Ally Invest
With no account minimum, low-cost options trading, and $0 trading charges on qualifying U.S. stocks, Ally Invest caters to both novice and seasoned stock traders. In addition to offering bells and whistles like FX trading, an automatic portfolio management option, and a collection of complimentary tools for technical investors, Ally competes with the main online brokers not just on price. Ally Invest allows fast money movement between Ally savings and brokerage accounts, allowing investors to benefit from interest rates several times greater than the standard default sweep interest rates of most brokerages. Uninvested funds in an Ally Invest brokerage account do not earn interest. However, you must open Ally savings account separately in order to achieve this.
The browser-based platform from Ally Invest features real-time streaming quotes and data, rapid trading capabilities, a customized dashboard, and access to all of the broker's tools. Customers who often conduct business from different computers—at home and at work, for instance—will value this web-based platform's lack of download requirements. Customers of Ally can also trade using mobile devices thanks to Ally Mobile or Ally FX, the brokerage's app for forex trading.
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.
Founded: 1919
Revenue: US$8.206 billion (2021)
Website: https://www.ally.com/invest/
NerdWallet rating: 4.8/5.0
