Written by StockBrokers.com
In this head to head comparison of Merrill Edge vs Ally Invest, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When comparing online brokers Merrill Edge and Ally Invest, both platforms offer a robust range of investment options, earning them respective ratings of 4.5 stars out of five for investment options. While Merrill Edge ranks #7 and Ally Invest ranks #8 among 18 brokers, their offerings largely overlap, making either a solid choice for diverse investment strategies.
Both Merrill Edge and Ally Invest provide stock trading, margin trading, options trading, mutual funds, and access to over-the-counter (OTC) stocks. However, they do not offer fractional shares, forex trading, futures trading, or cryptocurrency trading. This makes them suitable for investors looking to engage in traditional investment avenues without the added complexities of digital assets or advanced trading products.
Furthermore, both brokers support traditional and Roth IRA accounts and offer advisory services, catering to investors seeking retirement planning and personalized management. Whether you're a novice investor or experienced trader, Merrill Edge and Ally Invest present comparable and attractive options for building a diversified portfolio and reaching your financial goals.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Stock Trading | Yes | Yes |
| Margin Trading | Yes | Yes |
| Fractional Shares | No | No |
| OTC Stocks | Yes | Yes |
| Mutual Funds | Yes | Yes |
| Options Trading | Yes | Yes |
| Futures Trading | No | No |
| Crypto Trading | No | No |
| Crypto Trading - Total Coins | 0 | 0 |
| Investment Options |
|
|
Dive deeper: Best Options Trading Platforms & Brokers, 5 Best Futures Trading Platforms of 2024
In comparing Merrill Edge and Ally Invest for their trading platforms and tools, Merrill Edge stands out with a superior offering overall. With a rating of 4.5 stars and a ranking of #5 among 18 brokers by StockBrokers.com, Merrill Edge provides a robust browser-based trading platform that includes advanced features. In contrast, Ally Invest scores 3.5 stars and sits at #11, indicating a slightly less comprehensive toolset for traders.
Both brokers do not offer a downloadable trading platform for Windows or Mac systems, focusing instead on their browser-based options. Notably, Merrill Edge excels with an impressive 285 columns available on watch lists, while Ally Invest has just 10. Additionally, Merrill Edge allows users to adjust open orders directly on stock charts and provides extensive charting tools, including 104 technical indicators and the capacity to display corporate events, historical trades, and set custom date ranges—features that are lacking in Ally Invest’s platform.
When it comes to charting tools, Ally Invest does offer a greater number of drawing tools (36 compared to Merrill Edge's 23), as well as 120 technical indicators. However, it falls short in several key areas such as the ability to show historical trades, display corporate events on charts, and the functionality to customize various chart settings. Both platforms lack paper trading, trading journals, and the option to create custom studies. Ultimately, for traders seeking a feature-rich experience, Merrill Edge is the stronger choice.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Web Trading Platform | Yes | Yes |
| Desktop Trading Platform | No | No |
| Desktop Platform (Mac) | No | No |
| Paper Trading | No | No |
| Watch Lists - Total Fields | 285 | 10 |
| Charting - Indicators / Studies | 104 | 120 |
| Charting - Drawing Tools | 23 | 36 |
| Platforms & Tools |
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Dive deeper: Best Stock Brokers for 2024, Best Paper Trading Platforms of 2024
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Merrill Edge and Ally Invest both provide comprehensive education resources essential for beginner and experienced investors alike. Each platform offers extensive learning materials covering stocks, ETFs, options, mutual funds, and bonds, making it easy to gain a solid understanding of various investment types. However, Merrill Edge stands out with exclusive features such as educational videos, webinars, and quizzes, which enhance the learning experience and contribute to its impressive 5-star rating for education. In comparison, Ally Invest, while still offering valuable educational content, receives a 4-star rating and lacks some of the interactive learning tools found on Merrill Edge.
