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TradeStation vs Merrill Edge 2019

StockBrokers.com | November 15th, 2019

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  3. TradeStation vs Merrill Edge Review

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%).

Merrill Edge

Best Rewards Program - Open Account
Special Offer: Invest in a new account and get up to $600.

Merrill Edge ($2.95 per trade) was awarded #1 for Banking Services and #1 Overall Client Experience, thanks to its parent company, Bank of America (BofA). Not limited to just BofA customers, Merrill Edge's Preferred Rewards program is excellent, offering unlimited $0 stock trades among other perks such as bonus rewards on credit cards and discounted mortgage rates.Read full review.

TradeStation

Best for Platform Technology - Open Account
Promo Offer: Commission-Free Trades on Stocks, ETFs & Options Trades

TradeStation's advanced trading platform has been awarded Best Platform Technology for the past six years. For active traders and day traders, TradeStation was rated 5 stars and comes packed full of tools and functionality. And, for traders who do not require all the bells and whistles of the TradeStation desktop platform, a $0 trading plan option is available.Read full review.

Overall Rating

Feature TradeStation Merrill Edge
Overall 3.5 4
TradeStation Review Merrill Edge Review

Trading Fees

Feature TradeStation Merrill Edge
Minimum Deposit $500.00 $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 $0.50 $0.65
Mutual Fund Trade Fee $14.95 $19.95
Broker Assisted Trades Fee $50.00 $29.95
Commissions & Fees 4.5 4
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 4.5 4
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 4.5 4

Investment Options

Feature TradeStation Merrill Edge
Stock Trading
 Yes Yes
OTCBB / Pink Sheets
 Yes Yes
Options Trading
 Yes Yes
Complex Options Max Legs
 4 2
Futures Trading
 Yes No
Forex Trading
 No No
Commission-Free ETFs all 0
Mutual Funds (No Load)
 887 2471
Mutual Funds (Total)
 4357 3709
Bonds (US Treasury)
 Yes Yes
Bonds (Corporate)
 Yes Yes
Bonds (Municipal)
 Yes Yes
Advisor Services
 No Yes
International Trading
 No No
Offering of Investments 4 3
Winner check_circle

Order Types

Feature TradeStation Merrill Edge
Order Type - Market
 Yes Yes
Order Type - Limit
 Yes Yes
Order Type - Stop
 Yes Yes
Order Type - Trailing Stop
 Yes Yes
Order Type - Contingent
 Yes No
Order Type - MultiContingent
 Yes No
Order Type - OCO
 Yes No
Order Type - OTO
 Yes No
Order Type - OTOCO
 Yes No
Offering of Investments 4 3
Winner check_circle

Trading Platforms

Feature TradeStation Merrill Edge
Desktop Platform (Windows)
 Yes Yes
Desktop Platform (Mac)
 No Yes
Web Platform
 Yes Yes
Paper Trading
 Yes No
Trade Journal
 No No
Watch Lists - Total Fields
 335 285
Heat Mapping
 No Yes
Platforms & Tools 4.5 4
Winner check_circle

Charting Features

Feature TradeStation Merrill Edge
Charting - Trade Off Chart
 Yes Yes
Charting - Indicators / Studies
 282 100
Charting - Drawing Tools
 23 22
Charting - Historical Trades
 Yes Yes
Charting - Corporate Events
 No Yes
Charting - Automated Analysis
 No Yes
Charting - Save Profiles
 Yes Yes
Charting - Study Customizations
 12 8
Charting - Custom Studies
 Yes No
Platforms & Tools 4.5 4
Winner check_circle

Day Trading

Feature TradeStation Merrill Edge
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
 Yes No
Direct Market Routing - Options
 Yes No
Ladder Trading
 Yes No
Trade Hot Keys
 Yes Yes
Level 2 Quotes - Stocks
 Yes Yes
Level 2 Quotes - Options
 Yes Yes
Trade Ideas - Backtesting
 Yes Yes
Short Locator
 Yes No
Order Liquidity Rebates
 Yes No
Winner check_circle

Mobile Trading Apps

Feature TradeStation Merrill Edge
iPhone App
 Yes Yes
Android App
 Yes Yes
Apple Watch App
 No Yes
Trading - Stocks
 Yes Yes
Trading - After-Hours
 Yes Yes
Trading - Conditional Orders
 Yes No
Trading - Mutual Funds
 No Yes
Trading - Simple Options
 Yes Yes
Trading - Complex Options
 Yes Yes
Trading - Option Rolling
 No No
Touch / Face ID
 Yes Yes
Winner check_circle

