Charles Schwab vs Merrill Edge compared

Charles Schwab
Merrill Edge
Key differences
We took 8 criteria of our comparison (fee, account opening, customer service, markets&product, research, trading platform, deposit&withdrawal) and listed the angles with the greatest difference here below.
  • Customer service score
    5.0
    /5
  • Markets and products score
    3.1
    /5
  • Trading platform combined score
    4.1
    /5
  • Customer service score
    4.0
    /5
  • Markets and products score
    2.5
    /5
  • Trading platform combined score
    4.5
    /5
Recommended for
  • Beginners
    4.2
    /5
  • Equity
    4.4
    /5
  • Beginners
    4.2
    /5
  • Equity
    4.4
    /5
You can open an account in United States
You can open an account in United States
Top 5 brokers
Based on your country, these brokers are great matches for you.

Basic data of broker

Overall score
4.8

Recommended for Investors and traders looking for solid research, low fees and great customer service

Overall score
4.8

Recommended for Investors and traders looking for low fees, quick account opening and simple platforms

Country of origin
Broker's country of establishment

USA

Country of origin
Broker's country of establishment

USA

Fees

Fees score
4.2
Fees score
4.4
Fees summary
BrokerChooser's qualitative summary on the broker's prices

Low trading and non-trading fees, high fund fees

Fees summary
BrokerChooser's qualitative summary on the broker's prices

Low trading and non-trading fees, high fund fees

Stock and ETF fees

Forex fees

Fund fees

Bond fees

Options fees

Futures fees

Crypto fees

CFD fees

Non-trading fees

Deposit and withdrawal

Deposit and withdrawal score
2.2
Deposit and withdrawal score
2.2
Number of base currencies
How many account currencies you can choose from

1

Number of base currencies
How many account currencies you can choose from

1

Deposit type

Withdrawal type

Account opening

Account opening score
4.6
Account opening score
5.0
Account opening fully online
Account opening fully online
Minimum deposit
The minimum amount you have to deposit for using the account
$0 for US clients and $25,000 for non-US clients
*

$0

*
Minimum deposit
The minimum amount you have to deposit for using the account
No minimum deposit
*

$0

*
Time to open account
BrokerChooser estimation on time needed to access account after all documents are provided by customer

1 day

Time to open account
BrokerChooser estimation on time needed to access account after all documents are provided by customer

1 day

Required documents
Documents required for opening an account

Proof of identity: SSN and national ID / passport / driver's license Proof of residency: bank statement / utility bill

Required documents
Documents required for opening an account

None for those with an IP address in the US; for those that don't--2 utility bills, drivers license, passport

Trading platform

Web platform score
4.3
Web platform score
4.3
Mobile platform score
4.2
Mobile platform score
4.8
Desktop platform score
4.0
Desktop platform score
4.3

Markets and products

Markets and products score
3.1
Markets and products score
2.5
Stocks
Stocks are available
Stocks
Stocks are available
Fractional shares
Fractional shares are available
$5 is the minimum
*
*
Fractional shares
Fractional shares are available
ETFs
ETFs are available
ETFs
ETFs are available
Forex
Forex is available
Forex
Forex is available
Funds
Funds are available
Funds
Funds are available
Bonds
Bonds are available
Bonds
Bonds are available
Options
Options are available
Options
Options are available
Futures
Futures are available
Futures
Futures are available
Crypto
Crypto is available in any form (e.g. as a CFD or ETF)
Futures, ETFs, Coin Trusts,
*
*
Crypto
Crypto is available in any form (e.g. as a CFD or ETF)
CFDs
Any CFD is available, e.g. stock CFD or commodity CFD
CFDs
Any CFD is available, e.g. stock CFD or commodity CFD

Research, education

Research score
4.3
Research score
4.0
Charting quality

Great

Charting quality

Mid-range

Education score
4.5
Education score
3.5
Demo account
Demo account

Customer service

Customer service score
5.0
Customer service score
4.0
Phone
You can reach the broker by phone
Phone
You can reach the broker by phone
Live chat
Live chat is available
Live chat
Live chat is available
Email
Email support is available
Email
Email support is available
24/7 availability
At least one customer support channel, i.e. live chat, phone or email, is available even on the weekend
24/7 availability
At least one customer support channel, i.e. live chat, phone or email, is available even on the weekend

Security

Investor protection amount
The protection amount depends on the country where you opened your account. In the US, forex trading and commodity-related contract (e.g. futures or options) are generally not covered.

$500k (securities up to $500k, cash up to $250k)

Investor protection amount
The protection amount depends on the country where you opened your account. In the US, forex trading and commodity-related contract (e.g. futures or options) are generally not covered.

$500k (securities up to $500k, cash up to $250k)

Investor protection
Amount of the investor protection provided by the broker

$500k (securities up to $500k, cash up to $250k)

Investor protection
Amount of the investor protection provided by the broker

$500k (securities up to $500k, cash up to $250k)

Banking background
Whether the broker has a banking background
Banking background
Whether the broker has a banking background
Listed on stock exchange
The broker is listed on a stock exchange
Listed on stock exchange
The broker is listed on a stock exchange
Foundation date

1971

Foundation date

2010

Country of regulation
Which countries' regulators oversee the broker

USA, UK, Hong Kong, Singapore

Country of regulation
Which countries' regulators oversee the broker

USA

Charles Schwab

For detailed information and hands-on experience, read our review of this broker.

Merrill Edge

For detailed information and hands-on experience, read our review of this broker.

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.

Charles Schwab's service is on par with Merrill Edge's and a comparison of their fees shows that Charles Schwab's fees are similar to Merrill Edge's.

Account opening takes somewhat more effort at Charles Schwab compared to Merrill Edge, deposit and withdrawal processes are about the same quality at Charles Schwab, while customer service quality is somewhat better than Merrill Edge's.

Our experts rated the trading platform of Charles Schwab as somewhat worse than the platform of Merrill Edge, found that clients have access to slightly more markets and products with Charles Schwab, while Merrill Edge provides just about the same quality of research and education.

×