Ally Invest | Online Stock Broker Review

Ally Invest - stock broker

Ally Invest is an online brokerage firm owned and controlled by Ally Bank. The broker is well known for offering its service to trade stocks, fixed income securities, treasuries, certificate of deposits, and ETFs. The broker is headquartered in Detroit, US. Ally bank acquired the broker Ally Invest (formerly known as TradeKing) in 2016. Before the acquisition, TradeKing was known as one of the low-cost investment platforms. After taking over the broker, the bank continued the practice of offering its best investment services. Considering the security of client’s funds, the broker holds investments of clients in segregated bank accounts. The company has 2-step authentication process accompanied by SSL encrypted technology to ensure the maximum safety of the sensitive information that passes over the Internet. Clients can deposit their funds using a vast range of deposit methods available at Ally Invest including Ally eCheck deposit, Samsung pay, masterpass, and Microsoft Wallet.

Regulation
The company is regulated by Financial Industry Regulatory Authority (FINRA). It is a non-governmental organization responsible for self-regulating industry’s participants including brokerage firms and exchanges i-e NASDAQ.

Investment Products
Traders can trade Stocks, Bonds, Forex, Options, Mutual Funds, Futures, and ETFs at Ally Invest.

Account Types
Ally Invest offers a broad range of managed investment and self-directed products at the lowest fee across the industry. Traders can choose to open an account that suits their needs. Mentioned below are two kinds of investment accounts clients can choose.

•    Self-Direct Trading Account
This type of trading account is usually suggested for experienced traders. Traders are welcomed to deposit any amount they wish to get started. There is no minimum balance requirement and no other hidden fee. Traders can trade a variety of instruments on DIY (do it yourself) basis. The broker offers its clients an in-depth research and tools to analyze the market and to create best investment strategies.

Ally Invest Self-Direct Trading Account
Credit: Ally Invest

•    Ally Invest Portfolio Management Account
The broker also offers its customers an automated personalized portfolio management service by incorporating varying factors such as time horizon, the risk tolerance level of traders, and their ultimate objective. An automated technology keeps traders on track by rebalancing their accounts. Traders are also offered low cost, well diversified ETFs. The minimum investment required for portfolio management account is $2500 only. Customers, however, are charged a nominal service fee of up to 0.30% of the total investment.

Ally Invest Portfolio Management Account
Credit: Ally Invest

How To Open An Account At Ally Invest?
Opening an account at Ally Invest is as simple as following a three-step procedure.

Step-1:   Choose the trading platform that you are most comfortable with
Step-2:   Fill out your details on the application form
Step-3:   Deposit funds in your account to get started.

Ally Invest - Open an Account
Credit: Ally Invest

Trading Platforms
•    Ally Invest Forex Trader
The broker offers a web-based trading platform to its clients. It means that customers are not required to download it on their PC. Instead, it can be accessed online to trade and manage their funds using a computer or any other supported device connected to the internet. The supported app for Android and iOS based mobile phones and tablets can be downloaded via Google Play Store and App Store respectively.

•    MetaTrader4 (MT4)
The broker also has a traditional trading platform commonly known as Metatrader4 available for its clients. It is a downloadable trading platform especially for customers who prefer trading with the ease of their desktop. MT4 also comes with supported versions of windows, android, and iOS-based devices. 

Research and Financial Tools
•   Streaming Charts
•   Profit/Loss Calculator
•   Profitability Calculator
•   Market and Company Snapshots
•   Watchlist
•   Option Chains
•   Market Data
and many more...

Demo Account
Traders are also allowed to open a practice account without investing their real money at Ally Invest. Demo account makes traders practice their trading skills and test different money management strategies without putting their investments at stake. Ally Invest provides a virtual balance of $50,000 to enable traders to make the most of it.

Minimum Deposit
The broker has no minimum deposit requirement in place for a Self-Direct trading account. Traders, however, need to deposit a minimum of $2500 to open an investment portfolio management account.

Fees & Commissions
Self-Directed Trading:

Standard Pricing:
•   Stock and ETF Trades $4.95
•   Option Trades 65¢ Per Contract + $4.95 base

Volume/Balance Pricing:
$100,000+ average daily balance and/or more than 30 trades per quarter
•   Stock and ETF Trades $3.95
•   Option Trades 50¢ Per Contract + $3.95 base

Ally Invest Managed Portfolios:
Annual Advisory Fee 0.30% For All Balances

Ally Invest ensures to offer tight spreads to its clients making them incur a low trading cost. The broker also doesn’t charge its clients any additional cost in respect of forex trading. To give you an idea we have placed a table below mentioning forex spreads.

Ally Invest - Fees & Commissions
Credit: Ally Invest

Payment/Withdrawal Methods
A wide range of payments and withdrawal methods are available at Ally Invest. The methods include Debit card, Credit card, Samsung pay, Microsoft Wallet, Ally eCheck etc.

Promotions & Bonuses
Currently there is no promotional campaign being offered at Ally Invest.

Pros
•    It is regulated
•    It has a user friendly trading platform
•    It offers great customer services
•    It processes quick withdrawals

Cons
The only unfortunate thing about the broker is that it doesn’t offer any bonus amounts.

Education
Understanding the need of its clients, the broker also offers educational material to help traders learn different investment strategies and trend indicators. For each type of security, the broker has individual education centers. Premium educational tutorials for technical analysis as well as fundamental analysis are also available at Ally Invest.

Ally Invest - Education
Credit: Ally Invest

Account Protection
Being a member of Securities Investor Protection Corporation - (SIPC) the broker offers a complete security to client’s funds. In case, the broker fails, SIPC allows traders to claim up to $500,000 (cash claim of $250,000 at max). Remember, Forex, and Futures trading is excluded though.

Company News
Ally Invest keeps its clients updated concerning the latest economic events and happenings.

Customer Service
Customer service is considered as one of the most important factors contributing towards an organization’s success. Ally Invest pays particular attention to provide its clients a top class customer service round the clock. A well versed professional staff is available 24/7 to assist traders. Traders can contact the broker via telephone at +1-855-880-2559. Traders can also communicate with the broker using a live chat interface at Ally Invest by visiting the ally.com

The Bottom Line
We reviewed Ally Invest thoroughly and concluded that it is one of the best brokers available in the market. Its trading platform is designed after going through extensive research and backtesting under the supervision of industry experts. The unique look of the trading platform and a user-friendly operating interface takes client’s trading experience to the next level. Security protection of funds backed up by SIPC and SSL HTTP web-protocols keeping the client's sensitive information secured, makes it stand out of the crowd. We, therefore, express our extreme satisfaction on Ally Invest and suggest traders join them without any hesitation.


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