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.
4.0 / 5
Best one-app financial life for beginners and casual investors. Unbeatable on $0 options + IPO access + 1% IRA match. Avoid if you trade OTC, options spreads professionally, or hold meaningful idle cash.
Each broker scored 0–5 across the same 8 dimensions.
Green cells mark the winner on each metric. Tie rows are uncoloured.
| Metric | Merrill | SoFi | Winner |
|---|---|---|---|
| OverallEditorial score | 3.80 / 5 | 4.00 / 5 | SoFi |
| Sub-ratingsCommissions & fees | 3.80 | 4.50 | SoFi |
| Sub-ratingsPlatforms & tools | 3.80 | 3.50 | Merrill |
| Sub-ratingsMobile app | 3.50 | 4.50 | SoFi |
| Sub-ratingsResearch | 5.00 | 3.00 | Merrill |
| Sub-ratingsEducation | 4.00 | 3.50 | Merrill |
| Sub-ratingsCustomer service | 4.00 | 3.50 | Merrill |
| Sub-ratingsRange of investments | 3.00 | 3.50 | SoFi |
| Sub-ratingsActive trading | 3.30 | 3.00 | Merrill |
| PricingLowest margin rate | 4.50% | 4.75% | Merrill |
| PricingDefault cash sweep yield | 0.01% | 0.01% | Tie |
| PricingPFOF on equities | Does not accept | Accepts | Merrill |
| Asset class | Merrill | SoFi |
|---|---|---|
| US stocks (NYSE/Nasdaq/AMEX) | Yes | |
| OTC / penny stocks | No | |
| Fractional shares | No | |
| Options (Levels 1–5) | Yes | |
| US Treasuries | Yes | No |
| Corporate / muni bonds, CDs | Yes | |
| Crypto (direct) | No | Yes |
| International stocks | Limited | No |
| US stocks (NYSE/Nasdaq) | Yes | |
| OTC / Pink Sheets / OTCQB / OTCQX | No | |
| Fractional shares (Stock Bits) | Yes | |
| Options (single-leg + defined-risk spreads) | Yes | |
| Corporate / muni bonds | No | |
| IPO Investing | Yes | |
| Pre-IPO / Private funds | Yes |