Head-to-head comparison across ratings, fees, asset coverage, and platform breadth.
4.0 / 5
Best for OTC and penny-stock buyers who want $0 commissions, plus mainstream mutual-fund and 24/5 access. Smaller platform and research footprint than the big four, but the price floor is uncontested.
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 | Firstrade | Merrill | Winner |
|---|---|---|---|
| OverallEditorial score | 4.00 / 5 | 3.80 / 5 | Firstrade |
| Sub-ratingsCommissions & fees | 5.00 | 3.80 | Firstrade |
| Sub-ratingsPlatforms & tools | 3.50 | 3.80 | Merrill |
| Sub-ratingsMobile app | 4.00 | 3.50 | Firstrade |
| Sub-ratingsResearch | 3.50 | 5.00 | Merrill |
| Sub-ratingsEducation | 3.50 | 4.00 | Merrill |
| Sub-ratingsCustomer service | 3.60 | 4.00 | Merrill |
| Sub-ratingsRange of investments | 3.80 | 3.00 | Firstrade |
| Sub-ratingsActive trading | 3.60 | 3.30 | Firstrade |
| PricingLowest margin rate | 10.75% | 4.50% | Merrill |
| PricingDefault cash sweep yield | 3.50% | 0.01% | Firstrade |
| PricingPFOF on equities | Accepts | Does not accept | Merrill |
| Asset class | Firstrade | Merrill |
|---|---|---|
| US stocks | Yes | |
| OTC / Pink Sheets / OTCQX / OTCQB | Yes | |
| Fractional shares | Yes | No |
| Options | Yes | |
| Corporate / muni bonds | Yes | |
| Crypto (direct) | Yes | No |
| International stocks (US app) | No | |
| 24-hour overnight equity trading | Yes | No |
| US stocks (NYSE/Nasdaq/AMEX) | Yes | |
| OTC / penny stocks | No | |
| Options (Levels 1–5) | Yes | |
| Corporate / muni bonds, CDs | Yes | |
| International stocks | Limited |