Is Merrill Edge better than TradeStation? After testing 15 of the best online brokers over six months, Merrill Edge (84.89%) is better than TradeStation (73.22%). 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.
| Overall Rating | Merrill Edge | TradeStation |
|---|---|---|
| Overall | ||
| Commissions & Fees | ||
| Investment Options | ||
| Platforms & Tools | ||
| Mobile Trading Apps | ||
| Research | ||
| Customer Service | ||
| Education | ||
| Ease Of Use | ||
| Winner | check_circle | |
| Review | Merrill Edge Review | TradeStation Review |
| Trading Fees | Merrill Edge | TradeStation |
|---|---|---|
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| Mutual Fund Trade Fee | $19.95 | $14.95 |
| Options (Base Fee) | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.00 |
| Futures (Per Contract) | N/A | $1.50 |
| Broker Assisted Trade Fee | $29.95 | $0.00 |
| Margin Rates | Merrill Edge | TradeStation |
|---|---|---|
| Margin Rate Under $24,999.99 | 8.63% | 9.50% |
| Margin Rate $25,000.00 to $49,999.99 | 7.50% | 9.50% |
| Margin Rate $50,000.00 to $99,999.99 | 7.50% | 8.75% |
| Margin Rate $100,000.00 to $249,999.99 | N/A | 8.75% |
| Margin Rate $250,000.00 to $499,999.99 | N/A | 8.75% |
| Margin Rate $500,000.00 to $999,999.99 | N/A | 5.50% |
| Margin Rate Above $1,000,000.00 | N/A | 5.50% |
| Account Fees | Merrill Edge | TradeStation |
|---|---|---|
| IRA Annual Fee | $0.00 | $35.00 |
| IRA Closure Fee | $49.95 | $50.00 |
| Account Transfer Out (Partial) | $0.00 | $125.00 |
| Account Transfer Out (Full) | $49.95 | $125.00 |
| Options Exercise Fee | 2.95 | 14.95 |
| Options Assignment Fee | 2.95 | 5.95 |
| Investment Options | Merrill Edge | TradeStation |
|---|---|---|
| Stock Trading | Yes | Yes |
| Fractional Shares | No | No |
| OTCBB / Pink Sheets | Yes | Yes |
| Options Trading | Yes | Yes |
| Complex Options Max Legs | 4 | 4 |
| Futures Trading | No | Yes |
| Forex Trading | No | No |
| Crypto Trading | No | Yes |
| Crypto Trading - Total Coins | 0 | 4 |
| Mutual Funds (No Load) | 2952 | 887 |
| Mutual Funds (Total) | 3466 | 4357 |
| Bonds (US Treasury) | Yes | Yes |
| Bonds (Corporate) | Yes | Yes |
| Bonds (Municipal) | Yes | Yes |
| Advisor Services | Yes | No |
| International Countries (Stocks) | 0 | 0 |
| Order Types | 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 | Merrill Edge | TradeStation |
|---|---|---|
| Education (Stocks) | Yes | Yes |
| Education (ETFs) | Yes | No |
| Education (Options) | Yes | Yes |
| Education (Mutual Funds) | Yes | No |
| Education (Bonds) | Yes | No |
| Education (Retirement) | Yes | No |
| Retirement Calculator | Yes | No |
| Investor Dictionary | Yes | No |
| Paper Trading | No | Yes |
| Videos | Yes | Yes |
| Webinars (Archived) | Yes | No |
| Progress Tracking | No | No |
| Interactive Learning - Quizzes | Yes | No |
| Stock Trading Apps | Merrill Edge | TradeStation |
|---|---|---|
| iPhone App | Yes | Yes |
| Android App | Yes | Yes |
| Apple Watch App | Yes | Yes |
| Trading - Stocks | Yes | Yes |
| 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 | 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 |
| Watch Lists - Total Fields | 285 | 335 |
| Stock App Charting | Merrill Edge | TradeStation |
|---|---|---|
| Charting - After-Hours | No | Yes |
| Charting - Can Turn Horizontally | Yes | Yes |
| Charting - Multiple Time Frames | Yes | Yes |
| Charting - Technical Studies | 34 | 45 |
| Charting - Study Customizations | Yes | Yes |
| Charting - Stock Comparisons | Yes | No |
| Trading Platforms | Merrill Edge | TradeStation |
|---|---|---|
| Desktop Trading Platform | Yes | Yes |
| Web Trading Platform | Yes | Yes |
| Paper Trading | No | Yes |
| Trade Journal | No | No |
| Watch Lists - Total Fields | 285 | 335 |
| Stock Chart Features | Merrill Edge | TradeStation |
|---|---|---|
| Charting - Adjust Trades on Chart | Yes | Yes |
| Charting - Indicators / Studies | 104 | 290 |
| Charting - Drawing Tools | 22 | 23 |
| Charting - Notes | Yes | Yes |
| Charting - Index Overlays | Yes | Yes |
| Charting - Historical Trades | Yes | Yes |
| Charting - Corporate Events | Yes | No |
