Fidelity’s broker-assisted stock, ETF and option trades are $32.95 compared to Merrill Edge’s $29.95 service charge. When comparing two brokerages with no fees on many trades, it’s important to look at the hidden fees. One big difference for newer or small investors is Charles Schwab’s allowance of fractional share trading, which Merrill does not support. Charles Schwab edges out Merrill Edge for broker-assisted transactions, charging a $25 service charge when applicable, compared to the $29.95 service charge that typically applies with Merrill Edge. Like Merrill Edge, Charles Schwab doesn’t charge commissions on online stock and ETF trades, but it does charge $0.65 for options contracts with no online commission. Here’s a look at how Merrill Edge compares to other options you might consider. If your phone is enabled for the technology, you can also log in to your app with your fingerprint. You can initiate trades from either app, and you can also get quotes, news and market data. Features of the apps include interactive charts and so-called “heat maps,” which show the relative outperformance and underperformance of different market areas. You can access your Merrill Edge account on the go at any time with both Android and iOS mobile apps. In addition to 24/7 live phone service, you can get help via email, online chat or in a Bank of America branch. Merrill Edge gets high marks for its customer service. The order processing system is electronic and automatically sends your order to the appropriate execution center based on the characteristics of your order, trading statistics and market data. Merrill Edge routes orders through an execution system designed to get you the best possible price for your order. If you’re a beginner - or just not that interested in having advanced trading capabilities - you’ll likely be perfectly content with the standard Merrill Edge interface, which is very intuitive and provides user-friendly graphical representations to help you build a portfolio matching your desired risk and return characteristics.Īdvanced traders will enjoy the Merrill Edge MarketPro trading platform, which provides interactive charting, technical analysis studies and Nasdaq Level II quotes. The beauty of the Merrill Edge website is that it can be as simple or as complicated as individual investors desire. You can receive a discount of 0.05% or higher on the annual fee as long as you maintain a combined balance of $20,000 or more over three months. Joining the Bank of America Preferred Rewards program may be advisable if you plan on seeking guided investing. There are no commissions on most mutual funds unless they’re no load, transaction-fee funds, which cost $19.95 per transaction or $29.95 for every broker-assisted transaction. Those fees jump to $29.95 for stock and ETF trades and $29.95 plus $0.65 per contract for options trades if you use a representative to place your trades. It also offers $0 online option trades, but there is a fee of $0.65 per contract for options. The Merrill Edge Self-Directed account offers $0 online stock and ETF trades. Here’s a look at some of the features you should consider to help you decide whether Merrill Edge is right for you. As an online broker, commissions and fees are much lower at Merrill Edge than on the full-service side of the firm, but Merrill Edge still provides access to research and financial counselors, if needed. Self-directed investors can use the Merrill Edge online brokerage platform to trade stocks, bonds, ETFs, mutual funds, options contracts and more. If you’d rather keep your bank’s nose out of your investment portfolio and vice versa, this could be more problematic for you. For fans of both Bank of America and Merrill, the convenience this offers is a plus. In other words, the Merrill Edge platform as a whole is designed to make it as easy as possible for you to open a Bank of America banking relationship and transfer money back and forth between the two sides of the firm. Although the combination of Bank of America and Merrill Edge provides enhanced services, the combination of a traditional bank with a brokerage firm is the ultimate cross-selling opportunity for the combined entity. Merrill Edge is the online investment platform affiliated with Bank of America.
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