Introduction
Merrill Edge Self Directed is an online brokerage platform that allows investors to manage their own investments. One of the most important aspects of any brokerage platform is the fees associated with using it. In this article, we will explore the different fees associated with Merrill Edge Self Directed and help you understand how they work.
Account Fees
Merrill Edge Self Directed charges a number of fees associated with your account. There are no account minimums to open an account, but you may be charged a $49.95 annual account maintenance fee if you do not meet certain requirements. To avoid this fee, you must have a combined balance of $50,000 or more in your Merrill Edge Self Directed account and other linked Merrill Lynch investment accounts.
Commission Fees
Commission fees are one of the most important fees to consider when choosing a brokerage platform. Merrill Edge Self Directed charges $6.95 per online equity and ETF trade. This fee is competitive with other online brokerage platforms and is relatively low compared to traditional brokerage firms.
Options Fees
If you choose to trade options on Merrill Edge Self Directed, you will be charged a base commission of $6.95 plus an additional $0.75 per contract. This fee is also competitive with other online brokerage platforms and is relatively low compared to traditional brokerage firms.
Mutual Fund Fees
Merrill Edge Self Directed charges $19.95 per transaction for mutual fund trades. This fee is relatively high compared to other online brokerage platforms, but it is in line with traditional brokerage firms.
Bond Fees
If you choose to trade bonds on Merrill Edge Self Directed, you will be charged $1 per bond with a minimum of $10 and a maximum of $250 per transaction. This fee is relatively low compared to traditional brokerage firms.
Additional Fees
In addition to the fees listed above, Merrill Edge Self Directed charges a number of other fees. These include: – Outgoing account transfer fee: $49.95 – Returned check fee: $30 – Domestic wire transfer fee: $24.95 – International wire transfer fee: $49.95
Conclusion
Merrill Edge Self Directed is a competitive online brokerage platform that offers low commission fees for equity, ETF, and options trades. While the mutual fund fee is relatively high, the bond fee is relatively low. It is important to consider all of the fees associated with any brokerage platform before opening an account. By understanding the fees associated with Merrill Edge Self Directed, you can make an informed decision about whether it is the right platform for you.
