![]() Merrill Edge's mobile app is easy to use, great for research and exceeds the industry standard experience. Benefits through the Preferred Rewards program include money market savings interest-rate boosts, credit card bonuses, investment discounts and more. To qualify for the base tier, Gold, customers must maintain a three-month average combined balance in their bank and brokerage accounts of at least $20,000. Preferred Rewards: Merrill’s rewards system makes for a top-notch combination of banking and brokerage. In practice, those restrictions mean that there is essentially no penny stock trading. Penny stocks: Merrill Edge does not typically allow trading of OTC stocks with market caps of $300 million or less and are priced below $5 per share, though I was told there are exceptions. No one at Merrill would give me specific numbers to share with potential clients. The firm keeps it vague, saying that a client’s margin rate depends on the relationship. ![]() ![]() Margin rates: We ask every broker that we review for their current margin rates. Broker-assisted trades are a reasonable $19.95. Options trades cost $0.65 per contract, a common price among top-tier brokers. Merrill Edge, like other discount brokers, provides customers unlimited free ($0) stock and exchange-traded fund (ETF) trades. Retirement services: Merrill offers traditional, Roth and rollover IRAs, and placed among the best IRA accounts in our 2023 review. You will have to sign up with a crypto exchange to trade popular tokens such as Bitcoin, Ethereum or Dogecoin. Guided Investing might be a good option for a nervous investor with a lump sum that needs to be put to work, but their brochure mentions the service isn’t intended for clients with sophisticated financial planning needs.Ĭryptocurrency: Merrill Edge does not offer cryptocurrency. Guided Investing has a high annual base fee of 0.85%, but there are introductory offers and discounts based on your Preferred Rewards tier (see below). Investment guidance: In addition to self-directed investing, Merrill Edge also offers automated (robo-advisor) portfolio management ($1,000 minimum investment) and limited advisory services with an advisor ($20,000 minimum investment) through its Guided Investing program. It’s not overwhelming, but it’s noticeable. Other brokers demand less paperwork to accomplish the same tasks. To get the full capabilities of Merrill Edge, plan on e-signing a few documents and seeing a ton of disclosure boilerplate. Fractional shares, paper trading, futures, forex, and cryptos are not available. On offer are stocks, ETFs, options, mutual funds and bonds. Merrill Edge provides ample investment choices and the available services of a megabank.
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