Merrill Edge vs SogoTrade - BrokerCue
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Broker Comparison

Merrill Edge vs SogoTrade

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

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…

VS
SogoTrade

SogoTrade

Active self-directed stock and options traders

SogoTrade is an online broker for stocks, ETFs, options and crypto, with qualified limit-order rebates and we…

Head-to-head comparison

Merrill Edge vs SogoTrade
Feature Merrill Edge SogoTrade
Minimum deposit - No minimum deposit required
Stock trading fee $0 per online trade; broker-assisted: $29.95 -
Regulators FINRA, SEC FINRA
Best for Bank of America customers and long-term investors Active self-directed stock and options traders
Markets & account
Stocks
ETFs
Crypto
-
Bonds
-
Options
Funds
Margin
Money Market Funds
-
Ready Made Portfolios
Business Account
-

Pros & cons

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
SogoTrade

SogoTrade

Pros

  • $0 qualified limit orders can reduce stock and ETF trading costs
  • Qualified limit orders can earn $1.00 per 1000 shares
  • $0 options commission with a 50¢ contract fee
  • ACH transfers are available with no SogoTrade charge
  • SogoTrade Pro syncs alerts and watchlists with Web Trader
  • Copy trading lets users replicate trades in the social app
  • ACAT transfers of $10,000+ may be reimbursed up to $100

Cons

  • Market orders cost $2.88
  • Penny stocks add $0.0003/share or 0.25% principal fee
  • Crypto trades cost the greater of $1 or 1%
  • Outgoing domestic wires cost $25 and international wires cost $50
  • Regular mailed withdrawal checks cost $5
  • ACH-funded withdrawals can face a restriction of up to 60 days
  • Options level 4 or higher requires $5,000 minimum equity
  • SIPC and Apex excess insurance do not cover crypto transactions
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.

SogoTrade

SogoTrade

SogoTrade is an online broker for stocks, ETFs, options and crypto, with qualified limit-order rebates and web/mobile trading platforms.

Visit SogoTrade Read review

Your capital is at risk. Other fees apply.

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