Updated September 28, 2026 · BrokerCue Editorial Team
Merrill Edge vs SoFi
Merrill Edge
Higher score in this comparison
SoFi
Where Merrill Edge and SoFi differ
| Compare | Merrill EdgeReviewSee alternativesSee alternatives | SoFiReviewSee alternativesSee alternatives |
|---|---|---|
| Markets | Stocks, ETFs, Options, Bonds, Funds | Stocks, ETFs, Options, Crypto |
| Regulators | FINRA, SEC | SIPC, FDIC |
| Account types | IRA, Roth IRA, Joint, CorporateCovers more | IRA, Roth IRA, Joint |
| Options contract fee | $0.65 | Not confirmed |
| Platforms | Merrill Edge website, Merrill Edge MarketPro, Merrill mobile app | 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
- Merrill Edge scores higher overall: 9.5 vs 9.3.
- Regulators: only Merrill Edge offers FINRA, SEC.
- Regulators: only SoFi offers SIPC, FDIC.
- Founded is lower at Merrill Edge: 1914 vs 2011.
- Markets: only Merrill Edge offers Bonds, Funds.
- Markets: only SoFi offers Crypto.
- Account types: only Merrill Edge offers Corporate.
- Features: only Merrill Edge offers Demo account, Options.
- Features: only SoFi offers Crypto.
- Audience: only Merrill Edge offers Experienced.
Our verdict on each
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.
SoFi
SoFi suits retirement savers in the US, with a stock trade fee of $0, an account fee of $0 and a minimum deposit of $0. The named licences are US registrations, so readers outside the US should check the account types and terms first.
Score breakdown
| Area | Merrill Edge | SoFi |
|---|---|---|
| Cost | 9.3Stock trade fee of $0, account fee of $0 and no inactivity charge at $0, with options at $0.65 per contract. | 9.5HigherRanks 1 of 161 on stock trade fee, 1 of 138 on account fee, 1 of 56 on inactivity fee. |
| Offer | 9.6Higher | 9.4 |
| Trust | 9.7Higher | 9.2 |
How they place
| Ranking | Merrill Edge | SoFi |
|---|---|---|
| Stock and ETF brokers | 53 of 474 | 83 of 474 |
| Investment platforms and apps | 16 of 91 | 23 of 91 |
| Options trading platforms | 13 of 103 | 25 of 103 |
| Low-fee brokers | 5 of 11 | 8 of 11 |
| Brokers for beginners | 17 of 90 | 28 of 90 |
| Robo-advisors | 14 of 151 | 22 of 151 |
| IRA providers | 9 of 44 | 14 of 44 |
Every fact side by side
| Fact | Merrill Edge | SoFi |
|---|---|---|
| Features | Fractional shares, Demo account, Mobile app, Options | Crypto, Fractional shares, Mobile app |
| Pricing model | Commission free | Commission free |
| Audience | Beginners, ExperiencedCovers more | Beginners |
| Legal entity | Merrill Lynch, Pierce, Fenner and Smith Incorporated | SOFI SECURITIES LLC |
| Headquarters | United States | United States |
| Founded | 1914Lower | 2011 |
| Support channels | Phone, Chat, Help centre, Email | Not confirmed |
Robo-advisors
| Fact | Merrill Edge | SoFi |
|---|---|---|
| Management fee | 0.45% to 0.85% | Not confirmed |
| Minimum investment | $0 to $1,000 | Not confirmed |
| Portfolio types | ETF | ETF, Cash, CryptoCovers more |
Where each stands against the rest
| Fact | Merrill Edge | SoFi | Median |
|---|---|---|---|
| Minimum deposit | $0below the median | $0below the median | $25 |
| 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 | $0.65above the median | Not confirmed | $0.625 |
Median across 137 listed brokers.
Pros and cons
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
SoFi
Pros
- A stock trade costs $0 on a commission free model, so cost does not decide which shares you can hold.
- The account fee is $0 and the inactivity fee is $0, so extra accounts and balances left untouched are not billed.
- The minimum deposit is $0 where Vantage asks $5, so a small amount can start an account.
Cons
- The account types listed are ira, roth ira and joint, retirement and joint accounts, and a general taxable account is not among them.
- Markets stop at stocks, etfs and options, while eToro lists stocks, etfs and forex, so forex, CFDs and futures are out of reach here.
- The group sits in US and its registrations are SIPC member 68389 and FDIC cert 26881, with no UK or EU regulator named.
Who each suits
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
SoFi
Who it suits
- Beginners, which the audience fact lists as beginners, who want to start small with a $0 minimum deposit.
- Retirement savers who want an IRA, a Roth IRA or a joint account at $0 in account fees.
- Fractional share buyers who want crypto and equities in the same app, as the feature list crypto, fractional shares and mobile app shows.
Who should look elsewhere
- Traders after forex, CFDs or futures, since eToro lists stocks, etfs and forex and SoFi lists stocks, etfs and options.
- Investors who want a broader spread of instruments than shares, ETFs, options and crypto, since CFI lists stocks, etfs and forex.
- Readers who need a UK or EU regulated provider, because the licences named are SIPC member 68389 and FDIC cert 26881.
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 | Merrill Edge | SoFi |
|---|---|---|
| United States | Yes | Yes |
Questions about each
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.
SoFi
What does it cost to open and hold a SoFi account?+
The published minimum deposit is $0, the account fee is $0 and the inactivity fee is $0, so opening and holding an account adds no charge on the listed terms. Those are account level figures, which is the first thing to check before you choose a wrapper or leave a balance untouched.
What does a stock trade cost?+
A stock trade costs $0 and the pricing model is commission free, so commission does not decide which shares you can hold. Other brands on the site charge a stock trade fee as high as €17.54, and the account fee of $0 and inactivity fee of $0 add nothing on top.
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