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Merrill Edge vs TradeStation 2025

StockBrokers.com

Written by StockBrokers.com

July 03, 2025

In this head to head comparison of Merrill Edge vs TradeStation, we will compare the trading platforms, mobile apps, range of investments, costs, market research, and more. Let's dive in.

Merrill Edge
4.5/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.65
TradeStation
4/5 Stars Overall
  • Minimum Deposit: $0.00
  • Stock Trades: $0.00
  • Options (Per Contract): $0.60

Range of investments

When deciding between Merrill Edge and TradeStation for your investment needs, it's important to understand how each broker stacks up across their range of available options. Both are highly rated with 4.5 stars for range of investments, although TradeStation edges ahead slightly in StockBrokers.com's ranking at #5 compared to Merrill Edge's #7. However, this shouldn't detract from the excellent service each platform offers depending on your investment focus. Each platform offers a variety of services for traditional and Roth IRAs. Yet, Merrill Edge distinguishes itself with advisor services, which TradeStation does not provide, potentially guiding investors more effectively.

Both Merrill Edge and TradeStation provide a comprehensive selection for stock, margin, and options trading, as well as access to mutual funds and over-the-counter (OTC) stocks. Investors seeking a platform to delve into futures trading may lean towards TradeStation, as Merrill Edge does not offer this option. However, neither platform supports forex or cryptocurrency trading, keeping digital asset coverage at zero coins available for investment on both ends.

While Merrill Edge and TradeStation present similar offerings, there are nuanced differences that might appeal to specific investors. If you're seeking a platform with the advantage of professional advisory services, Merrill Edge would be the preferable choice. Conversely, if futures trading is a critical part of your strategy, TradeStation is the platform to consider. Even though neither offers fractional shares trading, both brokers have a solid foundation, allowing you a wide array of investment opportunities tailored to your financial goals.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Stock Trading info Yes Yes
Account Feature - Margin Trading info Yes Yes
Fractional Shares (Stocks) info No No
OTC Stocks info Yes Yes
Mutual Funds info Yes Yes
Options Trading info Yes Yes
Futures Trading info No Yes
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Range of Investments 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Options Trading Platforms for 2025, Best Futures Trading Platforms for 2025: A Beginner-Friendly Guide to an Advanced Market

Trading platforms and tools

In a head-to-head comparison of trading platforms and tools, TradeStation slightly edges out Merrill Edge, securing a 4.5-star rating compared to Merrill Edge’s 4-star rating. This reflects TradeStation's advanced features and flexibility, while Merrill Edge still holds a solid position with robust offerings. Ranked third by StockBrokers.com, TradeStation is favored for its customizable options and extensive charting tools, whereas Merrill Edge ranks sixth, appealing to those who prefer streamlined functionalities.

For desktop applications, TradeStation offers a Windows-only downloadable platform, whereas Merrill Edge does not provide desktop downloads for either Windows or Mac users. However, both brokers deliver browser-based platforms, ensuring accessibility across devices without needing installations. TradeStation stands out with paper trading capabilities, giving users a risk-free environment to hone their trading skills, a feature absent in Merrill Edge.

Enthusiasts of charting will appreciate the range of technical indicators and customization options. TradeStation leads with 294 technical indicators and 12 customization fields for moving averages, compared to Merrill Edge's 105 indicators and eight fields. Both platforms allow traders to adjust open orders on charts, annotate with notes, and track historical trades and corporate events. They also provide the ability to save multiple chart profiles and perform automated technical analysis. However, only TradeStation supports the creation of custom studies, offering a deeper level of personalization for advanced traders.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Web Trading Platform info Yes Yes
Desktop Trading Platform info No Yes
Desktop Platform (Mac) info No No
Paper Trading info No Yes
Watch Lists - Total Fields info 285 341
Charting - Indicators / Studies info 105 294
Charting - Drawing Tools info 23 23
Platforms & Tools 4/5 Stars 4.5/5 Stars

Dive deeper: Best Online Brokers & Trading Platforms for 2025, Best Paper Trading Apps & Platforms for 2025

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Beginners and education

When it comes to educational resources for beginners and investors, Merrill Edge stands out compared to TradeStation. Merrill Edge offers rich educational content across a range of investment products including stocks, ETFs, options, mutual funds, and bonds. In contrast, TradeStation provides education only for stocks and options, leaving a gap in resources for ETFs, mutual funds, and bonds. Both platforms offer educational videos and webinars, but Merrill Edge further enhances its offerings with interactive quizzes, aiding learners to test their knowledge effectively.

