Updated September 28, 2026 · BrokerCue Editorial Team
Firstrade vs Merrill Edge
Where Firstrade and Merrill Edge differ
| Compare |  Firstrade |  Merrill Edge |
|---|---|---|
| Markets | Stocks, ETFs, Options, Funds | Stocks, ETFs, Options, Bonds, FundsCovers more |
| Regulators | SIPC, FINRA | FINRA, SEC |
| Options contract fee | $0Lower | $0.65 |
| Platforms | Web, iOS, Android, IPad | Merrill Edge website, Merrill Edge MarketPro, Merrill mobile app |
| Account types | IRA, Roth IRA, Joint | IRA, Roth IRA, Joint, CorporateCovers more |
| Deposit and withdrawal fees | Free for bank transfers, $25 for wire transfers | Not confirmed |
Same on both: Minimum deposit ($0), Stock trade fee ($0), Account fee ($0), Inactivity fee ($0), Investor protection (SIPC up to USD 500,000).
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Key differences
- Regulators: only Firstrade offers SIPC.
- Regulators: only Merrill Edge offers SEC.
- Founded is lower at Merrill Edge: 1914 vs 1985.
- Options contract fee is lower at Firstrade: $0 vs $0.65.
- Markets: only Merrill Edge offers Bonds.
- Platforms: only Firstrade offers Web, iOS, Android.
- Platforms: only Merrill Edge offers Merrill Edge website, Merrill Edge MarketPro, Merrill mobile app.
- Account types: only Merrill Edge offers Corporate.
- Support channels: only Merrill Edge offers Chat, Email.
- Audience: only Firstrade offers Day traders.
Our verdict on each
Firstrade
Firstrade is a US commission-free broker for retail savers who want retirement accounts and low costs in the same place. Protection is listed as SIPC up to USD 500,000, the minimum deposit is $0, and the trade-off is a market list limited to US equities, funds and options.
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 | Firstrade | Merrill Edge |
|---|---|---|
| Cost | 9.5HigherStock trades cost $0 and options contracts $0; transfers run Free for bank transfers, $25 for wire transfers. | 9.3Stock trade fee of $0, account fee of $0 and no inactivity charge at $0, with options at $0.65 per contract. |
| Offer | 9.4 | 9.6Higher |
| Trust | 9.6 | 9.7Higher |
Choosing between them
Pick Firstrade if options contract fee matter most.
Pick Merrill Edge if markets and account types matter most.
How they place
| Ranking | Firstrade | Merrill Edge |
|---|---|---|
| Stock and ETF brokers | 38 of 490 | 41 of 490 |
| Investment platforms and apps | 9 of 85 | 10 of 85 |
| Options trading platforms | 10 of 103 | 12 of 103 |
| Low-fee brokers | 4 of 11 | 5 of 11 |
| Brokers for beginners | 13 of 88 | 15 of 88 |
| IRA providers | 7 of 43 | 8 of 43 |
Every fact side by side
| Fact | Firstrade | Merrill Edge |
|---|---|---|
| Features | Demo account, Options, Mobile app, Fractional shares | Fractional shares, Demo account, Mobile app, Options |
| Pricing model | Commission free | Commission free |
| Audience | Beginners, Experienced, Day tradersCovers more | Beginners, Experienced |
| Legal entity | FIRSTRADE SECURITIES INC | Merrill Lynch, Pierce, Fenner and Smith Incorporated |
| Headquarters | United States | United States |
| Founded | 1985 | 1914Lower |
| Support channels | Phone, Help centre | Phone, Chat, Help centre, EmailCovers more |
Robo-advisors
| Fact | Firstrade | 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 | Firstrade | Merrill Edge | Median |
|---|---|---|---|
| Minimum deposit | $0below the median | $0below the median | $10 |
| Stock trade fee | $0at the median | $0at the median | $0 |
| Account fee | $0at the median | $0at the median | $0 |
| Inactivity fee | $0at the median | $0at the median | $0 |
| Options contract fee | $0lowest quarter | $0.65above the median | $0.59 |
Median across 99 listed brokers.
Pros and cons
Firstrade
Pros
- Regulated in the US by FINRA and SIPC, with protection stated as SIPC up to USD 500,000 and a membership record at SIPC member 34642.
- A traditional IRA, a Roth IRA and a joint account all sit in ira, roth ira and joint under the commission-free pricing in commission free, so retirement and shared accounts hold at the same cost.
- Fractional shares and a demo account sit in demo account, options and mobile app, which helps the beginners and day traders named in beginners, experienced and day traders start small.
Cons
- The market list in stocks, etfs and options covers stocks, ETFs, options and funds, a narrow range next to eToro at stocks, etfs and forex and CFI at stocks, etfs and forex.
- Live chat and email are not among the listed support channels (phone and help centre), which pair a phone line with a help centre.
- An ISA and a SIPP are not among the listed account types (ira, roth ira and joint), which cover a traditional IRA, a Roth IRA and a joint account.
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
Firstrade
Who it suits
- US savers who want commission-free stock and ETF trading inside a retirement account, since the list in ira, roth ira and joint covers an IRA and a Roth IRA.
- Investors who trade in small amounts, because fractional shares in demo account, options and mobile app work alongside a $0 entry point.
- Day traders in US equities, named in beginners, experienced and day traders with a mobile app among the platforms in Web, iOS and Android.
Who should look elsewhere
- Traders who want forex, CFDs or crypto alongside equities: eToro lists stocks, etfs and forex and CFI lists stocks, etfs and forex, while Firstrade stays within stocks, etfs and options.
- UK and European savers who need a tax wrapper, since ira, roth ira and joint names no ISA or SIPP. Vantage, which sets $5 as its entry point, is worth pricing alongside.
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 | Firstrade | Merrill Edge |
|---|---|---|
| United States | Yes | Yes |
Questions about each
Firstrade
What does it cost to trade stocks and options?+
Stock trades cost $0 and the options contract fee is $0, so nothing is charged per trade on either side. The pricing model listed is commission free, which matches that, and the same terms apply to stocks and options contracts. A reader comparing quotes will find the same line on both markets.
Are there account or inactivity fees?+
The account fee is $0 and the inactivity fee is $0, so an account can sit open and untouched without an annual charge or a dormant penalty. That suits a saver who funds a retirement account and does not trade every month, since holding a small balance costs nothing beyond the trades themselves.
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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