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Introduction
In this era of online trading, it’s essential to choose the right platform to invest your money. Two of the most popular online trading platforms are Merrill Edge and Etrade. In this article, we will compare these two platforms to help you decide which one is better for you.
Background
Merrill Edge is an online trading platform that was launched in 2010. It’s a subsidiary of Bank of America and offers a wide range of investment options, including stocks, bonds, ETFs, and mutual funds. On the other hand, Etrade was launched in 1982 and is one of the oldest online trading platforms. It offers similar investment options as Merrill Edge but also provides additional services like banking and lending.
Account Minimums
Merrill Edge requires a minimum investment of $0, while Etrade requires a minimum investment of $500. This means that Merrill Edge is more accessible to beginners who may not have a lot of money to invest.
Trading Fees
Merrill Edge charges $6.95 per trade, while Etrade charges $9.99 per trade. However, Etrade offers discounts for high-volume traders, which can bring the cost down to $6.95 per trade. Therefore, if you’re a frequent trader, Etrade may be a better option for you.
Investment Options
Both Merrill Edge and Etrade offer a wide range of investment options, including stocks, bonds, ETFs, and mutual funds. However, Etrade also offers futures and options trading, which may be appealing to some investors.
Research Tools
Merrill Edge provides its customers with a variety of research tools, including market analysis, stock screeners, and portfolio analysis. Etrade also offers similar research tools, but it also has a more extensive library of educational resources for beginners.
Mobile App
Both Merrill Edge and Etrade have mobile apps that allow investors to trade on the go. However, Etrade’s mobile app is more user-friendly and offers more features than Merrill Edge’s app.
Customer Service
Merrill Edge and Etrade both offer 24/7 customer service, but Etrade is known for its exceptional customer service. Etrade has won numerous awards for its customer service, and it offers more ways to contact customer support than Merrill Edge.
Security
Both Merrill Edge and Etrade take security very seriously and use the latest encryption technology to protect their customers’ information. However, Etrade also offers additional security features like two-factor authentication and biometric login.
Final Verdict
After comparing Merrill Edge and Etrade, it’s clear that both platforms have their strengths and weaknesses. If you’re a beginner or don’t have a lot of money to invest, Merrill Edge may be the better option for you. However, if you’re a frequent trader or interested in futures and options trading, Etrade may be a better fit. Ultimately, it’s important to choose the platform that best meets your individual needs and investment goals.
Conclusion
In conclusion, choosing the right online trading platform is crucial for any investor. Hopefully, this comparison of Merrill Edge and Etrade has helped you make an informed decision. Remember to do your research and choose the platform that best suits your investment needs.
