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SoFi vs Merrill Lynch (2024)
Merrill Edge versus SoFi. Compare brokerage fees, options/futures accounts, & stock trading platforms. Which broker is better?
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Overview of SoFi and Merrill Edge
Merrill Edge and SoFi Invest are two platforms offering essential brokerage services. If you're trying to decide which one is better for you, keep reading. We have the answers you need.
Cost
| Broker Fees |
Stock/ETF
Commission |
Mutual Fund
Commission |
Options
Commission |
Maintenance
Fee |
Annual IRA
Fee |
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Merrill Edge
|
$0
|
$19.99
|
$0.65 per contract
|
$0
|
$0
|
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Sofi Invest
|
$0
|
na
|
$0
|
$25*
|
$0
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Services
| Broker Review |
Cost |
Investment Products |
Trading Tools |
Customer Service |
Research |
Overall Rating |
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Merrill Edge
|
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Sofi Invest
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Open Account
Merrill Edge: Get $0 trades + 65₵ per options contract at Merrill Edge.
Sofi Invest:
Get no commission stock trades.
Investment Lineup
Merrill Edge customers can trade bonds, stocks, options, mutual funds, ETFs, and closed-end funds. The stock category includes OTC stocks.
SoFi Invest offers trading in cryptocurrencies, ETFs, closed-end funds, and stocks, but does not include OTC stocks.
SoFi Invest allows whole-dollar investing in a select group of stocks and ETFs, something Merrill Edge does not offer.
Overall, Merrill Edge seems like the better option here.
Security Research
Merrill Edge provides market commentary from Merrill Lynch investment advisors. Its screeners effectively scan the markets for potential investments, and asset profiles offer detailed information, including free analyst reports from firms like CFRA and Morningstar.
SoFi Invest’s website offers far fewer tools. There are no screeners, making investment research more difficult. Security profiles are also limited, and there are no third-party analyst recommendations.
Merrill Edge is the better choice for research.
Trading Tools
Merrill Edge offers decent, though not exceptional, trading tools. The broker’s website provides basic charting with technical studies, multiple graph styles, and company events. The web-based trading ticket supports several order types and extended-hours trading.
Merrill Edge also offers a desktop platform called MarketPro® for active traders and large accounts. It includes advanced features not available on the website, such as tools from Recognia, Merrill Lynch Global Research, customizable windows, and Level II quotes.
SoFi Invest doesn’t focus on active trading, and its software offerings reflect that. The website is very simple, with no real trade ticket. SoFi Invest clients submit order requests, which are sent to exchanges at specific times. The site’s charting is basic, and there are no other trading platforms available.
Merrill Edge easily wins this category.
Portfolio Management
Merrill Edge offers a digital advisory service that charges 0.45% annually with a $5,000 minimum deposit. Adding a human advisor increases the fee to 0.85% with a $20,000 minimum.
SoFi offers similar robo and human advisory services but charges nothing and requires only $1 to start.
SoFi Invest is the better option here.
Other Services
Dividend Reinvestment Program: Both Merrill Edge and SoFi offer free DRIP services.
IRAs: You can open an IRA with either broker. Closing an IRA at Merrill Edge costs $49.95, while SoFi charges nothing. Merrill offers a SIMPLE IRA, which SoFi does not.
Automatic Mutual Fund Investing: Merrill Edge offers this service.
Merrill wins this category.
Recommendations
Beginners: Merrill Edge offers better customer service and learning materials.
Mutual Fund Traders: Merrill Edge is the clear choice.
ETF and Stock Trading: Merrill Edge, with its actual trade ticket and strong desktop platform, gets our approval.
Retirement Savers: Merrill Edge again.
Small Accounts: Both brokers are good options for small accounts.
Open Account
Sofi Invest:
Get no commission stock trades.
Webull:
Get up to 40 free stocks when you deposit money at Webull!
Merrill Edge: Get $0 trades + 65₵ per options contract at Merrill Edge.
Sofi vs Merrill Edge: Results
Merrill Edge clearly outperformed SoFi in this comparison, though SoFi’s crypto trading service is a strong feature.
Updated on 8/23/2024.
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