Head-to-head comparison across ratings, fees, asset coverage, and platform breadth.
4.7 / 5
Best overall broker for long-term investors, retirement, mutual funds, and cash management. Industry-leading sweep yield, zero-expense-ratio funds, and no PFOF on equities.
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 | Fidelity | Merrill | Winner |
|---|---|---|---|
| OverallEditorial score | 4.70 / 5 | 3.80 / 5 | Fidelity |
| Sub-ratingsCommissions & fees | 4.60 | 3.80 | Fidelity |
| Sub-ratingsPlatforms & tools | 4.40 | 3.80 | Fidelity |
| Sub-ratingsMobile app | 5.00 | 3.50 | Fidelity |
| Sub-ratingsResearch | 5.00 | 5.00 | Tie |
| Sub-ratingsEducation | 5.00 | 4.00 | Fidelity |
| Sub-ratingsCustomer service | 4.90 | 4.00 | Fidelity |
| Sub-ratingsRange of investments | 4.20 | 3.00 | Fidelity |
| Sub-ratingsActive trading | 4.30 | 3.30 | Fidelity |
| PricingLowest margin rate | 7.50% | 4.50% | Merrill |
| PricingDefault cash sweep yield | 3.26% | 0.01% | Fidelity |
| PricingPFOF on equities | Does not accept | Does not accept | Tie |
| Asset class | Fidelity | Merrill |
|---|---|---|
| OTC / penny stocks | Limited | No |
| Fractional shares | Yes | No |
| Options (up to Level 4) | Yes | |
| IPOs | Limited | |
| International direct | Yes | |
| Futures / futures options | No | |
| Crypto (direct) | Limited | No |
| Spot crypto ETPs | Yes | |
| Precious metals (physical) | Yes | |
| Options (Levels 1–5) | Yes | |
| Futures | No | |
| International stocks | Limited |