While Merrill Edge does not provide paper trading for hands-on practice, TradeStation does, making it a valuable tool for those seeking to apply theory in a risk-free environment. In terms of overall quality, Merrill Edge is rated higher, with a 4.5-star education rating compared to TradeStation's 3 stars. This is reflected in StockBrokers.com's rankings, where Merrill Edge is positioned at number 5 out of 14 brokers, whereas TradeStation lags behind at number 13. This emphasizes Merrill Edge's leadership in the realm of investor education, especially for those at the starting line of their investment journey.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info Yes No
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes No
Education (Fixed Income) info Yes No
Paper Trading info No Yes
Videos info Yes Yes
Webinars info Yes Yes
Education 4.5/5 Stars 3/5 Stars

Dive deeper: Best Stock Trading Platforms for Beginners of 2025

Stock trading apps

When considering stock trading apps, Merrill Edge and TradeStation both offer compelling features, but they cater to slightly different needs. Both brokers provide iPhone and Android apps, however, neither supports Apple Watch integration. They offer essential functionality like mobile options trading, streaming quotes, and stock alerts. Despite these similarities, some distinctions may influence your choice: Merrill Edge excels with after-hours stock trading and advanced charting capabilities like viewing in landscape mode and displaying stock comparisons. On the other hand, TradeStation shines with customizable watch list columns and more extensive charting technical studies.

Merrill Edge’s mobile app proves to be quite user-friendly with a well-rounded suite of features that support active traders during and beyond market hours. Its app allows users to craft personalized watch lists, leverage after-hours trading, and access 34 technical studies for chart analysis. Notably, it supports viewing multiple time frames and comparing stocks directly on the charts, enhancing the user's trading insights. Although missing features like customizable watch list columns and after-hours charting, it ranks impressively at #6 out of 14 brokers on StockBrokers.com.

TradeStation's stock trading app presents a robust offering, with 45 technical studies available for more in-depth chart analysis. Users can customize watch list columns, a feature Merrill Edge lacks, which adds flexibility and personalization to trading activities. Although its app doesn't support landscape mode for charts or stock comparisons on charts, TradeStation impressively stands out with its robust after-hours charting capabilities. Despite its lower ranking at #8 by StockBrokers.com, TradeStation still earned a solid 4.5-star rating, which aligns with Merrill Edge’s rating, demonstrating its strength in stock trading app functionalities.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Stock Alerts info Yes Yes
Charting - After-Hours info No Yes
Charting - Technical Studies info 34 45
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars

Dive deeper: Best Stock Trading Apps for 2025

Fees

When choosing between Merrill Edge and TradeStation, understanding their account fees and charges helps highlight key differences. Merrill Edge stands out with its cost-effective approach, offering $0 commissions on stock trades and not requiring a minimum deposit, similar to TradeStation. However, Merrill Edge charges $0.65 for options contracts, slightly more than TradeStation's $0.60. Additionally, Merrill Edge does not charge IRA annual fees, while TradeStation does, although IRA closure fees are about the same. What differentiates Merrill Edge significantly is its lack of fees on account transfers and options exercises, in contrast to the notable charges imposed by TradeStation.

Both Merrill Edge and TradeStation offer commission-free stock trades and no minimum deposit requirements, making them accessible options for various investors. Their fee structures diverge with options trading, where TradeStation offers a slight advantage at $0.60 per contract compared to Merrill Edge’s $0.65. Additionally, TradeStation imposes a $35 annual fee for IRA accounts, whereas Merrill Edge doesn’t charge a fee annually, but both incur around $50 for IRA closures.

