Get Up To $500 Free Trades At Ally Invest (Review)

ally invest review

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Ally Invest may be an unfamiliar name to U.S. traders but don’t let that lull you into thinking the platform is second rate. Ally is simply the new brand name for TradeKing, a top notch discount broker acquired by Ally in 2016.

ally logo square Ally Invest has all the bells and whistles to compete on value with the biggest names in the industry and charges rates so low that few can compete with it on price.

Whether you are a stock, options, forex, or futures trader, or an ETF, bond or mutual fund investor, Ally Invest can serve you.

Plus, Ally Invest makes research and data free so you get a whole lot more for your money than simply low commissions costs.

Ally Invest Spotlight

ALLY INVEST SPOTLIGHT

ally logo

InvestorMint Rating

5 out of 5 stars

  • Promo: Get $100 cash bonus or up to $500 worth of free trades
  • Stock commissions: $4.95 flat rate
  • Options commissions: $4.95 + $0.65 per contract
  • Minimum Initial Account Balance: $0

via Ally Invest secure site

Is Ally Right For You?

Ally Invest is an excellent platform for fee-savvy traders who want top notch research and tools.

Ally Invest is designed for fee-conscious, self-directed investors who want more bang for their buck.

Whether a stock, options, futures, or forex trader or a mutual fund, bond or ETF investor, Ally has the platform depth and cost to make a compelling pitch for your business.

STOCK TRADERS

If you are self-directed stock trader or investor, Ally has extensive research and tools to help you scan stocks, screen for new ideas and analyze performance.

On streaming charts, you can view six chart types, including candlestick, line, bar, and mountain, as well as over 90 chart studies and drawing tools.

It’s a cinch to customize settings and use interactive charts for studies and prices.

Market and company snapshots are free, so you can get metrics, research, and insights into individual companies as well as market stats and news on the overall market.

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.

OPTIONS TRADERS

If you are an options trader, the Profit/Loss and Probability calculators are helpful ways to screen for attractive options trades.

The Profit/Loss calculator simplifies the profit/loss potential of a trade before you commit any money, so you get to evaluate the risk and reward opportunity before putting a dime on the line.

The Probability calculator is designed to help you assess the chances of hitting your targets before even placing a trade.

Virtually any options trading strategy you can imagine is permitted on the Ally platform, including:

ALL TRADERS & INVESTORS

Whether a stock, options, futures, or forex trader, you have access to Watchlists that you can customize to stay on top of companies you own or want to keep an eye on before making a trade.

Ally Invest Promotion

When you open a new account with Ally Invest, you get to enjoy the following promotional deal:

  • Get $100 Cash Bonus or Up To $500 Free Trades

Ally Commissions

Ally Invest commissions are rock bottom across the board. Unless you were to choose a mobile app like Robinhood, which offers zero commissions on stocks, you will be looking for a long time before you find better pricing elsewhere – though you won’t find similar bells and whistles on free stock trading mobile apps as you will find at Ally.

Ally commissions costs are among the lowest of all brokers for stock, options, futures and forex trading.

You will pay commissions to enter and exit mutual funds because no NTF (no-transaction-fee) mutual fund choices are available on the Ally online trading platform.

SecurityCommissions
Stock$4.95
(standard)$3.95
(account balance of $100k+ or 30+ trades per quarter)
ETF$4.95
(standard)$3.95
(account balance of $100k+ or 30+ trades per quarter)
Options$4.95 + $0.65 per contract
(standard)$3.95 + $0.50 per contract
(active trader rate)
Mutual Funds$9.95
(no load mutual funds)
Forex0
(based on spread markups)

Even though Ally charges mutual fund commissions, the $9.95 charge is very low compared to most other brokers – from 50% to 80% lower than most major rivals.

Ally Invest Pros and Cons

Ally wins the pricing war when compared to most other brokers with similar functionality – OptionsHouse being a rare exception. Where it loses a few brownie points is by not supporting no-commission ETFs and no-transaction-fee mutual funds.

Ally Invest ProsAlly Invest Cons
Low Commissions: Stock trades for $4.95 and options for an additional $0.65 per contract.

Add to that an active trader bonus which reduces stock commissions to just $3.95 and options contract to $0.50 per contract, and you end up with commission costs that rival the best discount brokers.

Mutual Funds & ETFs: Ally does not support no-transaction-fee mutual funds nor no-commissions ETFs, however the cost to purchase an ETF is low and commission charges to purchase mutual funds are about half or less what rivals with similar offerings charge.
Wide Selection Of Securities: Regardless of whether you want to trade stocks, bonds, futures, forex, mutual funds, ETFs, or bonds, Ally Invest caters to your needs.Transfer & IRA Closure Fees: If you want to transfer money out of Ally or close an IRA, the fees are steep when compared to the overall pricing structure.
Top Trading Tools: All traders have access to a Watchlist and options traders in particular are well supported with a Profit/Loss calculator as well as a Probability calculator.
Mobile Friendly: The trading platform is fully responsive meaning that it is mobile-friendly. It also features a customizable dashboard, streaming quotes and easy-to-place trade orders.
Extensive Chart Studies: Over 90 technical chart studies are available which beats most rivals but falls short of the 300+ available at thinkorswim.

Ally Invest Securities

You can trade any of the following securities at Ally Invest:

  • Stocks
  • Options
  • Futures
  • Forex
  • Bonds
  • Mutual Funds
  • ETFs

Ally Fees

Ally Invest charges no inactivity fees nor does it impose an account balance minimum though you will pay a hefty fee when closing an IRA or transferring money out:

SecurityFees
Inactivity Fees$0
Broker-assisted trades$20
(plus regular commission)
Account Balance Minimum$0
Outgoing Transfer Fee$50
IRA Closing Fee$50

Ally Invest Platform Features

TypeCapability
Web-basedYES
MobileYES
Customer supportOnline Support: 24-7
Phone Support: 24-7
Real-time quotesFREE
(with 10 trades per month)
ResearchFREE
Screening ToolsFREE
Chart Studies90+
Commission-free ETFsNO
No-transaction-fee Mutual FundsNO

Ally Invest Review Summary

Ally Invest is a top notch discount broker with tools and research to rival its heavyweight rivals.

If you are a fee-savvy stock, options, futures, or forex trader, you will find Ally hard to beat on cost.

Free research, screeners, and analyzers are bonuses you might otherwise pay a pretty penny for elsewhere.

If you are a mutual fund investor, the commission costs are highly competitive, but you can probably do better with brokers who offer no-transaction-fee mutual funds, such as TD Ameritrade.

Similarly, if you trade ETFs extensively, Ally falls short on providing no-commissions ETFs so you could check out the best brokers for ETF trading.

When you factor in near-impossible-to-beat commissions, no account balance minimum, and an easy-to-use platform chockful of tools and research, Ally earns top marks.

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