When it comes to rankings, Merrill Edge holds a prestigious #2 position among 18 brokers on StockBrokers.com for education, reflecting its commitment to investor learning. Conversely, Ally Invest ranks #9, indicating that while it offers robust educational resources, it doesn't quite match the breadth and engagement level that Merrill Edge provides. For beginners seeking a rich learning environment to navigate the complexities of investing, Merrill Edge clearly delivers a more comprehensive educational experience compared to Ally Invest.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Education (Stocks) | Yes | Yes |
| Education (ETFs) | Yes | Yes |
| Education (Options) | Yes | Yes |
| Education (Mutual Funds) | Yes | Yes |
| Education (Bonds) | Yes | Yes |
| Paper Trading | No | No |
| Videos | Yes | No |
| Webinars | Yes | No |
| Education |
|
|
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
When comparing the stock trading app capabilities of Merrill Edge and Ally Invest, Merrill Edge stands out as the superior choice. It offers a range of user-friendly features including mobile after-hours stock trading, streaming quotes, and the ability to create customized watch lists. Additionally, Merrill Edge provides access to 34 technical studies for advanced charting, as well as the ability to display stock comparisons, all of which contribute to a seamless trading experience. With a top rating of 5 stars from StockBrokers.com, Merrill Edge is ranked 5th among 18 brokers for its mobile trading app.
Both Merrill Edge and Ally Invest provide robust iPhone and Android applications for stock trading, creating a user-friendly interface for mobile investors. However, while both apps allow for mobile after-hours trading and options trading, Merrill Edge offers distinct advantages such as streaming quotes and stock alerts that are absent in Ally Invest’s app. Furthermore, Merrill Edge supports viewing charts in landscape mode and offers multiple time frames for charting, enhancing the analytical capabilities for traders.
On the other hand, Ally Invest does feature the ability to create custom watch lists, similar to Merrill Edge, but lacks advanced functionalities like streaming quotes or technical studies in its mobile app. It’s worth noting that Ally Invest has received a strong 4-star rating, placing it 13th among 18 brokers in StockBrokers.com's rankings. For traders prioritizing comprehensive features and functionality, Merrill Edge clearly emerges as the more advantageous option.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| iPhone App | Yes | Yes |
| Android App | Yes | Yes |
| Apple Watch App | No | No |
| Stock Alerts | Yes | No |
| Charting - After-Hours | No | No |
| Charting - Technical Studies | 34 | 0 |
| Mobile Trading Apps |
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Dive deeper: Best Stock Trading Apps of 2024
When comparing account fees and charges between Merrill Edge and Ally Invest, both platforms offer competitive rates that may benefit different types of investors. Both brokers require a minimum deposit of $0, and they charge no fees for regular stock trades. However, there are notable differences in options trading and margin interest rates, which could affect more active traders.
Merrill Edge charges $0.65 per options contract, while Ally Invest offers a slightly lower rate at $0.50 per contract, making Ally a more cost-effective choice for options traders. In terms of margin balances, Merrill Edge's rates vary, but Ally Invest imposes fixed interest rates, starting at 13% for balances under $25,000 and decreasing to 12% for balances between $50,000 and $99,999. This pricing structure may appeal to investors who plan to utilize margin more frequently.
Regarding additional fees, both brokers charge $0 for IRA annual fees, making them an attractive option for retirement accounts. However, Merrill Edge has a significantly higher IRA closure fee at $49.95 compared to Ally Invest's $25.00. For account transfers, Merrill Edge offers free transfers, while Ally Invest charges $50 for both partial and full transfers. Overall, while both brokers have similar fee structures, the choice between them will depend on the specific trading needs and preferences of individual investors.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Minimum Deposit | $0.00 | $0.00 |
| Stock Trades | $0.00 | $0.00 |
| Options (Per Contract) | $0.65 | $0.50 |
| Options Exercise Fee | $0.00 | $0.00 |
| Options Assignment Fee | $0.00 | $0.00 |
| IRA Annual Fee | $0.00 | $0.00 |
| IRA Closure Fee | $49.95 | $25.00 |
| Commissions & Fees |
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Dive deeper: Best Brokers for Free Stock Trading of 2024
Merrill Edge and Ally Invest both offer distinct features for day traders, with significant differences in their capabilities. Merrill Edge provides streaming time and sales for stocks, enabling traders to monitor market activity in real-time. Additionally, Merrill Edge offers level 2 quotes and basic strategy backtesting, helping traders make informed decisions. However, both platforms lack advanced trading features such as direct market routing, trading hotkeys, and a short locator tool, which could enhance the trading experience for serious day traders.
