Merrill Edge vs TD Direct Investing : Fees, Safety & Trading Conditions Compared (2026)

Broker Name

Merrill Edge

TD Direct Investing

Broker Overview

Broker Type (e.g., Market Maker, ECN/STP)

ECN broker

None

Years of Existence / Established Year

2010

1984

Customer Base / Number of Accounts

3.5+ Million Clients

17 M

Regulation & Security

Regulations (governing bodies)

SEC, FINRA

CIPF, CIRO

Awards Won (count for the last 2 years)

Kiplinger 2023 Annual Broker Review, StockBrokers.com 2024 Annual Broker Review

No major awards listed

Security Measures

SIPC

CIPF

SSL Encryption / 2FA

Yes

Segregated Funds

Yes

Negative Balance Protection

Yes

Trading Instruments/Products Offered

Assets Types / Trading Instruments (total count and breakdown)

CDs, Fixed income

Fixed income investments, GICs

Currency Pairs

Commodities

Indices

Cryptocurrencies

Yes

CFDs

ETFs

Yes

Stocks

Yes

Options

Yes

Futures

Bonds

Yes

Mutual Funds

Yes

Fractional Shares

Exchange Traded Notes (ETNs)

Precious Metals

Yes

Real Estate Investment Trusts (REITs)

Equities

Yes

Trading Platforms & Technology

Trading Platform Availability

Yes

MT4

MT5

cTrader

Social Trading

Copy Trading

Other Trading Platforms (proprietary, etc.)

Merrill Edge MarketPro (proprietary), Merrill Edge Self-Directed platform (web-based), Mobile app (Merrill Edge)

TD app, web trader, Advanced dashboard, TD active trader

Platform Compatibility (Windows, Mac, iOS, Android)

Yes

Account Types & Conditions

Account Types (Retail, Pro, VIP, etc.)

Individual, Joint, Custodial, Trust, and Retirement (IRA), 529 plans

Margin account, cash trading account, TFSA, RSP, RESP, RIF, LIRA, LIF, RDSP

Demo Account (Yes/No)

Yes

Islamic Accounts (Yes/No)

Minimum Deposit

Leverage Available

Trade Limit (maximum per trade)

Depends on asset class

Depends on asset types

Commission (per account type)

Best Suited For (e.g., beginners, experienced traders)

Beginners to intermediate traders

Beginners and experienced traders

Deposit & Withdrawal Options

Deposit Methods

ACH transfer, wire transfer, check deposit, transfers from Bank of America

Direct bank account, Check

Withdrawal Methods

ACH transfer, wire transfer, check deposit, transfers from Bank of America

SWIP, Wire payment

Other E-Wallets Supported

Tools & Educational Resources

Economic Calendar

Yes

Tools & Educational Resources (tutorials, webinars, market news, etc.)

Investing Education, Retirement Planning, Market Insights, Webinars and Online Seminars, Investment Guides and Tools

Learning Centre - Investing Education, Market Insights and Analysis, Webinars, Investing Guides, Video Tutorials, TD Direct Investing Community Forum

Fees & Commissions

Trading-Related Fees

Commission- $0 stock and ETFs, broker-assisted trade- $29.95 or $29.95 * + $0.65 per contract

Commission -mutual funds- $0 , IPOs, Equities- $7.00- $9.99, Stock - $3- $43, Bonds- $40 + $1.50/1,000

Spread (typical, fixed, variable)

Per Lot Fees

Options Contract Fees

$0.65 per contact

$9.99 + $1.25 per contract

Futures Contract Fees

Markup Fees on Spread

Guaranteed Stop Loss Fees

Maximum Leverage

Non-Trading Fees

Dormant Fees

Subscription Fees (for premium features, data feeds)

Advisory Fees

0.85%

Swap Fees (Overnight Financing)

Yes

Statement or Document Fee

$2-$5

Account Opening Fee

Applicable, Depends on account types

Account Maintenance Fee

$25 per quarter

Deposit Fee

$17.50 U.S

Currency Conversion Fee

Varies for ADRs

2.50%

Withdrawal Fee

Wire transfer fee-$25

$30-$100

Bonuses, Promotions & Benefits

Bonuses, Promotions, and Referrals

Yes

Customer Benefits (e.g., Retirement Plan)

Yes

Trading Hours

Trading Hours (for each asset class if applicable)

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

Pre-market trading hours (8 a.m. to 9:30 a.m. ET) and after-hours trading (4 p.m. to 8 p.m. ET)

Customer Support

Support Hours (e.g., 24/7, weekdays only)

24/7

Monday to Friday, 7 am to 10 pm ET

Customer Support Methods (phone, email, live chat)

Phone: 888.637.3343, Schedule an appointment

Phone: 1-800-465-5463, , Book an appointment

Support Languages

Additional Information

Headquarters Location

Charlotte, North Carolina, USA

66 Wellington Street West, Toronto, ON M5K 1A2

Complaints (for crypto brokers)

At TradingCritique, we don't just list brokers. We test, compare, and simplify your decision-making. Whether you're a beginner or a pro, our data-driven comparisons are built to match your trading style and region. Learn how we Evaluate a broker.

While Merrill Edge maintains low trading fees with no minimum deposit, TD Direct Investing includes some charges for premium features and certain asset trades, making Merrill Edge the better option for budget-focused traders.

Merrill Edge offers a quick and paperless account setup that appeals to traders on the go, whereas TD Direct Investing more involved onboarding process adds an extra layer of safety and regulatory checks.

Merrill Edge platform is great for fast-paced day trading, especially with features like one-click trading. TD Direct Investing platform, by comparison, is built for strategy testing and long-term portfolio management.

If you're after professional-grade platforms, Merrill Edge may be ideal. For casual investors, TD Direct Investing offers a low-barrier entry.

Explore More Broker Matchups

Here are more Comparisons to help you choose wisely

Compare Merrill Edge and Fidelity

Compare Merrill Edge and easyMarkets

Compare Merrill Edge and Spreadex

Compare TD Direct Investing and Fineco bank

Compare TD Direct Investing and NinjaTrader

Compare TD Direct Investing and ATFX

Our Latest Contents

Stay updated with our newest insights and guides!

Top Broker Reviews

Discover brokers trusted by global traders.

Select Your Brokers to Compare