Merrill Edge vs tastytrade 2024
In this head to head comparison of Merrill Edge vs tastytrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
In this head to head comparison of Merrill Edge vs tastytrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
When comparing the investment options available at Merrill Edge and tastytrade, it's clear that both platforms offer a robust range of trading choices, though they cater to slightly different preferences. Merrill Edge shines in its offerings of OTC stocks and mutual funds, making it a strong choice for investors seeking these assets. With a respectable rating of 4.5 out of 5 stars, it ranks #7 out of 18 brokers for investment options according to StockBrokers.com. In contrast, tastytrade, rated 4 stars and ranked #11, excels in its provision of futures trading and cryptocurrency options, making it ideal for those interested in these specific markets.
Both Merrill Edge and tastytrade allow users to trade stocks and options, and they both provide margin trading capabilities. While Merrill Edge does not offer fractional shares or cryptocurrencies, it compensates with access to a wider array of traditional investment vehicles, such as mutual funds and traditional and Roth IRA accounts. On the other hand, tastytrade offers fractional shares and a selection of four cryptocurrencies, appealing to more modern trading strategies.
In summary, if you prioritize diverse investment options, especially in mutual funds and OTC stocks, Merrill Edge may be the better choice for you. Conversely, if you're looking for flexibility with fractional shares and interest in futures and crypto trading, tastytrade could be more suitable. Understanding these nuances can guide your selection based on your individual investment goals and trading style.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Stock Trading | Yes | Yes |
Margin Trading | Yes | Yes |
Fractional Shares | No | Yes |
OTC Stocks | Yes | No |
Mutual Funds | Yes | No |
Options Trading | Yes | Yes |
Futures Trading | No | Yes |
Crypto Trading | No | Yes |
Crypto Trading - Total Coins | 0 | 4 |
Investment Options |
Dive deeper: Best Options Trading Platforms for 2024, Best Futures Trading Platforms for 2024
When comparing the trading platforms and tools of Merrill Edge and tastytrade, each offers unique advantages that cater to different types of traders. Both platforms are rated 4.5 stars for their trading tools, though they rank slightly differently by StockBrokers.com, with Merrill Edge being placed at #5 and tastytrade at #6 out of 18 brokers. While both offer robust browser-based trading capabilities and share many charting features such as the ability to adjust open orders directly on a chart and display corporate events, each platform also has standout features that set them apart.
Merrill Edge shines with its extensive watch list capabilities, offering 285 fields for watch lists compared to tastytrade's 33. Additionally, Merrill Edge provides features like automated technical analysis on charts and the ability to set custom date ranges, which tastytrade lacks. Notably, Merrill Edge's charting tools include the ability to add notes and index overlays and display historical trades, alongside 105 technical indicators and 23 drawing tools, offering a comprehensive charting experience.
In contrast, tastytrade excels with its desktop downloadable platforms for both Windows and Mac users, which Merrill Edge does not offer. For traders who favor high customization, tastytrade provides the ability to create custom studies for charts and offers 308 technical indicators and 31 drawing tools, surpassing Merrill Edge's offerings in these areas. Both platforms allow saving multiple chart profiles, maintaining their appeal for traders who appreciate flexibility and detailed analysis, yet tastytrade provides an edge in technical customizability, marking it as a preferred choice for traders focused on deep chart analysis.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Web Trading Platform | Yes | Yes |
Desktop Trading Platform | No | Yes |
Desktop Platform (Mac) | No | Yes |
Paper Trading | No | No |
Watch Lists - Total Fields | 285 | 33 |
Charting - Indicators / Studies | 105 | 308 |
Charting - Drawing Tools | 23 | 31 |
Platforms & Tools |
Dive deeper: Best Stock Brokers & Trading Platforms for 2024, Best Paper Trading Platforms for 2024
When evaluating the educational offerings for beginner investors, Merrill Edge and tastytrade provide comprehensive resources across various investment categories. Both platforms support stock, ETF, and options education, catering to new investors seeking a foundational understanding of these crucial asset classes. However, Merrill Edge extends its educational suite to include mutual funds and bonds, areas where tastytrade lacks coverage. Despite this, tastytrade offers a distinct advantage with its ability to track learning progress, which can be a valuable feature for those who wish to measure their educational journey. Although neither platform provides paper trading for practical experience, investors can benefit from lengthy educational content through Merrill Edge's video content and webinars, whereas tastytrade focuses mainly on webinars without video content.
