Overview of Merrill Edge and J.P. Morgan
With an online brokerage account, it is now possible to invest in the stock market and more at very
low cost. Merrill Edge and Chase's J.P. Morgan Investing are two such firms that offer trading in securities
with competitive pricing schedules. Let’s take a look at these two firms.
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
Merrill Edge
|
$0
|
$19.99
|
$0.65 per contract
|
$0
|
$0
|
|
Chase
|
$0
|
$0
|
$0.65 per contract
|
$0
|
$0
|
|
Charles Schwab
|
$0
|
$49.95 ($0 to sell)
|
$0.65 per contract
|
$0
|
$0
|
Services
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
J.P. Morgan:
Currently, no promotions.
Merrill Edge: Currently, no promotions.
Investing Overview
Both firms in this faceoff provide self-directed brokerage accounts. It’s possible to trade
stocks, options, mutual funds, closed-end funds, exchange-traded funds, and bonds. In the options
category, J.P. Morgan Investing only offers calls and puts. Merrill Edge has these plus spreads. In the stock category, Merrill Edge permits short positions. J.P. Morgan Investing does not.
Unlike J.P. Morgan Self-Directed Investing, Merrill also offers managed accounts. Merrill Guided Investing has a 0.45% annual program fee, and Merrill Guided Investing with Advisor has a 0.85% annual program fee.
Either a brokerage or managed account must be opened with some tax format or another. Merrill Edge has 529 plans, custodial accounts, IRAs, trusts, Health Savings Accounts, estate accounts, and solo 401(k) plans. J.P. Morgan Self-Directed Investing has a narrower account lineup, although J.P. Morgan does offer advisor-led investing services outside the self-directed account.
Winner: Merrill Edge
Margin
Merrill Edge self-directed clients can choose either cash or margin accounts. An existing cash account
can be upgraded to a margin account.
Most brokerage houses charge margin interest based on an account’s debit balance and a base lending
rate, which varies as the Fed raises or lowers its benchmark target. Merrill Edge adds one more
variable to the equation, which is total deposits within Bank of America. Depending on the exact
numbers involved, an account could pay anywhere from
12.18% for smaller balances to lower rates for larger balances and qualifying Bank of America relationships.
J.P. Morgan Investing offers margin accounts. Margin rates start at
11.5% and decline for larger balances under its tiered margin schedule.
Winner: J.P. Morgan
Bank Products
At J.P. Morgan Investing, it is not possible to add cash-management tools directly to a self-directed brokerage account, such as a checkbook or debit card. A checking or savings account with Chase Bank, however, can be linked to a securities account, and this integration is straightforward on the website and mobile app.
At Merrill Edge, a debit card and a checkbook can both be attached to an investing account, and there is no cost to do so. It is also possible to link a savings or checking account with Bank of America to a securities account. As with J.P. Morgan Investing, this is done automatically.
In both cases, it’s easy to transfer funds between investing and deposit accounts via the company’s mobile app or website.
Winner: Merrill Edge
Websites
Merrill Edge customers get to use a user-friendly site that has both website trading and a browser platform. Combined, these two trading resources deliver many useful tools, including:
- Full-screen charting with many bells and whistles
- Advanced option tools with integrated strategies
- Level II quotes
- Discrete choices for buy to cover and sell short
- Technical analysis tools
- Economic calendar
The trading experience on the J.P. Morgan Investing site is much simpler. There are really no advanced trading tools, other than a charting program that has several features integrated. However, a graph cannot be displayed at the full width of the computer monitor, so even here the experience is limited.
J.P. Morgan Investing’s site does have tiles on the dashboard that deliver useful information such as an account’s asset allocation, watchlists, market indexes, and top news stories.
Winner: Merrill Edge
Mobile Apps
Besides website trading, there is also mobile trading. The Merrill Edge app has horizontal charting, budgeting and spending tools, option chains, mobile check deposit, and a great deal of research material. For instance, we found stock reports and news articles.
The J.P. Morgan Investing app is built into the Chase Bank app. The brokerage side of the app has vertical charting, check deposit, research reports from J.P. Morgan, ratings from Morningstar, and more.
Both apps use their web-based trade tickets. This means that the Merrill app has more trade types than the J.P. Morgan Investing app.
Winner: Merrill Edge
Supplementary Services
IRA Lineups: Merrill Edge and J.P. Morgan Investing both have Individual Retirement Accounts. Merrill has more IRA types. It does charge a $49.95 IRA termination fee, although this is lower than J.P. Morgan Investing’s IRA closeout fee of $75.
Automatic Mutual Fund Investing: J.P. Morgan supports recurring transfers into investment accounts.
Fractional Shares: J.P. Morgan does offer fractional shares in eligible stocks and
ETFs starting at $5.
IPO Access: Merrill Edge offers access to eligible IPOs through Bank of America's syndicate offerings.
Extended Hours: Merrill Edge does offer pre-market and after-hours trading.
DRIP Service: Both firms offer dividend reinvestment.
Fully-Paid Stock Lending: Not offered at either firm.
Winner: Merrill Edge
Promotions
Charles Schwab: $0 commissions + ACAT rebate + satisfaction guarantee at Charles Schwab.
J.P. Morgan:
Currently, no promotions.
Merrill Edge: Currently, no promotions.
Finally, Our Recommendations
Mutual Fund Trading: With the mutual-fund screener on the Merrill Edge website, we found
slightly less than 2,700 funds. Doing the same at JPM, we found slightly more than 7,000.
But Charles Schwab
offers over 3,500 mutual funds free of charge.
Beginning Investors: We favor Merrill Edge Guided Investing with an Advisor, which is an
advisory program that comes with access to a financial advisor.
Retirement Planning & Long-Term Investing: Charles Schwab,
with its huge suite of retirement services, would be a good pick.
Small Accounts: Neither brokerage firm imposes minimum account requirements or ongoing fees
for self-directed accounts.
Stock and ETF Trading: Merrill Edge’s browser platform is much better than anything
J.P. Morgan Investing has.
J.P. Morgan Chase vs Merrill Lynch: Results
Not much of a contest. Merrill Edge wins by a wide margin here.
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Updated on 9/4/2026.
Chad Morris has been analyzing investment firms for Brokerage-Review.com since 2015. Backed by FINRA Series 65, 66, and SIE credentials, his work reflects a deep knowledge of the retail brokerage industry and digital trading tools.
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