country flag
  1. Home
  2. Best Day Trading Platforms and Brokers in 2023

Interactive Brokers vs Merrill Edge

Interactive Brokers vs Merrill Edge Comparison Table 2023
Interactive Brokers Merrill Edge
Review
4.3

Interactive Brokers is #1 in our CFD broker rankings.

Review
3.3

Merrill Edge is #38 in our broker rankings.

United States Flag Traders from US accepted
United States Flag Traders from US accepted

Interactive Brokers is a leading global brokerage that provides access to a comprehensive offering of stocks as well as forex, futures, metals, bonds and cryptos. The firm has over 40 years experience in the online trading industry and is heavily regulated by SEC, FCA, IIROC, and SFC. Day traders can use the proprietary Trader Workstation and can access powerful tools and data feeds as well as comprehensive educational resources.

Merrill Edge is a subsidiary of Bank of America and has been operating as an investment advisory firm since 2010. The firm offers a range of investment products spanning stocks, ETFs, bonds, funds and options via its trading platform, MarketPro. Merrill Edge is regulated by the SEC and FINRA in the US and offers its services to US clients only.

Bonus Offer
$600 Transfer Bonus
Comment by Reviewer
"Experienced day traders seeking a regulated broker with sophisticated trading software and very low fees should look at IB. Their range of stocks also can't be beaten." "Based on my assessment, I recommend Merrill Edge to US traders looking for investment and savings accounts at a reputable and highly regulated stock broker. It's also a great choice if you want to pay zero commissions on US stocks and ETFs."
Pros
  • Gives day traders unmatched access to global stocks with tens of thousands available from 100+ market centres in 24 countries
  • Direct market access, including to the FTSE 100 index, the CAC 40 and Germany’s DAX 40
  • Proprietary Trader Workstation comes with powerful tools and charting capabilities
  • Regulated by some of the world's most reputable bodies including in US
  • You have a reliable real-time market data feed, that rarely goes offline
  • Diverse payment options and account currencies
  • Commission reimbursement with Toggle AI
  • Low commissions and tight spreads
  • Overall, I think the MarketPro platform offers everything you need to trade US stocks, with access to advanced tools and indicators at no extra cost. I like that the platform can be fully customized too, with up to 25 saveable layouts
  • For those who are comfortable trading independently, I’m pleased to report that the broker’s self-directed account has no account fees or minimum balance requirements
  • It’s good to see that traders can access unlimited zero-commission stocks and options, making Merrill Edge a relatively low-cost broker for US clients
  • I feel very reassured that Merrill Edge is a highly established and well-regulated broker and I’m confident that clients can trade with peace of mind
  • I found an excellent range of investment options during my tests, covering a range of goals including retirement, healthcare or college savings
  • As an institution backed by the Bank of America, I’m pleased that the broker is able to offer margin in excess of $100,000 to traders
Cons
  • Due to the pricing structure, this firm can be more expensive for aggressive traders who trade over $100,000 shares a day
  • Platform and web interface are complex and difficult for beginners to pick up
  • Accessing products like CFDs is not straightforward compared to competitors
  • The TWS platform falls short in terms of technical charting
  • Mediocre customer support
  • I found that the guided investment account comes with fairly high account management fees compared to others in the market. Even with the full 0.15% discount for holding over $100,000 in assets, I think this fee is still higher than competitors
  • I noted that transactions both to and from a Merrill Edge brokerage account cannot be made by credit or debit card, nor e-wallets. Traders are limited to bank wire transfers or cheque payments instead
  • It’s worth mentioning that traders looking to trade forex or cryptocurrencies should look elsewhere, as Merrill Edge only offers securities
  • I think it’s a shame that only US citizens are accepted at Merrill Edge, though this is common at US brokerages
Awards
  • #1 for ESG & Sustainable Investing
  • #1 for Banking Services
  • #1 for Client Experience (Self-Directed)
Instruments
Stocks, Futures, E-minis, Options, CFD, Forex, Crypto, Exchange Linked Warrants Stocks, Mutual Funds, ETFs, Options, Bonds
Demo Account
Yes No
Minimum Deposit
$0 $0
Trading Platforms
  • AlgoTrader
  • OmniTrader
  • eSignal
  • TradingCentral
  • MarketPro
Payment Methods
Minimum Trade
$100 0.01 Lots
Regulator
SEC, FCA, IIROC, SFC SEC, FINRA
Margin Trading
Yes Yes
Margin Rate
1.55 - 2.59% 8.625%
STP Account
Yes No
ECN Account
No No
DMA Account
Yes No
MAM Account
Yes No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
Yes No
Robo Advisor
No Yes
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
Yes Yes
Mobile Apps
iOS, Android & Windows iOS & Android
Auto Trading
Capitalise.ai & TWS API
Copy Trading
No No
Social Trading
No No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No Yes
Custodial Account
No Yes
Guaranteed Stop Loss
No No
Inactivity Fee
$0
Islamic Account
No No
Account Currencies
  • USD
  • EUR
  • GBP
  • CAD
  • AUD
  • INR
  • JPY
  • SEK
  • NOK
  • DKK
  • CHF
  • HUF
  • USD
Stock Exchanges
Commodities
CFD Trading
Trade leveraged CFDs on thousands of global stocks as well as 13 global indices, 80+ forex pairs, and London gold and silver. Leverage is available in line with regulatory requirements. CFD trading not offered
Leverage
1:50
FTSE Spread
0.005% (£1 Min)
GBPUSD Spread
Commission (.20 pts x trade value)
Oil Spread
N/A
Stocks Spread
From 0.003 per share, variable
Forex Trading
Trade 85 major, minor and exotic forex pairs via CFDs on IB's FXTrader platform with tight spreads and low commissions, or trade forex on the spot market. They offer more FX assets than almost any competitor. Forex trading not offered
GBPUSD Spread
Commission (.20 pts x trade value)
EURUSD Spread
Commission (.20 pts x trade value)
EURGBP Spread
Commission (.20 pts x trade value)
Assets
70+
Cryptocurrency
Buy and hold Bitcoin, Bitcoin Cash, Ethereum and Litecoin with low commissions of 0.12%–0.18%. Fees are low and the broker offers a secure environment to invest in digital assets. Crypto trading not offered
Spread
Variable
Coins
  • BTC
  • LTC
  • ETH
  • XRP
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
Review
Review
More Comparisons
Interactive Brokers
vs
 Merrill Edge
vs