Merrill Edge
Monthly Fee
Minimum Deposit
Merrill Guided Investing – Robo Advisor: $1,000 for growth-focused strategies OR $50,000 for income-focused strategies
Merrill Guided Investing – Online Advisor : $20,000 for growth-focused strategies OR $50,000 for income-focused strategies
Our Rating
APY Cash Account
3.67% interest on uninvested USD for accounts over $100,000,
4.18% interest on uninvested USD for accounts over for eligible accounts enrolled in the following investment advisory programs: (1) Assigned to eligible accounts enrolled in the following investment advisory programs: (1) the Merrill Lynch Investment Advisory Program, (2) the Merrill Lynch Strategic Portfolio Advisor Service; (3) the Merrill Lynch Managed Account Service; (4) the BlackRock Private Investors Service; (5) the Merrill Guided Investing Program (6) the Merrill Guided Investing with Advisor Program; and (7) the Merrill Edge Advisory Account program.
A Bank of America Company, Merrill is the investing arm of one of the largest corporations in the United States.
Merill Edge offers self-directed trading services that are specifically designed for individual investors. This offers access to unlimited free trading with research and insights, seamless integration, and personalized online investments.
Merill Edge also offers its Guiding Investing, a portfolio account designed to suit individual clients' needs while being balanced and managed by a pro.
There is also an advisor program to assist those with complex wealth management requirements. For a larger annual fee, Merrill can build a tailored investment strategy for individual clients.
Finally, other options exist, including Private Wealth Advisor, Merrill Lynch Wealth Management Advisor, and access to a team of Bank of America wealth specialists.
Merrill has a network of physical offices across the USA, so it suits those who prefer to put a face to a company.
What types of accounts can I open with Merrill Edge?
Merrill Edge offers various account types, including individual and joint brokerage accounts, IRAs, custodial accounts, and small business retirement plans like SEP and SIMPLE IRAs.
How does Merrill Edge integrate with Bank of America?
Merrill Edge integrates seamlessly with Bank of America, allowing you to view and manage your banking and investment accounts in one place. Bank of America clients can also benefit from rewards like discounted trades.
What research tools does Merrill Edge offer?
Merrill Edge provides a wide array of research tools, including stock screeners, analyst ratings, and reports from BofA Global Research.
Is my money safe with Merrill Edge?
Merrill Edge is a member of SIPC, which protects securities up to $500,000, including $250,000 in cash. It also offers additional security measures and fraud protection.
Can I trade international stocks with Merrill Edge?
Merrill Edge primarily focuses on U.S. markets, and it doesn't offer direct access to international stock exchanges. However, you can invest in international markets through mutual funds and ETFs.
Does Merrill Edge offer a mobile app?
Yes, Merrill Edge provides a mobile app for both iOS and Android devices. We've gathered numerous screenshots from the app, which you can view in this review to see how its features and trading platform are presented on the mobile interface.
Pros | Cons |
|---|---|
Extended Range of Investment Possibilities | No International Clients Accepted |
Bonus For Opening a New Trading Account | Demo Trading Unavailable |
Impressive Customer Service | Fees and Services |
Impressive Trading Education Services | Limited Options For Cryptocurrency |
Easy to Open a New Account |
Merrill Edge Features I Mostly Liked
Here are the key features that I found most appealing in Merrill Edge:
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Advanced Charting
This follows on from the previous point, but I also really liked the advanced charting capabilities. This feature provides access to more than 100 technical indicators with 20+ drawing tools. However, what I really like is that I can access ingiths on the technical events directly from my charts.
The charting includes easy to understand screeners, as you can see in this screenshot.
I can also access Nasdaq data including Level II, but there is also a depth meter with detailed market maker quoted activity and detailed views on the net order imbalance from the open and closing cross.
I also appreciate the Morningstar Fund ratings that are available on the Merrill app.
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Merrill Guided Investing: Investing With Robo Advisor
While generally I prefer self-directed investing, I did like the Merrill Guided Investing robo advisor. The company has gone above and beyond with this feature to make it more than a basic robo advisor.
With this hands off approach, I can access advice and a tailored portfolio that is monitored and rebalanced by the Merrill team.
All I needed to do to set this up was answer a few questions about my investing goals. I did this online, but you can also speak with an advisor. The account minimums and fees vary according to which approach you prefer.
With either option, I can get personalized investment strategies that align with my specific needs and have the flexibility to change with my life.
