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Merrill Lynch vs JP Morgan Chase
2023 Merrill Edge vs JP Morgan Self-Directed Investing (Chase): which firm is better? Compare IRA/Roth
accounts, online investing fees, stock broker mutual fund rates, and differences.
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Overview of Merrill Lynch and Chase
Merrill Edge and J.P. Morgan are both owned by very large banks. Does that mean they’re about even?
This article will give you the answer.
Cost
Broker Fees |
Stock/ETF Commission |
Mutual Fund Commission |
Options Commission |
Maintenance Fee |
Annual IRA Fee |
Merrill Edge
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$0
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$19.99
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$0.65 per contract
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$0
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$0
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Chase
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$0
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$0
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$0.65 per contract
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$0
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$0
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TD Ameritrade
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$0
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$49.99 ($0 to sell)
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na
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$0
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$0
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Services
Promotions
Merrill Edge: Get up to $600 when you open a new Merrill Edge account with at least $20,000.
TD Ameritrade: $0 commissions + transfer fee reimbursement.
Chase:
Get up to $700 when you fund a J.P. Morgan Self-Directed Investing account.
First Category: Securities to Be Traded
Merrill Edge clients can trade several asset classes. These include:
- Stocks (including those on the major exchanges and the over-the-counter space)
- Option contracts
- Mutual and closed-end funds
- ETFs
- Bonds
J.P. Morgan Chase has the same list except that it doesn’t offer any OTC stocks.
Winner: Merrill Edge
Second Category: Education & Research Tools
On the J.P. Morgan Chase website, we found lots of articles and a few videos that analyze financial topics. Examples include:
- Our top 5 investment ideas
- Working remotely? Watch out for state taxes
- Why dividends as an investing strategy, and why now
In the Guidance & Retirement section on the Merrill Edge website, we found resources on a wide variety of issues. These materials include:
- Tools & calculators
- Life stage planning
- Budgeting and investing
- Find the right IRA
On top of its general financial management resources, Merrill also has articles, videos, and webinars on actual trading. These materials cover important issues like margin and options, and they can be sorted by experience level.
Both brokerage firms have effective screeners on their websites. Although both firms offer security profiles, Merrill’s have more information on them.
Winner: Merrill Edge
Third Category: Software Platforms
J.P. Morgan Chase customers get a basic website to conduct security analysis and submit orders. Charting is on a fairly basic level, although there are some tools. The order ticket has 4 trade types and 5 duration choices. There is a watchlist, but we didn’t find any alerts.
At Merrill Edge, traders can use a watchlist and alerts. Charting is on a similar level as J.P. Morgan Chase’s system, with tools but no full-screen mode. The primary difference is going to be MarketPro, a free desktop program available to Merrill Edge customers.
MarketPro comes with many professional-level features, including:
- Graphs that can be expanded the full width of the computer screen
- Level II quotes
- Technical analysis from Recognia
Winner: Merrill Edge
Fourth Category: Mobile Apps
So Merrill pretty much blew its competition out of the water in the realm of computer trading. But mobile trading is different. J.P. Morgan Chase’s app offers charting with tools (although there is no horizontal mode) and a basic order ticket. There is also mobile check deposit and bill pay.
The Merrill app has horizontal charting but no tools. Its app also has a check deposit feature and free bill pay. The biggest difference between the two platforms is perhaps the inclusion of trailing orders on Merrill’s app, which don’t appear on J.P. Morgan Chase’s.
Winner: Merrill Edge
Fifth Category: Trading Options
J.P. Morgan Chase customers can trade options, but only calls and puts. Merrill Edge goes much further than this by providing integrated strategies, such as calendar call spread and butterfly put. And with profit-loss diagrams and an options screener, the decision here is pretty simple.
Winner: Merrill Edge
Sixth Category: Miscellaneous Services
Dividend Reinvestment Program: Free DRIP service is available at both brokerage firms.
IRAs: Both firms offer Individual Retirement Accounts. Merrill Edge charges $49.95 to close an IRA, while J.P. Morgan Chase customers have to pay $75.
Fractional-share Trading: Not yet available at either brokerage firm, but we’ll keep you posted.
Investment Advice: J.P. Morgan Chase offers a robo service called J.P. Morgan Portfolios. Automated accounts carry a 0.35% annual charge. Merrill Edge customers can sign up for Guided Investing, which is a managed account service, but not a robo service. The cost is 0.45%. For 0.85%, Guided Investing clients get to work one-on-one with a financial advisor.
Winner: Overall, pretty close here
Promotions
Merrill Edge: Get up to $600 when you open a new Merrill Edge account with at least $20,000.
TD Ameritrade: $0 commissions + transfer fee reimbursement.
Chase:
Get up to $700 when you fund a J.P. Morgan Self-Directed Investing account.
Our Recommendations
Mutual Fund Investors: Merrill Edge offers 3,088 mutual funds. On this list, 664 have no load and no transaction fee. J.P. Morgan Chase offers only no-load, no-transaction-fee funds. Using its screener, we found 3,142 securities. But Merrill has better fund profiles with ratings from both Lipper and Morningstar.
Small Accounts: Self-directed traders can go with either firm. For managed accounts, it’s a different story. J.P. Morgan Chase has a $500 minimum, while Merrill Edge requires $5,000.
Stock/ETF Trading: Merrill Edge’s desktop software makes it the clear choice here. We also like Merrill’s stock and ETF research tools.
Beginners: Merrill Edge’s educational materials are more geared towards newbies. Plus, we think its customer service is better.
Long-Term Investors and Retirement Savers: Pretty even here. Merrill has a slight edge with an individual 401k plan.
Broker Reviews
Go to JP Morgan Review
or to Merrill Edge Review
JP Morgan Chase vs Merrill Lynch: Results
Although both brokerage houses are owned by large well-known banks, the similarity stops there.
These two firms are very different, with Merrill Edge coming out the clear winner overall.
Anyone looking for the top-rated brokerage firm on the market
should go with TD Ameritrade
or read TD Ameritrade review.
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Disclaimer
INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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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