Overview of Merrill Edge and Webull
Should you choose Webull or Merrill Edge? Merrill Edge wins in the realm of trading tools, mutual
funds, and options trading; while Webull is the better firm for shorting and margin trading.
Merrill Edge is owned by Bank of America, which gives it some powerful banking resources that are
absent at Webull. Here’s an in-depth look:
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
|
WeBull
|
$0
|
na
|
$0 per contract
|
$0
|
$0
|
|
Merrill Edge
|
$0
|
$19.99
|
$0.65 per contract
|
$0
|
$0
|
Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
|
WeBull
|
|
|
|
|
|
|
|
Merrill Edge
|
|
|
|
|
|
|
Promotions
WeBull:
Get 2 FREE stocks valued up to $1,850 + $100 in ACAT reimbursement.
Merrill Edge: Get up to $600 when you open a new Merrill Edge account with at least $20,000.
Merrill Edge Pros and Cons
Merrill Edge is a full-service brokerage firm that offers both self-directed and managed accounts. Because of its relationship with Bank of America, accounts from both financial institutions can be accessed with a single login.
Merrill Edge’s strengths include:
- Excellent desktop platform
- Cash management tools
- Well-designed website
- Low-cost investment advice
- Free credit score
Merrill Edge’s weaknesses are:
- No robo advisor
- Small selection of mutual funds
Webull Pros and Cons
Webull is newer to the brokerage world than Merrill, but nevertheless manages to deliver a worthwhile trading experience. Since its founding in 2018, it has added options trading and has greatly improved its software.
Webull’s advantages include:
- Simulated trading on multiple platforms
- Good tools for margin trading and shorting
- Several advanced features like extended-hours and Level II quotes
Webull’s disadvantages are:
- No investment advice
- Small selection of tradable assets
Now let’s take a look at how Webull and Merrill Edge stack up against each other in the most important investment categories.
Securities Offered
Merrill Edge offers the following investment vehicles:
- Option contracts
- Equities (with OTC and penny stocks)
- Mutual, exchange-traded, and closed-end funds
- Bonds
Webull starts with the same list but subtracts bonds, mutual funds, and over-the-counter stocks.
The broker-dealer also offers crypto-currencies.
Winner: Merrill Edge
Websites
Not surprisingly, both brokerage firms in this rivalry have websites. But the similarity stops there.
Webull has a very simple site. In the past, there wasn’t even a login. Now, there is a login, but once inside, there aren’t many resources. There are tools to download documents and transfer funds. The broker recently added security profiles and market details.
At Merrill Edge, we find a complete website. Besides account management and funds transfer tools, there is an actual trading ticket (Webull’s site doesn’t have one). Merrill’s has:
- 2 duration choices (day and GTC)
- 8 trade types
- Calculator to convert dollar amount to share amount
- Refreshable trade details
- Extended-hours mode
While charts on Webull’s site have no tools of any kind, Merrill offers several advanced charting features, such as:
- Comparisons
- Technical studies
- Multiple graph styles
- More than 10 years of price history
A search field in the top-right of the Merrill site makes finding resources quick and easy.
Winner: Merrill Edge
Desktop Software
For a more advanced trading experience, both firms in this examination offer desktop platforms.
MarketPro is Merrill’s program. It offers countless professional-level widgets. Our favorites include:
- Economic calendar
- Portfolio analysis tool
- Market movers
- Level II quote box
- Alerts
- Web feeds
Very advanced full-screen charting with the following highlights:
- More than 100 technical studies
- More than 20 drawing tools
- High degree of customization
- Right-click trading
- 13 graph styles, including Renko Plot
Webull’s platform has no name, but it does offer these features:
- Margin details for every entered ticker symbol
- Demo mode
- Order ticket with stop, limit, and bracket orders
- Level II data
- Upcoming IPOs
Full-screen charts with:
- 8 graph styles, including colored bar
- 9 technical indicators
- Right-click trading
Winner: Draw
Mobile Apps
The Merrill Edge app functions on both Apple and Android devices, including both phones and tablets. The broker also provides a platform for Apple Watch. Combined, the broker’s mobile software offers:
- Watchlists
- Market news
- Order ticket with several trade types, including trailing orders
- Mutual fund trading
- Mobile check deposit
- Bill pay
- Educational materials
Webull’s app also functions on both tablets and phones. However, the broker doesn’t have a smartwatch platform. Also missing is mobile check deposit. Highlights on Webull’s app include:
- Simulated trading for extra practice
- Trading competitions
- Community forum where users can connect with each other
The major advantage of Webull’s app over Merrill’s lies in the realm of charting. Webull’s platform offers many trailblazing features, like dual charting and a replay tool.
Winner: Webull
Options Trading
Webull provides trading in calls and puts on both its computer platform and its mobile software. Unfortunately, we didn’t find any advanced tools or multi-leg strategies.
At Merrill Edge, the situation improves quite a bit. The brokerage house provides its customers with a lot of derivative tools, particularly on its website. Highlights include:
- Options screener
- Strategy builder
- Profit-loss diagrams
- Explanations of trade ideas
MarketPro offers (free of charge) OptionsPlay, which generates trade ideas from a ticker symbol and bullish or bearish projections.
Merrill Edge is charging 65 cents for each contract, while Webull has no commissions.
Winner: Webull
Fund Investing
As already mentioned, mutual funds aren’t available to Webull customers; so that pretty much ends the comparison. For ETFs, it’s a different story.
Merrill’s website has an ETF screener that is able to scan the fund marketplace for potential investments. The tool has roughly 50 search variables. It’s easy to look through the results and even place a trade directly from the search engine.
Merrill Edge also provides a list of ETFs that have been hand-picked by the company’s human advisors. These funds are recommended based on a variety of risk-return metrics.
Webull doesn’t provide any ETF recommendations, nor does it even have a fund screener. ETF profiles have brief details, mostly on trade characteristics, like order flow and time & sales data.
Winner: Merrill Edge
Financial Education
Although Webull has a list of FAQ’s on its website, there’s not much in terms of investment education. The broker has 16 videos on its YouTube channel.
Merrill Edge has an Investor Education tab on its website that appears before logging in, which means guests can use these resources. Here, we found many useful materials, including:
- Retirement calculators
- Articles
- Webinars
- Self-guided courses
- Videos
Merrill’s resources can be sorted by topic or experience level, and this makes sorting through them quick and easy.
For account holders already logged in, the Guidance & Retirement and Research tabs are ground zero for Merrill’s learning materials. Some of the resources are slightly different, so we recommend opening an account to get the full cornucopia of materials.
Winner: Merrill Edge
Miscellaneous Services
Virtual trading: Webull offers a simulated trading, but Merrill Edge doesn’t.
Margin lending: Webull's margin rates are much lower than at the competitor.
Winner: Webull
Now, Our Recommendations
Stock trading: Webull.
Beginners: Either.
Small accounts: Either for taxable accounts. Webull for IRA’s.
Long-term investors and retirement savers: Merrill Edge.
Promotions
WeBull:
Get 2 FREE stocks valued up to $1,850 + $100 in ACAT reimbursement.
Merrill Edge: Get up to $600 when you open a new Merrill Edge account with at least $20,000.
Webull vs Merrill Edge Judgement
Merrill Edge offers more services but charges commissions in many cases. Webull is always
$0-commission, and the number of services is growing almost every month.
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