Ally Invest is an online brokerage that provides self-directed trading, automated investing, retirement accounts, and forex trading. The platform is known for its low-cost trades and user-friendly interface, making it an attractive option for beginner investors. In this review, we will take a closer look at Ally Invest, its features, and its pros and cons.
Investment Offerings
Ally Invest offers the usual investment assets, including stocks, exchange-traded funds (ETFs), bonds, robust options trading, and low-commission fees. The platform allows users to trade over 12,000 mutual funds, including no-transaction-fee funds, which can be a significant advantage for long-term investors.
ETFs can be a valuable addition to an investment portfolio, even for stock market rookies. Learn the basics of this investment type with Ally Invest, which offers commission-free trades on more than 500 ETFs. This feature can help investors build a diversified portfolio without incurring high trading fees.
Ally Invest vs. Vanguard
Whether Vanguard or Ally Invest is better for you depends on your interest in mutual funds, international markets, and research tools. Vanguard is a great option for those interested in mutual funds, while Ally Invest is better suited for those who prefer to invest in stocks and ETFs. Ally Invest also offers forex trading, which is not available on the Vanguard platform.
Trading Fees
If you're not worried about funds and simply want a cheap and flexible platform for stocks and options, Ally has you covered with a low-cost trading fee of $0.50 per contract. The platform also offers commission-free trades on stocks and ETFs, making it a cost-effective option for investors.
Customer Service
Ally Invest offers customer support via phone, email, and live chat. The platform's customer service team is available 24/7, making it easy for users to get help when they need it. The platform also offers a comprehensive online help center, which includes articles, videos, and FAQs.
Research Tools
Ally Invest offers a range of research tools to help users make informed investment decisions. The platform includes a stock screener, which allows users to filter stocks based on various criteria, such as market capitalization, dividend yield, and price-to-earnings ratio. The platform also offers a variety of educational resources, including webinars, articles, and tutorials.
Forex Trading
If you're looking to get in on forex trading, you'll need a broker who deals in currency, and many of the big names in stock trading simply don't. Ally Invest is one of the few platforms that offers forex trading, making it a great option for those interested in the foreign exchange market.
Retirement Accounts
Ally Invest offers a range of retirement accounts, including traditional and Roth IRAs, SEP IRAs, and SIMPLE IRAs. The platform also offers a variety of retirement planning tools, including a retirement calculator and a retirement income planner.
Pros and Cons
Pros:
- Commission-free trades on stocks and ETFs
- Low trading fees for options contracts
- Wide range of investment offerings
- Comprehensive research tools
- 24/7 customer service
- Forex trading available
- Range of retirement accounts
Cons:
- No commission-free mutual funds
- Limited international market offerings
- No physical branches
Money's Best Roth IRAs of 2023 - Fidelity: Best Overall, Merrill Edge: Best Bonus Offer, E*TRADE: Best for Low Trading Fees. Although not listed, Ally Invest is a strong contender for those seeking a low-cost, user-friendly platform for retirement accounts.