Margin interest rates and additional charges further distinguish these platforms. TradeStation has a clear margin policy, with fixed rates starting at 13.0% for balances below $50,000, dropping slightly to 12.5% beyond that range. Conversely, Merrill Edge's margin rates vary based on account specifics. Furthermore, Merrill Edge’s no-fee policy for both full and partial account transfers offers a considerable saving over TradeStation’s $125 charge per transfer. Similarly, TradeStation has higher fees for options exercises and assignments, adding to its overall costs versus Merrill Edge's free services in these areas.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Minimum Deposit info $0.00 $0.00
Stock Trades info $0.00 $0.00
Options (Per Contract) info $0.65 $0.60
Options Exercise Fee info $0.00 $14.95
Options Assignment Fee info $0.00 $5.95
IRA Annual Fee info $0.00 $35.00
IRA Closure Fee info $49.95 $50.00

Dive deeper: Best Free Trading Platforms for 2025

Day Trading

When it comes to day trading, Merrill Edge and TradeStation both offer notable features, but they cater to different types of traders. Merrill Edge provides streaming time and sales for stocks and level 2 quotes, both of which are essential for traders looking to analyze market depth and activity. It also offers basic strategy backtesting, helping traders refine their techniques. However, Merrill Edge lacks support for direct market routing, ladder trading, trading hotkeys, and advanced strategy backtesting, which are features that can enhance a trader's speed and effectiveness.

TradeStation is better equipped for high-frequency and more advanced day traders. It offers a comprehensive toolkit including streaming time and sales, level 2 quotes, and basic and advanced strategy backtesting. The platform stands out with its features like direct market routing, ladder trading, and trading hotkeys for quick and efficient trade execution. In addition, TradeStation provides a short locator tool for access to real-time information on shortable shares, as well as order liquidity rebates, appealing to traders focused on cost-effective market participation. While neither platform offers streaming live TV, TradeStation offers a more complete set of tools for active traders.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Streaming Time & Sales info Yes Yes
Streaming TV info No No
Direct Market Routing - Equities info No Yes
Level 2 Quotes - Stocks info Yes Yes
Trade Ideas - Backtesting info Yes Yes
Trade Ideas - Backtesting Adv info No Yes
Short Locator info No Yes

Dive deeper: Best Day Trading Platforms for 2025

Market Research

When it comes to market research capabilities, Merrill Edge clearly edges out TradeStation. Rated five stars for market research and ranking fifth out of fourteen brokers by StockBrokers.com, Merrill Edge provides a comprehensive suite of resources, including stock, ETF, and mutual fund research, as well as bonds and Pink Sheets/OTCBB data. In comparison, TradeStation, rated two stars and ranked eleventh, falls short by not offering mutual funds or bonds research, nor downloadable reports for ETFs and mutual funds. For investors seeking extensive market insights and tools, Merrill Edge is likely the more satisfying choice.

Merrill Edge features downloadable PDF research reports across several asset classes, offering three for stocks, as well as reports for ETFs and mutual funds, which TradeStation does not provide. Moreover, Merrill Edge supports ESG research and a diverse array of screeners, including for stocks, ETFs, mutual funds, and bonds—a significant advantage for users who wish to diversify their portfolios and align their investments with personal values. Although both brokers provide stock research capabilities and portfolio allocation visualization by asset class, TradeStation's lack of comprehensive research tools limits its appeal for research-focused investors.

