Merrill Edge is a well-known trading platform under Bank of America. It provides multiple services in brokerage and retirement accounts and financial advice. The platform is known for its research tools and educational resources. It helps in managing portfolios and retirement accounts. The platform is designed for investing in long-term assets.
However, FXRoad allows trading in different markets around the globe. The platform is regulated by FSA which makes it safe and credible. The platform is created to cater to beginners and experienced traders. It includes access to MT4, WebTrader, and mobile apps.
FXRoad is known for active trading making it suitable for low cost and high volatility. In this article, we will be discussing how this FXRoad review is a better alternative for investors.
Account Types and Flexibility
Merrill Edge accounts are created with a primary focus on investments. These include individual, joint, and retirement accounts (IRAs). It provides robo-advisory services through Merrill Guided Investing. The platform is not designed with traders in mind. The account types are more suited for those who want to make long-term investments rather than active traders.
However, FXRoad offers five different account types: Silver, Gold, Platinum, Islamic, and Virtual accounts. These accounts are perfect for individual traders. The accounts offer low spreads and dedicated customer service. Also, the platform offers swap-free Islamic accounts. These are perfect for those who require Sharia-compliant trading options. The various account types make FXRoad a better choice.
Fees and Commissions
Merrill Edge offers commission-free trading for different assets like stocks and ETFs. The platform may have additional charges for broker-assisted trades. Merrill Edge also has extra charges for account closure and maintenance. The platform provides commission-free trading for the major assets. However, the price structure can restrict traders looking for a low-cost option for regular trading.
On the other hand, FXRoad offers commission-free trading, for transactions and trading. This makes it a better choice for dedicated traders by reducing trading costs. FXRoad also offers narrow spreads starting at 0.6 pips, which is lower than Merrill Edge. The Platinum account with FXRoad is the best forex broker with low spreads. It is perfect for traders wishing to conduct many trades per day without incurring large charges.
Available Assets and Market Access
Merrill Edge focuses on traditional services including stocks, ETFs, and others. It also provides mutual funds and fixed-income services. It lacks access to more volatile and high-growth assets, like crypto and commodities. This is a drawback for real-time investors who want to build a diverse portfolio. It becomes difficult to invest in assets because of limited market exposure
Whereas, FXRoad is known to provide a diverse market of assets. It allows access to forex pairs, cryptocurrencies, commodities, and stocks. The platform offers over 350 trading assets, which allows diversification of the portfolio across different asset classes. The platform allows you to invest in major currency pairs, stocks, and cryptocurrencies. You can do it all at one place, making is a more versatile platform than Merrill Edge.
Trading Platforms
Merrill Edge offers its trading platform. It is a user-friendly platform that lacks features from platforms like MetaTrader 4 and TradingView. The platform may limit professional traders. The platform lacks charting tools and technical indicators for active traders. It is a good option for long-term investors who are looking for a simple investing process. The Merrill Edge login process is not for traders who need complex trading tools.
Compared to Merrill Edge, FXRoad offers various advanced trading platforms. It provides access to MT4, WebTrader, and mobile applications. These trading platforms provide advanced charting tools, automated trading, and technical indicators. It also provides support through TradingView. It is a known platform for traders looking for dedicated charting and market analysis tools. These platforms offer flexible and improved trading options for new and experienced traders.
Customer Support
Merrill Edge customer Service is available throughout business hours. It gets a little difficult to receive immediate responses during peak trading hours. The platform provides support through calls and live chat. The customers at the platform have reported that response times are slow. This makes it difficult for daily trading processes.
FXRoad offers dedicated customer service that is available around the clock. It allows traders to get proper support anytime and anywhere. If you have any queries about your account or require assistance with technical issues. FXRoad’s support team is available through email or live chat. The quick and eager response services make it perfect. It is ideal for anyone seeking timely assistance.
Why FXRoad is Better Than Merrill Edge
While Merrill Edge offers some great tools for long-term investors, FXRoad is the better choice for active traders. Here’s why:
- Asset Variety: FXRoad offers a wider variety of assets, including cryptocurrencies, Forex pairs, commodities, and stocks.
- Advanced Platforms: Merrill Edge offers basic support to the users. Whereas, FXRoad provides access to MT4, WebTrader, and mobile apps. It also offers flexibility and advanced trading tools.
- Low Costs: FXRoad offers commission-free trading and low spreads compared to Merrill Edge. It makes it more cost-effective for traders.
- 24/5 Customer Support: FXRoad provides dedicated support throughout the trading process. It ensures that traders get assistance whenever they need it.
- Better Leverage: FXRoad offers a high leverage of up to 1:200. This is higher than Merrill Edge’s offerings. It enhances the opportunities for traders to maximize their potential profits.
Conclusion
Merrill Lynch Edge is a great option for long-term investments. It allows the traders to manage their portfolios and retirement accounts. However, FXRoad is the better choice for active traders. It offers competitive spreads, advanced trading platforms, multiple assets, and dedicated customer support.
FXRoad is a much better option for those who want to engage in quick and high-return trading. If you want to trade using advanced tools and flexibility then FXRoad is the way to go. It will allow access to multiple assets and trading options.
FAQs
Q1. What is Merrill Edge?
Bank of America has an online broker platform called Merrill Lynch Edge. It offers various investment options and multiple assets. It is perfect for long-term investments.
Q2. How to close a Merrill Edge account?
To close your Merrill Edge account, you can easily contact customer service. This can be done through phone calls or live chat. Also, ensure that there are no outstanding positions or account balances before closing the account.
Q3: Is Merrill Edge good?
Merrill Edge is a good choice for long-term investments. However, it is not for active traders who require advanced trading tools and multiple assets.
Q4: How to withdraw money from Merrill Edge?
To withdraw funds from Merrill Edge, log in to your account, and navigate to the “Transfer”. You can transfer funds to a linked bank account with the withdrawal option.
