Merrill Edge Rating: 
- Stocks & ETFs: $6.95
- Options: $6.95 + $0.75 per contract
- Mutual Funds: $19.99
Merrill Edge Brokerage Review
Serving over 1.4 million households nationwide, Merrill Edge is an investment company with more than $114 billion in assets under
management.
Acquired by Bank of America in 2009, the broker does not only offer the convenience of Bank of America banking services but also provides
access to many investment products.
Merrill Edge offers a wide selection of investment accounts that include self-directed accounts that are available online and Merrill Edge Advisory
Center accounts that are available at select Bank of America financial centers across the country.
Merrill Edge Trading Commissions
Merrill Edge brokerage offers flat rate commission on stock and ETFs - $6.95 per trade. This is higher than what is offered by other online brokers,
including Fidelity, Schwab, and Ally Invest, all of which charge $4.95 per trade.
M1 Finance
is charging $0 commission on all trades. At Merrill Edge there is no surcharge for automated phone stock and ETFs
trades. Broker-assisted trades cost $29.95.
Merrill Edge provides 30 free stock and ETFs trades per month to all customers with $25,000 total assets in their accounts, including self-directed
investing accounts and Bank of America deposit accounts.
Merrill Edge is charging $19.95 for mutual funds transactions. This is much lower than what Fidelity and Schwab is
charging. But it is twice as much as Ally Invest's rate.
Firstrade
has $0 commission on all mutual fund trades.
Merrill Edge also offers no load and no transaction fee funds. If one of these funds is sold within 90 days of purchase, $39.95 short-term redemption
fee is applied.
Merrill Edge brokerage taxable and IRA accounts have no minimum funding or balance requirements and no maintenance or inactivity fees. Setting up an IRA is
also free of charge. However, $49.95 will be charged for an account closure (IRA only) or transfer to another firm.
Merrill Edge Platforms and Trading Tools
The brokerage provides browser-based trading, mobile trading and MarketPro - an advanced trading platform. MarketPro a feature-rich trading software
available to active traders who make at least 15 trades per quarter and to all customers with total combined balances of $50,000 or more
in their Bank of America banking and Merrill Lynch investment accounts. To compare, the industry's leading trading platform - Thinkorswim -
is available to all
TD Ameritrade customers without any charges or conditions.
The Merrill Edge MarketPro platform offers streaming and interactive charting, real-time market data and insights, and a fully customizable
dashboard.
Merrill Edge mobile app is available on iPhone, iPad and Android. With the app customers can check their investing and linked Bank of America
accounts balances, make trades, transfer funds, research investments, monitor market and watch news.
Research and Education
The company provides an outstanding investment research from Morningstar, S&P Capital IQ, Recognia, and Merrill Lynch Global Research.
Thomson Reuters market activity, news and analysis is also offered free of charge.
A wide selection of educational materials including videos, articles, webinars and planning tools are available at the Merrill Edge Investor
Education center. All materials, tools and calculators are well-designed, organized by categories, and are especially helpful for
beginner investors.
Merrill Edge Customer Support
Merrill Edge provides great customer support. Investment experts can be reached via phone (24/7), email, an online chat, or by making a free
appointment with a specialist at the financial center. One-on-one guidance and advice are only available to Merrill Edge Advisory Center customers.
Merrill Edge Pros
- >No-fee IRA accounts
- Excellent 24/7 customer service
- Integration with banking products and services
- Good selection of third-party investment research
- Free trades (with conditions)
Merrill Edge Cons
- High stock and ETF commissions
- Commission-free ETFs are not available
- Advanced trading platform is not provided to everyone
Merrill Edge Review Summary
Great customer support and investment research make this broker a solid option to consider especially for Bank of America current customers who
have high balances.
Merrill Edge Commissions and Fees
| Investments | Price |
|---|
| Stocks and ETFs | $6.95 |
| Stocks and ETFs representative assisted | $29.95 |
| Stocks and ETFs automated phone trades | $6.95 |
| Options | $6.95* + $0.75 per contract. Multi-leg options are charged per leg and contract. |
| Options representative assisted | $29.95* + $0.75 per contract. Multi-leg options are charged per leg and contract. |
| Options exercised/assigned | $6.95*. Multi-leg options are charged per leg and contract. |
| Mutual funds | $19.95 |
| Merrill Edge self-directed mutual funds | 0.75% gross proceeds, $50 minimum, $250 maximum |
| Bonds | On a net yield basis |
* -- Additional transaction fees
In addition to your options commissions, sell orders may be subject a transaction fee (of between $0.01 to $0.03 per $1,000 of principal). If applicable, this fee appears under "Transaction Fee" on a Trade Confirmation.
Merrill Edge IRA & Account Fees
| Fee | Amount |
|---|
| IRA Setup Fee | $0 |
| Annual IRA Fee | $0 |
| IRA Termination Fee | $49.95 |
| Full Account Transfer Out | $49.95 |
| Partial Account Transfer Out | $0 |
| Outgoing Wire Fees (Domestic) | $24.95 |
| Outgoing Wire Fees (International) | $24.95 |
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Merrill Edge
reviewed by TopRatedFirms.com
Rating: 3