Merrill Edge vs Webull (2026): Best for Options Trading?
Merrill Edge and Webull both support listed options, but Merrill Edge emphasizes Bank of America integration and research while Webull prioritizes active-trading tools and low options costs.
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Merrill Edge is the clear winner for Bank of America customers. The Preferred Rewards integration alone can be worth hundreds of dollars per year in credit card bonuses and fee waivers. As a standalone trading platform it's solid but not exceptional — the real value is the banking ecosystem integration.
Webull delivers the best free options trading platform available. Zero commissions including on contracts, advanced charting, and extended hours access make it an exceptional value. The platform for cost-conscious active traders.
Side-by-Side Comparison
How we review: Our team opens real accounts and tests every platform hands-on. We evaluate on commissions, tools, and execution — never influenced by affiliate relationships. Editorial policy →
| Feature | Merrill Edge | Webull |
|---|---|---|
| Our Rating | 4 | 4.2 |
| Commissions | $0.65/contract | Free |
| Min. Deposit | $0 | $0 |
| Options Trading | — | Yes |
| Free to Close Options | No | No |
| Paper Trading | — | Yes |
| Account Types | Individual, IRA, Roth IRA | Individual, IRA, Paper Trading |
| Regulated | FINRA / SIPC | FINRA / SIPC |
Merrill Edge — Full Review
Merrill Edge's value proposition is fundamentally tied to the Bank of America ecosystem. The Preferred Rewards program has four tiers based on combined BofA and Merrill Edge balances: Gold ($20K+), Platinum ($50K+), Platinum Honors ($100K+), and Diamond ($1M+). At the Platinum Honors tier, BofA credit cards earn 75% more points — turning a 2% cash back card into effectively 3.5% — and you receive 100 free stock and ETF trades per month (though this matters less now with commission-free trading). Diamond members get dedicated advisory support and the highest rewards multipliers. The Merrill Edge platform itself offers a clean, web-based trading interface called MarketPro that provides real-time streaming quotes, watchlists, customizable charts, and options chain analysis. While it lacks the depth of thinkorswim or Power E*Trade, it handles basic to intermediate options strategies competently. BofA Securities research is a genuine differentiator — these are the same analyst reports produced for institutional clients, covering thousands of stocks with buy/sell/hold ratings, price targets, and detailed sector analysis. Morningstar fund ratings are included free for ETF and mutual fund selection. Guided Investing is Merrill's robo-advisor offering, providing professionally managed portfolios starting at $1,000 with a 0.45% annual advisory fee — competitive with Betterment and Wealthfront. For higher balances, Merrill offers access to full-service financial advisors through the broader Merrill Lynch wealth management division. Retirement account support is comprehensive: Traditional IRA, Roth IRA, SEP-IRA, 529 college savings, and trust accounts are all available. The retirement planning tools integrate your full Bank of America financial picture — checking, savings, CDs, investments, and credit — into a single dashboard that provides holistic planning guidance. Customer service is available by phone, chat, and at Bank of America financial centers nationwide — the branch network is a significant advantage for investors who prefer in-person support. The mobile app integrates with the BofA mobile banking app, allowing seamless transfers and a unified view of all accounts.
Webull — Full Review
Webull emerged as a serious competitor by offering everything Robinhood does but with actual trading tools. The charting platform supports 50+ technical indicators, drawing tools, and multi-chart layouts that rival TradingView. Options trading is fully commission-free — not just on stocks but including the per-contract fee that Tastytrade and others charge. The paper trading mode is a standout feature, letting new traders practice with real market data without risking capital. Extended hours trading from 4am to 8pm ET gives active traders more flexibility than most platforms. The desktop app is powerful and the mobile app is among the most feature-complete in the industry.
The Verdict: Which Should You Choose?
Choose Merrill Edge if Bank of America integration, broad research, retirement accounts, and relationship rewards matter more than zero-contract-fee options trading.
Choose Webull if zero contract fees on equity options, advanced charting, paper trading, and an active mobile workflow are more important than full-service banking integration.