Ally Invest

5 out of 5

Powered by: Ally Financial

At A Glance

Ally Invest is a market leader in online brokerage services. With lots of no-commission options and no minimum initial deposit requirement, this online broker is accessible to investors at the beginning of their journey. For more seasoned and active traders, advanced research and trading tools provide plenty of opportunities to grow and diversify.

Pros & Cons

Pros

  • Wide array of free educational resources
  • No account minimum
  • Fee-free stocks and ETFs
  • Access to banking services

Cons

  • No commission-free mutual funds
  • No cryptocurrency
  • No physical locations
  • Limited customer support hours

Ally Invest is best for:

  • Ally Bank customers
  • New investors
  • Active traders
  • Forex traders
  • Option traders

Ally Invest Key Details

Account minimum

$0

Stock trading cost

$0

Options trading cost

$0 per trade; $0.50 per contract

Account fees
  • No annual or inactivity fee
  • $50 transfer out fee
Commission-free ETFs

All ETFs are commission-free

Commission-free mutual funds
  • No transaction-free mutual funds
  • $9.95 per trade for no load funds
Securities tradable
  • Stocks
  • Options
  • Futures
  • Mutual funds
  • ETFs
  • Forex
  • Bonds
Account types
  • Individual, joint and custodial taxable accounts
  • Traditional, Roth, Rollover, SEP, SIMPLE IRAs
  • Coverdell accounts
Fractional shares

Available

Access
  • Web browser
  • Smartphone app
Customer support

Live Chat, phone, and email support 7 days a week from 7 a.m. – 10 p.m. EST

Promotion

$50  –  $3500

Ally Invest Review

Our Experts Take
Sarah Pritzker - Spade Business Team
Sarah Pritzker
December 2, 2020

Ally Invest delivers competitive pricing, a wide range of available products, advanced research and trading tools, and a variety of educational resources for investors at any level. There is no account minimum or annual fees, and with several commission-free options, users can get started with even a small amount of money and then grow their portfolio over time. Another big plus for Ally Invest clients is access to Ally’s range of financial services, including banking, loans, and mortgages.

Trading Platforms

  • Web-based: Ally Invest’s leading trading platform streams on an HTML 5 platform for seamless and dynamic trading experience. Users can access news and data, manage their accounts, and make trades easily.
  • Forex & Futures: This unique feature offers a range of tools and resources specifically for forex trading.
  • Mobile trading: Ally Invest’s mobile app offers many of the same functions as the web-based platform, giving users the ability to connect to the market quickly, anytime and anywhere.

Research Tools

  • Streaming charts: With 8 chart types, 117 chart studies, 36 drawing tools, and customizable settings, Ally Invest’s charting let users make educated decisions quickly.
  • Watchlists: Users can choose from many filters to create custom watchlists.
  • Profit/loss graph: This calculator gives users insight into potential trades before they happen.
  • Probability calculator: Implied volatility is one way to determine if a trade is worth it. With this tool, investors can better understand whether a specific trade will be beneficial.
  • Market data and news: Access to real-time market stats and news with MT Newswire and Seeking Alpha, daily subscription-based Breakfast Bell market report, and a limited number of integrated third-party providers, including Morningstar and Recognia, keep users up to date with the latest trends.
  • Screeners: A host of asset-specific scanners deliver comparison data and analysis for a range of products. Utilize specified filters, search by symbol or name, and get performance and price information before you trade.

Education Resources

One of the standout features of Ally Invest is the array of educational resources. With three separate dedicated sites and a host of additional resources on the main page, users don’t have to look elsewhere for information and answers to pressing questions:

  • Financial Life Tips & Tools delivers concrete action points to help you save and plan at every stage of life.
  • Do It Right publishes blogs and articles around a wide variety of investment-related topics.
  • Wallet Wise offers courses, events, and resources for expanding financial literacy.

Each of these stand-alone sites is accessible from the main Ally Invest page.

Advantages of Ally Invest

Forex trading: A dedicated forex trade platform is a unique feature letting traders access 80 currency pairs, gold, and silver. For traders new to forex, Ally offers a range of premium tools, educational resources, and charting tools.

Range of educational resources: Ally Invest takes education to the next level with a range of free resources, depending on what the user is looking for. Ally Invest clients can access blogs, guides, in-depth courses, and more with just the click of a button from basic knowledge to advanced trade tips.

Easy-to-use trading platform: The browser-based platform offers a range of capabilities, including quick trading, a customizable interface, real-time market data and streaming news, and tools. Ally Invest gives customers the ability to transact from anywhere with Ally Mobile or Ally Forex, an app dedicated to forex trading.

Banking access: Ally Invest customers benefit from the option to bank with Ally Bank, an innovative online direct bank with competitive interest rates and a range of capabilities. Ally Bank offers many online accounts, including savings, money market, high-yield, and interest checking. In addition to account services, users can access mortgage loans and a dedicated cash-back credit card.

Disadvantages of Ally Invest

No commission-free mutual funds: Unlike many of its competitors, Ally Invest does not have any transaction-fee-free mutual funds on offer. While investors can access more than 8,000 mutual funds, these will all incur a cost.

No physical locations: While many online brokers affiliated with a bank have physical branches for customers, Ally is a fully online bank. While customers will benefit from access to a range of banking services with sign-up, face-to-face assistance is not an option.

Is Ally Invest Right For You?

Ally Invest offers multiple educational resources for newer investors but delivers a robust toolkit for advanced investors and active traders. This online broker is an excellent choice for people just starting with investing, forex traders, and customers looking for complete financial services solution all in one place with Ally Financial. Despite the platform’s many benefits, investors looking for commission-free mutual fund trading may want to consider looking elsewhere as these are not available with Ally Invest.

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