Merrill Edge vs M1 Finance Comparison: Fees, Features, and More (2026)

Merrill Edge and M1 Finance 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.

Head-to-Head Comparison: Merrill Edge vs M1 Finance (2026)
Feature Merrill Edge M1 Finance
Website https://www.merrilledge.com/ https://www.m1finance.com/
Broker Type Self-directed discount/online brokerage Self-directed discount brokerage
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal) $0 commission; $3/mo platform fee if assets <$10k (waived at $10k+ or with loan)
Fractional Shares? No Yes (to 1/100,000th of a share)
Percent Allocations? No Yes (M1 Pies with custom target % allocations)
Crypto Trading? No Yes (Bakkt Crypto Account; BTC, ETH, LTC; US 18+)
Crypto Fees N/A Bakkt 1% (100 bps) on buys/sells (in exec. price); M1 $0 commission
Options Trading? Yes No
Options Fee $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra. N/A
Bond Trading Available? Yes No
Receives payment for order flow (PFOF)? No; limited options-exchange payments Yes (receives PFOF ~$0.002/share)
Interface: Web trading? Yes Yes (web m1.com and iOS/Android apps)
Desktop trading? No (MarketPro is browser-based, not a downloadable desktop app) No
API Trading? No (no public retail trading API) No
Mutual Funds: Offered? Yes No
Total Mutual Funds Thousands None
NTF Mutual Funds Many NTF (exact count unpublished) None
Non-NTF Fund Fee $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds N/A
Early Redemption Fee? No ($39.95 short-term redemption fee on NTF funds held <90 days) N/A
Redemption Hold (Days) 90 days (NTF funds) N/A
Early Redemption Fee $39.95 (NTF funds held <90 days) N/A
Accounts: Margin Accounts? Yes Yes; Individual/Joint brokerage accounts include M1 Margin Loan by default ($2,000 min equity). Not for IRAs.
IRAs Offered? Yes (Traditional, Roth, SEP) Yes; Traditional, Roth, and SEP IRAs available ($500 minimum).
HSAs Offered? Yes (Individual HSA) No
Money Market Sweep? Yes Yes; High-Yield Cash Account has FDIC bank sweep. Invest-account cash does not auto-sweep (transfer required).
CDs Offered? Yes (brokered CDs) No
Robo-Advisor: Offered Yes No (self-directed Pies/auto-invest; optional non-discretionary M1 Advisory)
Robo-Advisor Service Merrill Guided Investing M1 Pies (self-directed); M1 Advisory / M1 Advisor (AI, non-discretionary)
Robo-Advisor Fees 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra. $3/mo platform fee if <$10k assets (waived at $10k+ or Personal Loan); advisory currently 0% (up to 0.20%)
Basics: Headquarters New York, NY Chicago, IL
Year Founded 2010 2015
Clearing Firm Merrill Lynch, Pierce, Fenner & Smith Inc. (self-clearing) M1 Finance LLC (self-clearing Individual/Joint); Apex Clearing (IRA/Trust/Custodial)
Local Branches? Yes (~3,530 Bank of America financial centers, U.S., as of Q2 2026) No
New Account Minimum $0 (self-directed) $100 (individual/joint taxable); $500 (IRAs)

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