One of the best low-cost brokers, Ally Invest does it all and it’s especially good for active traders. Ally Invest’s $0 account minimum and $0 trading commissions on eligible U.S. securities make it a strong option for all traders. A low $0.50 options-contract fee will attract options traders. Ally Invest offers some of the most competitive pricing on stocks, exchange-traded funds (ETFs), options, and mutual funds. Zero-dollar commission fees make this one of the best stock brokers!
Pros & Cons
Pros
- Commission-free trades on eligible U.S. stocks, options, and ETFs
- No account minimum
- Strong web-based platform
Cons
- No fractional shares
- Limited third-party research providers
Where Ally Invest Shines
- Costs: Ally Invest appeals to both the beginning investor and the experienced stock trader with $0 trading costs on eligible U.S. securities, no account minimum and low-cost options trading. In February 2023, Ally Invest eliminated its $9.95 fee for mutual fund trades. Around 5.500 mutual funds on Ally’s platform can now be purchased with no transaction fees.
- Advanced features: Ally doesn’t merely compete with the major online brokers on costs: It also offers an automated portfolio management option and a suite of free tools for technical investors.
- Cash management: Uninvested cash in an Ally Invest brokerage account earns no interest, but Ally invest offers instant money movement between Ally savings and brokerage accounts, letting investors take advantage of interest rates several times higher than the typical default sweep interest rates of most brokerages. This does, however, require opening an Ally savings account separately.
Where Ally Invest Falls Short
No branches: If you’d like the ability to schedule an in-person meeting, you’ll have to look elsewhere.
Ally Invest is best for:
- Active traders
- Beginner investors
- Options traders
Is Ally Invest Right for You?
If the following statements apply to you, Ally Invest is likely a good fit for you:
- You trade frequently or are particularly price sensitive. Ally has some of the lowest pricing among all brokers, particularly its stock and options fees.
- You use mutual funds as building blocks for your portfolio. You could open an account with every mutual fund company you want to invest with, or you could pay Ally just $9.95 per purchase to keep all of your mutual funds in one place.
- You don’t need in-person customer service. Larger brokers have field offices in most major metropolitan areas, which may be an advantage for some investors. That said, we tend to think that 24/7 phone and online chat support will be sufficient for most people.
- You don’t care for a complicated trading platform. Ally Invest customers can place trades through its web interface, without needing to download a platform just to make a trade.
- You don’t trade penny stocks. Ally Invest’s higher commission prices for stocks priced at less than $2 each makes it a more expensive brokerage for people who like buying low-priced stocks.
Conclusion
Ally Invest has competitive pricing, helpful trading tools, and an easy-to-use trading platform. With no account minimum it’s easy for beginners to get started, while active investors will appreciate Ally’s commission-free trades on eligible U.S. securities and low options contract fee. Advanced investors looking to trade futures or cryptocurrency, however, may find a better home at another broker.
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