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Firstrade vs Merrill Edge : Fees, Safety & Trading Conditions Compared (2026)
Broker Name
Firstrade
Merrill Edge
Broker Overview
Broker Type (e.g., Market Maker, ECN/STP)
STP broker
ECN broker
Years of Existence / Established Year
1985
2010
Customer Base / Number of Accounts
1Million
3.5+ Million Clients
Regulation & Security
Regulations (governing bodies)
FINRA, SEC
SEC, FINRA
Awards Won (count for the last 2 years)
Best Online Brokers, Best for Options Traders award.
Kiplinger 2023 Annual Broker Review, StockBrokers.com 2024 Annual Broker Review
Security Measures
SIPC
SIPC
SSL Encryption / 2FA
Yes
Yes
Segregated Funds
Yes
Yes
Negative Balance Protection
No
Yes
Trading Instruments/Products Offered
Assets Types / Trading Instruments (total count and breakdown)
2200+ ETFs including CDs, Treasury bills, Notets and bonds, Primary market CDs, Zeros and strips and more
CDs, Fixed income
Currency Pairs
No
No
Commodities
No
No
Indices
Yes- Through ETFs
No
Cryptocurrencies
Yes- Through ETFs
No
CFDs
No
No
ETFs
Yes
Yes
Stocks
Yes
Yes
Options
Yes
Yes
Futures
No
No
Bonds
Yes
Yes
Mutual Funds
Yes
Yes
Fractional Shares
Exchange Traded Notes (ETNs)
Yes
No
Precious Metals
No
No
Real Estate Investment Trusts (REITs)
Yes
No
Equities
No
No
Trading Platforms & Technology
Trading Platform Availability
Yes
Yes
MT4
No
No
MT5
Yes
No
cTrader
No
No
Social Trading
No
Copy Trading
No
No
Other Trading Platforms (proprietary, etc.)
Firstrade platform
Merrill Edge MarketPro (proprietary), Merrill Edge Self-Directed platform (web-based), Mobile app (Merrill Edge)
Platform Compatibility (Windows, Mac, iOS, Android)
Yes
Yes
Account Types & Conditions
Account Types (Retail, Pro, VIP, etc.)
Brokerage account- Individual, Joint, Custodial, Retirement- Retirement (Traditional IRA, Roth IRA, SEP IRA), Corporate, Trust, International, Education Planning, Business Planning
Individual, Joint, Custodial, Trust, and Retirement (IRA), 529 plans
Demo Account (Yes/No)
No
Yes
Islamic Accounts (Yes/No)
No
No
Minimum Deposit
$0
$0
Leverage Available
No
No
Trade Limit (maximum per trade)
Depends on asset class
Depends on asset class
Commission (per account type)
$0
$0
Best Suited For (e.g., beginners, experienced traders)
Both beginners and experienced traders
Beginners to intermediate traders
Deposit & Withdrawal Options
Deposit Methods
Wire Fund Transfer, Check deposit, Asset transfer, ACH electronic transfer
ACH transfer, wire transfer, check deposit, transfers from Bank of America
Withdrawal Methods
Wire Fund Transfer, Check Deposit, Asset transfer, ACH electronic transfer, Withdrawal of sales proceed
ACH transfer, wire transfer, check deposit, transfers from Bank of America
Other E-Wallets Supported
No
No
Tools & Educational Resources
Economic Calendar
Yes
Yes
Tools & Educational Resources (tutorials, webinars, market news, etc.)
Education Center, Investment Education Videos, Option Guide, Margin Guide, Webinars, Tax center, Blogs, Upcoming IPOs
Investing Education, Retirement Planning, Market Insights, Webinars and Online Seminars, Investment Guides and Tools
Fees & Commissions
Trading-Related Fees
Commission for stocks, ETFs, Options, Mutual funds- $0, Fixed income- Treasury Bills, Notes & Bonds, Municipal Bonds, Agency Bonds, Secondary Market CDs, Zeros & Strips- Net yield basis, Primary Market CDs- $30, Broker-Assisted Stock & Options Trades- $19.95 (+$0.50/Contract)
Commission- $0 stock and ETFs, broker-assisted trade- $29.95 or $29.95 * + $0.65 per contract
Spread (typical, fixed, variable)
Typical
NA
Per Lot Fees
NA
NA
Options Contract Fees
$0
$0.65 per contact
Futures Contract Fees
NA
NA
Markup Fees on Spread
NA
NA
Guaranteed Stop Loss Fees
NA
NA
Maximum Leverage
No
No
Non-Trading Fees
Dormant Fees
$0
$0
Subscription Fees (for premium features, data feeds)
NA
NA
Advisory Fees
0.20-0.30%
0.85%
Swap Fees (Overnight Financing)
NA
Yes
Statement or Document Fee
$2-$5
NA
Account Opening Fee
$0
$0
Account Maintenance Fee
$0
$0
Deposit Fee
$0
$0
Currency Conversion Fee
3%
Varies for ADRs
Withdrawal Fee
$25-$75
Wire transfer fee-$25
Bonuses, Promotions & Benefits
Bonuses, Promotions, and Referrals
Yes
Yes
Customer Benefits (e.g., Retirement Plan)
Yes
Yes
Trading Hours
Trading Hours (for each asset class if applicable)
Pre-Market: 8:00 AM to 9:30 AM ET Regular Market: 9:30 AM to 4:00 PM ET After-Hours: 4:05 PM to 8:00 PM ET
Pre-market trading: 7:00 AM to 9:30 AM ET, Regular trading hours: 9:30 AM to 4:00 PM ET, After-hours trading: 4:01 PM to 8:00 PM ET
Customer Support
Support Hours (e.g., 24/7, weekdays only)
Monday - Friday,10am - 4pm ET
24/7
Customer Support Methods (phone, email, live chat)
Phone: U.S. Toll Free: 1-800-869-8800, Outside the US: 1-718-961-6600, E-mail, FAQ, Fax: 1-718-961-3919
Phone: 888.637.3343, Schedule an appointment
Support Languages
3
2
Additional Information
Headquarters Location
30-50 Whitestone Expwy. Ste. A301 Flushing, NY 11354
Charlotte, North Carolina, USA
Complaints (for crypto brokers)
No
No
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