| Charting - Custom Date Range | Yes | Yes |
| Charting - Custom Time Bars | Yes | Yes |
| 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 | Merrill Edge | TradeStation |
|---|---|---|
| Streaming Time & Sales | Yes | Yes |
| Streaming TV | No | No |
| Direct Market Routing - Stocks | No | Yes |
| Ladder Trading | No | Yes |
| Trade Hot Keys | No | Yes |
| Level 2 Quotes - Stocks | Yes | Yes |
| Trade Ideas - Backtesting | Yes | Yes |
| Trade Ideas - Backtesting Adv | No | Yes |
| Short Locator | No | Yes |
| Order Liquidity Rebates | No | Yes |
| Research Overview | Merrill Edge | TradeStation |
|---|---|---|
| Research - Stocks | Yes | Yes |
| Research - ETFs | Yes | Yes |
| Research - Mutual Funds | Yes | No |
| Research - Pink Sheets / OTCBB | Yes | Yes |
| Research - Bonds | Yes | No |
| Screener - Stocks | Yes | Yes |
| Screener - ETFs | Yes | No |
| Screener - Mutual Funds | Yes | No |
| Screener - Bonds | Yes | No |
| Misc - Portfolio Allocation | Yes | No |
| Stock Research | Merrill Edge | TradeStation |
|---|---|---|
| Stock Research - PDF Reports | 3 | 0 |
| Stock Research - Earnings | Yes | No |
| Stock Research - Insiders | Yes | No |
| Stock Research - Social | No | No |
| Stock Research - News | Yes | Yes |
| Stock Research - ESG | Yes | No |
| Stock Research - SEC Filings | Yes | No |
| ETF Research | Merrill Edge | TradeStation |
|---|---|---|
| ETFs - Strategy Overview | Yes | No |
| 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 - Sector Exposure | Yes | No |
| ETFs - Risk Analysis | Yes | No |
| ETFs - Ratings | Yes | No |
| ETFs - Morningstar StyleMap | Yes | No |
| ETFs - PDF Reports | Yes | No |
| Mutual Fund Research | 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 - 3rd Party Ratings | 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 |
| Options Trading | 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 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 - Greeks Streaming | Yes | Yes |
| Option Positions - Adv Analysis | Yes | Yes |
| Option Positions - Rolling | Yes | Yes |
| Option Positions - Grouping | Yes | Yes |
| Banking | Merrill Edge | TradeStation |
|---|---|---|
| Bank (Member FDIC) | Yes | No |
| Checking Accounts | Yes | No |
| Savings Accounts | Yes | No |
| Credit Cards | Yes | No |
| Debit Cards | Yes | No |
| Mortgage Loans | Yes | No |
| Customer Service | 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 | Merrill Edge | TradeStation |
|---|---|---|
| Overall | ||
| Commissions & Fees | ||
| Investment Options | ||
| Platforms & Tools | ||
| Mobile Trading Apps | ||
| Research | ||
| Education | ||
| Ease Of Use |
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 TradeStation.
Merrill Edge offers more comprehensive new investor education 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), while TradeStation offers investors access to Paper Trading, Videos, Education (Stocks) and Education (Options).
Merrill Edge and TradeStation 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 TradeStation. For a complete commissions summary, see our best brokers for free stock trading guide.
Merrill Edge offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Advisor Services, while TradeStation offers investors access to Stock Trading, Options Trading, OTCBB / Pink Sheets, Mutual Funds and Futures Trading, neither have Fractional Shares and Forex Trading. Looking at Mutual Funds, TradeStation trails Merrill Edge in its offering of no transaction fee (NTF) mutual funds, with Merrill Edge offering 3095 and TradeStation offering 0.
To compare the trading platforms of 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 TradeStation to provide better mobile trading apps.
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 offered by Merrill Edge while TradeStation offers neither of these.
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.
As a trading technology leader, TradeStation supports casual traders through its web-based platform and active traders through its award-winning desktop platform, all with $0 stock and ETF trades.
Overall winner: Merrill Edge
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