It prides itself on offering low to no fees, commission-free ETFs, and robust trading tools.
What Is Ally Invest and How Does it Work?
Most stocks and ETFs have no commission fees, and options trades are $0.50 per contract.
The following information about the features provides more details.
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Types of Accounts
Ally Invest offers a slew of accounts.
For taxable accounts, options include individual and joint, as well as custodial and trust taxable accounts.
Ally Invest also offers six different types of IRAs, including traditional and Roth accounts.
Research Tools
There are plenty of tools for traders who are looking for more advanced research tools.
Ally Invest offers some that are pretty robust, especially for a discount brokerage.
Plus it helps you create tax forms on demand.
Live Trading Platform
Investors can take advantage of Ally Invests web app-based live trading platform.
Features include broker tools, customizable dashboard, quick trading capabilities, and real-time streaming quotes.
Ally Invest App
Investors wont have a dedicated app unlike many of its competitors.
Keep in mind though, that the app isnt as robust as the desktop trading platform.
If you choose to open an Ally Invest Margin account, the minimum is $2,000.
Robo Portfolios
Robo Portfolios (formerly called Managed Portfolios) is Ally Invests robo-advisor offering.
While the portfolio management process is automated, the brokers use human investing experts to create their managed portfolios.
Like other robo-advisors, you wont be able to access a human advisor.
As in, theyre specifically designed to be geared towards the reasons you want to invest.
Is Ally Invest Right for You?
Ally Invest offers low pricing, a useful trading platform and tools for novice and advanced traders alike.
More active investors will love the commission-free trades and low options contract fee.
So if youre investing in other types of managed portfolios, youre out of luck.
Still, Ally Invest has something for almost everyone.
However, if you want futures and fractional shares, you wont find that here.
These pros and cons should help you decide.
The funds you borrow are typically based on the value of securities in your portfolio.
Youll need to pay this back with interest, or the margin rate.
She is the host of the Buzzsprout and Beyond the Dollar podcasts.
Contributor Dennis Lynch contributed to this report.
It sounds appealing right?
Check it out here!