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Merrill Edge Review & Rating [yyyy]

Merrill Edge Review & Rating 2022

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Merrill Edge is a brokerage firm that offers online trading. If you're looking for an easy-to-use platform, Merrill Edge may be the right choice. In this review, we'll help you decide if Merrill Edge is right for you.

PROS

  • Access to over 7,000 mutual funds and ETFs
  • Account minimum of just $500
  • No account fees or inactivity fees
  • Unlimited cash balance availability

CONS

  • Does not provide cryptocurrencies
  • Advanced traders may find fewer securities on offer.

Overview

Company
9/10
Trust
9/10
Trading Platform
8/10
Account Types
8/10
Costs
9/10
Customer Support
8/10
Regulation
9/10
Cryptocurrency
7/10

Company

9 /10

Merrill Edge is an investment advisory service and brokerage firm. Founded in 2009 by Bank of America, Merrill Edge provides retail investors with a range of investment advice and services.

Merrill Lynch & Co., Inc., the parent company of Merrill Lynch Global Wealth Management and Merrill Lynch Investment Managers, is a global financial services firm that provides a wide range of investment banking products and services to corporations, governments, financial institutions and individuals. Headquartered in New York City with offices across the United States as well as in Europe, Asia Pacific and Latin America, ML&Co's client coverage includes more than 80 percent of the top 100 U.S.-ranked firms according to Forbes magazine - along with over 90 percent of regulatory filings by public companies listed on exchanges such as NYSE Euronext or NASDAQ OMX Group Incorporated (NDAQ).

Merrill Edge is a solid choice for investors who want to trade stocks, ETFs and options without paying commissions. Merrill Edge also offers a suite of research and tools that can help you make better investment decisions. The broker is particularly strong when it comes to customer support, but there are some limitations with pricing on mutual funds and retirement accounts. Overall, we think Merrill Edge is worth considering if you're looking for a no-frills online brokerage that won't charge fees when trading stocks or options online.

Merrill Edge offers a wide variety of investment products, including stocks, bonds, mutual funds and options. In addition to the ability to trade individual securities online or by phone with an advisor, Merrill Edge clients can also use an advanced trading platform called ActiveTrader Pro. Although ActiveTrader Pro requires a subscription fee that is not included in its basic account charges, it can help investors make informed decisions about their portfolio by providing real-time access to market data.

Merrill Edge also has no minimum balance requirement for customers who want to open an account; however, accounts with more than $50K require additional paperwork and may be subject to higher fees compared with smaller balances.

Trust

9 /10

Merrill Edge is a division of Bank of America, which is insured by the Federal Deposit Insurance Corporation (FDIC). Merrill Edge is also registered with the Securities and Exchange Commission as a broker-dealer, and is a member of the Securities Investor Protection Corporation (SIPC). This means that your money is protected up to $500,000 if Merrill Edge were ever to become insolvent or go out of business.

However, it's important to note that you can't expect the same protection from your brokerage account as you would from a traditional bank account. If Merrill Edge goes bankrupt or declares bankruptcy, your funds are not guaranteed to be protected.

Trading Platform

8 /10

Merrill Edge offers two different platforms, Merrill Edge Web and Merrill Edge Mobile.

Merrill Edge Web is a web-based platform that offers a wide range of tools and features. Features include streaming quotes, trade confirmations, advanced charting capabilities, options chain trading capability, among other tools and features.

Merrill Edge Mobile is a mobile app that is available for Android and iOS devices. The app allows you to access all of your accounts directly from your phone so you can stay on top of things wherever you go. In addition to letting you check account balances and watchlist items from the application itself, it also lets users receive push notifications about news items or important market events like earnings reports or economic releases.

Account Types

8 /10

Merrill Edge offers a variety of account types to fit your needs.

Taxable Brokerage Account: The Merrill Edge Cash Account is a taxable brokerage account that earns interest on cash held in the account, and is subject to federal income tax. You can change your mind at any time and move money from one kind of account to another within the same family (e.g., from a Cash Account to an IRA).

Roth IRA: A Roth IRA is an individual retirement plan that qualifies for special tax benefits because contributions are made with after-tax dollars and growth compounds tax-free. Contributions must be made with non-deductible dollars; however, you may be able to make deductible contributions if you qualify for one of these other IRAs: Traditional IRA, SEP IRA or SIMPLE IRA (if you meet certain income limits).

Traditional/Rollover Retirement Plan: Traditional/Rollover Retirement Plans include 401(k), 403(b), 457 plans maintained by governmental agencies or nonprofit organizations where eligible employees participate in such plans described above or governmental 457 deferred compensation plans available only to state and local government employees who have elected this option under Section 457(b) as amended by 26 U.S..C 1105(c)(5).

Costs

9 /10

Merrill Edge is a virtual trading platform, so you can trade from anywhere, anytime. Merrill Edge offers free access to their trading platform and mobile trading platform. However, there are some fees for certain trades that you make with your cash balance or margin account.

You will pay transaction and commission fees when using the Merrill Edge platform or when using the mobile app to access your account(s). Transaction and commission fees are based on whether you're buying or selling securities (or other asset types). For example:

  • Buy $10K worth of shares in one purchase order = No Fee
  • Buy $1K worth of shares over multiple purchases = $4 per transaction

Customer Support

8 /10

Merrill Edge has 24/7 phone support, online chat, and email to help you with any questions or concerns. There are also community forums where you can ask other customers for advice and feedback on the platform. In addition to the mechanisms listed above, Merrill Edge offers account management tools like the ability to change your password or update your personal information through an online portal. The company's customer service is available around the clock; it's available via live chat at all hours of the day (including weekends) as well as over email and phone calls during business hours only.

Regulation

9 /10

Merrill Edge is a brokerage firm that is regulated by the Securities and Exchange Commission (SEC). Merrill Edge is also a member of the Securities Investor Protection Corporation (SIPC), which protects your assets if the brokerage firm fails.

Conclusion

For all these reasons, Merrill Edge is a great choice for beginners who are looking for a solid brokerage account. The broker is a solid choice for investors who want to trade stocks, ETFs and options without paying commissions. Merrill Edge also offers a suite of research and tools that can help you make better investment decisions. The broker is particularly strong when it comes to customer support, but there are some limitations with pricing on mutual funds and retirement accounts. Overall, we think Merrill Edge is worth considering if you're looking for a no-frills online brokerage that won't charge fees when trading stocks or options online. However, as always with any investment firm, it’s important to do your research and ensure that you’re getting the best deal possible.

Reviewed By

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