Ally Invest brokerage review: pros and cons, fees, minimums, ratings, trading platform/tools, research tools, education, and customer service.

TradeKing brokerage firm rating

  • Stocks & ETFs: $4.95
  • Options: $4.95 + $0.65 per contract or $3.95 + $0.50 per contract for high net worth or active traders
  • Mutual Funds: $9.95

 

Ally Invest Review

TradeKing is now Ally Invest.

With a mission to enhance investors' experience and broaden access to active trading at a competitive and simple price, TradeKing announced an agreement to be acquired by Ally Financial in early 2016. The brokerage firm officially changed its name to Ally Invest in May 2017.

Ally Invest has a great history. It is committed to provide the same great services, products and value that TradeKing offered to its clients without anticipating any price changes for the foreseeable future. In addition to great brokerage services, Ally Invest provides online banking and many related services of a bank, which were not offered by TradeKing. Let us take a look at other great benefits that the firm's new and exciting clients will receive.

 

Ally Invest Fees & Commissions Review

The price remains the same - $4.95 per trade on stocks and $4.95 base trade plus $0.65 per contract on options. Ally Invest does not plan to change the pricing. In fact, the company introduces even lower commissions for active traders and high net worth investors. A stock trade will cost only $3.95 if a customer makes 30 or more trades in the prior calendar quarter and/or maintain an average daily balance of more than $100,000 in the prior calendar quarter. Options trades will cost $3.95 + $0.50 per contract. To clarify the pricing on the options, the cost is based on whether you trading multi-leg options or only one-leg.

Ally Invest does not charge for automated phone trades, when most of the companies that you find online have significant fees for that service.

The broker offers a range of U.S. based load and no-load mutual funds. A price for buying and selling mutual funds is also among the lowest in the industry, it will cost investors only $9.95. To compare, TD Ameritrade charges $49.99; Fidelity - $49.95, Optionshouse - $20.

TradeKing had a $50 inactivity fee, which was a big drawback for some investors. Ally Invest waived the fee for all clients.

Ally Invest offers a range of IRA accounts, and it is pleasantly surprising that the firm does not charge set up and maintenance fees for individual retirement account. However, there is an IRA closure fee of $50 for full IRA distribution or for full outgoing account transfer, and an IRA account closure.

Get $3.95 stock trades if you make 30+ trades per quarter or have 100K account balance.

When starting an Ally Invest account, people can be more than a little surprised to see that there are no account minimum balances. Someone investing for the first time may consider this a key factor. It is also a good incentive to open a second brokerage account.

Another nice feature is that at Ally Invest Dividend Reinvestment Plans (DRIPs) (whole and fractional shares) are available at no charge.

 

Ally Invest Tools, Platform, Mobile Trading Review

Ally Invest is a low cost brokerage firm, but it does not look like it when you'll see their advanced trading tools. All customers have access to interactive charts that offer technical and volatility indicators; technical analysis (including educational support, price forecasting, and chart pattern recognition); and free access to a third-party research - MarketGrader, an analytical analysis tool that is used to grade stocks.

TradeKing review

Ally Invest LIVE is a fully customizable web-based trading platform. Because of the responsive design of the platform, pleasant experience is guaranteed on a device of any size.

TradeKing review

Ally Invest LIVE allows investors easily place a trade from any place in a new ticket window that opens on the right side of the screen.

In addition, investors can monitor track their existing and potential investments in real time. Streaming quotes are available for free to active investors.

TradeKing review

Ally Invest Mobile Apps are available for the iPhone/iPad and Android, and responsive trading mobile platform can be accessed through any internet-enabled wireless devices. Ally Invest mobile allows to enter latest stocks or options orders, check order status and account activities, track updates to investor's watchlist, grab the latest quotes and other core account functions.

Open an account: Get a $200 cash bonus or $500 in commission-free trades.

 

Ally Invest Customer Service & Education Amenities Review

Ally Invest offers an exceptional customer service. They promise to answer all calls in a matter of seconds, and they do deliver on the promise. There are numerous positive reviews on the Internet with clients praising representatives prompt response via phone and emails, as well as a lot of positive things about very knowledgeable and easy-to-communicate with staff. Ally Invest has been recognized consistently by respected industry publications such as SmartMoney and Barron's for its customer service.

