Is Merrill Edge better than TradeStation? After testing 15 of the best online brokers over five months, Merrill Edge (88.87%) is better than TradeStation (82.4%). Backed by parent company Bank of America, Merrill Edge delivers $0 stock and ETF trades with fantastic research and customer service. Better yet, for current banking customers, Merrill Edge's Preferred Rewards program offers the best rewards benefits across the industry.
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Merrill Edge vs TradeStation 2020
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Special Offer
Get up to $600 when you invest in a new Merril Edge Self-Directed account. Open Account
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Promo Offer
Commission-Free Trades on Stocks, ETFs & Options Trades Open Account
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| Open Account | Open Account |
Overall Rating
| Feature | Merrill Edge | TradeStation |
| Overall | ||
| Merrill Edge Review | TradeStation Review |
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 |
| Options Base Fee | $0.00 | $0.00 |
| Options Per Contract Fee | $0.65 | $0.50 |
| Mutual Fund Trade Fee | $19.95 | $14.95 |
| Broker Assisted Trades Fee | $29.95 | $50.00 |
| Commissions & Fees | ||
| Winner | check_circle |
Margin Rates
| Feature | Merrill Edge | TradeStation |
| Under $24,999.99 | 10.13% | 9.50% |
| $25,000.00 to $49,999.99 | 9.00% | 9.50% |
| $50,000.00 to $99,999.99 | 9.00% | 8.75% |
| $100,000.00 to $249,999.99 | 7.63% | 8.75% |
| $250,000.00 to $499,999.99 | 7.63% | 8.75% |
| $500,000.00 to $999,999.99 | 7.38% | 5.50% |
| Above $1,000,000.00 | 6.75% | 5.50% |
| Commissions & Fees | ||
| Winner | check_circle |
Account Fees
| Feature | Merrill Edge | TradeStation |
| IRA Annual Fee | $0.00 | $35.00 |
| IRA Closure Fee | $49.95 | $50.00 |
| 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 |
| Commissions & Fees |
Investment Options
| Feature | Merrill Edge | TradeStation |
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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 |
| Commission-Free ETFs | all | all |
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Mutual Funds (No Load) |
2471 | 887 |
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Mutual Funds (Total) |
3709 | 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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Interest Sharing |
No | Yes |
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Advisor Services |
Yes | No |
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International Trading |
No | No |
| Offering of Investments | ||
| Winner | check_circle |
Order Types
| Feature | Merrill Edge | TradeStation |
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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 |
No | Yes |
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Order Type - MultiContingent |
No | Yes |
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Order Type - OCO |
No | Yes |
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Order Type - OTO |
No | Yes |
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Order Type - OTOCO |
No | Yes |
| Offering of Investments | ||
| Winner | check_circle |
Trading Platforms
| Feature | Merrill Edge | TradeStation |
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Desktop Platform (Windows) |
Yes | Yes |
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Desktop Platform (Mac) |
Yes | No |
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Web Platform |
Yes | Yes |
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Paper Trading |
No | Yes |
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Trade Journal |
No | No |
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Watch Lists - Total Fields |
285 | 335 |
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Heat Mapping |
Yes | No |
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AI Assistant Bot |
No | No |
| Platforms & Tools | ||
| Winner | check_circle |
Charting Features
| Feature | Merrill Edge | TradeStation |
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Charting - Trade Off Chart |
Yes | Yes |
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Charting - Indicators / Studies |
100 | 285 |
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Charting - Drawing Tools |
22 | 23 |
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Charting - Historical Trades |
Yes | Yes |
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Charting - Corporate Events |
Yes | No |
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Charting - Automated Analysis |
Yes | No |
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Charting - Save Profiles |
Yes | Yes |
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Charting - Study Customizations |
8 | 12 |
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Charting - Custom Studies |
No | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Day Trading
| Feature | Merrill Edge | TradeStation |
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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 |
No | Yes |
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Direct Market Routing - Options |
No | Yes |
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Ladder Trading |
No | Yes |
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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 |
No | Yes |
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Order Liquidity Rebates |
No | Yes |
| Winner | check_circle |
Mobile Trading Apps
| Feature | Merrill Edge | TradeStation |
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iPhone App |
Yes | Yes |
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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 |
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Trading - Conditional Orders |
No | Yes |
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Trading - Mutual Funds |
Yes | No |
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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 | Merrill Edge | TradeStation |
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Watch List Syncing |
Yes | Yes |
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Stock Alerts |
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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Heatmapping |
Yes | No |
