WellsTrade vs. Merrill Edge and Schwab Introduction
If you have thought about opening a securities account at Schwab, WellsTrade, or Merrill Edge, you definitely want to take a look at this three-way comparison of them before choosing one over the others.
Highlights
• Securities can be traded inside investment accounts at Schwab, WellsTrade, and Merrill Edge.
• Besides securities, futures and forex can be traded inside a Schwab account.
• A wide range of cash-management services can be had at any of the three firms.
Pricing
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
|
Merrill Edge
|
$0
|
$19.99
|
$0.65 per contract
|
$0
|
$0
|
|
WellsTrade
|
$0
|
$35
|
$0.65 per contract
|
$0
|
$0
|
Services
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Merrill Edge: Get $0 stock commissions at Merrill Edge.
WellsTrade: none.
Investment Services
Self-directed brokerage accounts can be opened at all three investment firms in this contest. Assets that can be traded include:
- Stocks
- Options
- Bonds and other fixed-income securities
- Mutual funds
- ETFs
- Closed-end funds
- Annuities*
*In the case of WellsTrade and Merrill Edge, annuities are available in full-service brokerage accounts at sister companies (Merrill Lynch and Wells Fargo Advisors).
Schwab goes one step further than its competitors here by offering foreign stocks, futures contracts, and forex.
Investment-advisory services, which include both portfolio management and financial planning, are available at all three financial titans. At Merrill, these programs are available through Merrill Guided Investing. And for the absolute lowest possible cost, all three firms have robo accounts. Schwab’s is actually free. In all three cases, funds (mutual or exchange-traded) are the only investment vehicles available.
Winner: Schwab
Banking Services
If you need cash management in addition to investing, any of the three broker-dealers will have you covered. Merrill Edge customers can attach checkbooks and debit cards to their brokerage accounts. They can also open deposit accounts and credit cards with Bank of America, and these accounts will be linked to their investing accounts.
WellsTrade doesn’t offer debit cards, although brokerage accounts have cash sub-accounts that are eligible for checkwriting. Like Merrill Edge, WellsTrade is partnered with a large bank (Wells Fargo Bank in this case), and deposit accounts and credit cards are automatically linked.
Finally, Schwab has its own FDIC-insured bank, too. Checking and savings accounts are available, as are credit cards. Schwab is the only company of the three to provide unlimited ATM fee refunds around the world, a nice service for global travelers.
To round out the cash-management category, money market mutual funds are available at all three firms. Yields right now are above 5.0%.
Winner: Schwab
Margin Services
Trading with other people’s money is possible at any brokerage firm in this matchup. This nice
service does come at a cost, however. Merrill Edge uses a complicated method of calculation that uses
household assets, amount borrowed, and a base lending rate (BLR) that changes weekly to figure its
margin rates. Thankfully, Schwab and WellsTrade are a little easier. For a loan below $25,000,
WellsTrade charges 12.5%, while Schwab customers pay 11.825%.
Winner: Schwab
Websites
On their websites, all three broker-dealers offer charting and trading tools. WellsTrade comes in last with the plainest site. Despite the company’s emphasis on simplicity, the software platform does come with several important charting tools, including technical indicators and multiple plot styles.
Over at Schwab, we found full-screen charting, which does not exist on the WellsTrade site. Schwab’s site also has more trade types, including some advanced ones like market on close. And Schwab’s site has a browser platform for added flair.
The Merrill Edge site has a browser platform, too. Called MarketPro, the software delivers tons of great features. During our probing, we especially liked:
- Economic calendar
- OptionsPlay, an advanced derivative platform
- Level II quotes
- Trading Central, a gadget for technical analysis
- VWAP calculator
Winner: Merrill Edge
Mobile Apps
Now we come to mobile trading. Rather than the experience being slimmed down, it actually increases for Schwab clients. The broker has two apps: a regular app and a high-powered app. The latter platform is called thinkorswim and delivers lots of graphing tools and a very advanced order ticket. It can trade futures and forex, which is an added bonus. The main app itself has lots of great features, including pre-installed option spreads.
On the Merrill Edge app (there is only one), we found chains for calls and puts only. Graphs on the app can be displayed horizontally or vertically, but there are no charting tools at all.
The WellsTrade app isn’t much better than the Merrill app. Educational resources are on the slim side, and charts have no tools. There is a free credit score on the dashboard, though.
Winner: Schwab
Desktop Software
thinkorswim reemerges as a desktop program. Here, it achieves its highest form. There are tons of features that the most advanced traders will enjoy. Examples include multi-chart workspaces, a spread hacker, pairs trading, and direct-access routing. The other two broker-dealers don’t have any desktop software.
Winner: Schwab
Add-on Services
Initial Public Offerings: Only at Schwab.
Fully-Paid Securities Lending Program: Ditto.
Extended Hours: WellsTrade, Schwab, and Merrill Edge have both sessions. Plus, Schwab provides
overnight trading in many stocks and ETFs on thinkorswim.
Recurring Mutual Fund Investing: Mutual fund purchases can be set on autopilot at any one of the three brokerage houses in this survey.
IRA Lineups: An Individual Retirement Account can be opened at any broker-dealer presented here. WellsTrade and Merrill Edge charge termination fees.
Fractional Shares: Traders at Schwab can buy eligible S&P 500 stocks in whole dollars.
WellsTrade offers the service for some stocks and exchange-traded funds.
DRIP Service: On tap at all three brokerage firms.
Winner: Schwab
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
Merrill Edge: Get $0 stock commissions at Merrill Edge.
WellsTrade: none.
Recommendations
Long-Term Investing & Retirement Saving: For self-directed investing, Schwab. For advisory accounts, any of the three.
Mutual Funds: Schwab.
Small Investors: For robo investing, WellsTrade. For taxable brokerage accounts, Schwab or WellsTrade. For brokerage IRAs, Schwab.
Frequent Equity Trading: With Schwab’s great software, it’s an easy pick.
Beginners: We propose a robo or other managed account at any of the three.
Final Verdict
WellsTrade and Merrill Edge succeed in some areas, but the overall victory here easily goes to Charles Schwab.
Open Charles Schwab Account
Visit Schwab Website
Open Merrill Edge Account
Visit Merrill Edge Website
Updated on 2/4/2026.
Chad Morris is a financial writer with more than 20 years experience
as both an English teacher and an avid trader. When he isn’t writing
expert content for Brokerage-Review.com, Chad can usually be found
managing his portfolio or building a new home computer.
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