Updated September 28, 2026 · BrokerCue Editorial Team
BMO InvestorLine vs Merrill Edge
Where BMO InvestorLine and Merrill Edge differ
| Compare |  BMO InvestorLine |  Merrill Edge |
|---|---|---|
| Stock trade fee | CA$0 | $0 |
| Account fee | CA$0 | $0 |
| Inactivity fee | CA$0 | $0 |
| Options contract fee | CA$0.90 | $0.65 |
| Minimum deposit | Not confirmed | $0 |
| Regulators | Not confirmed | FINRA, SEC |
| Investor protection | Not confirmed | SIPC up to USD 500,000 |
| Currency conversion fee | 0.4% to 1.6% | Not confirmed |
| Margin rate | 8.75% | Not confirmed |
| Deposit and withdrawal fees | $0 EFT, $10 wire | Not confirmed |
| Platforms | Not confirmed | Merrill Edge website, Merrill Edge MarketPro, Merrill mobile app |
| Account types | Not confirmed | IRA, Roth IRA, Joint, Corporate |
Same on both: Markets (Stocks, ETFs, Options, Bonds, Funds).
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Key differences
- Merrill Edge scores higher overall: 9.5 vs 9.4.
- Founded is lower at Merrill Edge: 1914 vs 1988.
- Support channels: only Merrill Edge offers Help centre, Email.
- Features: only Merrill Edge offers Fractional shares, Demo account.
Our verdict on each
BMO InvestorLine
BMO InvestorLine suits Canadian investors who want a bank-backed broker without account or inactivity charges, trading stocks and ETFs commission free. What sets it apart is the pairing of a CAD 0 stock trade fee with a CAD 0 account fee, though currency conversion and options add cost.
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 | BMO InvestorLine | Merrill Edge |
|---|---|---|
| Cost | 9.2Commission-free stock and ETF trades, no account fee and no inactivity fee, with options and margin priced separately at CAD 0.90 and 8.75%. | 9.3HigherStock trade fee of $0, account fee of $0 and no inactivity charge at $0, with options at $0.65 per contract. |
| Offer | 9.2 | 9.6Higher |
| Trust | 9.6 | 9.7Higher |
Feature by feature
| Markets | BMO InvestorLine | Merrill Edge |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Options | Yes | Yes |
| Bonds | Yes | Yes |
| Funds | Yes | Yes |
How they place
| Ranking | BMO InvestorLine | Merrill Edge |
|---|---|---|
| Stock and ETF brokers | 43 of 490 | 41 of 490 |
| Options trading platforms | 13 of 103 | 12 of 103 |
| Low-fee brokers | 6 of 11 | 5 of 11 |
Every fact side by side
| Fact | BMO InvestorLine | Merrill Edge |
|---|---|---|
| Features | Mobile app, Options | Fractional shares, Demo account, Mobile app, OptionsCovers more |
| Pricing model | Commission free | Commission free |
| Audience | Not confirmed | Beginners, Experienced |
| Legal entity | Not confirmed | Merrill Lynch, Pierce, Fenner and Smith Incorporated |
| Headquarters | Not confirmed | United States |
| Founded | 1988 | 1914Lower |
| Support channels | Phone, Chat | Phone, Chat, Help centre, EmailCovers more |
Robo-advisors
| Fact | BMO InvestorLine | Merrill Edge |
|---|---|---|
| Management fee | Not confirmed | 0.45% to 0.85% |
| Minimum investment | Not confirmed | $0 to $1,000 |
| Portfolio types | Not confirmed | ETF |
Where each stands against the rest
| Fact | BMO InvestorLine | Merrill Edge | Median |
|---|---|---|---|
| Minimum deposit | Not confirmed | $0below the median | $10 |
| Currency conversion fee | 0.4% to 1.6%at the median | Not confirmed | 0.4 |
| Margin rate | 8.75%below the median | Not confirmed | 8.79% |
Median across 99 listed brokers.
Pros and cons
BMO InvestorLine
Pros
- Stock and ETF trades cost CAD 0 and the account fee is CAD 0, so holding a portfolio costs nothing.
- The inactivity fee is CAD 0, so an untouched account is not charged.
- Support runs on phone and chat, giving a phone line and live chat.
Cons
- Margin borrowing is priced at 8.75%, so a leveraged position carries a borrowing cost.
- Options contracts carry a fee of CAD 0.90 each.
- Currency conversion is the hidden cost, at 0.4% to 1.6%, and deposits and withdrawals run $0 EFT, $10 wire.
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
BMO InvestorLine
Who it suits
- Investors who want a long term stock, ETF, bond and fund portfolio without a standing account charge.
- Traders who mainly trade Canadian equities and want phone and chat support for questions.
- Anyone already inside a bank relationship who values a long operating history.
Who should look elsewhere
- Day traders who live in currencies other than the Canadian dollar and would feel the 0.4% to 1.6% on every conversion.
- Options buyers who place frequent contracts and would pay CAD 0.90 each time.
- Leveraged traders, because margin costs 8.75%.
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 | BMO InvestorLine | Merrill Edge |
|---|---|---|
| United States | No | Yes |
Questions about each
BMO InvestorLine
How much does it cost to open and hold a BMO InvestorLine account?+
The account fee is CAD 0 and the inactivity fee is CAD 0, so there is no standing or dormant charge on the account. Stock and ETF trades themselves cost CAD 0. The costs that do appear are on currency conversion, options and margin.
What does it cost to trade a stock or an ETF?+
Stock and ETF trades are commission free, priced at CAD 0. The platform is listed as a commission-free model. Costs appear elsewhere: currency conversion at 0.4% to 1.6%, options at CAD 0.90 per contract, and margin at 8.75%.
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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