In terms of educational tools, Merrill Edge boasts a more comprehensive selection, offering educational videos, quizzes, and webinars, leading to its impressive rating of 5 stars for education and a ranking of #2 among 18 brokers by StockBrokers.com. In contrast, tastytrade, which still holds a respectable 4-star education rating and a #8 ranking, focuses on a streamlined approach with webinars and progress tracking, bypassing quizzes and video formats. Ultimately, investors may find Merrill Edge’s expansive educational resources more favorable for a broader learning experience, while tastytrade's strength lies in its focused, progress-driven approach ideal for those who prefer structured pathways.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Education (Stocks) | Yes | Yes |
Education (ETFs) | Yes | Yes |
Education (Options) | Yes | Yes |
Education (Mutual Funds) | Yes | No |
Education (Bonds) | Yes | No |
Paper Trading | No | No |
Videos | Yes | No |
Webinars | Yes | Yes |
Education |
Dive deeper: Best Stock Trading Platforms for Beginners of 2024
In summary, both Merrill Edge and tastytrade provide robust stock trading apps for investors, yet they cater to different needs and preferences. Merrill Edge shines with features such as mobile stock alerts, a wealth of technical studies for charting, and stock comparison capabilities. Meanwhile, tastytrade boasts customizable watch list columns and after-hours charting, making it a solid choice for analytical traders.
Both platforms are accessible via iPhone and Android apps, ensuring users have the convenience of trading on the go. Merrill Edge stands out with its 5-star rating and a ranking of #5 among 18 brokers, benefitting from features like mobile after-hours stock trading and streaming quotes. In comparison, tastytrade has a slightly lower 4.5-star rating and is ranked #10, but still offers essential trading functionalities such as mobile options trading and custom watch lists.
While Merrill Edge excels in providing more advanced charting tools and real-time stock alerts, tastytrade offers unique customization options and specific trading features that some users may find valuable. Ultimately, the best choice depends on individual trading preferences, but for those seeking a comprehensive trading app with extensive tools, Merrill Edge is a formidable contender.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
iPhone App | Yes | Yes |
Android App | Yes | Yes |
Apple Watch App | No | No |
Stock Alerts | Yes | No |
Charting - After-Hours | No | Yes |
Charting - Technical Studies | 34 | 0 |
Mobile Trading Apps |
Dive deeper: Best Stock Trading Apps for 2024
When comparing account fees and charges between Merrill Edge and tastytrade, both platforms offer competitive advantages, particularly with their minimum deposit and standard stock trading fees, which are both set at $0.00. However, there are notable differences in their options trading and margin balance fees that may influence a trader's choice between them.
Merrill Edge charges $0.65 per options contract, while tastytrade is slightly more affordable at $0.50 per contract. When it comes to margin balances, tastytrade's rates start at 11% for amounts under $25,000 and decrease to 10% for balances between $50,000 and $99,999. In contrast, Merrill Edge's margin rates vary, which could be more advantageous depending on the specific balance. Both brokers offer $0.00 for IRA and regular stock trades, making them appealing options for cost-conscious investors.
In terms of additional fees, Merrill Edge has the edge with zero charges for IRA closures and account transfers, while tastytrade imposes fees of $60.00 for IRA closures and $75.00 for account transfers. Furthermore, Merrill Edge does not charge for options exercises or assignments, while tastytrade applies a fee of $5.00 for each. Ultimately, investors should weigh these fees alongside their individual trading needs to determine the best broker for their strategy.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Minimum Deposit | $0.00 | $0.00 |
Stock Trades | $0.00 | $0.00 |
Options (Per Contract) | $0.65 | $0.50 |
Options Exercise Fee | $0.00 | $5.00 |
Options Assignment Fee | $0.00 | $5.00 |
IRA Annual Fee | $0.00 | $0.00 |
IRA Closure Fee | $49.95 | $60.00 |
Commissions & Fees |
Dive deeper: Best Free Trading Platforms for 2024
Merrill Edge and tastytrade each cater to day traders with distinct offerings. Merrill Edge provides valuable features such as streaming time and sales for stocks and level 2 quotes, which can be crucial for making informed quick trading decisions. Additionally, it includes basic strategy backtesting, enabling users to refine their trading strategies. However, Merrill Edge lacks several advanced trading tools such as direct market routing, ladder trading, and trading hotkeys, which could limit flexibility for active traders.