I can check the performance of my portfolio on my personalized dashboard. I can also make any changes or updates for my goals from here and access digital advice.
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Merrill Trading Platform
The Merrill Edge Market Pro is the flagship trading platform and comes with a bundle of features that makes it one of the most-wanted trading platforms in the industry.
Merrill equipped its platform with real-time market analysis, award-winning research, as well as powerful trading and analysis tools.
It has a fully customizable dashboard offering a complete view of the accounts and drag-and-drop windows that make it easy to do that. Charting is easy with Merrill Edge Market Pro, and technical traders have access to over thirty technical analysis studies.
As you can see in the screenshots below, I used a heat map, but I also found the market performance graph helpful.
An important aspect to consider is that the Merrill Edge Market Pro is accessible from the company's website too, but there's a trick – you must enable pop-ups to allow the platform to launch, otherwise, it won't.
Finally, the Merrill Edge Market Pro is famous for its access to Level II quotes, a feature many traders look for, and few platforms offer.
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Bank of America Preferred Rewards Integration
One of the most obvious benefits of using Merrill Edge is that there is Bank of America integration. This not only makes it easier for BoA customers to move money around, but there are some great perks.
As a Preferred Rewards Member, your investment account balance is added to your average bank account balance to determine your membership tier. This can be a solid way to achieve a higher tier and get access to greater benefits.
The current Preferred Rewards include discounts on Merrill Guided Investing fees, foreign currency fees and auto loan interest rates.
I can also earn bonus rewards on my BoA credit card, get an interest booster on my savings account, have banking fees waived and qualify for a discount on home equity loans with reduced origination fees on refinance mortgages.
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Reporting Options
Merrill Edge also provides access to a variety of reports to help me make my analysis. This includes company reports, as you can see in this screenshot.
Image: Merrill Edge research reports on company.PNG
However, I can also search for news by company, so I can keep track of any companies that are potentially of interest to me.
Image: Merrill Edge research news by company.PNG
Image: BofA global research opinions.PNG
What I really like is that I can access more personalized reporting with a gains and loss report to help me to keep on track with my investing goals.
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Invest With an Advisor
Unlike many platforms, which are limited to either self directed investing or using a robo advisor, Merrill Edge also has an option to invest with an advisor. This option provides one on one guidance to discuss unique needs, preferences and goals.
The Merrill Edge team can help design a personalized plan and put it into motion, adjusting as goals change. I can then use the online tools to track my milestones or meet with my advisor to review and make any necessary changes.
There is a fee for this service, but the initial consultation is free of charge and I would only need to pay the fee if I decided to work with the advisor moving forward.
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Intuitive Order Screen
There is often a learning curve when anyone tries out a new investing platform, but what helped me was the intuitive interface. As you can see in this screenshot, the order screen is incredibly easy to use.
There are even brief explanations of each type of order that could be helpful for newbies who are struggling to decide the best type of order for their investing objectives.
I can enter the amount I want to purchase for the appropriate order type and I can see an estimated total at the bottom of the screen, so I can double check the figures before I actually commit to a buy order.
As you can see in this screenshot, there is a clear review screen that shows the order details to minimize potential buying mistakes.
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Choice of Retirement Products
While it is quite common for online brokerages to offer an IRA or two, these are typically quite limited.
However, Merrill Edge has a comprehensive selection of retirement products including traditional and Roth IRAs, but there are also rollover IRAs, bank saving IRAs, and even inherited IRAs. Merrill Edge also offers retirement products for entrepreneurs and businesses.
Additional Features That Helped Me
Besides the main features I use regularly, there are additional features for investors:
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Watchlists
There are occasions when I’m interested in a company, but not yet ready to make a purchase. So, I appreciate that Merrill Edge allows me to create watchlists.
I can give my watchlists different names, so I can have specific lists for different investment categories or even for each portfolio. This helps to avoid confusion, as the types of assets I consider for my regular investment account tend to be different from the ones I choose for my IRA.
I can add items to my watchlists or edit the lists as and when I like from the main dashboard.
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Investment Options
Another thing I appreciate about Merrill Edge is that there is a decent array of investment products. I had the choice of an individual or joint brokerage account, but there are also custodial, trust or estate accounts.
With my brokerage account, I can purchase and trade stocks, ETFs, options, mutual funds, fixed-income assets, bonds, and even CDs.
This is a fairly comprehensive line up that is only really missing crypto, futures, and forex.
