The truth is that where you open an IRA matters more than you might think. From commissions to fees, and even investment choices, the differences between brokers can be numerous. But instead of focusing on every single difference, investors should compare brokers on the big items. Here’s how two popular brokers, Merrill Edge and Interactive Brokers, stand on criteria that really matter to the long-term IRA investor.
One of the biggest differences between these two brokers is how they calculate commissions. Merrill Edge uses a flat-rate commission schedule, whereas Interactive Brokers’ commissions vary by order size.