
Yes | Yes |
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Charting - Study Customizations |
Yes | Yes |
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Customizable Homescreen |
No | Yes |
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Heatmapping |
No | Yes |
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Stream Live TV |
No | No |
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Barcode Lookup |
No | No |
| Mobile Trading | ||
| Winner | check_circle |
Research Overview
| Feature | TradeStation | Merrill Edge |
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Research - Stocks |
Yes | Yes |
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Research - ETFs |
Yes | Yes |
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Research - Mutual Funds |
No | Yes |
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Research - Pink Sheets / OTCBB |
Yes | Yes |
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Research - Fixed Income |
No | Yes |
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Research - Futures |
Yes | No |
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Research - Forex |
Yes | No |
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Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
No | Yes |
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Screener - Mutual Funds |
No | Yes |
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Screener - Options |
Yes | Yes |
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Screener - Bonds |
No | Yes |
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Misc - Portfolio Builder |
No | Yes |
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Misc - Portfolio Allocation |
No | Yes |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | TradeStation | Merrill Edge |
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Stock Research - Reports |
0 | 3 |
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Stock Research - Earnings |
No | Yes |
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Stock Research - Insiders |
No | Yes |
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Stock Research - Metric Comp |
No | Yes |
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Stock Research - SEC Filings |
No | Yes |
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Stock Research - Social |
No | No |
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Stock Research - Balance Sheet |
No | Yes |
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Stock Research - Cash Flows |
No | Yes |
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Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
No | Yes |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | TradeStation | Merrill Edge |
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ETFs - Strategy Overview |
No | Yes |
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ETFs - Top 10 Holdings |
No | Yes |
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ETFs - Sector Exposure |
No | Yes |
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ETFs - Risk Analysis |
No | Yes |
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ETFs - Performance Analysis |
No | Yes |
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ETFs - Ratings |
No | Yes |
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ETFs - Morningstar StyleMap |
No | Yes |
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ETFs - Reports |
No | Yes |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | TradeStation | Merrill Edge |
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Mutual Funds - Strategy Overview |
No | Yes |
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Mutual Funds - Prospectus |
No | Yes |
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Mutual Funds - Reports |
No | Yes |
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Mutual Funds - Fees Breakdown |
No | Yes |
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Mutual Funds - Top 10 Holdings |
No | Yes |
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Mutual Funds - Asset Allocation |
No | Yes |
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Mutual Funds - Sector Allocation |
No | Yes |
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Mutual Funds - Country Allocation |
No | Yes |
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Mutual Funds - StyleMap |
No | Yes |
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Mutual Funds - 3rd Party Ratings |
No | Yes |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | TradeStation | Merrill Edge |
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Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
32 | 69 |
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Option Chains - Greeks |
5 | 5 |
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Option Chains - Quick Analysis |
Yes | Yes |
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Option Analysis - P&L Charts |
Yes | Yes |
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Option Probability Analysis |
Yes | Yes |
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Option Probability Analysis Adv |
Yes | No |
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Option Positions - Greeks |
Yes | Yes |
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Option Positions - Adv Analysis |
Yes | Yes |
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Option Positions - Rolling |
Yes | No |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | TradeStation | Merrill Edge |
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Has Education - Stocks |
Yes | Yes |
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Has Education - ETFs |
No | Yes |
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Has Education - Options |
Yes | Yes |
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Has Education - Mutual Funds |
No | Yes |
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Has Education - Fixed Income |
No | Yes |
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Has Education - Retirement |
No | Yes |
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Paper Trading |
Yes | No |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
30 | 0 |
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Webinars (Archived) |
Yes | No |
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Live Seminars |
Yes | Yes |
|
Progress Tracking |
No | No |
|
Interactive Learning - Quizzes |
No | Yes |
|
Investor Magazine |
Yes | Yes |
| Education | ||
| Winner | check_circle |
Banking
| Feature | TradeStation | Merrill Edge |
|
Retail Locations |
0 | 4400 |
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Member FDIC |
No | Yes |
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Checking Accounts |
No | Yes |
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Savings Accounts |
No | Yes |
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Credit Cards |
No | Yes |
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Debit Cards |
No | Yes |
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Mortgage Loans |
No | Yes |
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No Fee Banking |
No | No |
| Banking | ||
| Winner | check_circle |
Overall
| Feature | TradeStation | Merrill Edge |
| TradeStation Review | Merrill Edge Review | |
| Overall | ||
| Winner | check_circle |
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 TradeStation 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 charges more than TradeStation for placing regular stock trades ($6.95 and $5.00, respectively). Looking at trading options, TradeStation's base fee is $5.00 while Merrill Edge's is $6.95. Option contracts are pricier at Merrill Edge, costing $0.75 versus $0.50 at TradeStation. 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. TradeStation provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge provides clients access to Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, TradeStation boasts an offering of 4357 mutual funds compared to Merrill Edge's 3709 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. TradeStation makes virtual trading available to clients, while Merrill Edge does not. For mobile trading, Merrill Edge and TradeStation 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, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Merrill Edge while TradeStation offers customers none of these.
Overall, between Merrill Edge and TradeStation, Merrill Edge is the winner.
Merrill Edge Review
TradeStation Review
First, we will break down the commission charges of both brokers for placing stock and options trades. Merrill Edge charges more than TradeStation for placing regular stock trades ($6.95 and $5.00, respectively). Looking at trading options, TradeStation's base fee is $5.00 while Merrill Edge's is $6.95. Option contracts are pricier at Merrill Edge, costing $0.75 versus $0.50 at TradeStation. 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. TradeStation provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge provides clients access to Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, TradeStation boasts an offering of 4357 mutual funds compared to Merrill Edge's 3709 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. TradeStation makes virtual trading available to clients, while Merrill Edge does not. For mobile trading, Merrill Edge and TradeStation 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, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Merrill Edge while TradeStation offers customers none of these.
Overall, between Merrill Edge and TradeStation, Merrill Edge is the winner.
Merrill Edge Review
TradeStation Review
All pricing data was obtained from a published web site as of 02/18/2019 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.