On the other hand, Ally Invest does not provide streaming time and sales for stocks or level 2 quotes, potentially limiting traders who require a deeper market insight. Both platforms fall short in offering advanced strategy backtesting and do not support ladder trading. Overall, while Merrill Edge presents some advantages for day trading, especially with its level 2 quotes and basic strategy backtesting, both brokers share limitations that may affect highly active traders seeking more advanced functionalities.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Streaming Time & Sales | Yes | No |
| Streaming TV | No | No |
| Direct Market Routing - Stocks | No | No |
| Level 2 Quotes - Stocks | Yes | No |
| Trade Ideas - Backtesting | Yes | No |
| Trade Ideas - Backtesting Adv | No | No |
| Short Locator | No | No |
Dive deeper: Best Day Trading Platforms of 2024
Merrill Edge and Ally Invest both provide a robust suite of market research tools, catering to diverse investment needs. While both platforms offer stock, ETF, mutual fund, Pink Sheets/OTCBB, and bond research, Merrill Edge excels in providing more comprehensive downloadable PDF research reports across various asset classes. Moreover, Merrill Edge stands out with a perfect 5-star rating from users for market research, while Ally Invest holds a respectable 4 stars. Additionally, StockBrokers.com ranks Merrill Edge at #4 and Ally Invest at #7 out of 18 brokers for market research, highlighting the strengths of each platform.
When it comes to specific research features, Merrill Edge provides ESG (Environmental, Social, and Governance) research, which is not available on Ally Invest. However, Ally Invest brings a unique offering to the table with its stock research that incorporates social media sentiment data, an innovative approach that appeals to tech-savvy investors. Both platforms support the ability to analyze portfolio allocation by asset class and offer a variety of screeners for stocks, ETFs, and bonds to assist traders in finding lucrative opportunities.
Ultimately, investors who prioritize detailed research reports and robust traditional market research tools may find Merrill Edge to be a more suitable choice. On the other hand, Ally Invest may appeal to those seeking modern features like social media sentiment analysis. It’s essential for prospective users to assess their individual needs and preferences when determining which platform aligns best with their investment strategy.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Research - Stocks | Yes | Yes |
| Screener - Stocks | Yes | Yes |
| Research - ETFs | Yes | Yes |
| Screener - ETFs | Yes | Yes |
| Research - Mutual Funds | Yes | Yes |
| Screener - Mutual Funds | Yes | No |
| Research - Bonds | Yes | Yes |
| Screener - Bonds | Yes | Yes |
| Research |
|
|
Both Merrill Edge and Ally Invest provide a comprehensive suite of banking capabilities, making them strong contenders in the online brokerage space. Each platform offers checking and savings accounts, allowing customers to manage their everyday finances seamlessly. Additionally, both Merrill Edge and Ally Invest issue debit and credit cards, enhancing accessibility for everyday transactions. When it comes to lending options, both brokers provide mortgage loans, catering to clients looking to invest in real estate. Furthermore, customers can benefit from Certificate of Deposits (CDs) with both providers, ensuring their savings are secure while earning interest. Overall, whether you're looking for banking services, investment opportunities, or both, Merrill Edge and Ally Invest deliver versatile solutions to meet your financial needs.
| Feature |
Merrill Edge
|
Ally Invest
|
|---|---|---|
| Checking Accounts | Yes | Yes |
| Savings Accounts | Yes | Yes |
| Debit Cards | Yes | Yes |
| Credit Cards | Yes | Yes |
| Mortgage Loans | Yes | Yes |
| CDs | Yes | Yes |
Dive deeper: Best Bank Brokerages of 2024
After opening live accounts and testing 18 of the best online brokers, our research and live account testing finds that Merrill Edge is better than Ally Invest. Merrill Edge finished with an overall score of 94.0%, while Ally Invest finished with a score of 83.8%.
