Public.com vs Merrill Edge Comparison: Fees, Features, and More (2026)

Public.com 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.

Head-to-Head Comparison: Public.com vs Merrill Edge (2026)
Feature Public.com Merrill Edge
Website https://www.public.com/ https://www.merrilledge.com/
Broker Type Discount (self-directed online retail brokerage) Self-directed discount/online brokerage
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 regular hours (US-listed); $2.99 extended/OTC (waived for Premium) $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal)
Fractional Shares? Yes ($5 min outside plans; $1 in Investment Plans) No
Percent Allocations? Yes (Investment Plans: custom 1% allocations; Direct Indexing weighting) No
Crypto Trading? Yes (via zerohash; 60+ assets including BTC/ETH; 24/7; $1 min). No
Crypto Fees zerohash: $0.49–$6.29 (≤$500); 1.25% (>$500). Recurring plans 1.25%. API volume-tiered (0.10–0.60%). N/A
Options Trading? Yes (stock, ETF, and index options; multi-leg strategies). Yes
Options Fee $0 commission/per-contract for stock/ETF options plus $0.06–$0.18 rebate/contract. Index: $0.35–$0.50/contract. Regulatory fees apply. $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra.
Bond Trading Available? Yes (fractional Treasury/corporate from $100; Bond Account; municipals coming soon). Yes
Receives payment for order flow (PFOF)? Yes (receives PFOF on options and wholesale equity routing). No; limited options-exchange payments
Interface: Web trading? Yes (full web platform plus iOS/Android apps). Yes
Desktop trading? No. Web platform and mobile apps only; no native downloadable desktop trading software. No (MarketPro is browser-based, not a downloadable desktop app)
API Trading? Yes. Public Trading API (stocks, ETFs, options, crypto, bonds) available to all members; no approval required. No (no public retail trading API)
Mutual Funds: Offered? No Yes
Total Mutual Funds None Thousands
NTF Mutual Funds None Many NTF (exact count unpublished)
Non-NTF Fund Fee N/A $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds
Early Redemption Fee? N/A No ($39.95 short-term redemption fee on NTF funds held <90 days)
Redemption Hold (Days) N/A 90 days (NTF funds)
Early Redemption Fee N/A $39.95 (NTF funds held <90 days)
Accounts: Margin Accounts? Yes Yes
IRAs Offered? Yes (Traditional and Roth); no SEP Yes (Traditional, Roth, SEP)
HSAs Offered? No Yes (Individual HSA)
Money Market Sweep? Yes (High-Yield Cash Account bank sweep) Yes
CDs Offered? No Yes (brokered CDs)
Robo-Advisor: Offered Yes, via Public Advisors LLC automated Direct Indexing, Generated Assets, and Treasury Accounts. Yes
Robo-Advisor Service Public Advisors (Direct Indexing, Generated Assets, Treasury Accounts) Merrill Guided Investing
Robo-Advisor Fees Direct Indexing 0.19% AUM annual; Generated Assets 0.49%; Treasury Accounts tiered 0.09%-0.29%. Brokerage fees may apply. 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra.
Basics: Headquarters New York, NY New York, NY
Year Founded 2019 2010
Clearing Firm Apex Clearing Corporation Merrill Lynch, Pierce, Fenner & Smith Inc. (self-clearing)
Local Branches? No Yes (~3,530 Bank of America financial centers, U.S., as of Q2 2026)
New Account Minimum $0 (no account minimums; as little as $1 to start) $0 (self-directed)

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