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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Commission-Free Trades on Stocks, ETFs & Options Trades
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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 Trade Fee (per trade) | $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 Fee | $0.65 | $0.50 |
| Futures (per contract) | N/A | $1.50 |
| Broker Assisted Trades Fee | $29.95 | $50.00 |
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 |
| Account Transfer Out (Partial) | $0.00 | $125.00 |
| Account Transfer Out (Full) | $49.95 | $125.00 |
| Returned ACH Fee | $30.00 | $25.00 |
| Returned Wire Fee | N/A | $25.00 |
| Stock Certificate Processing Fee | $500.00 | $150.00 |
| Stock Certificate Delivery Fee | N/A | $15.00 |
| Paper Statement Fee | $5.00 | $1.00 |
| Paper Confirmation Fee | $3.00 | $1.00 |
| Domestic Wire Fee | $24.95 | $25.00 |
| International Wire Fee | $24.95 | $35.00 |
Investment Options
| Feature | Merrill Edge | TradeStation |
|
Stock Trading |
Yes | Yes |
|
Fractional Shares |
No | No |
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OTCBB / Pink Sheets |
Yes | Yes |
|
Options Trading |
Yes | Yes |
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Complex Options Max Legs |
2 | 4 |
|
Futures Trading |
No | Yes |
|
Forex Trading |
No | No |
| Crypto Trading | No | Yes |
|
Mutual Funds (No Load) |
3147 | 887 |
|
Mutual Funds (Total) |
3469 | 4357 |
|
Bonds (US Treasury) |
Yes | Yes |
|
Bonds (Corporate) |
Yes | Yes |
|
Bonds (Municipal) |
Yes | Yes |
|
Advisor Services |
Yes | No |
|
International Trading |
No | No |
|
AI Assistant Bot |
No | No |
Order Types
| Feature | Merrill Edge | TradeStation |
|
Order Type - Market |
Yes | Yes |
|
Order Type - Limit |
Yes | Yes |
|
Order Type - Stop |
Yes | Yes |
|
Order Type - Trailing Stop |
Yes | Yes |
|
Order Type - Contingent |
No | Yes |
|
Order Type - MultiContingent |
No | Yes |
|
Order Type - OCO |
No | Yes |
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Order Type - OTO |
No | Yes |
|
Order Type - OTOCO |
No | Yes |
Trading Platforms
| Feature | Merrill Edge | TradeStation |
|
Desktop Platform (Windows) |
Yes | Yes |
|
Desktop Platform (Mac) |
Yes | No |
|
Web Platform |
Yes | Yes |
|
Paper Trading |
No | Yes |
|
Trade Journal |
No | No |
|
Heat Mapping |
Yes | No |
|
Watch Lists - Total Fields |
285 | 335 |
Charting Features
| Feature | Merrill Edge | TradeStation |
|
Charting - Trade Off Chart |
Yes | Yes |
|
Charting - Indicators / Studies |
104 | 290 |
|
Charting - Drawing Tools |
22 | 23 |
|
Charting - Historical Trades |
Yes | Yes |
|
Charting - Corporate Events |
Yes | No |
|
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 |
|
Stock Alerts - Basic Fields |
Yes | Yes |
|
Stock Alerts - Advanced Fields |
Yes | Yes |
|
Streaming Time & Sales |
Yes | Yes |
|
Streaming TV |
No | No |
|
Direct Market Routing - Stocks |
No | Yes |
|
Direct Market Routing - Options |
No | Yes |
|
Ladder Trading |
No | Yes |
|
Trade Hot Keys |
Yes | Yes |
|
Level 2 Quotes - Stocks |
Yes | Yes |
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Level 2 Quotes - Options |
Yes | Yes |
|
Trade Ideas - Backtesting |
Yes | Yes |
|
Short Locator |
No | Yes |
|
Order Liquidity Rebates |
No | Yes |
Mobile Trading Apps
| Feature | Merrill Edge | TradeStation |
|
iPhone App |
Yes | Yes |
|
Android App |
Yes | Yes |
|
Apple Watch App |
Yes | No |
|
Trading - Stocks |
Yes | Yes |
|
Trading - After-Hours |
Yes | Yes |
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Trading - Conditional Orders |
No | Yes |
|
Trading - Mutual Funds |
Yes | No |
|
Trading - Simple Options |
Yes | Yes |
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Trading - Complex Options |
Yes | Yes |
|
Trading - Option Rolling |
No | No |
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Touch / Face ID |
Yes | Yes |
Mobile App Features
| Feature | Merrill Edge | TradeStation |
|
Watch List Syncing |