Merrill Edge and its parent, Bank of America, make for a well-rounded offering, with $0 trades, robust research, reliable customer service; and its Stock Stories and Fund Stories are an industry standout. There are some gaps in investment offerings, including crypto and futures.
Merrill Edge and Ally Invest both do not offer cryptocurrency trading, providing zero coin options for crypto trading enthusiasts looking to invest through these online brokers.
Dive deeper: Best Crypto Trading Platforms of 2024
Both Merrill Edge and Ally Invest offer traditional and Roth IRA accounts with no annual fees, but Merrill Edge charges a closure fee of $49.95 compared to Ally Invest's $25.00 fee when closing IRA accounts.
Dive deeper: Best IRA Accounts of 2024
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| Broker Screenshots | Merrill Edge | Ally Invest | |
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| Trading Fees | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Minimum Deposit | $0.00 | $0.00 | |
| Stock Trades | $0.00 | $0.00 | |
| Penny Stock Fees (OTC) | N/A | $4.95 | |
| Mutual Fund Trade Fee | Varies | $0.00 | |
| Options (Per Contract) | $0.65 | $0.50 | |
| Futures (Per Contract) | (Not offered) | (Not offered) | |
| Broker Assisted Trade Fee | $29.95 | $20 |
| Margin Rates | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Margin Rate Under $25,000 | Varies | 13% | |
| Margin Rate $25,000 to $49,999.99 | Varies | 12.75% | |
| Margin Rate $50,000 to $99,999.99 | Varies | 12% | |
| Margin Rate $100,000 to $249,999.99 | Varies | 10.75% | |
| Margin Rate $250,000 to $499,999.99 | Varies | 9.75% | |
| Margin Rate $500,000 to $999,999.99 | Varies | 9.25% | |
| Margin Rate Above $1,000,000 | Varies | 8.5% |
| Account Fees | Merrill Edge | Ally Invest | |
|---|---|---|---|
| IRA Annual Fee | $0.00 | $0.00 | |
| IRA Closure Fee | $49.95 | $25.00 | |
| Account Transfer Out (Partial) | $0.00 | $50.00 | |
| Account Transfer Out (Full) | $0.00 | $50.00 | |
| Options Exercise Fee | $0.00 | $0.00 | |
| Options Assignment Fee | $0.00 | $0.00 |
| Investment Options | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Stock Trading | Yes | Yes | |
| Margin Trading | Yes | Yes | |
| Fractional Shares | No | No | |
| OTC Stocks | Yes | Yes | |
| Options Trading | Yes | Yes | |
| Complex Options Max Legs | 4 | 4 | |
| Futures Trading | No | No | |
| Forex Trading | No | No | |
| Crypto Trading | No | No | |
| Crypto Trading - Total Coins | 0 | 0 | |
| Mutual Funds (No Load) | 2952 | 13000 | |
| Mutual Funds (Total) | 3466 | 14000 | |
| Bonds (US Treasury) | Yes | Yes | |
| Bonds (Corporate) | Yes | Yes | |
| Bonds (Municipal) | Yes | Yes | |
| Traditional IRAs | Yes | Yes | |
| Roth IRAs | Yes | Yes | |
| Advisor Services | Yes | Yes | |
| International Countries (Stocks) | 0 | 0 |
| Order Types | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Order Type - Market | Yes | Yes | |
| Order Type - Limit | Yes | Yes | |
| Order Type - After Hours | Yes | Yes | |
| Order Type - Stop | Yes | Yes | |
| Order Type - Trailing Stop | Yes | No | |
| Order Type - OCO | No | No | |
| Order Type - OTO | No | No | |
| Order Type - Broker Assisted | Yes | Yes |
| Beginners | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Education (Stocks) | Yes | Yes | |
