Updated October 1, 2026 · BrokerCue Editorial Team
Afranga vs Merrill Edge
Where Afranga and Merrill Edge differ
| Compare |  Afranga |  Merrill Edge |
|---|---|---|
| Minimum deposit | €10 | $0 |
| Account fee | €0 | $0 |
| Regulators | Financial Supervision Commission of Bulgaria | FINRA, SEC |
| Investor protection | None: not covered by any deposit guarantee scheme or investor compensation scheme | SIPC up to USD 500,000 |
| Stock trade fee | Not confirmed | $0 |
| Inactivity fee | Not confirmed | $0 |
| Markets | Not confirmed | Stocks, ETFs, Options, Bonds, Funds |
| Options contract fee | Not confirmed | $0.65 |
| Deposit and withdrawal fees | Depositing money Free; Withdrawing money Free | Not confirmed |
| Platforms | Not confirmed | Merrill Edge website, Merrill Edge MarketPro, Merrill mobile app |
| Account types | Not confirmed | IRA, Roth IRA, Joint, Corporate |
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Key differences
- Merrill Edge scores higher overall: 9.5 vs 9.3.
- Regulators: only Afranga offers Financial Supervision Commission of Bulgaria.
- Regulators: only Merrill Edge offers FINRA, SEC.
- Founded is lower at Merrill Edge: 1914 vs 2021.
- Afranga is available in 30 more countries.
- Support channels: only Afranga offers Community.
- Support channels: only Merrill Edge offers Chat.
- Pricing model: only Afranga offers Low fees.
- Pricing model: only Merrill Edge offers Commission free.
- Audience: only Merrill Edge offers Experienced.
Our verdict on each
Afranga
Afranga suits beginners who want a small entry point and a published target range on business lending. Charges of €0 and Depositing money Free; Withdrawing money Free keep running costs light, though 8% to 16% is a target rather than a promise and investor protection is listed as none.
Merrill Edge
Merrill Edge is a US brokerage that suits investors who want commission-free stock and ETF dealing alongside a brokerage account. Stock trade fees of $0 and an account fee of $0 put it in the cheapest band we rate, though options and managed portfolios carry their own charges.
Score breakdown
| Area | Afranga | Merrill Edge |
|---|---|---|
| Cost | 10.0HigherAccount fee is €0 and Depositing money Free; Withdrawing money Free shows both directions are free. | 9.3Stock trade fee of $0, account fee of $0 and no inactivity charge at $0, with options at $0.65 per contract. |
| Offer | 9.5Target return of 8% to 16% tops Fingood's 10% to 12.9%, a secondary market is available and minimum investment is €10. | 9.6Higher |
| Trust | 8.7Licensed under 863/12.09.2023, with no deposit guarantee or investor compensation scheme behind the money. | 9.7Higher |
Where these facts come from
Afranga
- afranga.com: 10 facts, checked October 1, 2026
- fsc.bg: 1 fact, checked October 1, 2026
Merrill Edge
- merrilledge.com: 16 facts, checked September 26, 2026
- en.wikipedia.org: 1 fact, checked September 26, 2026
How they place
| Ranking | Afranga | Merrill Edge |
|---|---|---|
| Brokers for beginners | 9 of 88 | 15 of 88 |
Every fact side by side
| Fact | Afranga | Merrill Edge |
|---|---|---|
| Features | Not confirmed | Fractional shares, Demo account, Mobile app, Options |
| Pricing model | Low fees | Commission free |
| Audience | Beginners | Beginners, ExperiencedCovers more |
| Legal entity | Afranga EOOD | Merrill Lynch, Pierce, Fenner and Smith Incorporated |
| Headquarters | Bulgaria | United States |
| Founded | 2021 | 1914Lower |
| Support channels | Email, Phone, Help centre, Community | Phone, Chat, Help centre, Email |
Robo-advisors
| Fact | Afranga | Merrill Edge |
|---|---|---|
| Management fee | Not confirmed | 0.45% to 0.85% |
| Minimum investment | €10 | $0 to $1,000 |
| Portfolio types | Not confirmed | ETF |
Where each stands against the rest
| Fact | Afranga | Merrill Edge | Median |
|---|---|---|---|
| Stock trade fee | Not confirmed | $0at the median | $0 |
| Inactivity fee | Not confirmed | $0at the median | $0 |
| Options contract fee | Not confirmed | $0.65above the median | $0.59 |
Median across 81 listed brokers.
