This article contains references to products from our partners. We may receive compensation if you apply or shop through links in our content. Learn the pros and cons and see comparisons with other online brokers in this in-depth review. Tradeking forex app iphone name, new site, and new mobile app.
But same low prices and same trading features. With Ally Invest, you can trade and keep a few more bucks in your pocket than with bigger name brokers. Is Ally Invest Cheap and Good? If you’re looking to open a basic online brokerage account, Ally Invest might be the perfect fit. Trade, Fidelity, and TD Ameritrade, Ally Invest’s user interface can certainly hold its own against the more popular brokerages. And it consistently ranks near the top of the customer satisfaction ratings.
And best of all, the fees charged by Ally Invest are among the lowest of any online brokerage around. But how does this budget broker stand up against its more expensive counterparts? Read on to see if it’s right for you. Looking for a simple online brokerage account and have a basic understanding of markets and security types. An active trader or a high-volume trader who can take advantage of the lower commission fees. An advanced trader who wishes to trade Forex or futures. If any of the above sound like you, this platform is a great, low-cost alternative to some of the more popular and widely advertised brokerages like E-Trade and TD Ameritrade.
Ally Invest may not be right for you if you are: A beginner investor looking for more hand-holding and guidance in making your investment decisions. In these cases, you are probably better off with a different brokerage account provider. But first, let’s highlight the current Ally Invest promotions. Account must be funded for at least 60 days to be eligible for cash bonus.
Open an Ally Invest IRA today. If you’re comfortable trading, you can handle your own investments. There are no account minimums to open a self-direct account. And there are no maintenance or inactivity fees. 2,000, regardless of the brokerage you choose.
If you’re a beginner or prefer to be hands-off, you can get an automated managed portfolio. This is a robo-advisor that automatically picks investments for you based on your goals. You can fund your account in a variety of ways, including wire transfers, an electronic transfer from your bank, or the good, old-fashioned way – with a check. Within just a few days, you’ll be up and running and ready to dive into the market.
You must be a US citizen or legal permanent resident, and have a US address. Commissions Ally Invest has straightforward pricing and boasts one of the lowest fees on the market. It was originally an auto finance company and slowly expanded its financial services over the decades. In 2009, it was rebranded as Ally Bank. Ally Bank is an online-only bank, which allows them to strive for high interest rates on their bank accounts with minimal fees. Ally Invest is a member of FINRA and SIPC.
Mutual Funds: Ally offers thousands of mutual funds, but it doesn’t have any no-transaction-fee funds. ETFs: Unfortunately, Ally doesn’t offer no-commission ETFs. Options Contract: Ally’s platform offers very strong tools for options traders. If you’re an options trader, it’s hard to beat Ally’s rate. Don’t let the seemingly harmless name of penny stocks fool you.
It’s a high-risk market where you can lose your shirt and a lot more if you don’t know what you’re doing. Forex is the most popular traded market in the world. In a nutshell, Forex is traded in pairs: you’re buying one currency while selling another. There’s a fair amount of risk involved. And you need to sign up for a separate Ally Forex account. There’s no commission fee to trade Forex.