Reviews

Ally Invest Review: A Low Cost Online Brokerage Account

We all have different needs as investors and therefore one online brokerage platform may be better than another. It was also about time for an Ally Invest Review.

You might be familiar with Ally Bank, a very competitive online bank, that’s been around for years. Well, Ally Financial Inc., purchased TradeKing and entered the online brokerage business. This Ally Invest review will cover the features, benefits, and experience to help you decide if this is the right platform.

What is Ally Invest?

Ally Invest is a platform for investors looking for an online brokerage account to execute their own investments with minimal fees. They are a low-cost online broker providing a simple but robust platform, great customer service, and tons of educational resources.

With Ally Invest, hands-on investors can choose to invest in stocks, bonds, ETFs, mutual funds, and options.

How does Ally Invest compare with other online brokers?

Ally Invest holds its own compared with other online brokers like ETrade. They also happen to be highly rated by their customers. Ally Invest has many features that larger and more mainstream firms offer including automated portfolio management (starting at $2,500) and forex trading.

Commission and Fees

Ally Invest has one of the lowest fees around in the industry at $4.95 per trade. This is quite hard to beat. Additionally, Ally Invest has a $50 inactivity fee if you’ve haven’t executed on a commissionable trade in the past 12 months. You can avoid this inactivity fee if you execute on a trade or have more than $2,500 in your account.

Who is Ally Invest best for?

If you’re someone with a good understanding of security types and the markets and generally know what you want to invest in, this platform is a really good low-cost alternative. On the other hand, if you’re a beginner investor looking for more guidance in deciding your investments, Ally Invest may not be the one for you. There are other options like Robinhood with no fee trades or Stash Invest allowing you to buy ETFs starting at $5. These two options can help wet your feet before opening an account with Ally Invest.

Ally Invest Features

Online trading platform–Ally Invest’s platform is user-friendly and easily navigable. The user experience makes it simple to master.

Low trade pricing–It’s important to stress again that Ally Invest’s fee of $4.95 per stock trade is hard to beat.

No minimum to open: There is no minimum balance requirement to open a brokerage account. This is very helpful to investors starting out with very little to invest.

Many Mutual Funds–Ally Invest offers over 8,000 mutual funds making it very competitive compared to other online brokers.

Free Streaming Quotes–Enable streaming quotes once you’ve completed your first trade. This is helpful when you’re tracking the market and want to execute on trades.

Forex Trading–Ally Invest offers forex trading and has a virtual simulator to help you learn forex.

Ally Invest Advisors Program–You can start with portfolios as low as $5,000 in low-cost ETFs based on your needs, situation and desired goals. The program is free of charge for the first year when you open a new account.

Free online classes and educational resources–Increasing your investing knowledge is important and Ally Invest wants you to become a more knowledgeable investor. You can attend an online seminar and access resources through an Education tab on your home screen.

Experience with Ally Invest

Generally speaking, the experience with Ally Invest has been pretty good. I scoured other review sites and learned others had similar experiences. With Ally Invest, you’ll have access to:

The accounts summary page is where you access account information, view your cash balances, security holdings, get a stock quote at a current price, review pending orders, and transfer funds from other brokerage firms.

One of the hardest things for most investors to do is to keep track of what’s happening in the market. Ally Invest allows you to set alerts to get notifications for specific stocks or market conditions. Get notified when information or news is available about a specific company (stock) you’re following.

How to get Started with Ally Invest

  1. Visit Ally Invest and click here to get their latest promotional offer.
  2. Enter your information including your social security and be prepared to verify your identity.
  3. Fund your account or request to transfer from another brokerage firm
  4. Peruse the website and get familiar with it and don’t forget to visit the Education tab.

My Smile Review: Should you use Ally Invest?

Ally Invest offers a great set of tools and excellent service for a minimal fee. Their fee structures are quite competitive compared with other online brokerage companies. If you’re considering an online brokerage for your investing needs, Ally Invest should be in your top 3.

The online account opening process is simple and within minutes the new brokerage account was approved. Calling customer service to ask a few questions about the accounts and services was a good experience. The website is clean and easy to navigate too.

Ally Invest runs promotions from time-to-time and currently offering $100 cash back, or  90 days in free trades (up to $500) with a minimum deposit of $25,000. Open an account with Ally Invest and start investing today.

Ally Invest Review

Products & Services
Ease of Use
Customer Service
Fees & Commissions
Transparency

Ally Invest offers a great set of tools and excellent service for a minimal fee. Their fee structures are quite competitive compared with other online brokerage companies.

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Jason Vitug

Jason Vitug is founder at phroogal, creator of the award-winning project the Road to Financial Wellness, and author of the bestseller and NY Times reviewed book, You Only Live Once: The Roadmap to Financial Wellness and a Purposeful Life.

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