Is Merrill Edge Coming to Canada?

| September 19, 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

A low-fee platform that offers access to a variety of asset classes. A great option for advanced traders, as the platform offers a variety of technical tools and market research.

Pros

  • Ability to purchase fractional shares.
  • Low commissions, especially for high-frequency traders.

Cons

  • The platform is not as user-friendly as other options.
  • The pricing structure is complex, and understanding commissions may be difficult at first.
Wealthsimple Trade

Summary

Wealthsimple was the first platform to offer zero-commission trading in Canada. The platform is a great choice for new investors, offering basic features with a polished, user-friendly interface.

Pros

  • No account minimums required.
  • Easy-to-use mobile and web platforms.

Cons

  • Plus subscription required to have a USD account to avoid FX fees.
  • Lack of advanced features such as options trading.
TD Direct Investing

Summary

TD Direct Investing is a platform preferred by customers looking to stick with a bank-owned brokerage platform. TD Direct Investing offers access to advanced research tools that may be of interest to advanced traders.

Pros

  • A well-known and trusted Canadian bank.
  • Easy setup, especially for existing TD customers.

Cons

  • Higher commissions compared to competitors.

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.