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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TradeStation vs Merrill Edge 2020
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Promo Offer
Commission-Free Trades on Stocks, ETFs & Options Trades Open Account
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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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| Open Account | Open Account |
Overall Rating
| Feature | TradeStation | Merrill Edge |
| Overall | ||
| TradeStation Review | Merrill Edge Review |
Trading Fees
| Feature | TradeStation | Merrill Edge |
| 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 | $0.50 | $0.65 |
| 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 | Merrill Edge |
| Under $24,999.99 | 9.50% | 10.13% |
| $25,000.00 to $49,999.99 | 9.50% | 9.00% |
| $50,000.00 to $99,999.99 | 8.75% | 9.00% |
| $100,000.00 to $249,999.99 | 8.75% | 7.63% |
| $250,000.00 to $499,999.99 | 8.75% | 7.63% |
| $500,000.00 to $999,999.99 | 5.50% | 7.38% |
| Above $1,000,000.00 | 5.50% | 6.75% |
| 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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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 |
4 | 2 |
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Futures Trading |
Yes | No |
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Forex Trading |
No | No |
| Commission-Free ETFs | all | all |
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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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Interest Sharing |
Yes | No |
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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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Heat Mapping |
No | Yes |
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AI Assistant Bot |
No | No |
| 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 |
285 | 100 |
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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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Order 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 |
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 |
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 | Yes |
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Option Positions - Grouping |
Yes | Yes |
| Platforms & Tools | ||
| Winner | check_circle |
Beginners
| Feature | TradeStation | Merrill Edge |
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Education (Stocks) |
Yes | Yes |
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Education (ETFs) |
No | Yes |
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Education (Options) |
Yes | Yes |
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Education (Mutual Funds) |
No | Yes |
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Education (Fixed Income) |
No | Yes |
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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) |
0 | 0 |
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Webinars (Archived) |
Yes | No |
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Live Seminars |
Yes | Yes |
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Progress Tracking |
No | Yes |
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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 | 4300 |
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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 |
Using data from our latest annual broker review which tested more than a dozen different online brokers over six months, we can compare Merrill Edge vs TradeStation to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. 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. Each option contract then costs $0.65 at Merrill Edge and $0.50 at TradeStation. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews.
Next, investors want to make sure they can trade the investment vehicle they want. TradeStation offers clients Stock Trading, Options Trading, Mutual Funds and Futures Trading while Merrill Edge offers Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Merrill Edge trails TradeStation by 648 total mutual funds, with TradeStation offering 4357 and Merrill Edge offering 3709.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. TradeStation has virtual trading, Merrill Edge doesn't. For mobile trading, Merrill Edge along with TradeStation both support the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. 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.
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.