| Education (ETFs) | Yes | Yes | |
| Education (Options) | Yes | Yes | |
| Education (Mutual Funds) | Yes | Yes | |
| Education (Bonds) | Yes | Yes | |
| Education (Retirement) | Yes | Yes | |
| Retirement Calculator | Yes | No | |
| Investor Dictionary | Yes | Yes | |
| Paper Trading | No | No | |
| Videos | Yes | No | |
| Webinars | Yes | No | |
| Webinars (Archived) | Yes | Yes | |
| Progress Tracking | No | No | |
| Interactive Learning - Quizzes | Yes | No |
| Stock Trading Apps | Merrill Edge | Ally Invest | |
|---|---|---|---|
| iPhone App | Yes | Yes | |
| Android App | Yes | Yes | |
| Apple Watch App | No | No | |
| Trading - Stocks | Yes | Yes | |
| Trading - After-Hours | Yes | Yes | |
| Trading - Simple Options | Yes | Yes | |
| Trading - Complex Options | Yes | Yes | |
| Order Ticket RT Quotes | Yes | Yes | |
| Order Ticket SRT Quotes | No | No |
| Stock App Features | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Market Movers (Top Gainers) | Yes | Yes | |
| Stream Live TV | No | No | |
| Videos on Demand | No | No | |
| Stock Alerts | Yes | No | |
| Option Chains Viewable | Yes | Yes | |
| Watch List (Real-time) | Yes | Yes | |
| Watch List (Streaming) | Yes | No | |
| Watch Lists - Create & Manage | Yes | Yes | |
| Watch Lists - Column Customization | No | No |
| Stock App Charting | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Charting - After-Hours | No | No | |
| Charting - Can Turn Horizontally | Yes | No | |
| Charting - Multiple Time Frames | Yes | Yes | |
| Charting - Technical Studies | 34 | 0 | |
| Charting - Study Customizations | Yes | No | |
| Charting - Stock Comparisons | Yes | No |
| Trading Platforms | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Active Trading Platform | Merrill Edge Market Pro | N/A | |
| Desktop Trading Platform | No | No | |
| Desktop Platform (Mac) | No | No | |
| Web Trading Platform | Yes | Yes | |
| Paper Trading | No | No | |
| Trade Journal | No | No | |
| Watch Lists - Total Fields | 285 | 10 |
| Stock Chart Features | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Charting - Adjust Trades on Chart | Yes | No | |
| Charting - Indicators / Studies | 104 | 120 | |
| Charting - Drawing Tools | 23 | 36 | |
| Charting - Notes | Yes | Yes | |
| Charting - Index Overlays | Yes | Yes | |
| Charting - Historical Trades | Yes | No | |
| Charting - Corporate Events | Yes | No | |
| Charting - Custom Date Range | Yes | No | |
| Charting - Custom Time Bars | Yes | No | |
| Charting - Automated Analysis | Yes | Yes | |
| Charting - Save Profiles | Yes | Yes | |
| Trade Ideas - Technical Analysis | Yes | Yes | |
| Charting - Study Customizations | 8 | 8 | |
| Charting - Custom Studies | No | No |
| Day Trading | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Streaming Time & Sales | Yes | No | |
| Streaming TV | No | No | |
| Direct Market Routing - Stocks | No | No | |
| Ladder Trading | No | No | |
| Trade Hotkeys | No | No | |
| Level 2 Quotes - Stocks | Yes | No | |
| Trade Ideas - Backtesting | Yes | No | |
| Trade Ideas - Backtesting Adv | No | No | |
| Short Locator | No | No | |
| Order Liquidity Rebates | No | No |
| Research Overview | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Research - Stocks | Yes | Yes | |
| Research - ETFs | Yes | Yes | |
