MerrillEdge looks very good at the first glance. But in reality it's cluttered with lots of useless banners and huge sections of "fine print" at the bottom. This making it very hard to find what you are looking for.
Trading tools at the company are very basic, not offering a lot of functionality present at most other online brokers. Changing existing orders at Merrill Edge trading screens is painful.
Merrill Edge PROS
Free trades if meeting certain conditionsFree checking account
Great research tools
Free DRIPs (Dividend Reinvestment) (call customer support to get it)
Merrill Edge CONS
High margin ratesLimited, poorly designed trading tools and charts
Terrible executions
Account balance discrepancies
Technical issues
Customer service complaints
Mutual funds Self-Directed Short-Term Redemption fee if held less than 90 days: 0.75% gross proceeds, $50 minimum, $250 maximum
Merrill Edge Review Summary
Merrill Edge is a new self directed brokerage created by Merrill Lynch, which is now owned by Bank of America. The company charges $6.95 per industry for stocks and ETFs. It too offers 30 free trades per month for customers who meet any one of the following criteria:
1. Combined sum of $25,000 or more in your deposit accounts at Bank of America, N.A. When you make a business, MLPF&S determines whether you meet the compensate requirement to qualify that traffic for the $0 waiver. MLPF&S adds the medium cool balances in your deposit accounts as of the prior month to the balances in your reef CD and IRAs as of the prior business day. Bank deposit accounts with the same social security number (SSN) as the (SSN)(s) on the self-directed brokerage prize are systematically included in the compensate determination. If this calculation reflects a combined total of less than $25,000, a minute calculation is made. To settle the 30-traffic brink, MLPF&S adds the qualifying trades in your individual accounts and joint accounts. Commission fees apply when the compensate requirement is not met, or when you exceed 30 qualifying trades a month. Brokerage fees associated with, but not borderline to, margin transactions, option trading, special stock registration/gifting, premium transfer and processing, consider livelihood, research request and termination apply. Relationship requirements and pricing are subject to alter.
2. Or combined compensate of $25,000 or more in cash balances in one or both of the following sweep options in your Merrill Edge self-directed prize(s) as of the prior traffic day:
Bank Deposit Accounts sweep option with your CMA
Retirement Assets Savings Program II sweep with your IRA
This bid does not apply to Business/Corporate Accounts, Investment Club Accounts, Partnership Accounts and sure fiduciary accounts held at MLPF&S.
We don't look how a brokerage firm could create any money with these free trades. We believe Merrill Edge's free trades is the same marketing ruse that Zecco used to grow customer foundation. The firm then dumped free trades offer once it had enough clients.
Merrill Edge's example commissions are about beautiful in the traffic but much improve than weighty $30 per business charged by Merrill Lynch's elderly brokerage.
The internet is full of complaints from Merrill Edge's customers upon the whole range of issues: trading tools bugs, sustenance and regard transfer fees, mutual funds availability, bid executions and customer service.
We don't recommend cause prize at Merrill Edge. There are help, Top Rated Brokerage Companies that have fewer problems, order help trading tools and more free features to their customers.
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