Are you a casual trader looking for an online broker with excellent customer service and competitive pricing? If so, the firm Merrill Edge might appeal to you. Merrill Edge is integrated with Bank of America, therefore clients can access accounts at both firms with one single login. Additionally, Merrill Edge clients have access to professionals at over 2,000 Bank of America locations. If you can meet the minimum account balance requirements, you are eligible for a small number of commission-free trades each month.
Merrill Edge: Did You Know?
- The commission rate is $6.95 per trade
- The account balance minimum is $0
- Depending on your account size, you can receive a $100 to $600 cash bonus
When Is The Right Time To Use Merrill Edge?
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Merrill Edge is best if you’re a Bank of America customer, high-balance customer, penny stock trader, or an investor who places great value in customer service
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Often used for commission-free trading
Areas in Which Merrill Edge Excels
Strong customer service: With 24/7 phone, chat and email support, customer service at Merrill Edge has significantly improved. You have the option to schedule meetings on-site or over the phone with the Financial Solutions Advisors in over 2,000 Bank of America locations across the United States. Additionally, Merrill Edge’s website lets clients access a variety of resources, such as videos, webinars, courses and articles. Customers can also access Morningstar’s Investing Classroom on their website.
Commission rates and fees: With a $6.95 stock and ETF trade commission rate, many consider this to be a standout factor as it is directly in line with firms such as E-Trade and TD Ameritrade. It is also a few dollars higher than the rates at OptionsHouse and TradeKing. Fees at Merrill Edge tend to be quite competitive as there are no inactivity charges and there is a low fee for anyone choosing to close their account.
Promotions: Customers at Merrill Edge are able to earn up to 30 commission-free stock or exchange traded fund trades each month. Keep in mind that you have to qualify for this promotion by having a Bank of America deposit account balance of $25,000. If you are not a Bank of America customer, you can still qualify for the promotion by having $25,000 (in cash) in a self-directed account at Merrill Edge.
Additionally, if you qualify for the Preferred Rewards Platinum Honours status, you have access to 100 commission-free ETF trades or online stock per month. To qualify, an individual is required to have an active Bank of America checking account. In addition to a personal checking account, you have to maintain a three-month combined balance of $100,000 in a qualified Bank of America deposit account and/or a Merrill Edge and Merrill Lynch investment account.
Working with Bank of America: Bank of America is the parent company of Merrill Edge and this integration has created a rewarding experience for customers who use both services. With a single login, an individual is able to view their Bank of America account and Merrill Edge account. You can also instantly transfer money between your accounts. But wait, it gets better! This experience is available on a mobile phone and clients can view their Merrill Edge account balance on a Bank of America ATM. Doesn’t get much easier than that, does it?
Vast research archives: With the company’s research being provided from BofA Merrill Lynch Global Research and Morningstar, Recognia, and S&P Capital IQ, clients are able to view mutual fund reviews and rankings. Additionally, Merrill Lynch investment professionals compile a list of the top funds in a variety of categories.
Stocks that trade below $1: If you are a penny stock trader, Merrill Edge is a low-cost choice for you. They will not charge you for stocks that trade below $1.
Disadvantages of Merrill Edge
Restrictions of their trading platform: Merrill offers a website trading platform as well as a browser-based active trader platform (Merrill Edge MarketPro). Within their organized and clean website, clients have several screeners in which they can sort through mutual funds, exchange-traded funds, bonds, and stocks. MarketPro, on the other hand, has been designed for active traders. This platform includes the following: alerts, interactive charts, a dashboard that is customizable, and access to an array of data and news.
That said, MarketPro has restricted access and you have to have the program Java. If you maintain a balance of $50,000 in a Merrill Edge, Merrill Lynch or Bank of America account, you are qualified for MarketPro. Additionally, anyone who makes at least 15 trades per quarter can access MarketPro.
If you are an investor who trades 30 times per quarter or maintains a combined balance of $1 million in a Bank of America and Merrill Lynch account, then you are eligible for level two quotes, which show bids and ask prices for Nasdaq stocks.
No commission-free ETFs: It’s important to note that Merrill Edge does not offer commission-free exchange traded funds. Despite having a low commission rate, if you do not qualify for Merrill Edge’s free trades, you might end up paying a bit more.
Merrill Edge: Is This The Brokerage For You?
With advanced research archives, a wide investment selection, and strong customer service, Merrill Edge has everything that an investor needs to succeed. If you can qualify for one of Merrill Edge’s free trading offers, you should jump at the chance. That said, even if you don’t qualify, don’t give up on Merrill Edge just yet, there is still plenty you can benefit from.
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