Head-to-head comparison across ratings, fees, asset coverage, and platform 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.
4.2 / 5
Best for systematic and futures traders who want EasyLanguage scripting, direct routing, deep back-testing, and active-trader margin rates. Less retail-friendly than thinkorswim but unmatched for strategy automation.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Merrill | TradeStation | Winner |
|---|---|---|---|
| OverallEditorial score | 3.80 / 5 | 4.20 / 5 | TradeStation |
| Sub-ratingsCommissions & fees | 3.80 | 3.80 | Tie |
| Sub-ratingsPlatforms & tools | 3.80 | 4.70 | TradeStation |
| Sub-ratingsMobile app | 3.50 | 3.80 | TradeStation |
| Sub-ratingsResearch | 5.00 | 4.00 | Merrill |
| Sub-ratingsEducation | 4.00 | 4.20 | TradeStation |
| Sub-ratingsCustomer service | 4.00 | 3.80 | Merrill |
| Sub-ratingsRange of investments | 3.00 | 4.20 | TradeStation |
| Sub-ratingsActive trading | 3.30 | 4.80 | TradeStation |
| PricingLowest margin rate | 4.50% | 4.25% | TradeStation |
| PricingDefault cash sweep yield | 0.01% | — | Merrill |
| PricingPFOF on equities | Does not accept | Accepts | Merrill |
| Asset class | Merrill | TradeStation |
|---|---|---|
| US stocks (NYSE/Nasdaq/AMEX) | Yes | |
| OTC / penny stocks | No | |
| Options (Levels 1–5) | Yes | |
| Mutual funds | Yes | Limited |
| Corporate / muni bonds, CDs | Yes | |
| Forex | No | Yes |
| Futures | No | |
| Crypto (direct) | No | |
| International stocks | Limited | |
| 24-hour overnight equity trading | No | Limited |
| US stocks | Yes | |
| OTC / Pink Sheets | Yes | |
| Options | Yes | |
| Corporate bonds | Limited | |
| Futures / futures options | Yes | |
| Crypto | No | |
| International stocks (US app) | Limited |