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Idea Builder
The Idea Builder is an innovative feature that I found quite helpful. Essentially, it allows me to start a new investing strategy based on a theme or idea rather than crunching the numbers.
I can browse the ideas and discover themes such as Sustainable Development, cybersecurity or Transforming World, then delve into the stocks, ETFs and funds within this theme.
I found this helpful when I was feeling a little stuck for what to buy next. There are numerous themes, so I only needed to spend a few minutes scrolling through the Idea Builder to get some inspiration.
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Margin Trading
Margin trading is not a unique feature for Merrill Edge, but I found it helpful that Merrill Edge had lots of resources dedicated to margin trading as this tends to be a riskier investment strategy.
However, Merrill Edge breaks down the risks and advantages, and there are articles and videos explaining the topic in more detail.
This makes the platform more beginner friendly, since while margin trading tends to be for the more experienced, newbies can have a better understanding of the subject to make an informed decision.
What Can Be Improved
Of course, no platform is completely without faults and there are a couple of areas where Merrill Edge could make some improvements.
- No Fractional Shares: While Merrill Edge does have a decent array of assets, it is a little disappointing that I can’t access fractional shares. This means that with my fairly modest investment fund, I would struggle to purchase shares in some of the higher profile companies.
- Low Rates on Uninvested Cash: There are times when I have investing money, but I’m not quite ready to make my next buy order. So, to maximize my returns, it is nice to earn interest on this money. However, as my account balance is lower than 100K, the rates are poor.
- No Futures: Although futures may not be an asset of choice for all investors, it would be nice if they were included in Merrill Edge’s product line up. Merrill Edge is also lacking forex and crypto, which are growing markets that many use to diversify portfolios.
Which Type of Investor is Best Suited to Merrill?
Although Merrill Edge could be a good fit for many types of investors, some investors are likely to appreciate its feature set:
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Bank of America Customers
If you’re already a BoA customer and are interested in investing, Merrill Edge could be a good fit for you since it is already integrated.
You can even qualify for Preferred Rewards status, which could save you money on services and fees, and allow you to qualify for preferential rates.
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Those Who Need A Robo Advisor Or Online Advisor
Not all brokers offer the option to consult with an online advisor or invest through a robo advisor – and Merrill has both.
So, if you need to talk to an advisor from time to time or automate part of all of your investments through a robo advisor, Merrill can be a perfect fit.
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Traders Who Need Access To Advanced Charts & Tools
One of the clear advantages of Merrill over investing apps and small-medium brokers is the ability to get access to various investing tools, advanced charts, and other sophisticated options for investors.
Therefore, for those who are looking for advanced options – Merrill can be a good fit.
How to Open Merrill Edge Brokerage Account?
Step 1:
Visit the Merrill Edge homepage and then click on “Get started”.
Step 2:
Next, give your personal information. This takes you to the next page where you can give your employment and financial information.
Step 3:
This takes you to the section “Account details.” Fill in the necessary details and click “Continue.”
Step 4:
Next, review your application and then give your consent to the eCommunications Disclosure and then click “Continue.”
Step 5:
Finally, select the box and click “Submit application.”
Review Brokerage Accounts
How We Rated Brokerage Accounts: Review Methodology
At The Smart Investor, we evaluated brokerage account platforms based on their overall value, features, and user experience compared to other leading alternatives. Our hands-on testing focused on key factors that matter most to investors, including fees, trading tools, investment options, and security. Each platform was rated based on the following criteria:
- Fees & Commissions (20%): We prioritized commission-free trading and low-margin rates. The best platforms had zero hidden fees, while others charged for inactivity or withdrawals.
- User Experience & Interface (20%): A clean, easy-to-navigate platform with smooth execution scored highest. Some apps felt outdated or laggy, impacting the experience.
- Trading Tools & Features (30%): We favored platforms with real-time data, smart order types, and special features that support smart investing. Some lacked depth, making it harder for active traders.
- Automated Investing (10%) : The best platforms offered AI-driven portfolios, robo-advisors, and automatic rebalancing. Some lacked automation or charged high fees for managed accounts.
- Investment Options (10%): Platforms with stocks, ETFs, options, crypto, and fractional shares scored highest. A few lacked key asset classes or international access.
- Account Types (5%): The best platforms supported taxable accounts, IRAs, and custodial options. Some lacked flexibility, limiting investment strategies.
- Cash Management & Banking Features (5%): We favored platforms with high-interest cash accounts, debit cards, and seamless banking. Many lacked competitive rates or useful features.
