Is Merrill Edge available in Canada?
Short Answer
No, Merrill Edge is not available in Canada. Currently, it offers services only in the United States of America. Let's gather some more insights, Merrill Edge alternatives in Canada for traders and investors.
Detailed Answer
What is Merrill Edge?
Merrill Lynch, headquartered at Manhattan is one of the premier asset management companies in the United States of America. The company reported huge losses during the Global Financial Crisis 2008. Subsequently, Bank of America took over Merrill Lynch for wroth of approximately $50 billion.
Merrill Edge is a wing of Bank of America that offers investment advisory and e-trading platforms.
Merrill Edge - Features of Electronic Trading Platform
- It offers shares, bonds, fixed deposits, exchange traded funds, options and managed funds
- Investment account connected to your bank account.
- Availability of Self investing, advisory team, robot advisor and guided investing
- Programs to invest for retirement, education, tax planning, life planning and business planning
- Educational schemes, webinars, calculators, articles and online classrooms
- Recipient of Kiplinger’s award and stockbrokers.com award for customer service, dashboard and competitive fees.
- Zero and lost cost trades
- Hassle free connection between bank and trading account
- Link with third party research giant Morningstar and Lipper
Is Merrill Edge available in Canada?
No, Merrill Edge is not available in Canada and it offers services only in the United States of America.
Alternatives of Merrill Edge in Canada
The top 3 contenders that can be good Canadian alternatives to trading platform like Merrill Edge are:
1. Scotia iTrade
Scotia iTrade is one of the best alternatives as the trading platform is linked to a leading bank in Canada. You can own a bank account, loan account and a trading account under the same umbrella. In addition, it offers free educational courses, real time quotes and market updates. If you are someone who is looking for security of your funds and you want your money tied with a bank, you can choose Scotia iTrade.
2. **Wealthsimple **
Wealthsimple offers zero commission trade, educational schemes, maula trading and robo advisory, just like Merrill Edge does. It doesn’t mandate you to keep any minimum deposits and has user friendly trading apps. If you are happy with the private e-trading platform and if you are mainly looking for low costs, you may choose Wealth simple.
3. Questrade
Questrade is famous for its real time information, quotes, charts, technical analysis, security and grievance redressal. If you are an investment pro and if you do detailed research before investing your funds, Questrade offers you the best market information, just like how Morningstar aids Merrill Edge.
Availability of Merrill Edge in Canada
Although a well-established trading platform like Merrill Edge isn’t available in Canada, there are numerous platforms sprouting – both bank-based and private. It is important that you do an analysis of these various platforms and choose the one that best suits you.
Where have you opened your brokerage account? Do share your views on any of the above or other trading and investment platforms.
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