While neither Merrill Edge nor TradeStation utilizes social media sentiment data in their stock research, Merrill Edge's overall offering is more well-rounded due to its expansive research capabilities, such as ESG reports and a full suite of screeners. For investors who value detailed, accessible, and broad-ranging market research, Merrill Edge stands out as a top contender in the online brokerage space, providing tools and insights that are both thorough and user-friendly.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Research - Stocks info Yes Yes
Screener - Stocks info Yes Yes
Research - ETFs info Yes Yes
Screener - ETFs info Yes No
Research - Mutual Funds info Yes No
Screener - Mutual Funds info Yes No
Research - Fixed Income info Yes No
Screener - Fixed Income info Yes No
Research 5/5 Stars 2/5 Stars

Banking

When it comes to banking capabilities, Merrill Edge offers a more comprehensive range of services compared to TradeStation. Merrill Edge not only provides a suite of traditional banking features such as checking and savings accounts, but it also offers debit and credit cards for convenient spending. Customers looking to manage their finances can also take advantage of their mortgage loan options, making it a versatile choice for integrating banking and brokerage needs. Additionally, Merrill Edge offers Certificates of Deposit (CDs), which can be a valuable tool for those interested in saving with fixed returns. On the other hand, TradeStation does not provide any of these banking services—checking or savings accounts, debit or credit cards, mortgage loans, or CDs—and is more focused on trading functionalities without the integrated banking solutions that Merrill Edge provides.

Feature Merrill Edge logoMerrill Edge
TradeStation logoTradeStation
Checking Accounts info Yes No
Savings Accounts info Yes No
Debit Cards info Yes No
Credit Cards info Yes No
Mortgage Loans info Yes No
Brokerage CDs info Yes No

Dive deeper: Best Brokerage Checking Accounts for 2025

Winner

After opening live accounts and testing 14 of the best online brokers, our research and live account testing finds that Merrill Edge is better than TradeStation. Merrill Edge finished with an overall score of 92.7%, while TradeStation finished with a score of 80.2%.

Merrill Edge and its parent, Bank of America, make for a well-rounded offering, with $0 trades, robust research, reliable customer service; and its Stock Stories and Fund Stories are an industry standout. There are some gaps in investment offerings, including crypto and futures.

FAQs

Can you trade cryptocurrency with Merrill Edge or TradeStation?

In the comparison of online brokers Merrill Edge and TradeStation, neither platform offers crypto trading, with both Merrill Edge and TradeStation providing access to zero cryptocurrencies.

Dive deeper: Best Online Brokers for Crypto Trading in 2025

Does Merrill Edge or TradeStation offer IRAs?

Merrill Edge and TradeStation both provide traditional and Roth IRA accounts, with Merrill Edge charging no annual fee compared to TradeStation's $35.00 annual fee. While closing an IRA account incurs fees from both brokers, Merrill Edge's closure fee is slightly lower at $49.95 versus TradeStation's $50.00.