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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 | Merrill Edge | TradeStation |
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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 - Fixed Income |
Yes | No |
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Screener - Stocks |
Yes | Yes |
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Screener - ETFs |
Yes | No |
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Screener - Mutual Funds |
Yes | No |
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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 |
| Research | ||
| Winner | check_circle |
Stock Research
| Feature | Merrill Edge | TradeStation |
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Stock Research - Reports |
3 | 0 |
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Stock Research - Earnings |
Yes | No |
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Stock Research - Insiders |
Yes | No |
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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 |
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Stock Research - News |
Yes | Yes |
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Stock Research - ESG |
Yes | No |
| Research | ||
| Winner | check_circle |
ETF Research
| Feature | Merrill Edge | TradeStation |
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ETFs - Strategy Overview |
Yes | No |
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ETFs - Top 10 Holdings |
Yes | No |
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ETFs - Sector Exposure |
Yes | No |
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ETFs - Risk Analysis |
Yes | No |
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ETFs - Performance Analysis |
Yes | No |
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ETFs - Ratings |
Yes | No |
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ETFs - Morningstar StyleMap |
Yes | No |
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ETFs - Reports |
Yes | No |
| Research | ||
| Winner | check_circle |
Mutual Fund Research
| Feature | Merrill Edge | TradeStation |
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Mutual Funds - Strategy Overview |
Yes | No |
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Mutual Funds - Prospectus |
Yes | No |
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Mutual Funds - Reports |
Yes | No |
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Mutual Funds - Fees Breakdown |
Yes | No |
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Mutual Funds - Top 10 Holdings |
Yes | No |
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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 |
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Mutual Funds - StyleMap |
Yes | No |
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Mutual Funds - 3rd Party Ratings |
Yes | No |
| Research | ||
| Winner | check_circle |
Options Trading
| Feature | Merrill Edge | TradeStation |
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Option Chains - Streaming |
Yes | Yes |
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Option Chains - Total Columns |
69 | 32 |
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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 |
No | Yes |
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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 | Yes |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | Merrill Edge | TradeStation |
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Education (Stocks) |
Yes | Yes |
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Education (ETFs) |
Yes | No |
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Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
Yes | No |
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Education (Fixed Income) |
Yes | No |
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Education (Retirement) |
Yes | No |
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Paper Trading |
No | Yes |
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Videos |
Yes | Yes |
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Webinars (Monthly Avg) |
0 | 0 |
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Webinars (Archived) |
No | Yes |
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Live Seminars |
Yes | Yes |
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Progress Tracking |
Yes | No |
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Interactive Learning - Quizzes |
Yes | No |
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Investor Magazine |
Yes | Yes |
| Education | ||
| Winner | check_circle |
Banking
| Feature | Merrill Edge | TradeStation |
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Retail Locations |
4300 | 0 |
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Member FDIC |
Yes | No |
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Checking Accounts |
Yes | No |
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Savings Accounts |
Yes | No |
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Credit Cards |
Yes | No |
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Debit Cards |
Yes | No |
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Mortgage Loans |
Yes | No |
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No Fee Banking |
No | No |
| Banking | ||
| Winner | check_circle |
Overall
| Feature | Merrill Edge | TradeStation |
| Merrill Edge Review | TradeStation Review | |
| Overall | ||
| Winner | check_circle |
Comparing brokers side by side is no easy task. For our 2020 annual broker review, we spent hundreds of hours assessing 15 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 charge the same amount for regular stock trades, $0. Looking at options, the base fees charged are the same for both brokers, $0. 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, Merrill Edge trails TradeStation by 648 total mutual funds, with TradeStation offering 4357 and Merrill Edge offering 3709.
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 TradeStation 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, between Merrill Edge and TradeStation, Merrill Edge is the better online broker.
All pricing data was obtained from a published web site as of 01/20/2020 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.