Yes | Yes |
|
Stock Alerts |
Yes | Yes |
|
Charting - After Hours |
Yes | Yes |
|
Charting - Drawing |
Yes | Yes |
|
Charting - Study Customizations |
Yes | Yes |
|
Heatmapping |
Yes | No |
|
Stream Live TV |
No | No |
|
Barcode Lookup |
No | No |
Research Overview
| Feature | Merrill Edge | TradeStation |
|
Research - Stocks |
Yes | Yes |
|
Research - ETFs |
Yes | Yes |
|
Research - Mutual Funds |
Yes | No |
|
Research - Pink Sheets / OTCBB |
Yes | Yes |
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Research - Fixed Income |
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 |
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Misc - Portfolio Builder |
Yes | No |
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Misc - Portfolio Allocation |
Yes | No |
Stock Research
| Feature | Merrill Edge | TradeStation |
|
Stock Research - Reports |
3 | 0 |
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Stock Research - Earnings |
Yes | No |
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Stock Research - Insiders |
Yes | No |
|
Stock Research - Metric Comp |
Yes | No |
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Stock Research - SEC Filings |
Yes | No |
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Stock Research - Social |
No | No |
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Stock Research - Balance Sheet |
Yes | No |
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Stock Research - Cash Flows |
Yes | No |
|
Stock Research - News |
Yes | Yes |
|
Stock Research - ESG |
Yes | No |
ETF Research
| Feature | Merrill Edge | TradeStation |
|
ETFs - Strategy Overview |
Yes | No |
|
ETFs - Top 10 Holdings |
Yes | No |
|
ETFs - Sector Exposure |
Yes | No |
|
ETFs - Risk Analysis |
Yes | No |
|
ETFs - Performance Analysis |
Yes | No |
|
ETFs - Ratings |
Yes | No |
|
ETFs - Morningstar StyleMap |
Yes | No |
|
ETFs - Reports |
Yes | No |
Mutual Fund Research
| Feature | Merrill Edge | TradeStation |
|
Mutual Funds - Strategy Overview |
Yes | No |
|
Mutual Funds - Prospectus |
Yes | No |
|
Mutual Funds - Reports |
Yes | No |
|
Mutual Funds - Fees Breakdown |
Yes | No |
|
Mutual Funds - Top 10 Holdings |
Yes | No |
|
Mutual Funds - Asset Allocation |
Yes | No |
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Mutual Funds - Sector Allocation |
Yes | No |
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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 - Streaming |
Yes | Yes |
|
Option Chains - Total Columns |
69 | 32 |
|
Option Chains - Greeks |
5 | 5 |
|
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 |
|
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 |
Beginners
| Feature | Merrill Edge | TradeStation |
|
Education (Stocks) |
Yes | Yes |
|
Education (ETFs) |
Yes | No |
|
Education (Options) |
Yes | Yes |
|
Education (Mutual Funds) |
Yes | No |
|
Education (Fixed Income) |
Yes | No |
|
Education (Retirement) |
Yes | No |
|
Paper Trading |
No | Yes |
|
Videos |
Yes | Yes |
|
Webinars (Monthly Avg) |
1 | 10 |
|
Webinars (Archived) |
No | No |
|
Live Seminars |
Yes | Yes |
|
Progress Tracking |
Yes | No |
|
Interactive Learning - Quizzes |
Yes | No |
Banking
| Feature | Merrill Edge | TradeStation |
|
Retail Locations |
4300 | 0 |
|
Member FDIC |
Yes | No |
|
Checking Accounts |
Yes | No |
|
Savings Accounts |
Yes | No |
|
Credit Cards |
Yes | No |
|
Debit Cards |
Yes | No |
|
Mortgage Loans |
Yes | No |
|
No Fee Banking |
No | 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 (Fixed Income) and Education (Retirement).
What about Merrill Edge vs TradeStation pricing?
Merrill Edge and TradeStation both cost $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 $0.50 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 3469 available funds, a difference of 888.
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. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while TradeStation offers 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.