Mobile App Features

Feature TradeStation Merrill Edge
Watch List Syncing
Yes Yes
Stock Alerts
 Yes Yes
Charting - After Hours
 Yes Yes
Charting - Drawing
 Yes Yes
Charting - Study Customizations
Yes Yes
Heatmapping
 No Yes
Stream Live TV
 No No
Barcode Lookup
 No No
Mobile Trading 4.5 4.5
Winner check_circle

Research Overview

Feature TradeStation Merrill Edge
Research - Stocks
 Yes Yes
Research - ETFs
 Yes Yes
Research - Mutual Funds
 No Yes
Research - Pink Sheets / OTCBB
 Yes Yes
Research - Fixed Income
 No Yes
Screener - Stocks
 Yes Yes
Screener - ETFs
 No Yes
Screener - Mutual Funds
 No Yes
Screener - Options
 Yes Yes
Screener - Bonds
 No Yes
Misc - Portfolio Builder
 No Yes
Misc - Portfolio Allocation
 No Yes
Research 1.5 4.5
Winner check_circle

Stock Research

Feature TradeStation Merrill Edge
Stock Research - Reports
 0 3
Stock Research - Earnings
 No Yes
Stock Research - Insiders
 No Yes
Stock Research - Metric Comp
 No Yes
Stock Research - SEC Filings
 No Yes
Stock Research - Social
 No No
Stock Research - Balance Sheet
 No Yes
Stock Research - Cash Flows
 No Yes
Stock Research - News
 Yes Yes
Stock Research - ESG
 No Yes
Research 1.5 4.5
Winner check_circle

ETF Research

Feature TradeStation Merrill Edge
ETFs - Strategy Overview
 No Yes
ETFs - Top 10 Holdings
 No Yes
ETFs - Sector Exposure
 No Yes
ETFs - Risk Analysis
 No Yes
ETFs - Performance Analysis
 No Yes
ETFs - Ratings
 No Yes
ETFs - Morningstar StyleMap
 No Yes
ETFs - Reports
 No Yes
Research 1.5 4.5
Winner check_circle

Mutual Fund Research

Feature TradeStation Merrill Edge
Mutual Funds - Strategy Overview
 No Yes
Mutual Funds - Prospectus
 No Yes
Mutual Funds - Reports
 No Yes
Mutual Funds - Fees Breakdown
 No Yes
Mutual Funds - Top 10 Holdings
 No Yes
Mutual Funds - Asset Allocation
 No Yes
Mutual Funds - Sector Allocation
 No Yes
Mutual Funds - Country Allocation
 No Yes
Mutual Funds - StyleMap
 No Yes
Mutual Funds - 3rd Party Ratings
 No Yes
Research 1.5 4.5
Winner check_circle

Options Trading

Feature TradeStation Merrill Edge
Option Chains - Streaming
 Yes Yes
Option Chains - Total Columns
 32 69
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
 Yes No
Option Positions - Greeks
Yes Yes
Option Positions - Adv Analysis
 Yes Yes
Option Positions - Rolling
 Yes No
Option Positions - Grouping
 Yes Yes
Platforms & Tools 4.5 4
Winner check_circle

Beginners

Feature TradeStation Merrill Edge
Has Education - Stocks
 Yes Yes
Has Education - ETFs
 No Yes
Has Education - Options
 Yes Yes
Has Education - Mutual Funds
 No Yes
Has Education - Fixed Income
 No Yes
Has Education - Retirement
 No Yes
Paper Trading
 Yes No
Videos
 Yes Yes
Webinars (Monthly Avg)
 30 0
Webinars (Archived)
 Yes No
Live Seminars
 Yes Yes
Progress Tracking
 No No
Interactive Learning - Quizzes
 No Yes
Investor Magazine
 Yes Yes
Education 3 4.5
Winner check_circle

Banking

Feature TradeStation Merrill Edge
Retail Locations
 0 4400
Member FDIC
 No Yes
Checking Accounts
 No Yes
Savings Accounts
 No Yes
Credit Cards
 No Yes
Debit Cards
 No Yes
Mortgage Loans
 No Yes
No Fee Banking
 No No
Banking 0.5 5
Winner check_circle

Overall

Feature TradeStation Merrill Edge
TradeStation Review Merrill Edge Review
Overall 3.5 4
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 ($2.95 and $0, respectively). Looking at trading options, TradeStation's base fee is $0 while Merrill Edge's is $2.95. Each option contract then costs $0.65 at Merrill Edge and $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 provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge provides clients access to 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 offers virtual trading while Merrill Edge does not. 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

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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.

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