Most online brokerages understand that many of their customers live a lonely existence, and offer a forum or community to interact with other trading members of their platforms. That’s a mile above Zecco’s charge of $14.95. But outside of this list there is a charge of $39.85 each way. Mutual funds can be traded at Merrill Edge, and if on its list of no transaction fees funds, then you won’t be charged either on the buy or sell side. It uses the average balance on a daily basis over the previous month up to the day preceding the trade, and is calculated on a daily basis. The free of commission trades are calculated as to a complicated formula to measure your account balance. However, the level of service received from customer service can be hit and miss, which of course is a problem at many larger companies. ![]() There have been some technical issues with the service since it was launched, though these seem to have been mostly resolved. It’s possible to retrieve full account details of all accounts held at Bank of America, but many traders prefer to keep these separate. Again this takes time and is difficult to run in tandem with the daily trading regime. If he wants to test strategies, then it has to be done on paper, the old fashioned way. This leaves the active strategy trader at a disadvantage. Merrill Edge doesn’t offer a virtual trading facility as many of its competitors do. This means concentration levels have to be high, which can lead to screen fatigue for the active trader. Trading is slow and sometimes dysfunctional, and the lack of support for more advanced orders, such as conditional or contingent orders, means that a greater level of order management is required. The trading screen is functional, but no more. However, if transferring funds in or out, a fee of $75 is charged, whereas most brokers will wave such a fee in anticipation of gaining the servicing and other commissions through the lifetime of the account. It doesn’t levy any custodial fees, and has a zero balance initial funding requirement. Merrill’s retirement accounts compare well to others. ![]() You’ll also be in line for a free checking account. It also boasts a number of tools to help investors, including tables and graphs, calculators and fund screeners. Over this number of trades, or under the 25k account balance, stock trades are charged at a flat $6.95, about average in today’s market.Īs would be expected from such a large bank that consumed one of the world’s largest investment houses, the research available from Merrill Edge is pretty comprehensive. ![]() Of course this is only available to those that have $25,000 or more deposited in Bank of America accounts, so cynics might see this as either an attempt to retain the business of higher worth clients or encourage stock traders to move their assets to Bank of America. The ability to trade free of charge is a boon to traders who trade once or twice a day.
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