Merrill Edge IRA vs Tradestation IRA

Merrill Lynch: best if you want

With more than $1.6 trillion in assets under management, Bank of America is one of the largest financial institutions in the United States—and if you already have a bank account with them, having a Merrill Edge self-directed IRA account can simplify your life while also offering top-of-the-line integrated research and charting tools. Bank of America has teamed up with Merrill Lynch Wealth Management to offer different investment options to its customers that are integrated across the BoA platform, and $0 account minimums, $0 commissions on stocks and ETFs, and $0 annual program fee, Merrill Edge is a solid choice for those looking for a place to manage their retirement accounts, whether you’re an existing Bank of America customer or not. However, the platform does not allow investment in some increasingly popular investment asset classes like futures, foreign exchange (forex), or cryptocurrency.

TradeStation: best if you want

TradeStation offers a professional-level trading platform with an individual retirement account (IRA) option for the advanced investor. From stocks, ETFs, mutual funds, options trading, futures, cryptocurrency, and bonds, TradeStation offers investment options that will appeal to a wide variety of investors, especially those who prioritize diversification. TradeStation’s platform includes access to heavy-duty tools, including data feeds, charts, and more.

Merrill Lynch: other features

Since it’s integrated with the larger Bank of America Corporation, Merrill Edge truly shines when it comes to added features. Along with the investment options listed above, Merrill Edge customers can open CDs on the platform, explore fixed-income products like annuities, open checking, and savings accounts through Bank of America, and take out loans, including auto loans and mortgages.

TradeStation: other features

TradeStation offers a few heavy-duty trading platforms that stand out amongst IRA providers, including a desktop, web trading, mobile app, and futures trading platform. The platforms connect directly to stock, options, and futures market centers to deliver a high degree and speed of execution. Additionally, TradeStation’s tools source from a massive database and offer options to customize your experience.

Conclusion

A Merrill Edge self-directed IRA gives investors the tools they need to make informed decisions on basic investment options, with a well-appointed and easy-to-use platform with plenty of integrated tools. However, for those who aren’t yet Bank of America customers, discounts for upper-tier financial advisory services may remain inaccessible, and for those looking for forward-facing investment choices like cryptocurrency and futures, Merrill Edge may not cut it.

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TradeStation is a serious platform with a strong history for the advanced investor. If you’re looking for access to a robust set of data feeds and tools, along with perks like no account minimums or annual management fees, TradeStation may be a great provider for your new IRA.

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