Head-to-head comparison across ratings, fees, asset coverage, and platform breadth.
4.5 / 5
Best for full-service investors who want thinkorswim, broad 24/5 trading, deep customer service, and integrated banking. Cost-competitive on most fronts but lags on margin rates and fractional-share breadth.
3.8 / 5
Best for Bank of America customers with $100K+ combined balances who want IRA, banking, credit card, and brokerage under one login. Outside that fit, Fidelity, Schwab, or IBKR are stronger pure-trading platforms.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Charles | Merrill | Winner |
|---|---|---|---|
| OverallEditorial score | 4.50 / 5 | 3.80 / 5 | Charles |
| Sub-ratingsCommissions & fees | 4.20 | 3.80 | Charles |
| Sub-ratingsPlatforms & tools | 5.00 | 3.80 | Charles |
| Sub-ratingsMobile app | 4.40 | 3.50 | Charles |
| Sub-ratingsResearch | 5.00 | 5.00 | Tie |
| Sub-ratingsEducation | 5.00 | 4.00 | Charles |
| Sub-ratingsCustomer service | 4.90 | 4.00 | Charles |
| Sub-ratingsRange of investments | 4.70 | 3.00 | Charles |
| Sub-ratingsActive trading | 4.70 | 3.30 | Charles |
| PricingLowest margin rate | 11.13% | 4.50% | Merrill |
| PricingDefault cash sweep yield | 0.45% | 0.01% | Charles |
| PricingPFOF on equities | Accepts | Does not accept | Merrill |
| Asset class | Charles | Merrill |
|---|---|---|
| OTC / penny stocks | Yes | No |
| Fractional shares | Limited | No |
| Options (single & multi-leg) | Yes | |
| Forex | Yes | No |
| Futures / futures options | Yes | |
| Crypto (direct) | Limited | No |
| IPOs | Yes | |
| 24-hour overnight equity trading | Yes | No |
| Options (Levels 1–5) | Yes | |
| Futures | No |