Dive deeper: Best IRA Accounts for 2025

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Compare

0 of 5
Overall Rating Merrill Edge TradeStation
Overall 4.5/5 Stars 4/5 Stars
Range of Investments 4.5/5 Stars 4.5/5 Stars
Platforms & Tools 4/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2/5 Stars
Customer Service 4.0/5 Stars 3.5/5 Stars
Education 4.5/5 Stars 3/5 Stars
Ease of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Merrill Edge Review TradeStation Review
Broker Screenshots Merrill Edge TradeStation
Broker Gallery (click to expand)
Trading Fees Merrill Edge TradeStation
Minimum Deposit info $0.00 $0.00
Stock Trades info $0.00 $0.00
Penny Stock Fees (OTC) info N/A $0.01 info
Mutual Fund Trade Fee info Varies info $14.95
Options (Per Contract) info $0.65 $0.60
Futures (Per Contract) info (Not offered) $1.50
Broker Assisted Trade Fee info $29.95 $25
Margin Rates Merrill Edge TradeStation
Margin Rate Under $25,000 info Varies info 13.0%
Margin Rate $25,000 to $49,999.99 info Varies info 13.0%
Margin Rate $50,000 to $99,999.99 info Varies info 12.5%
Margin Rate $100,000 to $249,999.99 info Varies info 12.0%
Margin Rate $250,000 to $499,999.99 info Varies info 12.0%
Margin Rate $500,000 to $999,999.99 info Varies info 7.5% info
Margin Rate Above $1,000,000 info Varies info 7.5% info
Account Fees Merrill Edge TradeStation
IRA Annual Fee info $0.00 $35.00
IRA Closure Fee info $49.95 $50.00
Account Transfer Out (Partial) info $0.00 $125.00
Account Transfer Out (Full) info $0.00 $125.00
Options Exercise Fee info $0.00 $14.95
Options Assignment Fee info $0.00 $5.95
Investment Options Merrill Edge TradeStation
Stock Trading info Yes Yes
Account Feature - Margin Trading info Yes Yes
Fractional Shares (Stocks) info No No
OTC Stocks info Yes Yes
Options Trading info Yes Yes
Complex Options Max Legs info 4 4
Futures Trading info No Yes
Forex Trading info No No
Crypto Trading info No No
Crypto Trading - Total Coins info 0 0
Fixed Income (Treasurys) info Yes Yes
Fixed Income (Corporate Bonds) info Yes Yes
Fixed Income (Municipal Bonds) info Yes Yes
Traditional IRAs info Yes Yes
Roth IRAs info Yes Yes
Advisor Services info Yes No
International Countries (Stocks) info 0 0
Order Types Merrill Edge TradeStation
Order Type - Market info Yes Yes
Order Type - Limit info Yes Yes
Order Type - After Hours info Yes Yes
Order Type - Stop info Yes Yes
Order Type - Trailing Stop info Yes Yes
Order Type - OCO info No Yes
Order Type - OTO info No Yes
Order Type - Broker Assisted info Yes Yes
Beginners Merrill Edge TradeStation
Education (Stocks) info Yes Yes
Education (ETFs) info Yes No
Education (Options) info Yes Yes
Education (Mutual Funds) info Yes No
Education (Fixed Income) info Yes No
Education (Retirement) info Yes No
Retirement Calculator info Yes No
Investor Dictionary info Yes No
Paper Trading info No Yes
Videos info Yes Yes
Webinars info Yes Yes
Progress Tracking info No No
Interactive Learning - Quizzes info Yes No
Stock Trading Apps Merrill Edge TradeStation
iPhone App info Yes Yes
Android App info Yes Yes
Apple Watch App info No No
Trading - Stocks info Yes Yes
Trading - After-Hours info Yes Yes
Trading - Simple Options info Yes Yes
Trading - Complex Options info Yes Yes
Order Ticket RT Quotes info Yes Yes
Order Ticket SRT Quotes info No Yes
Stock App Features Merrill Edge TradeStation
Market Movers (Top Gainers) info Yes Yes
Stream Live TV info No No
Videos on Demand info No No
Stock Alerts info Yes Yes
Option Chains Viewable info Yes Yes
Watch List (Real-time) info Yes Yes
Watch List (Streaming) info Yes Yes
Watch Lists - Create & Manage info Yes Yes
Watch Lists - Column Customization info No Yes
Stock App Charting Merrill Edge TradeStation
Charting - After-Hours info No Yes
Charting - Can Turn Horizontally info Yes No
Charting - Multiple Time Frames info Yes Yes
Charting - Technical Studies info 34 45
Charting - Study Customizations info Yes Yes
Charting - Stock Comparisons info Yes No
