For beginner and advanced investors alike, Merrill Edge offers a good mix of competitive fees and great customer service to make it easier to invest.
But it’s not the best choice for everyone. This Merrill Edge review will help you determine if the broker is right for your investing goals.
Merrill Edge review
Merrill Edge is an online brokerage service provided by Bank of America Merrill Lynch, the investment arm of Bank of America. As a result, Bank of America customers can receive extra perks by investing with the broker.
Before we get into the details, here are some high-level benefits and drawbacks to consider about Merrill Edge:
- It offers commission-free trades for big investors and Bank of America loyalists.
- It requires no minimum opening deposit.
- It has an excellent customer support team.
- The securities selection might be limiting for more advanced investors.
- Its advanced platform isn’t available for small-time investors.
Merrill Edge investment accounts
Merrill Edge offers a variety of investment accounts to help you with all your individual investing needs, including:
- Individual and joint brokerage accounts
- Trust and estate accounts
- Individual retirement accounts
- Health Savings Accounts (HSA)
- Merrill Edge Guided Investing accounts
- 529 accounts
- Custodial accounts for minors
For the most part, you control the investments in your Merrill Edge account.
One exception, however, is the Merrill Edge Guided Investing account, which is managed by investment professionals at Merrill Lynch. You can have a traditional brokerage account or IRA within a Merrill Edge Guided Account.
Merrill Edge doesn’t require a minimum opening investment, so it’s a great fit for investment newbies.
Once you’ve opened an account, you can invest in the following securities:
- Exchange-traded funds
- Mutual funds
- Bonds and other fixed income
More sophisticated investors who want to trade in foreign exchanges, precious metals, futures, or other advanced…