Company's representatives can be reached via emai and phone 24/7. There is also live chat support available, which is what customers prefer if they have a relatively simple question.

The company offers an extensive education for any type of traders at any experience level - a lot of videos, articles, charts and even live webinars. Ally Invest's education resources are also ranked high by Barron's year after year.

 

Ally Invest Advantages

  • Very low commissions
  • Excellent customer support via email, phone and chat
  • Customizable trading platform with responsive design
  • Free DRIPs/Dividend Reinvestment plans (whole and fractional shares)
  • Free real time streaming quotes for active traders
  • Free access to MarketGrader's research reports
  • Extensive educational resources
  • Online banking
  • Extra hours trading

 

Ally Invest Disadvantages

  • A single source of third-party research

 

Ally Invest Review Summary

TradeKing is now Ally Invest. TradeKing and Ally Financial have joined their forces to provide the best possible experience to their customers. Both companies have a great long history on the market and offer excellent digital financial services, which perfectly compliment one another.

Before the acquisition, Ally Financial did not offer online brokerage or advisory services. On the other hand, TradeKing did not provide online banking as its largest competitors did. Ally offers a wide range of banking products and services with one of the best rates in the country. What a great benefit to new and existing investors!

There are even more benefits. There is no initial deposit to open an account at Ally Invest. Basically, anyone can start investing with the company.

TradeKing had been providing $4.95 trades since 2005. In fact, Ally Invest does not plan to change the pricing. Furthermore, a new low-cost commission was introduced for active options traders and high net worth investors.

There is another great advantage for buy-and-hold and infrequent investors. The $50 inactivity fee, which was considered a big disadvantage of TradeKing, is waived for all Ally Invest clients. As previously, there are no hidden fees. All the broker's fees are clearly listed and easy to understand.

The brokerage does not charge a set-up fee and an annual fee for IRA accounts. However, Ally Invest has an IRA closure and an IRA transfer fee.

Great educational resources, excellent customer service and high recognition by the industry's most respected publications put Ally Invest on the top positions among trusted brokerages in the country.

How safe is Ally Invest? It is a perfectly safe and legitimate company. Ally Invest is a member of FINRA (Financial Industry Regulatory Authority) and SIPC (Securities Investor Protection Corporation). SIPC provides insurance coverage up to $500,000 of the customer's net equity balance, including up to $250,000 in cash.

Ally Invest is one of the industry's leading low-cost brokers for self-directed investors with a broad array of investment and banking choices, modern trading technologies and excellent customer service.

Ally Invest is a very strong contender that deserves consideration.

 

Ally Invest Promotion Offer For A New Account

Get a $200 cash bonus or $500 in commission-free trades.

 

Ally Invest Commissions and Fees

InvestmentsPrice
Stocks and ETFs $4.95. Special rates: $3.95*
Options $4.95 + $0.65 per contract. Special rates: $3.95 + $0.50*
Mutual funds $9.95
FuturesFutures contracts are agreements to buy or sell a commodity or asset at a set price on a future date. The price is determined by supply and demand in the marketplace at the time of the contract, with the investor anticipating a favorable change in price as of the delivery date.
Bonds $1 per bond with $10 minimum, $250 maximum
Treasuries commission-free
Certificates of Deposit (CDs) $24.95
Forex Pay based on buy/sell spread, no commissions.

* - $3.95 per equity trade and 50 cents per options contract for users who make 30 or more trades in the prior calendar quarter and/or maintain an average daily balance of more than $100,000 in the prior calendar quarter.

 

Ally Invest/TradeKing IRA & Account Fees

FeeAmount
IRA Setup Fee$0
Annual IRA Fee$0
IRA Termination Fee$50
Full Account Transfer Out$50
Partial Account Transfer Out$10.00 per security, $50 maximum
Outgoing Wire Fees (Domestic)$30
Account Closing Fee$0
All Ally Invest fees »

 

 

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