SoFi Invest vs Merrill Edge Comparison: Fees, Features, and More (2026)

SoFi Invest 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: SoFi Invest vs Merrill Edge (2026)
Feature SoFi Invest Merrill Edge
Website https://www.sofi.com/invest/ https://www.merrilledge.com/
Broker Type Discount (self-directed online brokerage + robo-advisor) Self-directed discount/online brokerage
Trading: Stock & ETF? Yes Yes
ETF & Stock commission $0 commissions $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal)
Fractional Shares? Yes ($5 min on select stocks/ETFs) No
Percent Allocations? No No
Crypto Trading? Yes. SoFi Crypto offers 28 cryptocurrencies (as of May 2026); requires SoFi Checking & Savings. No
Crypto Fees Tiered 1.90%/1.50%/1.25%/0.90% of trade value by monthly volume (<$1k/$1-5k/$5-10k/$10k+); possible ≤0.10% spread. N/A
Options Trading? Yes. Options trading available (long calls/puts, covered calls, cash-secured puts; 0DTE and IRAs). Yes
Options Fee $0 commissions and $0 contract fees. Regulatory fees apply (e.g., ORF $0.02, OCC $0.025 per contract). $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra.
Bond Trading Available? No. Individual bonds not offered; exposure via bond ETFs and mutual funds only. Yes
Receives payment for order flow (PFOF)? Yes. Receives payment-for-order-flow revenue share via Apex Clearing. No; limited options-exchange payments
Interface: Web trading? Yes. Full trading on SoFi mobile app (iOS/Android) and sofi.com website. 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 6,800+ Thousands
NTF Mutual Funds 6,800 Many NTF (exact count unpublished)
Non-NTF Fund Fee 0.2% of purchase (max $20); 2% for interval/tender funds $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds
Early Redemption Fee? Yes (no SoFi short-term fee) No ($39.95 short-term redemption fee on NTF funds held <90 days)
Redemption Hold (Days) Fund-specific (CDSC varies by fund); no SoFi-imposed hold. 90 days (NTF funds)
Early Redemption Fee Fund-specific CDSC (varies); SoFi charges none (purchase tx fee 0.2% max $20). $39.95 (NTF funds held <90 days)
Accounts: Margin Accounts? Yes (Self-Directed; apply, $2,000 min). Yes
IRAs Offered? Yes: Traditional, Roth, and SEP IRAs. Yes (Traditional, Roth, SEP)
HSAs Offered? No Yes (Individual HSA)
Money Market Sweep? Yes (optional FDIC bank sweep via Apex). Yes
CDs Offered? No Yes (brokered CDs)
Robo-Advisor: Offered Yes Yes
Robo-Advisor Service SoFi Automated Investing (Robo Investing) Merrill Guided Investing
Robo-Advisor Fees 0.25% annual wrap/advisory fee plus fund expenses; $50 min. 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra.
Basics: Headquarters San Francisco, CA New York, NY
Year Founded 2011 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 $0 (self-directed)

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