On the other hand, tastytrade stands out with its unique offering of streaming live TV, making it easier for traders to stay updated on market news. While it does not provide level 2 quotes or basic/advanced strategy backtesting, it compensates with innovative tools like ladder trading and a short locator tool that shows real-time availability of shares for short selling. Although both platforms do not offer direct market routing or order liquidity rebates, tastytrade's focus on live resources and specialized tools appeals to day traders seeking an engaging trading environment.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Streaming Time & Sales | Yes | No |
Streaming TV | No | Yes |
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 | Yes |
Dive deeper: Best Day Trading Platforms for 2024
When it comes to market research capabilities, Merrill Edge surpasses tastytrade significantly, scoring 5 stars compared to tastytrade's 2.5 stars. Merrill Edge is ranked #4 out of 18 brokers by StockBrokers.com for its comprehensive market research services, while tastytrade falls to #13. This detailed comparison reveals that Merrill Edge not only offers a wide range of research options but does so with enhanced tools and reports that are valuable for investors.
Merrill Edge provides extensive research coverage, including stock, ETF, mutual funds, and bonds. It excels with multiple downloadable PDF reports for stocks, ETFs, and mutual funds, as well as offering specialized screeners for each asset type. In contrast, tastytrade does provide stock and ETF research but lacks in areas like mutual fund and bond analysis and does not offer downloadable reports or screeners for these asset classes, which highlights a clear gap in its research offerings.
Another distinguishing factor is Merrill Edge's provision of ESG research and the ability to access portfolio allocation by asset class. While both brokers allow users to see portfolio allocation, Merrill Edge goes a step further by incorporating ESG factors into its research, addressing the growing demand from socially conscious investors. Overall, for investors seeking robust market research capabilities, Merrill Edge emerges as the clear winner over tastytrade.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Research - Stocks | Yes | Yes |
Screener - Stocks | Yes | No |
Research - ETFs | Yes | Yes |
Screener - ETFs | Yes | No |
Research - Mutual Funds | Yes | No |
Screener - Mutual Funds | Yes | No |
Research - Bonds | Yes | No |
Screener - Bonds | Yes | No |
Research |
When comparing the banking capabilities of Merrill Edge and tastytrade, it's clear that Merrill Edge provides a comprehensive suite of banking services that tastytrade lacks. Merrill Edge offers a variety of accounts including checking and savings accounts, along with the convenience of debit and credit cards. Additionally, Merrill Edge supports mortgage loans and certificates of deposit (CDs), making it a robust choice for those seeking banking integration with their investment services. In contrast, tastytrade does not offer any banking features such as checking or savings accounts, debit or credit cards, mortgage loans, or CDs. For users who prioritize banking alongside trading, Merrill Edge stands out as the superior option.
Feature |
Merrill Edge
|
tastytrade
|
---|---|---|
Checking Accounts | Yes | No |
Savings Accounts | Yes | No |
Debit Cards | Yes | No |
Credit Cards | Yes | No |
Mortgage Loans | Yes | No |
CDs | Yes | No |
Dive deeper: Best Bank Accounts for Trading Stocks for 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 tastytrade. Merrill Edge finished with an overall score of 94.0%, while tastytrade finished with a score of 84.9%.
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.
When comparing online brokers, Merrill Edge does not offer crypto trading, whereas tastytrade provides options for trading cryptocurrencies, supporting 4 different coins.
Dive deeper: Best Online Brokers for Crypto Trading in 2024
Both Merrill Edge and tastytrade offer traditional and Roth IRA accounts with no annual fees; however, Merrill Edge charges a $49.95 closure fee, while tastytrade charges a higher closure fee of $60.00.
