Merrill Edge vs Webull

Merrill Edge and Webull are built for different purposes. One sits inside a bank-centred wealth ecosystem; the other is a self-directed multi-asset trading platform.

Every fact below comes from the two canonical ROIStreet review records. Where a record does not establish a fact, it is stated as not established rather than inferred from the other platform.

Equity commissions are $0 at both

Both records show $0 commissions on eligible online U.S. stock and ETF trades and $0 account minimums. Merrill Edge charges $29.95 for a broker-assisted equity trade. Webull discloses payment for order flow, securities lending, margin interest and interest on free credit balances among its revenue sources, and charges $5 to buy and $0.05 to sell foreign F-shares.

Headline equity commissions are not the differentiator.

Options pricing is structurally different

Merrill Edge charges $0 base commission plus $0.65 per contract, with broker-assisted options at $29.95 plus $0.65 per contract.

Webull charges $0 commission and $0 contract fee on stock and ETF options, with a controlling $0.50 index-option contract fee on its main pricing page. Webull's record notes that some marketing pages show $0.55 for index options and that the pricing page figure is controlling. An oversized-option fee of $0.10 per contract applies at 500 contracts or greater.

For a high-volume equity-options trader, that is a large structural difference in cost.

Product scope diverges sharply

Webull's canonical record establishes futures at $0.25 per micro contract, $0.70 per mini contract and $1.25 per regular contract, plus futures options, nano futures, direct spot crypto, event contracts, fractional bonds and OTC securities.

Merrill Edge's record establishes no futures, no futures options, no retail forex and no direct spot crypto.

Direct crypto exists only at Webull

Webull provides direct crypto through Webull Pay with Coinbase execution and custody generally and Bakkt in certain jurisdictions, with a $0 separately stated commission and a 1% spread included in the buy and sell price for many current trades, a $2 minimum order for Coinbase-supported customers and a $1 minimum for Bakkt, and a stated exception where the trading-fee spread does not apply to stablecoins. Webull crypto is not a brokerage-protected asset.

Merrill Edge does not offer direct retail cryptocurrency trading.

Event contracts are a Webull-specific category

Webull's record establishes event contracts and prediction markets with a $0.01 per contract firm fee and a $0.01 per contract exchange fee, totalling $0.02 per contract on open and on close.

Merrill Edge's record does not establish event contracts. This is a category difference rather than a pricing difference.

Trading hours differ

Webull establishes a regular session of 9:30 AM to 4:00 PM ET, premarket from 4:00 AM, after-hours to 8:00 PM and an overnight session from 8:00 PM to 4:00 AM ET on Sunday evening through Thursday overnight sessions, with select-security eligibility that can change.

Merrill Edge supports extended-hours order access where eligible through MarketPro, and does not establish an overnight session.

Platform philosophy

Webull's platform family is Webull Desktop for Windows, Mac and Linux, Webull WebTrade, the Webull Mobile App and Webull Lite, with advanced charting, technical indicators, drawing tools, unlimited layouts, custom alerts, paper trading, community features and OpenAPI access with Python and Java SDKs covering stocks, fractional stocks, options, futures, crypto and event contracts. Market data such as Nasdaq TotalView carries subscription pricing.

Merrill Edge MarketPro is a web-based platform launched from a Self-Directed account on a desktop or laptop, with streaming quotes, advanced charting, Level II quotes, customisable workspaces, options chains and analysis, research and technical studies. It is not downloadable software, is not available on mobile or tablet, and does not include paper trading. Merrill Edge's record establishes no public trading API.

Research and advisory depth favours Merrill's ecosystem

Merrill Edge provides BofA Global Research, Morningstar, CFRA, Trading Central, OptionsPlay, Idea Builder and fixed income and mutual fund screeners, with Merrill advisory pathways alongside.

Webull provides market news, company fundamentals, technical indicators, screener-style tools and a community layer, with Webull Premium adding real-time data, lower margin rates, a higher cash rate and futures and index-option volume discounts. Institutional research of the BofA Global Research type is not established in Webull's record.

Long-term investing infrastructure favours Merrill Edge

Merrill Edge establishes mutual funds, brokered CDs, Treasuries, corporate, municipal and agency bonds, 529 accounts, individual 401(k) and small-business retirement plans, custodial UGMA/UTMA, trust, estate and business accounts, along with Merrill Guided Investing at a $1,000 minimum and 0.45% and an advisor tier at $20,000 and 0.85%.

Webull establishes Traditional, Roth and rollover IRAs, managed IRAs, custodial and entity accounts, futures and crypto accounts and event-contract accounts, with a $1,000 standard Treasury minimum, a $100 minimum fractional bond investment and a 0.10% Treasury markup. Webull's record shows no mutual-fund marketplace. A 529 plan is not established in Webull's canonical record.

Practical distinction

Merrill Edge may fit better when the priority is Bank of America integration, institutional research, mutual funds and fixed income, 529 and small-business retirement structures, and Merrill advisory relationships.

Webull may fit better when the priority is low-cost options, futures, direct crypto, event contracts, overnight trading, paper trading and API-driven self-directed trading.