Merrill Edge website is a discount broker-dealer, which offers cost-free commission – 0$. In this review, we will cover all the important points concerning this brokerage firm as well as how it performs in important categories such as IRA, trading, mobile trading, etc. This review will help you to understand where Merrill Edge excels and where it falls.
To move to the Merrill Edge official website, you should click on the link below. Then you will be transferred to its official website where you will be obliged to enter your password and Merrill Edge login.
Merrill Edge Disadvantages
- There is no online chat feature
- Merrill Edge does not offer a wide choice of mutual funds
- There is no commission-free ETFs
- MarketPro trading tool is available only to clients who have at least 50K dollars on their bank account or to those who place at least 5 trades per month
- Users are obliged to pay $39.95 as a commission fee for mutual funds if they are held less than 90 days
- Too high margin rates
- The mobile trading tool does dot offers any trading videos
Merrill Edge Login Page Screenshot
This is the Merrill Edge login page screenshot. You could easily log on to the Merrill Edge website with the help of the link above.
Merrill Edge IRA Overview
Individual Retirement Accounts
There are a few IRAs offered by Merrill Edge: traditional, Roth, SEP, Simple, Rollover varieties. There is no annual fee or the other charges set by Merrill Edge. If you decide to close your IRA, you will be obliged to pay 49, 95 dollars.
Besides IRAs, there are solo 401 (k) for those investors who are self-employed. To apply for it you will need to fill in an online user-friendly application form.
One of the disadvantages concerning the broker’s individual 401 (k) is that there is a one-time fee of 100 dollars. It should be also mentioned that there is a monthly administration fee of 20-25 dollars as well as for recordkeeping charge that costs 3 dollars. In comparison with solo 401 (k), IRA does not have setup fees, administration fees or recordkeeping fees.
However, if you decide to contribute more than 5, 5K dollars per year then you should know that brokerage IRA will be more cost-effective. Those customers that are self-employed and do not want to choose a 401 (k) are able to open a Simple Individual Retirement Account (IRA) or Simplified Employee Pension Plan (SEP).
This 401 (k) small business is more expensive than individual 401(k) in Merrill Edge. Firstly, monthly payment is $90 and customers are obliged to pay off additional 390 dollars as set up fee.
Merrill Edge charges $2.95 for stock trades and ETFs. In comparison with the other brokerages, this commission is above the average. However, it is important to point out that this company offers a great discount to clients who have large pockets. To make a long story short if you want to get free trades you should deposit at least 20K dollars with the bank of Merrill Lynch, Bank of America or Merrill Edge. It is a great deal if you have extra funds.
If you want or need a live broker to help you with placing a trade, you can use Merrill Edge to assist you with it. However, you should take into account that the commission fee will reach 29, 95 dollars. If you want to cut down extra expenses and save some money, you can place your trade through an automated phone service. The cost of this service will be only $2,95.
Merrill Edge requires no money to open an account – it is absolutely free. The great thing for prospective applicants is that there is no low-balance, annual, or inactivity charge. Customers are not obliged to have a deposit on their taxable or retirement account. However, you should know that you should have at least 29 dollars on your 529 plan.
If its customers decide to close IRA, they should pay off 49, 95 dollars. Moreover, transferring any account type through the ACAT service requires the same amount to pay.
If you decide to borrow some funds in the margin account you will be obliged to pay an additional 7% of the total price (therefore, you should take into account that the price will vary depending on the amount you borrow. All the debits that are under 25K dollars are priced at 10, 375%. This cost is too high.
Research and Education
This Merrill Edge website has a wide choice of research and educational materials. That is why, it is a great assistant not only for advanced traders/investors but for beginners too.
Cash Management Features
- Users can add their Visa debit card for charge-free
- No charge using a cash machine, however, it does not return fees that are charged by the owners of ATMs
- By using Merrill Edge card overseas you will be obliged to pay a 2% fee (this is paid if you need exchange your funds)
Customer service is offered 24/7. It is also important to note that the broker-dealer is also available on the weekends. The weak side of this company is that it does not have an online chat, nor AI chatbot.
What is great about Merrill Edge is that it has a great, user-friendly website. It can help you to get a phone number, send an internal message or find the snail email address. What is more important with the help of their user-friendly website you can easily sign up for DRIP service, link accounts, enroll in alerts, download tax documents, previous statements and much more.
Although there are a couple of offices located in America, they do not provide customer services. They are only useful to provide financial counseling t those customers who pay for this type of service.
MarketPro is a special tool designed for brokers. The weak side of this trading tool is that will not work until you place at least 5 trades per month. Merrill Edge can offer you its trading software only in case you have at least 50K dollars in assets with the Bank of America family of companies. This software is a great choice for experienced traders as it includes 36 technical studies as well as streaming market data. Merrill Lynch is another trading tool, which offers real market analysis.
For the comfortable trading experience, Merrill Edge has designed a special app that works both on Apple and Android mobile phone devices. This app provides securities trading in mutual funds, stocks, ETFs, and options. This app also offers bill pay, funds transfer, and check deposit. In addition to this, it offers interesting financial articles and investment glossary. In comparison with the other brokers’ apps, this one can provide its users with access to their FICO score.
This company has a number of benefits but is not a good choice if you need a good retirement plan or IRA. For those who have 50K dollars in their bank account, it could be a good choice.