Merrill Edge-if you're a trader it will put you on the edge
... of commiting a suicide and/or urge to swear at customer service agent.
I've been a Banc of America customer for couple years (since 2006). Even though their platform was much worse than Scootrade's or TD's, I switched because the 30 free trades convinced me. However now with Merrill Edge is just simply a nightmare. Cash balances don't update for several days. So far they don't update at all. The execution of trades is horrible. Very slow, unstable, unreliable. To place an order it takes way too long (about 50 sec with 6Mb high speed internet connection). Website is very slow and not responsive. The website is very problematic, a lot of options which MOST traders don't need pop up. It's extremely illegible. Gains/Losses are hard to find. Once you find them the colors for loosing and winning positions are exactly the same which makes them very hard to read. In the era of color monitors it is just an outrage and unacceptable. Banc of America just DOWNGRADED all its LOW ASSETS customers and it looks like THEY DON'T CARE anymore. Try to call 1-800-926-1111 and press option 0 talk to the service agent! It's gonna be waste of time plus they all seem to have a negative attitude towards the customers. Just give me a break! Merrill is THE WORST ONLINE broker I've ever could imagined.
Stay away. Traders and investors - beware!!!
When you sell stocks short and later go long with the same security, their website WON'T SHOW IT! Actually the website shows you have ZERO SHARES (0)! When you try to cover your position it tells you to call customer service which takes on average 20-30 minutes. In the event of the flash crash your account could be wiped out.
I talked to one of the trading supervisors and she informed me that "not many customers go long and short in the same time" and therefore I CANNOT execute the trade online. She said she was aware of the problem but SHE HAD NO IDEA if it's gonna be resolved or not. My guess - NEVER! She offered me a broker assisted trade but ... I would rather stay away from their "specialists". Oh. She probably forgot to mention what would be the commision rate for that trade.
Please stay away from Merrill Edge. Maybe if all normal people (excluding those who like this godforsaken website) call them every day, send letters and talk to supervisors they would switch the website to the old one. Which wasn't perfect but it was much much better! Bottom line just go to any broker but NEVER to Merrill. Horrible customer service, impossible to swing trade website, impossible to cover your short position if you have any long position in the same stock. Just a nightmare. Maybe they just like the tradition of Halloween and enjoy tricking the clients?!
I think they can shove those 30 free trades. It's not worth it. I don't need a hassle, I don't need problems I just want to trade. And great and powerful Merrill Lynch (remember when they begged on their knees BoA to buy them out) does EVERYTHING to make the task impossible!
They should've been gone, just like Lehman and Bear Stearns. The world would've been much better and I could've traded like before with no hassle.
P.S. Forgot to mention how bad their telephone service is. Menu is simply horrible, quotation service even worse, many options don't work at all. Lack of wish list quotes (worked before with Banc of America).
If I could give them ZERO stars just like their zero commision rate I would!
Info for TD AMERITRADE and SCOTTRADE - please prepare to fight for my $75,000 account. I am ready to switch.
This review is the subjective opinion of an Investimonials member and not of Investimonials LLC
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