Pros and cons
Afranga
Pros
- The account fee is €0, so holding an account is free.
- Cash handling costs nothing either way: Depositing money Free; Withdrawing money Free.
- Minimum investment of €10 is the lowest of the 6 brands ranked on it, at position 1.
Cons
- There is no buyback guarantee, so a loan that goes unpaid stays on your books.
- Investor protection is listed as none, so a default on a loan you funded comes straight out of your own pocket.
- Afranga publishes a target return of 8% to 16%, while Fingood's 10% to 12.9% gives you a tighter band to plan around.
Merrill Edge
Pros
- Stock trades cost $0 and the account fee is $0, so the everyday cost of holding a brokerage account is minimal
- No inactivity charge at $0, unlike several rivals that bill dormant accounts
- Minimum deposit of $0 means an account can be opened and funded without a large starting balance
Cons
- Options cost $0.65 per contract, so the free stock dealing does not extend to derivatives
- Managed portfolios charge 0.45% to 0.85% in advisory fees, where commission-free dealing applies only to self-directed trading
- Account types are limited to retirement and joint and corporate forms, so it does not cover the wider account range some rivals offer
Who each suits
Afranga
Who it suits
- Beginners putting a small first amount into business loans rather than trying it with a large sum.
- Investors who want the 8% to 16% target range without an account fee eating into it.
- Anyone comfortable that the money sits outside any deposit guarantee or investor compensation scheme.
Who should look elsewhere
- Fingood, if you would rather plan around a narrower return band of 10% to 12.9% than the wider 8% to 16% Afranga publishes.
- Anyone who relies on live chat, since support runs on email, phone, help centre and 1 more.
Merrill Edge
Who it suits
- US investors who want commission-free stocks and ETFs plus a retirement account in one place
- Long term holders who would rather avoid an inactivity charge of $0 and the account fees some rivals levy
- Beginners and experienced traders who appreciate support across phone, chat and help centre
Who should look elsewhere
- Investors who want forex or crypto, as the market list holds stocks, etfs and options
- Anyone looking for a fully managed portfolio without paying advisory fees of 0.45% to 0.85%
- Readers who want the wider market spread offered by CFI or eToro, where the asset mix runs wider than stocks, etfs and options
Current offers
Merrill Edge
Current offer
First period offer
$0 program fee for 6 months - Merrill Guided Investing: $0 for 6 months
New enrollments, use offer code 6FREE
Source, checked September 26, 2026
Country by country
| Country | Afranga | Merrill Edge |
|---|---|---|
| Austria | Yes | No |
| Belgium | Yes | No |
| Bulgaria | Yes | No |
| Croatia | Yes | No |
| Cyprus | Yes | No |
| Czechia | Yes | No |
| Denmark | Yes | No |
| Estonia | Yes | No |
8 of 32 countries where either is available.
Questions about each
Afranga
How much does it cost to hold an account with Afranga?+
The account fee is €0, so holding an account is free. Most of the brands listed also charge nothing, though the highest account fee in the group reaches €348.65. Afranga sits with the majority rather than against them.
Does it cost anything to move money in or out?+
Depositing money is free and withdrawing money is free, so Depositing money Free; Withdrawing money Free applies to both sides. That means a small starting balance can be topped up or taken out without a charge eating into it, which matters more when your minimum is €10.
Merrill Edge
What does it cost to trade stocks at Merrill Edge?+
Online stock dealing is priced at a stock trade fee of $0, with an account fee of $0 on the brokerage account. The inactivity fee is $0, so a dormant account is not billed. Options trades are charged separately at $0.65 per contract.
Which regulator supervises Merrill Edge?+
Merrill Edge is supervised in the US, and the regulators recorded for it are FINRA and SEC. The legal entity behind the brand is Merrill Lynch, Pierce, Fenner and Smith Incorporated. Securities held in the account fall under the investor protection arrangement stated as SIPC up to USD 500,000.
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