About Merrill Edge
This review will present the trading possibilities and services provided by the Merrill Edge online brokerage service.
In 2010, Merrill Lynch, a well-known company established in 1914, has launched Merrill Edge. It comes as an addition to the reputable brand and part of Bank of America’s retail banking division. Having said that, Merrill Edge also provides services for investors unaffiliated with BoA.
General Description
As part of its brokerage services, Merrill Edge offers versatile solutions for trading in options and equities. It maintains a flat $6.95 per trade and does not charge additionally for lower-priced stocks (under $1 per share). As for options trade, the cost is $6.95 (with an additional $.75 per each contract). This company also provides the most competitive rates, in comparison with other major players in the field.
An unparalleled inclusion in its services program is the fact that Merrill Edge offers free trades. This comes courtesy of its Preferred Rewards program. If you choose to pursue this option, you can get a monthly maximum of 30 equity trades. To qualify, your average balance for a three-month period should amount to a minimum $50,000 (Platinum status). To receive 100 free trades monthly, this balance needs to be a minimum $100,000 (Platinum Honors status).
Research
Merrill Edge’s main research providers are Morningstar and Lippers. This comes as a bonus for the potential client, since brokers usually use only one main source for research.
As a possible downside, we could point out the research area design which is poor in comparison with some of the competition. Still, the duality, i.e. use of two main sources, makes up for that. In particular, Merrill Edge’s research on ETF and mutual funds is quite strong and reliable.
Customer Service and Usability
What clearly sets Merrill Edge’s services apart is its high-quality customer support. In that regard, it ranked among the top five (mainly hovering around the first two spots) in relevant surveys made throughout the last four years. Both via its live chat and email support, the company’s staff has proven to be professional, informed and friendly. Generally, this company goes out of their way to satisfy their clients’ needs, at all times. Such approach is also reflected in Merrill Edge’s provision of advice regarding investment and retirement. You can find a lot of information on their informative website, in particular through its Guidance and Retirement section.
Another major Pro is the general user-friendliness of the Merrill Edge platform. The application process is quick and hassle-free. This also goes for managing your account and funds. Overall, the Merrill Edge website is well-designed and laid out, allowing you to monitor changes in the stock market via its quote bar. On top of that, if you are a BoA client, you will be able to view and manage all your investments and transactions without opening multiple tabs.
Features and Tools
As for concrete tools a trader/investor will need, Merrill Edge provides several. Firstly, its streaming quotes app. Its archaic design may be off-putting for the modern trader. Same goes for the lacking quote streaming support, and reliance on the auto-refresh option instead. However, in terms of accomplishing its main task – providing you with a watch list – the application gets the job done.
Another feature is Merrill Edge’s active trader platform, MarketPro, a functional and well laid-out tool. It also comes with the possibility of adding up to 216 columns to your watch list, also utilizing outside tools like Recognia. Charting is one of MarketPro’s strong features, with its 22 drawing tools and wide-ranging customization options. On the downside, MarketPro will not provide you with the desired speed when placing your orders. This, along with its lacking support and no direct market access available, could hamper its use.
With regard to mobile trading, Merrill Edge supports all relevant devices – iPhone, iPad, Apple Watch, as well as Android smartphones. The company maintains a policy of regularly updating all its apps which earned it a rank among the reliable group of brokers. Nevertheless, there is still room for improvement, particularly concerning issues such as alerts and charting.
Another novelty introduced in early 2017 is Guided Investing, a robo-advisor service. This feature offers an excellent market approach and with the usual top-notch customer support, it is surely worth examining. Downsides include a pricey advisory fee and lacking tools you would usually hope for.
The Bottom Line
Merrill Edge’s services make for a very attractive offer for both the trading professional and a casual client. There are certain drawbacks, as we have addressed in our review. However, if this platform is suitable for your trading needs, we advise you to consider the many positive aspects. Mainly, the company’s outstanding customer support service, competitive rates, as well as the thorough research and the Preferred Rewards program. And finally, if you are an existing Bank of America client, the perks of using the Merrill Edge platform will only increase.
