• Account Types: 4/5
  • Investment Types: 4/5
  • Account Minimum: 5/5
  • Mobile App: 4/5
  • Tradable Assets: 4/5
  • Tools: 3/5
  • Ease of Use: 4/5
  • Fees: 4/5
  • Customer Support: 5/5
  • Client Satisfaction: 4/5

2022's In-Depth Ally Invest Reviews

Fact-checked
  • Account Types: 4/5
  • Investment Types: 4/5
  • Account Minimum: 5/5
  • Mobile App: 4/5
  • Tradable Assets: 4/5
  • Tools: 3/5
  • Ease of Use: 4/5
  • Fees: 4/5
  • Customer Support: 5/5
  • Client Satisfaction: 4/5

Best For

Investors of all experience levels

STRENGTHS

  • Low-cost trades
  • User-friendly website and mobile app
  • Foreign exchange trading
  • Provides a variety of educational resources, including articles, webinars, and video tutorials on investing

WEAKNESSES

  • No cryptocurrency trading
  • Not the best platform for experienced investors

Although it’s fun, investing can also be overwhelming and confusing, especially if you’re just getting started. That’s why we’re a big fan of Ally Invest, which offers everything you need to get started with online stock trading without all the bells and whistles that can make other brokerages seem complicated.

In this review, we’ll talk about the pros and cons of using this platform, how it compares to other popular brokerages, as well as what users have to say in Ally Invest reviews. We’ll also give you an overview of the different features Ally Invest offers, so you can decide if it fits your needs.

What Is Ally Invest?

Ally Invest is an online stock trading platform operated by Ally Financial, a large financial services company offering a variety of products, including banking, lending, and investing. Formerly known as TradeKing, Ally Invest rebranded in 2016 after acquiring another brokerage firm. Although it’s a relatively new company, Ally Invest has quickly become a popular choice for online stock traders.

Ally Invest is a good choice for beginner investors looking for a simple and straightforward platform to start trading stocks, as it offers low commissions and the platform is easy to use. However, it’s also a good choice for more experienced investors looking for a comprehensive platform with advanced features who know how to use platforms like Ally Invest. In addition to stocks, Ally Invest also offers options trading, mutual fund investing, and robo-advisory services.

One of the things we like most about Ally Invest is that it offers a lot of resources to help you learn about investing—on the official website, you can find an extensive education center, as well as webinars and live events that can help you educate yourself on how to invest in stocks and other related topics.

How Does Ally Invest Work?

Now that you know a little bit about Ally Invest, let’s talk about how it works. The first thing you need to do is open an account with Ally Invest, which you can do online in just a few minutes. Once your account is open, you’ll need to fund it before you can start trading—you can do this by transferring money from your bank account or by mailing in a check.

Ally Invest has a web-based platform that’s easy to use, but what is great about Ally Invest is that you can also download the mobile app great for placing trades on the go, which is available for both iOS and Android devices.

Main Features

Let’s look at some of the main features of Ally Invest’s platform:

Account Types

Ally Invest offers three different account types: Individual, Joint, and IRA, so you can choose one that best suits your needs. For example, if you’re planning on retirement investing, you’d want to open an IRA account.

Account Minimums

One of the great things about Ally Invest is that there are no account minimums, which means you can start investing with as little or as much money as you want. For example, if you only have $100 to invest, you can open an account and start trading with this amount. However, there are fees and commissions to consider, but we’ll talk about them later in this Ally Invest review.

Investment Types

Ally Invest offers a variety of investment types, including stocks, options, mutual funds, and ETFs. This is awesome, because it gives you the flexibility to invest in the way that’s right for you.

Mobile App

As we mentioned earlier, Ally Invest has a mobile app available for both iOS and Android devices. The app is great for placing trades on the go, and it’s also handy for checking your account balance and doing research.

Social Responsibility

Ally Invest is a socially responsible company—it offers a Green Investing portfolio, which invests in companies committed to environmental sustainability. This is great for investors who want to make a difference with their money.

