Your headache is about to go away when you read our latest Ally Invest Review. Put your aspirin bottle down. We know that it's a headache for a beginner to find the right broker. But Ally Invest may be the cure you're looking for. The only way to find out, of course, is to keep reading… So let’s see if Ally Invest is a winner and if the platform is easy-to-use for newcomers to trading.
First, know that when you deal with them, you actually do business with a Detroit-based institution, Ally Bank, which was 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.
Their trading platform is simple and straightforward. 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 8 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 both iPhone and Android mobile devices for on-the-go stock market trading and monitoring of accounts.
Ally Invest offers individual, joint, and custodial accounts. They also offer traditional, Roth, rollover, SEP (Simplified Employee Pension), and SIMPLE (Savings Incentive Match Plan for Employees) IRAs as well as Coverdell (Education Savings) accounts (find out how to invest in stocks for beginners).
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 stock, 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 low-cost fees with very 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.
As of this writing, fees are:
Note that fees can be higher for penny stocks. If your stock is less than $2 per share, Ally Invest will charge $0.01 per share (with a maximum commission of no more than 5% of the trade value).
Customer Service - Ally Invest has no physical branches, but it does have 24/7 customer support via chat, email or phone.
Managed Portfolios - For investors who don't want to do their own 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 - Ally Invest offers an array of free research tools, including access to CFRA Research, Maxit Tax Manager, and News Feeds.
Ally Financial has a track record when it comes to banking, but investing and trading is somewhat new compared to its competitors such as TD Ameritrade (read our ThinkorSwim Review), Charles Schwab, and Etrade (read our E Trade Review).
Nonetheless, Ally Invest charges reasonable commissions and has 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.
In conclusion, I would say that it is a good platform for someone starting on the path of becoming a short-term trader and/or 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.
But what's even nicer is to have access to a great education that can turn you into a self-directed trader and/or investor. So that you don't depend on others to manage your own money.
Because no one cares about your money more than you do. Well, in some cases, maybe your kids or your spouse... Mine is better at preserving my money than I will probably ever be.
But you know what I mean. 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.
And that's what we do here at Bullish Bears. We strive and thrive at becoming self-directed. We're not gurus promising you to get rich quick. We're a community helping each other. And our subscription is the most affordable you'll find for what you get. Check out our trading service below.
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