Tradestation vs Merrill Edge Comparison: Fees, Features, and More (2026)
Tradestation 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 | Tradestation | Merrill Edge |
|---|---|---|
| Website | https://www.tradestation.com/ | https://www.merrilledge.com/ |
| Broker Type | Discount | Self-directed discount/online brokerage |
| Trading: Stock & ETF? | Yes | Yes |
| ETF & Stock commission | $0; routing/clearing fees may apply | $0 online commissions (ETF sales $0.01–$0.03 per $1,000 principal) |
| Fractional Shares? | No | No |
| Percent Allocations? | No | No |
| Crypto Trading? | Yes | No |
| Crypto Fees | Tiered maker/taker pricing based on account balance | N/A |
| Options Trading? | Yes | Yes |
| Options Fee | $0.80/contract standard tier; $0.40/contract multi-leg | $0 + $0.65 per contract online; $0 exercise/assignment. Broker-assisted extra. |
| Bond Trading Available? | Yes; Treasuries, corporate, and municipal bonds | Yes |
| Receives payment for order flow (PFOF)? | Yes | No; limited options-exchange payments |
| Interface: Web trading? | Yes | Yes |
| Desktop trading? | Yes; TradeStation Desktop/Web/Mobile | No (MarketPro is browser-based, not a downloadable desktop app) |
| API Trading? | Yes; TradeStation WebAPI and FIX APIs | No (no public retail trading API) |
| Mutual Funds: Offered? | Yes | Yes |
| Total Mutual Funds | Over 2,000 | Thousands |
| NTF Mutual Funds | Not publicly stated | Many NTF (exact count unpublished) |
| Non-NTF Fund Fee | $14.95 | $19.95 per online transaction (buys, sells, exchanges) for no-load TF funds |
| Early Redemption Fee? | Varies by fund | No ($39.95 short-term redemption fee on NTF funds held <90 days) |
| Redemption Hold (Days) | Fund-specific | 90 days (NTF funds) |
| Early Redemption Fee | Fund-specific | $39.95 (NTF funds held <90 days) |
| Accounts: Margin Accounts? | Yes | Yes |
| IRAs Offered? | Yes; Traditional, Roth, SEP, SIMPLE, and Rollover | Yes (Traditional, Roth, SEP) |
| HSAs Offered? | No | Yes (Individual HSA) |
| Money Market Sweep? | No | Yes |
| CDs Offered? | No | Yes (brokered CDs) |
| Robo-Advisor: Offered | No | Yes |
| Robo-Advisor Service | None | Merrill Guided Investing |
| Robo-Advisor Fees | Not applicable | 0.45% AUM online; 0.85% with advisor (monthly in advance). Preferred Rewards discounts 0.05-0.15%. Fund expenses extra. |
| Basics: Headquarters | Plantation, FL | New York, NY |
| Year Founded | 1982 | 2010 |
| Clearing Firm | TradeStation Securities, Inc. (self-clearing) | Merrill Lynch, Pierce, Fenner & Smith Inc. (self-clearing) |
| Local Branches? | No; corporate offices only | Yes (~3,530 Bank of America financial centers, U.S., as of Q2 2026) |
| New Account Minimum | $0 (self-directed) |
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