Tools and Resources

Ally Invest offers a variety of good investment tools such as stock screeners, options calculator, and earnings calendar. These are great for both beginner and experienced investors. The platform also has an extensive education center on its website, as well as webinars and live events on how to use Ally Invest.

Foreign Exchange Trading (Forex)

In addition to stocks and options, Ally Invest also offers foreign exchange (Forex) trading. This is a great way to diversify your portfolio and take advantage of global economic trends. However, Forex trading is a bit more complex than stock trading, and there’s debate as to whether Forex trading is profitable, so it’s not recommended for beginners.

Feature Rating
Account types 4/5
Investment types 4/5
Account minimum 5/5
Mobile app 4/5
Social responsibility 5/5
Tools and resources 4/5
Foreign Exchange Trading 4/5

How Much Are Ally Investing Fees?

Now that you know what some Ally Invest’s main features are, let’s talk about its fees.

Ally Invest offers commission-free trades for stocks, ETFs, and options, which is great because it helps keep your costs down. It also has low commissions for mutual funds—the average cost per project is $0.65. Let’s check out the other Ally Investing fees:

Type Cost
Account fees 1099 Request for Exempt Accounts $50
Entity Account Annual Fee $0
Entity Account Opening Fee $0
Foreign Stock Incoming Transfer Fee $50 per position
Limited Trading Authorization (LTA) Paper Statement Fee $4 per account statement
Margin Reg T Extension $10 + interest to settlement

date

Non-transferable Security Charge Per Position $20 per month
Paper Confirmations $2
Paper Statements > 2 Years $4 per statement
Pre Pay Settlement Fee $20
Tax Document Requests by Fax and Regular Mail $50
Vault Fee $60 per year charged monthly
Voluntary Reorganization $50
Worthless Securities Processing $30 (other fees may apply)
Trading fees ADR and Other Foreign Stock Semi-Annual Charges Typically $0.02 per share
Index Products (single exchange listed)  $0.35 per contract
OTCBB and Pink Sheet Stocks Minimum investment of $100 per trade
Foreign Stock Transaction Fee (not ADRs)  $50 + regular commission
Margin Sellouts $40 + regular commission
Option Assignments and Exercise $0
Options Position Management $100
Phone-Assisted Orders $20 + regular commission
Restricted Accounts and Broker-Assisted Trades $20 + regular commission
Account transfer fees ACAT Transfer Out $50
DRS Transfer Fee $115 per position
DWAC Transfer Fee $50 per position + any transfer agent fees up to $150
Outgoing DTC $25 per position
Stock Certificate Deposit DTC Rejection Fees $175
Stock Certificate Deposit DTC Processing Fee $300 per certificate
IRA fees IRA Annual Fee $0
IRA Transfer Fee $50
IRA Closure Fee $25
Cashiering fees Check Stop Payment $30
Check Withdrawal $5
Incoming Wires From Ally Bank $0
Outgoing Domestic Wire Transfer $30
Overnight Delivery $50
Returned ACH $30
Returned Checks $30 + interest for any trades from the earlier of the settlement date or date of deposit
Returned 3rd Party Wires $30
Regulatory fees Options Regulatory Fee (ORF) $0.02235 per contract (buys and sells)
Securities and Exchange Commission (SEC) $22.90 per $1,000,000 principal (sells only)
Trading Activity Fee (TAF) *
  • $0.000130 per equity share (sells only)
  • $0.00218 per option contract (sells only)
  • $0.00082 per bond (sells only)
Trading commissions Stocks and EFTs ** $0
Mutual Funds
  • Load : Purchases $0; Sale: Subject to change from mutual fund
  • No Load: Purchases $9.95; Sale: $9.95
Bonds and Treasuries
  • $1 Per Bond
  • $10 minimum and $250 maximum required per transaction
Options $0 commissions + 50¢ per contract fee 
Certificates of Deposit (CDs)

 

$24.95 per transaction

* The trading activity fee (TAF) is a charge of $0.000130 per share levied on all stock and ETF transactions, with a minimum fee of $0.01 and a maximum fee of $6.49, as well as options trades at $0.00218 per contract for each transaction. Regardless of the bond’s par value, bonds are subject to a TAF charge and can be charged up to $0.82 per bond traded, which is rounded up to the nearest penny.

