Anyone can open an account with Merrill Edge, but those who already have a Bank of America account will be able to link to Merrill Edge for free and view all accounts from a single screen. From this screen, Bank of America customers can manage those accounts, transfer funds, make trades, and sign up to qualify for a variety of monthly promotions.

Merrill Edge also offers a Preferred Rewards Program in which customers can qualify for free monthly trades — a feature that none of the other online stock brokers offer.

Merrill Edge has prices that are of a median average in the online stock broker industry.

There is no minimum deposit to join, which puts it among the ranks of other discount brokers with a zero minimum requirement to join like OptionsHouse , TD Ameritrade , and Ally Invest.

In terms of price point, Merrill Edge is only beaten by OptionsHouse and Ally Invest. However, it lacks on things that many investors would consider important; like the restrictions on its trading platform, library of resources and education, and absence of commission-free ETFs.

Merrill Edge offers a median price within the industry among the big brands and it makes it easy for Bank of America customers to begin trading from their regular bank accounts.

It provides award-winning on customer service, too.

Merrill Edge has median industry prices and the broker makes it super easy for current Bank of America customers to link their bank accounts to a trading account if they want to begin trading. Needless to say, Bank of America is a huge company and they have a robust customer service department that works around-the-clock.

It has been awarded by a variety of organizations for its superb customer service, and it really shines on response times by phone and live chat.

Like with many organizations, support e-mails take at least business days for a response, and that is the same with Merrill Edge. As I have mentioned in previous reviews , zero-minimum deposits should not be the only thing that sways potential investors toward signing up.

Merrill Edge has a lot to do when it comes to its trading platform, Merrill Edge MarketPro. The platform is only offered through the web, meaning there is nothing to active trading program to install. Users will need a fast browser with Java-enabled abilities which make the trading platform experience slow and clunky, especially if you have to install a bunch of java updates and patches which seems constant with the java platform.

The platform is easy to understand and navigate, but it lacks basic features that will be important to seasoned traders. Compared to other broker trading platforms, making trades through Merrill Edge MarketPro took the longest. Seasoned traders will also be disappointed that the platform does not contain any complex options, no heat mapping, no ladder trading, and for options traders, there is no streaming real-time option chains.

Coupled with the fact that it takes so many steps to make a trade in MarketPro, Bank of America is really shooting themselves in the foot by not attracting active traders — the type of the investor all of these online brokers want the most, for obvious reasons. Beginner traders will do just fine with MarketPro, but they could seriously consider paying less with Ally Invest and using Ally Invest Live — basically a similar platform in every way to MarketPro and cheaper, though it may not make sense to do that if you already have a bank account with Bank of America.

Now for some good news: The research spans everything: ETFs, mutual funds, pink sheets, fixed income, top 10 holdings, and all the screeners stocks, bonds, options, mutual funds, and ETFs. There are three equity research reports. In terms of educational resources, Merrill Edge offers everything all of the other brokers offer except client webinars and community forums.

Nevertheless, customers will have to rely on broker assistance and customer service to make up for these absences.

Merrill Edge Review - NerdWallet

Aside from that, customers will find investor dictionaries, live seminars, videos, and a basic retirement calculator. Casual investors, and especially those who already do business with Bank of America, will find all of these offerings to be a good fit.

If you are only looking at price point, Merrill Edge is only a couple of bucks more expensive than OptionsHouse and Ally Invest.

Merrill Edge Review - The Simple Dollar

No major brand name firm can beat Ally Invest on prices, although OptionsHouse comes close. Scottrade is one of the more expensive online brokers out there, but it offers cheaper trades without a tiered pricing system. E-Trade is largely recognized by its humorous television commercials, and while it is not the most affordable, it markets to a large audience and therefore maintains a valuable customer-oriented presence similar to Scottrade. OptionsHouse is extremely affordable, offering stock trades at half the price of many of its competitors.

It often tops the list of online stock broker reviews. Ally Invest has gone through several evolutions since its formation in It has since emerged as a formidable competitor with affordable rates that are attractive to new investors. TD Ameritrade is known for being a well-rounded and affordable broker but also one of the more expensive brokers out there in terms of its trading fees. If you are a beginner investor and already have a Bank of America account, Merrill Edge is a good broker to use to get started in online stock trading at a reasonable price.

Seasoned investors who really care about platform and price points should probably look elsewhere. Your email address will not be published. Just sign up to The Simple Dollar Daily and start saving today. However, the rankings and listings of our reviews, tools and all other content are based on objective analysis. For more information and a complete list of our advertising partners, please check out our full Advertising Disclosure. The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website.

All products are presented without warranty. Credit Cards Investing Banking Education Insurance Taxes. Merrill Edge Review by Jody Ray Bennett Updated on Our Deep Dive Costs and more: There is no minimum deposit required to sign up.

Signing up is super easy, especially if you have a Bank of America account — it can be linked to a Merrill Edge account in a couple of quick and easy steps. Merrill Edge provides Merrill Edge MarketPro, which is solely web-based; there is no active trading platform.

The platform is easy to use, but there are some restrictive features. Alternatives No major brand name firm can beat Ally Invest on prices, although OptionsHouse comes close. What Others Are Saying The Wall Street Journal reports that Merrill Edge will soon launch a Robo Adviser. Investment News reported that Merrill eliminated the commission IRA business in response to a DOL fiduciary rule.

Fox Business reported about the new fees associated with Merrill retirement accounts. The Bottom Line If you are a beginner investor and already have a Bank of America account, Merrill Edge is a good broker to use to get started in online stock trading at a reasonable price.

Merrill Edge Review

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