This Merrill Edge review looks at the principal online brokerage platform used by two well-known financial institutions, Bank of America and Merrill.
Individuals and organizations alike can take advantage of Merrill Edge’s online financial consulting and trading platform to do it all—or at least with the help of a financial advisor.
The merger between Merrill Lynch and Bank of America gave rise to this subsidiary of Bank of America in 2010, which was created the same year.
Table of Contents
Merrill Edge Review of the Platform
- Managed by you- Merril Edge Self-Directed: A self-directed trading account with Merrill allows users to buy and sell various securities, including stocks, ETFs, options, mutual funds, and more. An individual, joint, trust, estate, or custodial account is one of the many possible types of brokerage accounts that can be opened. Enjoy first-rate support while you invest risk-free in stocks and ETFs. All hours of the day and night, you have access to various options, including impact investing, mobile trading, margin lending, and more.
Merrill Edge Market Pro is a powerful charting tool with user-friendly screeners, 25 movable trading windows, sketching tools, strategy builders, and market data. Now, with the aid of Merrill’s Ideas Builder tool, users can research possible investments.
- Managed by Merrill- Merrill Guided Investing: Merrill Guided Investing accounts are easy to open. Buyers typically answer investment questions about goals, contributions, and timetables. Merrill can include extra accounts to obtain a complete picture of their money and ambitions. Investors can choose their risk level or answer a few questions to allow the platform to choose.
Buyers then choose a goal from eight selections and label it appropriately. They then adopt a market-tracking or sustainability approach. The answers to a conservative-to-aggressive quiz determine their asset allocation before joining up.
They choose an account and deposit $1,000 in the final phase.
Merrill Edge Review of the Market Pro Benefits
- All self-directed clients can access Merrill Edge Market Pro with no minimum trade requirements, deposits, or commission fees – so you can focus on your trading style, not the costs.
- Please create your layouts or make use of our already-developed designs.
- Create your trading environment with 25 movable windows and infinite layouts to save.
- Help is conveniently located in every window; you only have to click the help button to access our detailed manual.
- Make your dashboard and look at the market how you want.
Merrill Edge Fees
A Merrill Edge review finds they offer self-directed brokerage accounts with no account management fee and minimum investment requirement. There is no commission when you trade stocks and ETFs. There is a $0.65 fee per contract and a $29.95 per trade fee for options when a broker is involved.
For funds without load and transaction fees, each trade costs $19.95, whereas funds without load and transaction fees cost $0.
Online trades in bonds for fixed-income investing can cost as little as 10 cents and as much as 250 dollars.
A large 0.45% management fee (0.85% with Advisor) and an account minimum of $ 1,000 comes with Merrill Guided Investing. A large balance of $20,000 is needed to talk to a live advisor. There is also a yearly management fee of 0.85% for adviser access.
Pro’s
- Free trading of stocks, ETFs, and options without commissions.
- Strong investment tools are available on desktop computers, mobile devices, and online.
- Accounts tailored to meet your financial requirements, Merrill Edge will assist you in defining the experience that works best for you, whether you require many accounts to support various goals or only one account to increase your wealth.
- Members of the Preferred Rewards program receive extra benefits and reduced prices.
- Having access to financial advisors through various online and in-person mediums.
- Benefits and discounts are exclusive to current Bank of America clients.
- When it comes to setting goals, Merrill is very clear and detailed. Clients can pick one of these goals: retirement, home improvements, schooling, family support, travel, and special occasions.
Con’s
- There are few products, and no foreign exchange, cryptocurrency, penny stocks, or futures are available.
- Losses from the sale of one investment cannot be used to offset gains from the sale of another one.
- Elevated profit margins.
- A hefty $20,000 minimum is needed to get one-on-one advisors.
- Fractional shares are not available.
- No crypto trading.
- Poor customer service was experienced through both phone and email communication.
Merrill Edge Review of Compatibility
For Windows 7 or higher:
- Firefox 93 or higher
- Chrome 93 or higher
- Edge 96 (Windows 10 and higher)
For Mac OS 10.9 or higher:
- Safari 14.x or higher
- Firefox 93 or higher
- Chrome 93 or higher
Desktop
You will have a wonderful time using Merrill Guided Investing. The desktop platform offers first-rate resources, data, insights, and tools, and it’s easy to use. Direct access to all platform features is available via the dashboard, which shows account value, activity, market predictions, asset allocation, investment returns, and progress toward goals. Chat or 24/7 customer care are available on the user-friendly interface to answer any questions.
Mobile
The iOS and Android app is unique because it serves a desktop purpose. Customers of Merrill can access their accounts through the Merrill app or Bank of America. You may access the planning tools and dashboard for Guided Investing from any mobile device. You can keep tabs on your goals, activities, strategies, accounts, and performance.
Every feature of the desktop version, plus more, is available inside the app:
- Financial news
- Deposit by check
- Transfer of funds
- Investments, money management, and retirement preparation
Merrill Edge Apple Store App: iOS
Merrill Edge Google Play App: Android
Is Merrill Edge Market Pro Trustworthy?
Merrill Edge is a reliable option for self-directed individuals with a long-term investment strategy, particularly those with an existing connection with Bank of America. It is also a suitable option for investors seeking different levels of financial advice.
Merrill Edge’s rating from the Better Business Bureau is A-. Our Merrill Edge review shows they appear to have an excellent track record of client engagement based on their BBB rating, which ranges from A+ to F.
Merrill Edge Competitors
- Betterment: Betterment has a simpler account that costs less but doesn’t have as many funds as Merrill. Merrill Edge has more investment choices than Betterment. These include stocks, bonds, mutual funds, and exchange-traded funds (ETFs). The only things that Merrill Guided lets sellers sell, though, are mutual funds and exchange-traded funds.
The cost of managing Betterment is 0.25% per year, while the cost of managing Merill Edge is 0.45% (or 0.85% with Advisor). As the number of users increases, the annual management cost decreases.
- Fidelity Go: Fidelity Go and Merrill Guided Investing can handle your portfolio automatically, but their fees and investment options differ.
Fidelity Go doesn’t charge any fees for accounts under $25,000. If you have more than $25,000 in your account, you can get a lower annual fee of 0.35% instead of 0.45% for Merrill Guided and 0.85% for Advisor.
There is no minimum deposit amount for self-directed trade accounts at Fidelity and Merrill Edge. Fidelity’s solutions for market study and building wealth are better when compared.
Final Thoughts: Merrill Edge Review
We hope you enjoyed this Merrill Edge review. It is entirely up to you to decide how you will invest. Merrill Edge puts you in control of your investing goals and demands complete accountability for their achievement; alternatively, you may engage a financial adviser to assist you with all three.
Merrill has a very precise and straightforward way of defining goals. Some goals clients choose to work toward include retirement, home renovations, education, family assistance, vacation, and other special occasions. Regardless of the circumstances, you can always rely on Merrill’s exceptional service and online tools.
Frequently Asked Questions
Merrill Lynch is the investment side, and Merrill Edge is the retail trading broker.
Yes, your money is safe with Merrill Edge.
A Merrill Edge review found that you can withdraw your money from the accounts page.
It is a part of Bank of America.
