Ally Invest Review

Ally Invest Broker Review 2024

Ally Invest Review: Their trading platform is simple. It doesn’t have all the bells and whistles of some platforms, but it’s customizable and comprehensive enough to get the job done. The platform is browser-based and uses HTML 5. The Ally Invest platform offers eight types of streaming charts and 36 drawing tools. Users can create custom stock watchlists and utilize tools like the Probability or Profits/Loss calculators. Their app works on iPhone and Android mobile devices for on-the-go stock trading and account monitoring.

Chart by TradingView

So, let’s see if Ally Invest is a winner and if the platform is easy for newcomers to trade. First, in our Ally Invest review, know that when you deal with them, you do business with a Detroit-based institution, Ally Bank, founded in 1919 by General Motors.

In 2017, Ally Bank acquired TradeKing, and Ally Invest was born. Since then, they have improved upon the TradeKing platform and made a name for itself as a budget broker.

Ally Invest Review

Accounts

Ally Invest offers individual, joint, and custodial accounts. They also offer traditional Roth, rollover, SEP (Simplified Employee Pension), SIMPLE (Savings Incentive Match Plan for Employees) IRAs, and Coverdell (Education Savings) accounts.

Traders/Investors can fund accounts via wire transfer, transferring their account from another broker, paying by check, or by a bank transfer (with funds arriving almost instantly if transferred from an Ally Bank account).

Ally Invest is great for beginners and budget traders because they have no account minimum. A trading account could be opened with just \$1. Securities that can be traded are stocks, bonds, mutual funds, ETFs (exchange-traded funds), options, and Forex. Check out a list of the top trading companies.

Ally Invest is among the leading trading companies in terms of low-cost fees and reasonable trading volume requirements to get discounted rates.

Unlike some brokerages that require intensely active trading to get discounted fees, Ally Invest only requires 30+ trades per quarter (or a \$100,000 daily balance) to qualify for select pricing rates. Let’s continue with our Ally Invest review. 

Ally Invest ($ALLY) Stock Rover Research Report 3/24

Expectations

You like to know what to expect from your broker. As a result, our Ally Invest review examines what they offer and what you can expect. 

Customer Service—Ally Invest has no physical branches but offers 24/7 customer support via chat, email, or phone.

Managed Portfolios – For investors who don’t want to do their trading, Ally Invest offers managed accounts.

Education – Ally Invest’s Do-It-Right website offers articles, webinars, and live events to help traders learn more about investing.

Research tools – They offer various free research tools, including access to CFRA Research, Maxit Tax Manager, and News Feeds.

Ally Invest Fees and Pricing Review

  • $0 for stocks ($3.95 at discounted select pricing rate)
  • Commission-free ETFs
  • $0 Options – $.50 per contract fee
  • $1 per bond (with a $10 minimum)
  • $9.95 per trade for no-load mutual funds (over 12,000 funds to choose from)
  • $4.95 +0.01 per shared of stocks less than $2

Get updated pricing here.

Ally Invest ($ALLY) TipRanks Stock Forecast Report 3/24

Self-Directed Trading

Ally Invest gives you access to a great education that can turn you into a self-directed trader and investor. As a result, you don’t depend on others to manage your money.

Investment and trading gurus want your money. Plus, being self-directed goes beyond trading and investing. It’s about understanding and learning what’s best for you.

Managing your money means knowing what to look for and when to get in and out of a position. It requires time and effort to study, and you must be willing to do that.

Ally Invest News

Ally Invest News 3/24

Final Thoughts: Ally Invest Review

This concludes our Ally Invest review. Ally Financial has a track record in banking, but investing and trading are somewhat new compared to its competitors, TD Ameritrade, Charles Schwab, and Etrade.

They charge reasonable commissions and have a decent online trading platform. If you’re looking for advanced features, like Direct Access Trading (read our Das Trader Review), you may be best served by a more robust platform.

It’s a good platform for someone starting to become a short-term trader and long-term investor.

Simplicity is always best when you start trading, and Ally Invest’s platform fits the bill. It’s nice that you can use Ally as your bank, too.

Frequently Asked Questions

Ally Invest is a good broker with solid trading tools, a simple to use trading platform, with competitive pricing.

This is encryption and security technologies to protect Ally Bank accounts. They also employ account security measures to stay current with the latest threats.

Ally Invest is a publicly traded company on the New York Stock Exchange (NYSE: ALLY).

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