| Research - Mutual Funds | Yes | Yes | |
| Research - Pink Sheets / OTCBB | Yes | Yes | |
| Research - Bonds | Yes | Yes | |
| Screener - Stocks | Yes | Yes | |
| Screener - ETFs | Yes | Yes | |
| Screener - Mutual Funds | Yes | No | |
| Screener - Bonds | Yes | Yes | |
| Misc - Portfolio Allocation | Yes | Yes |
| Stock Research | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Stock Research - PDF Reports | 3 | 0 | |
| Stock Research - Earnings | Yes | No | |
| Stock Research - Insiders | Yes | Yes | |
| Stock Research - Social | No | Yes | |
| Stock Research - News | Yes | Yes | |
| Stock Research - ESG | Yes | No | |
| Stock Research - SEC Filings | Yes | No |
| ETF Research | Merrill Edge | Ally Invest | |
|---|---|---|---|
| ETFs - Strategy Overview | Yes | Yes | |
| ETF Fund Facts - Inception Date | Yes | No | |
| ETF Fund Facts - Expense Ratio | Yes | Yes | |
| ETF Fund Facts - Net Assets | Yes | Yes | |
| ETF Fund Facts - Total Holdings | Yes | No | |
| ETFs - Top 10 Holdings | Yes | Yes | |
| ETFs - Sector Exposure | Yes | No | |
| ETFs - Risk Analysis | Yes | No | |
| ETFs - Ratings | Yes | Yes | |
| ETFs - Morningstar StyleMap | Yes | No | |
| ETFs - PDF Reports | Yes | No |
| Mutual Fund Research | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Mutual Funds - Strategy Overview | Yes | Yes | |
| Mutual Funds - Performance Chart | Yes | Yes | |
| Mutual Funds - Performance Analysis | Yes | No | |
| Mutual Funds - Prospectus | Yes | No | |
| Mutual Funds - 3rd Party Ratings | Yes | Yes | |
| Mutual Funds - Fees Breakdown | Yes | No | |
| Mutual Funds - Top 10 Holdings | Yes | Yes | |
| Mutual Funds - Asset Allocation | Yes | No | |
| Mutual Funds - Sector Allocation | Yes | Yes | |
| Mutual Funds - Country Allocation | Yes | No | |
| Mutual Funds - StyleMap | Yes | No |
| Options Trading | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Option Chains - Basic View | Yes | Yes | |
| Option Chains - Strategy View | Yes | Yes | |
| Option Chains - Streaming | Yes | Yes | |
| Option Chains - Total Columns | 68 | 8 | |
| Option Chains - Greeks | 5 | 5 | |
| Option Chains - Quick Analysis | Yes | Yes | |
| Option Analysis - P&L Charts | Yes | No | |
| Option Probability Analysis | Yes | Yes | |
| Option Probability Analysis Adv | No | No | |
| Option Positions - Greeks | Yes | Yes | |
| Option Positions - Greeks Streaming | Yes | No | |
| Option Positions - Adv Analysis | Yes | No | |
| Option Positions - Rolling | Yes | No | |
| Option Positions - Grouping | Yes | Yes |
| Banking | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Bank (Member FDIC) | Yes | Yes | |
| Checking Accounts | Yes | Yes | |
| Savings Accounts | Yes | Yes | |
| Credit Cards | Yes | Yes | |
| Debit Cards | Yes | Yes | |
| Mortgage Loans | Yes | Yes |
| Customer Service | Merrill Edge | Ally Invest | |
|---|---|---|---|
| Phone Support (Prospect Customers) | No | Yes | |
| Phone Support (Current Customers) | Yes | Yes | |
| Email Support | No | Yes | |
| Live Chat (Prospect Customers) | Yes | No | |
| Live Chat (Current Customers) | Yes | Yes | |
| 24/7 Support | Yes | Yes |
| Overall | Merrill Edge | Ally Invest | |
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| Review | Merrill Edge Review | Ally Invest Review |
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