Things to consider

There are many aspects to assessing a broker’s services in general, maybe even too many to list. Below, we’ll focus on the most important criteria that should be taken into account when determining whether a broker is good for beginners.

A beginner-friendly broker should have:

  • an excellent web and mobile trading platform
  • low fees
  • great educational tools
  • good customer service
  • an easy account opening process
  • low minimum deposit

Safety is also very important, but since we recommend only safe brokers regulated by top-tier authorities, this is one thing you don’t have to worry about.

More and more people are looking to become a player on financial markets either as traders or investors. However, when researching the basics, it can be easy to feel overwhelmed by the sheer amount of information available online.

This is where BrokerChooser offers a helping hand. The reason is simple: choosing the right service, especially when you are taking your first steps in trading, is highly important.

In this article we’ll check whether Merrill Edge is the right choice for a starting trader.

Is Merrill Edge good for beginners
Is Merrill Edge good for beginners?

Based on our scoring methodology, Merrill Edge is a broker that we can recommend for beginners.

Let's take a look at its services one by one, following the criteria we set above, to get the whole picture.

  • 💻 When it comes to its web platform, Merrill Edge might suit the needs of beginners: User-friendly. Clear fee report. Two-step (safer) login. Overall, this platform may be an optimal choice for beginners.
  • 📱 The mobile platform of Merrill Edge is reasonably well-designed: User-friendly. Two-step (safer) login. Touch/Face ID login. This may be helpful for the first steps in your trading journey.
  • 💰 Fees are one of the most important aspects when it comes to trading and Merrill Edge does well in some areas: Low trading fees. Low non-trading fees. Low stock and ETF fees / Free stock trading. However, charges may be higher compared to some competitors. Areas of improvement: High financing rate.
  • 🕖 An account opening process is great when it is seamless from the get-go. Merrill Edge does an excellent job in this area: Fast. Fully digital. No minimum deposit.
  • 📚 Trading platform tutorial. Educational videos. However, Merrill Edge's education materials could be improved.Areas of improvement: No demo account.
  • 📞 When you need help, one thing you should have immediate access to is customer service. Merrill Edge's customer service generally scored well on these points: Phone support. Live chat.
  • 💰 Low minimum deposits and low-cost transactions are attractive for new traders. Merrill Edge's deposit and withdrawal processes have some good things to offer: Free withdrawal. No deposit fee. User-friendly. Nevertheless, its services could be improved in other areas: Credit/Debit card not available. Only one account base currency. Slow withdrawal - over 3 days.

Is Merrill Edge good for beginners
Overview of Merrill Edge's services

Let’s take an overall look at how Merrill Edge compares to its peers when it comes to platforms, fees, account opening and education tools. Our scores are on a scale of 1.0 to 5.0, from worst to best.

Merrill Edge services vs. similar brokers
Merrill Edge Fidelity Ally Invest
Web platform score 4.3 stars 4.5 stars 3.5 stars
Mobile platform score 4.8 stars 4.5 stars 3.3 stars
Fees Low Low Low
Account opening score 5.0 stars 3.6 stars 4.4 stars
Education score 3.5 stars 3.9 stars 4.3 stars
Customer service score 4.5 stars 3.9 stars 3.5 stars
Deposit and withdrawal score 2.2 stars 3.8 stars 2.6 stars

If you wish to read more about Merrill Edge, click 'Visit Broker' to go to the broker's website. We also have a detailed review of the broker that you can read by clicking on the 'More' button.

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Is Merrill Edge good for beginners
Is Merrill Edge safe to use?

We hear more and more stories each day about clients who lost their money to scammers from Telegram or through unregulated services. BrokerChooser only features brokers that have top-tier regulators. As such, Merrill Edge is a safe and trusted broker.

If you’d like to know more, check out our deeper dive into Merrill Edge's safety.

Is Merrill Edge good for beginners
Where can I find more information?

If Merrill Edge is not the right broker for you, go ahead and check out our picks for Best Brokers for Beginners in 2021 for some alternatives.

Also, if you feel that some things weren’t clear when it comes to the brokerage world, no worries. We have lots of content to cover your questions. You can find our articles in the How to invest section of our site.

For example, if you want to know how to buy shares online and how the whole process works, there’s an article about that. If you’d like to learn more about investing in stocks or what short selling is, we have articles about these topics too.

We have also written a few materials that focus on recent events in the news. Like what happens with brokers after Brexit or what a short squeeze is.

We hope you found all of the information above useful. If you have any questions, we’d love to hear from you, just write to us at [email protected]. See you there!

Author of this article

Nicole Conrad

Author of this article

Nicole is an intern content contributor for Brokerchooser. She comes to Brokerchooser with experience and certification in Accounting, and she currently is pursuing graduate studies in Economic Policy. Nicole writes broker reviews to provide transparency for customers: highlighting brokers’ exceptional services and holding them accountable for questionable practices.

Nicole Conrad

Broker Analyst

Nicole is an intern content contributor for Brokerchooser. She comes to Brokerchooser with experience and certification in Accounting, and she currently is pursuing graduate studies in Economic Policy. Nicole writes broker reviews to provide transparency for customers: highlighting brokers’ exceptional services and holding them accountable for questionable practices.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology

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