Dive deeper: Best IRA Accounts for 2024
Select Brokers
↓×Compare
0 of 5Overall Rating | Merrill Edge | tastytrade | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Customer Service | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Merrill Edge Review | tastytrade Review |
Broker Screenshots | Merrill Edge | tastytrade | |
---|---|---|---|
Trading Platform & Tools Gallery (click to expand) | |||
Research Gallery (click to expand) | |||
Mobile Trading Apps Gallery (click to expand) | |||
Education Gallery (click to expand) |
Trading Fees | Merrill Edge | tastytrade | |
---|---|---|---|
Minimum Deposit | $0.00 | $0.00 | |
Stock Trades | $0.00 | $0.00 | |
Penny Stock Fees (OTC) | N/A | N/A | |
Mutual Fund Trade Fee | Varies | N/A | |
Options (Per Contract) | $0.65 | $0.50 | |
Futures (Per Contract) | (Not offered) | $1.25 | |
Broker Assisted Trade Fee | $29.95 | $0 |
Margin Rates | Merrill Edge | tastytrade | |
---|---|---|---|
Margin Rate Under $25,000 | Varies | 11% | |
Margin Rate $25,000 to $49,999.99 | Varies | 10.5% | |
Margin Rate $50,000 to $99,999.99 | Varies | 10% | |
Margin Rate $100,000 to $249,999.99 | Varies | 9.5% | |
Margin Rate $250,000 to $499,999.99 | Varies | 9% | |
Margin Rate $500,000 to $999,999.99 | Varies | 8.5% | |
Margin Rate Above $1,000,000 | Varies | 8% |
Account Fees | Merrill Edge | tastytrade | |
---|---|---|---|
IRA Annual Fee | $0.00 | $0.00 | |
IRA Closure Fee | $49.95 | $60.00 | |
Account Transfer Out (Partial) | $0.00 | $75.00 | |
Account Transfer Out (Full) | $0.00 | $75.00 | |
Options Exercise Fee | $0.00 | $5.00 | |
Options Assignment Fee | $0.00 | $5.00 |
Investment Options | Merrill Edge | tastytrade | |
---|---|---|---|
Stock Trading | Yes | Yes | |
Margin Trading | Yes | Yes | |
Fractional Shares | No | Yes | |
OTC Stocks | Yes | No | |
Options Trading | Yes | Yes | |
Complex Options Max Legs | 4 | 4 | |
Futures Trading | No | Yes | |
Forex Trading | No | No | |
Crypto Trading | No | Yes | |
Crypto Trading - Total Coins | 0 | 4 | |
Mutual Funds (No Load) | 2952 | 0 | |
Mutual Funds (Total) | 3466 | 0 | |
Bonds (US Treasury) | Yes | No | |
Bonds (Corporate) | Yes | No | |
Bonds (Municipal) | Yes | No | |
Traditional IRAs | Yes | Yes | |
Roth IRAs | Yes | Yes | |
Advisor Services | Yes | No | |
International Countries (Stocks) | 0 | 0 |
Order Types | Merrill Edge | tastytrade | |
---|---|---|---|
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 | Yes | |
Order Type - OTO | No | Yes | |
Order Type - Broker Assisted | Yes | Yes |
Beginners | Merrill Edge | tastytrade | |
---|---|---|---|
Education (Stocks) | Yes | Yes | |
Education (ETFs) | Yes | Yes | |
Education (Options) | Yes | Yes | |
Education (Mutual Funds) | Yes | No | |
Education (Bonds) | Yes | No | |
Education (Retirement) | Yes | No | |
Retirement Calculator | Yes | No | |
Investor Dictionary | Yes | Yes | |
Paper Trading | No | No | |
Videos | Yes | No | |
Webinars | Yes | Yes | |
Webinars (Archived) | Yes | Yes | |
Progress Tracking | No | Yes | |
Interactive Learning - Quizzes | Yes | No |
Stock Trading Apps | Merrill Edge | tastytrade | |
---|---|---|---|
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 | Yes |
Stock App Features | Merrill Edge | tastytrade | |
---|---|---|---|
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 | Yes | |
Watch Lists - Create & Manage | Yes | Yes | |
Watch Lists - Column Customization | No | Yes |
Stock App Charting | Merrill Edge | tastytrade | |
---|---|---|---|
Charting - After-Hours | No | Yes | |
Charting - Can Turn Horizontally | Yes | Yes | |
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 | tastytrade | |
---|---|---|---|
Active Trading Platform | Merrill Edge Market Pro | tastytrade | |
Desktop Trading Platform | No | Yes | |
Desktop Platform (Mac) | No | Yes | |
Web Trading Platform | Yes | Yes | |
Paper Trading | No | No | |
Trade Journal | No | No | |
Watch Lists - Total Fields | 285 | 33 |
Stock Chart Features | Merrill Edge | tastytrade | |
---|---|---|---|
Charting - Adjust Trades on Chart | Yes | Yes | |
Charting - Indicators / Studies | 105 | 308 | |
Charting - Drawing Tools | 23 | 31 | |
Charting - Notes | Yes | Yes | |
Charting - Index Overlays | Yes | Yes | |
