Merrill Edge Review

Company background

Merrill Edge launched on June 21, 2010 as a division of Bank of America, created by combining Bank of America's existing online investing platform (formerly Quick and Reilly) with Merrill Lynch's research and investment tools. Bank of America acquired Merrill Lynch in 2008, and Merrill Edge represents the self-directed retail brokerage offering built on that combination. The platform targets individual investors seeking commission-free trading with integration into Bank of America banking services. As of early 2025, Merrill Edge reported over $500 billion in assets across more than 4 million client accounts.

Fees and pricing

Merrill Edge charges $0 on online stock and ETF trades with no account minimum and no inactivity fee. Options trades carry no base commission but cost $0.65 per contract. Broker-assisted trades cost $29.95. Secondary corporate and municipal bonds cost $1 per bond ($10 minimum, $250 maximum), while Treasuries trade online at $0. Mutual funds on the no-transaction-fee list trade at $0, though funds redeemed within 90 days of purchase carry a $39.95 fee; funds outside the NTF list cost $19.95 per transaction online. Wire transfers cost $24.95. Full outgoing account transfers cost $49.95.

Merrill Guided Investing, the platform's robo-advisor service, charges an annual program fee of 0.45% (assessed monthly) on a minimum investment of $1,000, or 0.85% for the advisor-assisted version requiring a $20,000 minimum. Margin rates are tiered by debit balance and Bank of America relationship; Merrill does not publish a fixed rate table, so current rates should be confirmed directly with the broker.

Regulation and safety

Merrill Edge operates as a division of Bank of America and is subject to oversight by FINRA and the SEC. Brokerage accounts receive SIPC protection up to $500,000 (including $250,000 for cash claims). Additional coverage beyond SIPC limits is provided through Lloyd's of London. Eligible cash deposits held in Bank of America bank accounts benefit from FDIC insurance up to the standard applicable limits.

Platform experience

Merrill Edge offers a web-based self-directed platform, the MarketPro active trading platform with customizable dashboards and Level II quotes, and mobile apps for iOS and Android. The Bank of America mobile app includes integrated banking and investing under a single login. Platform tools include the Options Strategy Assistant, Stock Story and Fund Story research narratives, a Retirement Income Portfolio planner, a Tax Resource Center, a Social Security benefit calculator, and ESG-focused portfolio ideas. Extended trading hours run from 7:00 a.m. to 8:00 p.m. ET. No paper trading or demo account is available.

Pros and cons

Merrill Edge's main advantages are commission-free stock and ETF trading, no account minimum or inactivity fee, SIPC and additional Lloyd's of London protection, Bank of America banking integration, and access to Merrill Lynch research. The BofA Rewards program (formerly Preferred Rewards) can provide meaningful banking perks for clients who maintain combined Bank of America and Merrill balances. The main drawbacks are the absence of fractional shares, cryptocurrency, futures and forex trading, a lack of paper trading, high margin rates relative to some competitors, and a limited no-transaction-fee mutual fund selection.