Unlike many brokers, Ally Invest doesn’t have a dedicated app for its brokerage activities. Instead, the Ally Mobile app provides functionality for all of the company’s accounts and activities. For example, you can see all your accounts in one spot – checking, savings, CDs, credit cards and brokerage accounts. That’s a great feature for customers who already have an Ally account and want to keep their financial life consolidated within there.

Its normal commission structure is $0.50 per contract, among the best-undiscounted prices for trades in the industry, where the standard is usually $0.65 per contract. If you want cheap options trades without having to trade in volume to achieve a discount, Ally is a great choice. Today, cheaper places include Robinhood and Webull, which offer a no-commission structure for all products. Ally Invest covers all the bases and then some, and will likely be an especially excellent fit for existing Ally customers who are looking for a capable broker.

This means that all your interactions with the broker will be either online or on the phone. This isn’t uncommon, but some investors might be better served by brokerages that have the option of a local branch when you need one. For those that prefer a more hands-off approach, Ally Invest offers managed portfolios at extremely competitive prices. The Ally Invest name might be relatively new, but this business has been offering low-cost investments for many years. Formally run under the name TradeKing, the business rebranded as Ally Invest after being purchased by Ally Financial in 2016. Virtually any company data you might wish to gather to inform your decisions is available too at no extra cost, including quotes, charts, dividend dates, historical quotes, and peer comparisons.

The tool will then look for options strategies that meet the set criteria. Ally Invest also has other options analysis tools to further assist option traders, including a probability calculator, profit/loss calculators, and graphing. Lightspeed is all about active traders who can deliver volume to the broker, and so everything is optimized around making the experience the best for them. That means discounted prices for high-volume trades and multiple high-power trading platforms, but it also means no concern for eliminating the nickel-and-dime costs that other brokers routinely slash. Charles Schwab is a great all-around broker, whether you’re just getting started investing or are more advanced, and it can bring the heat on almost anything you’re likely to need. Add on strong customer support, a wide investment selection, no-commission mutual funds, and tons of research, and you have the makings of a five-star broker.

Benefits of Ally Invest’s Trading Platforms 🏆

With zero commissions and no required minimum plus a robust selection of trading features, Ally Invest stands outs as an excellent stockbroker for both new and experienced traders. Blueprint is an independent, advertising-supported comparison service focused on helping readers make smarter decisions. We receive compensation from the companies that advertise on Blueprint which may impact how and where products appear on this site.

The Live platform has user customization options for the look and feel. As mentioned, the mobile app and Ally Invest Live are streaming and have a more modern and robust design. However, neither of these platforms had all of the functionality features in the primary website. Only the ETF screener is available on the Live platform, and none of the screeners are on the mobile app. Likewise, options trading and analysis tools for probabilities, profitability graphing, and pricing, as well as legacy tools from the TradeKing platform, are not available on Live or the mobile app. The charting is also better on the Live platform than on the website or mobile platforms.

Ally Invest Compared

Meanwhile, the platform offers outstanding, round-the-clock customer service to help you along the way. But probably the area where Ally Bank is strongest is with auto financing. They even have specialty vehicle financing, that provides financing options to cover accessibility needs, like wheelchair lifts and right-hand drive capability. Ally Invest has one of the most comprehensive panels of trading tools.

Pros: Where Ally Invest stands out

You’ll also get access to quality research and its mobile app, but mutual fund investors may be disappointed by the small number of no-transaction fee funds available. It is a simple and easy-to-use platform that allows investors to buy stocks in thousands of companies, options, over 800 ETFs and 8000 mutual funds. Its competitive fee structure and a lower fee for active traders are some of its best features. Additionally, the platform is reliable, licensed and regulated by government authorities. However, we find eToro to be a better option due to its usability, social trading platform and regulation. Tastytrade offers some of the lowest commissions around, whether you’re trading stocks, options or even cryptocurrency – and it actually caps your commissions on the latter two.

The Strategy Builder functions very similarly to a screener but also includes backtesting. There are nine expertly created and backtested strategies including growth at a reasonable price and quality stocks at a reasonable price. The strategies are screens, however, as it is still up to the account holder to choose from among the individual ally invest review securities that meet the search criteria. Ally charges $0 for stock and ETF trades, putting it in line with other major online brokers. Meanwhile, commissions on bond trades are $1 per bond, with a $10 minimum per trade. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.

Ally Invest is an excellent platform for fee-savvy traders who want top notch research and tools. Although this platform has some great qualities it has a hard time standing out among top-tier brokerages who often have a more well-rounded package to offer. You can also hear from Ally’s senior options analyst, Brian Overby at their live events which are held about 15 times a year. The education content itself is very well made, but you can probably find education in a more interesting format in other places.

Finder.com is an independent comparison platform and
information service that aims to provide you with information to help you make better decisions. We may receive payment from our affiliates for featured placement of their products or services. We may also receive payment if you click on certain links posted on our site. Ally Invest boasts one of the best research libraries in the business when compared to a majority of its competitors.

Forex and Futures customer service

The $9.95 to initially buy into mutual funds it is lower than many I have seen (and significantly lower than E-Trade at $19.99 and Vanguard at $35). If you prefer ETFs over funds, that’s not really an issue – but you can more cheaply buy and sell Schwab, Fidelity, and Vanguard branded mutual funds directly with those brokers, if that is your objective. When TradeKing was around, it was one of the very best trading platforms available, offering some of the lowest commissions anywhere. Unlike many other brokers, Ally Invest doesn’t offer fractional share trading or direct access to cryptocurrencies, which could feel limiting to some.

Still, the menus and navigational functionality are intuitive and work well. It was very easy to bring up trading windows, news, charts, etc. for securities listed on a watch list or a result from one of the screeners. Speaking of watch lists, it remains consistent across the website and streaming platforms. For those trading foreign exchange, there is yet another platform to use for forex.

The Ally Bank Raise Your Rate CD offers two- and four-year terms and earns a 4.00% APY on both terms. If rates rise during the term of the CD, these CDs allow you to increase the APY to the new market rates. You can do this once during the two-year term or twice during the four-year term CD.

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