Charting - Historical Trades | Yes | Yes | |
Charting - Corporate Events | Yes | Yes | |
Charting - Custom Date Range | Yes | No | |
Charting - Custom Time Bars | Yes | No | |
Charting - Automated Analysis | Yes | No | |
Charting - Save Profiles | Yes | Yes | |
Trade Ideas - Technical Analysis | Yes | No | |
Charting - Study Customizations | 8 | 7 | |
Charting - Custom Studies | No | Yes |
Day Trading | Merrill Edge | tastytrade | |
---|---|---|---|
Streaming Time & Sales | Yes | No | |
Streaming TV | No | Yes | |
Direct Market Routing - Stocks | No | No | |
Ladder Trading | No | Yes | |
Trade Hotkeys | No | No | |
Level 2 Quotes - Stocks | Yes | No | |
Trade Ideas - Backtesting | Yes | No | |
Trade Ideas - Backtesting Adv | No | No | |
Short Locator | No | Yes | |
Order Liquidity Rebates | No | No |
Research Overview | Merrill Edge | tastytrade | |
---|---|---|---|
Research - Stocks | Yes | Yes | |
Research - ETFs | Yes | Yes | |
Research - Mutual Funds | Yes | No | |
Research - Pink Sheets / OTCBB | Yes | No | |
Research - Bonds | Yes | No | |
Screener - Stocks | Yes | No | |
Screener - ETFs | Yes | No | |
Screener - Mutual Funds | Yes | No | |
Screener - Bonds | Yes | No | |
Misc - Portfolio Allocation | Yes | Yes |
Stock Research | Merrill Edge | tastytrade | |
---|---|---|---|
Stock Research - PDF Reports | 3 | 0 | |
Stock Research - Earnings | Yes | No | |
Stock Research - Insiders | Yes | No | |
Stock Research - Social | No | No | |
Stock Research - News | Yes | Yes | |
Stock Research - ESG | Yes | No | |
Stock Research - SEC Filings | Yes | No |
ETF Research | Merrill Edge | tastytrade | |
---|---|---|---|
ETFs - Strategy Overview | Yes | No | |
ETF Fund Facts - Inception Date | Yes | No | |
ETF Fund Facts - Expense Ratio | Yes | No | |
ETF Fund Facts - Net Assets | Yes | No | |
ETF Fund Facts - Total Holdings | Yes | No | |
ETFs - Top 10 Holdings | Yes | No | |
ETFs - Sector Exposure | Yes | No | |
ETFs - Risk Analysis | Yes | Yes | |
ETFs - Ratings | Yes | No | |
ETFs - Morningstar StyleMap | Yes | No | |
ETFs - PDF Reports | Yes | No |
Mutual Fund Research | Merrill Edge | tastytrade | |
---|---|---|---|
Mutual Funds - Strategy Overview | Yes | No | |
Mutual Funds - Performance Chart | Yes | No | |
Mutual Funds - Performance Analysis | Yes | No | |
Mutual Funds - Prospectus | Yes | No | |
Mutual Funds - 3rd Party Ratings | Yes | No | |
Mutual Funds - Fees Breakdown | Yes | No | |
Mutual Funds - Top 10 Holdings | Yes | No | |
Mutual Funds - Asset Allocation | Yes | No | |
Mutual Funds - Sector Allocation | Yes | No | |
Mutual Funds - Country Allocation | Yes | No | |
Mutual Funds - StyleMap | Yes | No |
Options Trading | Merrill Edge | tastytrade | |
---|---|---|---|
Option Chains - Basic View | Yes | Yes | |
Option Chains - Strategy View | Yes | Yes | |
Option Chains - Streaming | Yes | Yes | |
Option Chains - Total Columns | 68 | 20 | |
Option Chains - Greeks | 5 | 5 | |
Option Chains - Quick Analysis | Yes | Yes | |
Option Analysis - P&L Charts | Yes | Yes | |
Option Probability Analysis | Yes | Yes | |
Option Probability Analysis Adv | No | Yes | |
Option Positions - Greeks | Yes | Yes | |
Option Positions - Greeks Streaming | Yes | Yes | |
Option Positions - Adv Analysis | Yes | Yes | |
Option Positions - Rolling | Yes | Yes | |
Option Positions - Grouping | Yes | Yes |
Banking | Merrill Edge | tastytrade | |
---|---|---|---|
Bank (Member FDIC) | Yes | No | |
Checking Accounts | Yes | No | |
Savings Accounts | Yes | No | |
Credit Cards | Yes | No | |
Debit Cards | Yes | No | |
Mortgage Loans | Yes | No |
Customer Service | Merrill Edge | tastytrade | |
---|---|---|---|
Phone Support (Prospect Customers) | Yes | Yes | |
Phone Support (Current Customers) | Yes | Yes | |
Email Support | No | Yes | |
Live Chat (Prospect Customers) | Yes | Yes | |
Live Chat (Current Customers) | Yes | Yes | |
24/7 Support | Yes | No |
Overall | Merrill Edge | tastytrade | |
---|---|---|---|
Overall | |||
Commissions & Fees | |||
Investment Options | |||
Platforms & Tools | |||
Mobile Trading Apps | |||
Research | |||
Education | |||
Ease Of Use | |||
Winner | check_circle | ||
Review | Merrill Edge Review | tastytrade Review |