** The company doesn’t charge commissions for stocks and ETFs priced $2 and higher.

Ease of Use

So, how does Ally Invest platform work? The platform is very intuitive and user-friendly, and users are able to open an account and start trading within a few minutes, not to mention the convenience of the mobile app. Once your account is open, you’ll need to fund it before you can start trading by transferring money from your bank account or by mailing in a check.

Customer Support

Ally Invest offers various customer support options—you can reach the Ally Invest customer service by phone at 1-855-880-2559, via email at support@invest.ally.com, or through the live chat feature on the website. There’s also an extensive topic section on the website that you can find in the Help Center tab.

Customer Reviews

Customers are generally satisfied with Ally Invest, appreciating its low fees, commission-free trades, and easy-to-use platform. The customer service is also top-notch, offering a variety of support options. The only complaints we could find were from customers who had issues with their account being locked or suspended.

Alternatives

There are a few alternatives to Ally Invest worth mentioning. Let’s see what’s the difference between Ally Invest vs Robinhood, Acorns, and Stash:

Company Win Lose Best for
Ally Invest Low trading costs, foreign exchange trading available No fractional shares, no crypto currency or futures trading Investors of all experience levels, investors who are already using Ally Bank
Robinhood

Check out our full Robinhood review here

Offers free investing with minimal additional fees Lack of investment options Investors seeking a simple method to develop cashback savings habits
Acorns

Read our full Acorns review here

Select retailers provide cashback benefits; family investment options available Small account balances are prone to hefty fees Beginners who want to save money
Stash You can buy fractional shares High ETF expense ratio, no tax-loss harvesting or other tax optimization techniques available Beginners looking for an all-digital investment experience

Ally Invest provides its customers with low-cost trades and a robust platform. All Ally Invest’s competitors charge higher fees for their services, so this is a definite selling point. In addition, Ally Invest offers a well-designed website and mobile app that make trading easy and user-friendly.

Is Ally Invest Worth It?

The final verdict? Ally Invest is a great choice for beginner investors, as any Ally Invest review will testify its low fees and easy-to-use platform make it a good option for those just getting started in the world of online trading. However, more experienced investors might find Ally Invest doesn’t offer all the bells and whistles they’re looking for. But overall, Ally Invest is a solid choice for anyone looking to start investing.

FAQ

Is Ally Invest good for beginners?

Yes, Ally Invest is a good choice for beginner investors. The broker offers commission-free stock and ETF trades, as well as a variety of educational resources to help you learn about investing. However, experienced traders may find Ally Invest’s lack of advanced trading tools a drawback, so maybe they should review Ally Invest alternatives.

Is Ally Invest a good broker?

Yes, Ally Invest is a good broker. The company offers commission-free stock and ETF trades, as well as 24/hour customer support. However, Ally Invest doesn’t offer as many investment options as some of its competitors—if you’re looking for a broker that offers a wide range of investments, Ally Invest may not be the best choice for you.

Does Ally Invest charge inactivity fees?

Inactivity fees are common among brokerages, so it’s refreshing to see a company that doesn’t charge them. This makes Ally Invest a good choice for investors who don’t trade frequently. However, if you’re an active trader, you may find better options elsewhere—check our cost table above or the Ally Invest website for more information about costs and fees.

ABOUT AUTHOR

Researching various topics started out as a hobby, turned into a passion, and became a profession. Finance, investments, and gambling seemed particularly interesting topics of research, so they became my main focus. Now, I can deliver fresh, relevant content on these topics in my favourite language — English.