Trading Platforms Merrill Edge TradeStation
Active Trading Platform info Merrill Edge Market Pro TradeStation 10
Desktop Trading Platform info No Yes
Desktop Platform (Mac) info No No
Web Trading Platform info Yes Yes
Paper Trading info No Yes
Trade Journal info No No
Watch Lists - Total Fields info 285 341
Stock Chart Features Merrill Edge TradeStation
Charting - Adjust Trades on Chart info Yes Yes
Charting - Indicators / Studies info 105 294
Charting - Drawing Tools info 23 23
Charting - Notes info Yes Yes
Charting - Historical Trades info Yes Yes
Charting - Corporate Events info Yes Yes
Charting - Custom Date Range info Yes Yes
Charting - Custom Time Bars info Yes Yes
Charting - Automated Analysis info Yes Yes
Charting - Save Profiles info Yes Yes
Trade Ideas - Technical Analysis info Yes Yes
Charting - Study Customizations info 8 12
Charting - Custom Studies info No Yes
Day Trading Merrill Edge TradeStation
Streaming Time & Sales info Yes Yes
Streaming TV info No No
Direct Market Routing - Equities info No Yes
Ladder Trading info No Yes
Trade Hot Keys info No Yes
Level 2 Quotes - Stocks info Yes Yes
Trade Ideas - Backtesting info Yes Yes
Trade Ideas - Backtesting Adv info No Yes
Short Locator info No Yes
Order Liquidity Rebates info No Yes
Research Overview Merrill Edge TradeStation
Research - Stocks info Yes Yes
Research - ETFs info Yes Yes
Research - Mutual Funds info Yes No
Research - Pink Sheets / OTCBB info Yes Yes
Research - Fixed Income info Yes No
Screener - Stocks info Yes Yes
Screener - ETFs info Yes No
Screener - Mutual Funds info Yes No
Screener - Fixed Income info Yes No
Portfolio Asset Allocation info Yes Yes
Stock Research Merrill Edge TradeStation
Stock Research - PDF Reports info 3 0
Stock Research - Earnings info Yes No
Stock Research - Insiders info Yes No
Stock Research - Social info No No
Stock Research - News info Yes Yes
Stock Research - ESG info Yes No
Stock Research - SEC Filings info Yes No
ETF Research Merrill Edge TradeStation
ETFs - Investment Objective info Yes No
ETF Fund Facts - Inception Date info Yes No
ETF Fund Facts - Expense Ratio info Yes No
ETF Fund Facts - Total Assets info Yes No
ETF Fund Facts - Total Holdings info Yes No
ETFs - Top 10 Holdings info Yes No
ETFs - Sector Exposure info Yes No
ETFs - Risk Analysis info Yes No
ETFs - Ratings info Yes No
ETFs - Morningstar StyleMap info Yes No
ETFs - PDF Reports info Yes No
Mutual Fund Research Merrill Edge TradeStation
Mutual Funds - Investment Objective info Yes No
Mutual Funds - Performance Chart info Yes No
Mutual Funds - Performance Analysis info Yes No
Mutual Funds - Prospectus info Yes No
Mutual Funds - 3rd Party Ratings info Yes Yes
Mutual Funds - Fees Breakdown info Yes No
Mutual Funds - Top 10 Holdings info Yes No
Mutual Funds - Asset Allocation info Yes No
Mutual Funds - Sector Allocation info Yes No
Mutual Funds - Country Allocation info Yes No
Mutual Funds - StyleMap info Yes No
Options Trading Merrill Edge TradeStation
Option Chains - Total Greeks info 5 5
Option Analysis - P&L Charts info Yes Yes
Banking Merrill Edge TradeStation
Bank (Member FDIC) info Yes No
Checking Accounts info Yes No
Savings Accounts info Yes No
Credit Cards info Yes No
Debit Cards info Yes No
Mortgage Loans info Yes No
Customer Service Merrill Edge TradeStation
Phone Support (Prospect Customers) info Yes Yes
Phone Support (Current Customers) info Yes Yes
Email Support info No Yes
Live Chat (Prospect Customers) info Yes Yes
Live Chat (Current Customers) info Yes Yes
24/7 Support info Yes No
Overall Merrill Edge TradeStation
Overall 4.5/5 Stars 4/5 Stars
Range of Investments 4.5/5 Stars 4.5/5 Stars
Platforms & Tools 4/5 Stars 4.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4.5/5 Stars
Research 5/5 Stars 2/5 Stars
Education 4.5/5 Stars 3/5 Stars
Ease of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Merrill Edge Review TradeStation Review
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