Betterment vs Merrill Edge - BrokerCue
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Broker Comparison

Betterment vs Merrill Edge

Compare Betterment and Merrill Edge side by side: fees, regulation, platforms.

Betterment

Betterment

Hands-off automated investors

Betterment is a US robo-advisor offering automated ETF portfolios, tax-loss harvesting, self-directed investi…

VS
Merrill Edge

Merrill Edge

Bank of America customers and long-term investors

Merrill Edge is a Bank of America brokerage offering commission-free stocks, ETFs and options, integrated ban…

Head-to-head comparison

Betterment vs Merrill Edge
Feature Betterment Merrill Edge
Minimum deposit - -
Stock trading fee No commissions for self-directed investing accounts $0 per online trade; broker-assisted: $29.95
Regulators SEC, FINRA, SIPC FINRA, SEC
Best for Hands-off automated investors Bank of America customers and long-term investors
Markets & account
Stocks
ETFs
Crypto
-
Bonds
Options
-
Fractional Shares
-
Ready Made Portfolios
Investment Plans
-
Savings Vaults
-
Money Market Funds
Funds
-
Margin
-

Pros & cons

Betterment

Betterment

Pros

  • No account minimum (invest from $10)
  • No deposit, withdrawal, or inactivity fees
  • Automated tax-loss harvesting included
  • Broad portfolio options including socially responsible and crypto ETF
  • Cash Reserve earns competitive APY with FDIC insurance up to $4M
  • Self-directed investing with no commissions
  • Goal-based planning tools and portfolio rebalancing included

Cons

  • $5/month fee is relatively high on small balances (up to ~0.6% annually on $10,000)
  • $75 fee to transfer an account out to another brokerage
  • Crypto portfolio carries a 1% annual management fee
  • Premium plan requires $100,000 minimum balance
  • No dedicated human advisor - Premium uses team-based CFP model
  • No direct indexing for tax optimization
  • No demo account for practice before investing
Merrill Edge

Merrill Edge

Pros

  • No commissions on online stock and ETF trades
  • No account minimum and no inactivity fee
  • Integrated with Bank of America banking via single login
  • BofA Rewards program offers banking perks for combined account holders
  • SIPC protection up to $500,000 plus additional Lloyd's of London coverage
  • MarketPro platform for active traders with Level II quotes
  • Extensive research tools and educational resources
  • Merrill Guided Investing robo-advisor available from $1,000

Cons

  • No fractional shares
  • No cryptocurrency trading
  • No futures or forex trading
  • No paper trading or demo account
  • Margin rates are high compared to some competitors
  • Mobile app options trading experience is limited
  • No-transaction-fee mutual fund list is smaller than some competitors
Betterment

Betterment

Betterment is a US robo-advisor offering automated ETF portfolios, tax-loss harvesting, self-directed investing, and cash management with no account minimum.

Visit Betterment Read review

Your capital is at risk. Other fees apply.

Merrill Edge

Merrill Edge

Merrill Edge is a Bank of America brokerage offering commission-free stocks, ETFs and options, integrated banking rewards, and a robo-advisor service.

Visit Merrill Edge Read review

Your capital is at risk. Other fees apply.

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