Table of Contents
Introduction
Investing without the guidance of a professional is known as self-directed investing and there are many options available for the investors. Some of the popular options include Merrill Edge and TD Ameritrade, and both of them are packed with features that assist investors in the management of their portfolio. This article aims to compare the self-directed investing offerings of Merrill Edge and TD Ameritrade with regard to key features, fees, customer service, and the overall user experience. By the time you are done reading through this article, you will have a clear picture of what platform would be the most suitable for your investment goals.
Key Features
When choosing a self-directed investing platform, features are usually an important factor to consider. Merrill Edge offers a number of tools through which investors can make wise investment decisions. The platform has real-time market data, watchlists that can be customized, and advanced charting tools. Furthermore, Merrill Edge provides the client with access to research reports and educational material that enables the investor to know what is happening in the market and where to invest.
On the other hand, TD Ameritrade also offers a wide range of features that are available to the investor. Their platform provides access to a variety of investment products including stocks, bonds, mutual funds, and ETFs. They also provide a good options trading platform that attracts individuals who are interested in derivatives trading. Furthermore, TD Ameritrade’s thinkorswim platform is popular for having a rich set of charting and technical analysis tools.
Fees
When it comes to the fees, both Merrill Edge and TD Ameritrade have very attractive fees. The following are the fees that apply to Merrill Edge: For online stock, ETF and options trades there is $0 commission, but for options trading there is a $0.65 per contract fee. TD Ameritrade has the same $0 commission for online stock, ETF, and options trades, plus a $0.65 per contract fee for options. It is important to note that both platforms may have other charges for certain services like broker-assisted trades or access to premium research.
Another important fee to consider is the account maintenance fee. The following applies to Merrill Edge: There is no annual fee for self directed investing accounts. On the other hand, TD Ameritrade has a $0 maintenance fee for self directed individual retirement accounts (IRAs) but $75 for other accounts. It is important to compare the fees of the two platforms and determine which is most suitable for your investment product and financial resources.
Customer Service
Any self-directed investing platform is incomplete without customer service. Merrill Edge has customer support that is available 24/7 through phone, email and live chat. They also have a number of financial advisors who can provide individual advice. Their customer service is well recognized for being helpful and fast.
However, the same can be said for TD Ameritrade as it also offers 24/7 customer support through phone, email and live chat, as well as branch offices across the United States for walk-in assistance. They are famous for their friendly and helpful staff and quick resolution of faults.
User Experience
User experience is also an essential factor when choosing a self-directed investing platform. The interface of the platform is clean and simple, and navigating through it and executing trades is easy for investors, according to Merrill Edge. The company’s mobile app also helps investors to trade and manage their accounts anytime, anywhere, and has received positive reviews for its user-friendly design.
Instead, TD Ameritrade gives a more complex and more abundant experience. It takes some time for new users to get used to the platform, but experienced investors will appreciate the ability to customize and use additional tools. The mobile app of TD Ameritrade also provides a smooth trading experience across different smartphones and tablets.
Summary
In general, both Merrill Edge and TD Ameritrade are good self-directed investing platforms with many features that can meet the needs of different investors. If you are looking for a simple interface and access to research and learning then Merrill Edge could be for you. On the other hand, investors who are looking for advanced options and settings may find that TD Ameritrade is more suitable.
In conclusion, the choice between Merrill Edge and TD Ameritrade will depend on your investment goals and preferences. It is important to compare the features, fees, customer service, and over all experience of both platforms before making a decision.
