Firstrade vs Merrill Edge Comparison: Fees, Features, and More (2026)
Firstrade and Merrill Edge are two leading discount brokerages offering commission-free stock and ETF trading. Use this head-to-head comparison table to evaluate fees, features, trading tools, and account options to help you decide which broker is right for you in 2026.
| Feature | Firstrade | Merrill Edge |
|---|---|---|
| Website | https://www.firstrade.com/ | https://www.merrilledge.com/ |
| Broker Type | Discount (self-directed online brokerage) | Self-directed discount/online brokerage |
| Trading: Stock & ETF? | Yes | Yes |
| ETF & Stock commission | $0 online ($19.95 broker-assisted) | $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal) |
| Fractional Shares? | Yes (most U.S. stocks/ETFs; $5 min) | No |
| Percent Allocations? | No | No |
| Crypto Trading? | No | No |
| Crypto Fees | N/A | N/A |
| Options Trading? | Yes | Yes |
| Options Fee | $0 commission and $0/contract; plus pass-through ORF (~$0.02/contract from Jul 2026) and SEC sell fees | $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra. |
| Bond Trading Available? | Yes (web only; net yield basis/markup) | Yes |
| Receives payment for order flow (PFOF)? | Yes | No; limited options-exchange payments |
| Interface: Web trading? | Yes | Yes |
| Desktop trading? | No | No (MarketPro is browser-based, not a downloadable desktop app) |
| API Trading? | No | No (no public retail trading API) |
| Mutual Funds: Offered? | Yes | Yes |
| Total Mutual Funds | 11,000+ | Thousands |
| NTF Mutual Funds | 11,000+ | Many NTF (exact count unpublished) |
| Non-NTF Fund Fee | $0 online; $19.95 broker-assisted (no-load) | $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds |
| Early Redemption Fee? | No ($19.95 if held <90 days) | No ($39.95 short-term redemption fee on NTF funds held <90 days) |
| Redemption Hold (Days) | 90 days | 90 days (NTF funds) |
| Early Redemption Fee | $19.95 | $39.95 (NTF funds held <90 days) |
| Accounts: Margin Accounts? | Yes (approval; $2,000 min assets; not IRAs/custodial/ESA) | Yes |
| IRAs Offered? | Yes (Traditional, Roth, SEP, SIMPLE, Rollover) | Yes (Traditional, Roth, SEP) |
| HSAs Offered? | No | Yes (Individual HSA) |
| Money Market Sweep? | Yes (FDIC sweep via Apex; 0.15%; not margin/SIMPLE IRA/ESA) | Yes |
| CDs Offered? | Yes (primary $30; secondary net yield) | Yes (brokered CDs) |
| Robo-Advisor: Offered | No | Yes |
| Robo-Advisor Service | N/A | Merrill Guided Investing |
| Robo-Advisor Fees | N/A | 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra. |
| Basics: Headquarters | Flushing, NY | New York, NY |
| Year Founded | 1985 | 2010 |
| Clearing Firm | Apex Clearing Corporation | Merrill Lynch, Pierce, Fenner & Smith Inc. (self-clearing) |
| Local Branches? | Yes (Flushing, NY HQ office, Mon-Fri 10am-4pm ET); no nationwide network | Yes (~3,530 Bank of America financial centers, U.S., as of Q2 2026) |
| New Account Minimum | $0 | $0 (self-directed) |
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