Merrill Edge review 2019

Is Merrill Edge a good broker?

Bank of America clients and traders with high balance looking for top-of-the-line research could find Merrill Edge brokerage to be a solid choice. However, expect to pay a higher commission for your trades.

Fee

Account minimum

Promotion

$6.95
$0
30 commission-free trades per month if you have more than $50,000 in your account.

Bank of America customers can access Merrill Edge brokerage with a single log in. If you have any issues or you need customer support, you can visit a Bank of America branch and sort it out.

However, Merrill Edge comes with a slightly higher commission rate than competitor brokers and there are no commission-free ETFs unless you meet certain balance requirements. This makes the broker ideal for those who are existing Bank of America customers and those who have more than $50,000 in their account.

What kind of trading platforms does Merrill Edge offer?

You'll find an active trader platform called Merrill Edge MarketPro, but this is browser-based. It offers interactive charts, alerts and live streaming data and news. However, to run the platform you need Java. Also, it's available to customers with more than $50,000 in their Merrill Edge, Merrill Lynch and/or Bank of America accounts or those who make at least 15 trades every three months.

Those who have less than $50,000 get access to another web-based trading platform with basic trading functions.

Standout features

  • Education and research. You get access to Merrill Lynch Global Research, Morningstar, CFRA, Trefis and Recognia. And if you're starting out, get access to a vast library of educational videos, courses, articles and webinars.
  • Investment choices. Trade stocks, bonds, mutual funds, ETFs and options.

Watch out

  • Fees. Stocks and options cost $6.95 per trade, plus $0.75 cents for options per contract. Representative assisted trades cost $29.95.
  • No commission-free ETFs. To get commission-free ETF trades, you must maintain an account balance of $50,000 or more.

What can I trade with Merrill Edge?

  • Stocks
  • Options
  • ETFs
  • Mutual funds
  • Bonds

How do I signup with Merrill Edge?

  1. Go to Merrill Edge website.
  2. Click Open an Account.
  3. Choose your account type.
  4. Fill out the application form.
  5. Fund your account.

Bottom line

Existing Bank of America clients and those with $50,000 or more in their account, could find Merrill Edge broker to be a solid choice. By maintaining this amount, you are eligible for a number of commission-free trades each month. But if you are an active trader with a lower balance, other brokers may be a better choice.