Is Merrill Edge Coming to Canada?

| June 1, 2022
✓ Verified by Matthew Jaekel

Currently, Merrill Edge isn’t available in Canada.

Merrill Edge is an online trading platform offered by Bank of America, created after merging with Merrill Lynch.

Best Alternatives to Merrill Edge in Canada

Interactive Brokers

Summary

Interactive Brokers is a brokerage service that takes a streamlined approach to trading by focusing on low fees, exceptional execution on trades, and access to a diverse range of assets.

Pros

  • The software that Interactive Brokers has built for its trade execution allows clients to access some of the best price execution currently in the industry.
  • The platform allows users access to a massive selection of asset classes to choose from, foreign and domestic (US).

Cons

  • The range of tools and the user interface can intimidate novice traders.
Wealthsimple Trade

Summary

Wealthsimple is making investing easy to understand and accessible for regular people who want to generate wealth.

Pros

  • Commission-free trading platform.
  • User friendly platform that is intuitive to navigate.

Cons

  • High currency conversion fees when trading US stocks and ETFs.
TD Direct Investing

Summary

TD Direct Investing is owned by TD Bank, Canada’s largest bank based on assets under management. This platform is for people who want a well-established financial institution and are willing to pay a little more for that peace of mind.

Pros

  • Access to a wide range of investment accounts and equities through the largest Canadian electronic brokerage.
  • Versatile platform that is packed full of advanced tools for trading and other features.

Cons

  • Higher than average trading fees when compared to discount brokerage platforms.

Even though Merrill Edge is not available in Canada, several options provide similar or better online brokerage services.

As every investor has unique goals and objectives, look for the trading platform that aligns best.

Will Merrill Edge be coming to Canada?

As of right now, Merrill Edge has no plans to expand into Canada.

What is Merrill Edge Investing?

Owned by Bank of America, Merrill Edge is an investment platform that offers investing services, equity trading, brokerage services, and banking.

Clients can seamlessly move funds from their Bank of America account into Merrill Edge and take advantage of amenities offered by keeping certain minimum balances in Bank of America or Merrill Edge accounts.

Customers can be DIY investors, work with an advisor, or utilize Merrill Edge Guided Investing for portfolio management.

Merrill Edge is an excellent platform for both beginner and intermediate investors.

The tools and services offered range from helping beginner investors learn the basics and to providing intermediate investors with advanced functionality.

There are also tools for both fundamental and technical analysis, making it ideal for both day traders and long-term investors alike.

Bank of America customers can easily open an account and receive benefits for being loyal users through reduced or waived fees, easy fund transfers between accounts, and access to perks from the Preferred Rewards program.

Fun Fact

Instead of your money sitting in an account and potentially losing value through inflation, Merrill Edge allows users to have their money move automatically into a money market fund by enrolling in a cash sweep program.

Merril Edge trading platform open on laptop

Frequently Asked Questions

  • Is Merrill Edge available in Canada?
  • Does Merrill Lynch have offices in Canada?
  • Can a non-US Citizen open a Merrill Edge account?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.