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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 Merrill Edge better than TradeStation? Based on over 4,000 data points from our 2019 annual broker review, Merrill Edge (77.93%) is better than TradeStation (71.75%). Backed by parent company Bank of America, Merrill Edge delivers fantastic research, customer service, universal account support, and customer rewards. Merrill Edge offers 10 commission-free stock or ETF trades each month to investors with balances above $20,000.
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Promo Offer
$5 per Trade plus $0.50 per Contract for Options Open Account
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Special Offer
Invest in a new account and get up to $600 Open Account
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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
Open Account |
Merrill Edge
Open Account |
| 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 | $35.00 | $0.00 |
| IRA Closure Fee | $50.00 | $49.95 |
| Returned ACH Fee | $25.00 | $30.00 |
| Returned Wire Fee | $25.00 | N/A |
| Stock Certificate Processing Fee | $150.00 | $500.00 |
| Stock Certificate Delivery Fee | $15.00 | N/A |
| Paper Statement Fee | $1.00 | $5.00 |
| Paper Confirmation Fee | $1.00 | $3.00 |
| Domestic Wire Fee | $25.00 | $24.95 |
| International Wire Fee | $35.00 | $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 |
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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 |
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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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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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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 |
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Progress Tracking |
No | No |
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Interactive Learning - Quizzes |
No | Yes |
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Investor Magazine |
Yes | Yes |
| Education | ||
| Winner | check_circle |
Banking
| Feature | TradeStation | Merrill Edge |
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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 |
The StockBrokers.com annual broker review assesses more than a dozen different brokers over six months, surfacing the best online stock brokers. This review compares Merrill Edge vs TradeStation. Is Merrill Edge or TradeStation a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. 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. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews.
For our next comparison of these two brokers, being able to trade the way you want is a must. TradeStation supports Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge supports Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, TradeStation offers its clients access to 4357 different mutual funds while Merrill Edge has 3709 available funds, a difference of 648.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. TradeStation has virtual trading, Merrill Edge doesn't. For mobile trading, Both Merrill Edge and TradeStation offer clients access to an iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while TradeStation offers none of these.
Overall, between Merrill Edge and TradeStation, Merrill Edge is the winner.
Merrill Edge Review
TradeStation Review
First, we will make a comparison of the stock and option trading fees for trading with both brokers. 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. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews.
For our next comparison of these two brokers, being able to trade the way you want is a must. TradeStation supports Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge supports Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, TradeStation offers its clients access to 4357 different mutual funds while Merrill Edge has 3709 available funds, a difference of 648.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. TradeStation has virtual trading, Merrill Edge doesn't. For mobile trading, Both Merrill Edge and TradeStation offer clients access to an iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Merrill Edge while TradeStation offers 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.
