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Ally Invest Review 2024

Written by
Fact checked by
Adam N.
Updated
1w ago
Key data
Fees
Safety
Deposit and withdrawal
Account opening
Mobile app
Web trading platform
Product selection
Regulated and trusted. Tested via live trading.
2,060 people chose this broker
Available in United States

Why choose Ally Invest

Ally Invest is a US stockbroker, regulated by top-tier authorities the SEC and FINRA.

Ally Invest offers low trading fees and non-trading fees. The account opening process is easy and fully digital, and there are also a lot of high-quality educational tools. It is a good choice for beginner investors.

On the negative side, you can only trade on US markets and forex trading is not available for basic brokerage accounts. The login process could also be made safer via proper two-factor authentication.

BrokerChooser gave Ally Invest a 4.5/5 rating based on analyzing 600+ criteria and testing via opening a live account.

  • Low trading and non-trading fees
  • Easy and fully digital account opening
  • Great education

Explore the key metrics of Ally Invest

Overall score
4.5/5
Minimum deposit
$0
Stock fee
Low
Options fee
Low
Inactivity fee
no
Account opening
1-3 days

Not sure if this is the right broker for you? See the best ones.

See how the best brokers in the United States compare to Ally Invest

US stock fee
Estimated commission of a $2,000 trade, assuming a $50 stock price

Fees

Score: 4.3/5
Ally Invest has low trading fees and non-trading fees, including zero base commission on most stocks and ETFs. On the negative side, margin rates are quite high.
  • Low trading fees
  • Low non-trading fees
  • Zero commission on most stock and ETF trades

We compared Ally Invest's fees with two similar brokers we selected, Merrill Edge and Fidelity. These competitors were selected based on objective factors like products offered, client profile, fee structure, etc. See a more detailed comparison of Ally Invest alternatives.

Commission-free stock and ETFs

It’s extremely great as Ally Invest has commission-free US stock trading.

Broker
US stock
Ally Invest
$0.0
Merrill Edge
$0.0
Fidelity
$0.0
Ally Invest stock and ETF commission

If you trade stocks or ETFs cheaper than $2, a $4.95 flat fee plus a further $0.1 per-stock is charged.

High margin rates

Ally Invest USD margin rate fees are higher than the industry average. USD margin rate fees are calculated as follows: Tiered margin rates depending on your account balance. 13% for margin balance under $10k.

Broker
USD margin rate
Ally Invest
13.0%
Merrill Edge
12.6%
Fidelity
13.6%
Ally Invest annual margin rates

Low options commission

Ally Invest US stock index options fees are less than half of the industry average. US stock index options fees are calculated as follows: $0.5 fee per contract

Broker
US stock index options
Ally Invest
$5.0
Merrill Edge
$6.5
Fidelity
$6.5
Ally Invest stock index options commission

No inactivity fee, no withdrawal fee

It charges no inactivity fee or account fee. There is no withdrawal fee if you use ACH transfer. However, withdrawals to other banks using wire transfers cost $30. We tested ACH, so we were charged no withdrawal fee.

Broker
Inactivity fee
Withdrawal fee
Ally Invest
$0
Merrill Edge
$0
Fidelity
$0
Ally Invest inactivity, withdrawal and other fees

Other commissions and fees

Low mutual fund commission: trading mutual funds involves the following charges - Commission-free.

Low bond commission: US treasury bonds come with the following charges - $1.0 per bond, min. $10.

Broker
Mutual fund
US micro e-mini stock index futures
Ally Invest
$0.0
-
Merrill Edge
$20.0
-
Fidelity
$37.5
-
Misc. fees compared with other brokers

Safety

Ally Invest is overseen by top-tier US regulators, which means a high investor protection amount. Unfortunately, no investor protection is offered for forex accounts.
  • High level of investor protection
  • Banking background
  • Regulated by top-tier financial authorities in the US
Read more

Deposit and withdrawal

Score: 1.5/5
At Ally Invest you can use only bank transfer and wire transfer withdrawals are expensive. On the other hand, it doesn't charge a deposit fee and transferring money is easy.
  • No deposit fee
  • User-friendly
  • Free ACH withdrawal
Read more

Account opening

Score: 4.4/5
Account opening is fully digital and user-friendly. The broker requires no minimum deposit in most cases. On the other hand, account verification takes relatively long.
  • Fully digital
  • Low minimum deposit
Read more

Mobile app

Score: 4/5
The Ally Invest mobile trading platform is user-friendly and well-designed. However, it lacks two-step authentication , doesn't provide price alerts, and doesn't allow bond trading.
  • User-friendly
  • Good search function
  • Good variety of order types
Read more

Web trading platform

Score: 4/5
Ally Invest's web trading platform is user-friendly, with a convenient search function. On the negative side, there is no clear fee report and we also missed the two-step authentication.
  • User-friendly
  • Good search function
  • Good customizability (for charts, workspace)
Read more

Product selection

Score: 2.4/5
At Ally Invest, you can trade various asset classes from stocks to options. On the negative side, it covers only the US market and futures trading is not available.
Read more
“I recommend Ally Invest for investors and traders looking for low fees and focusing on the US market.”

FAQ

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Author of this review

Edith Balázs

Forex • Safety • Financial Journalism

I bring 20+ years of experience as a correspondent having worked for Bloomberg, Dow Jones and The Wall Street Journal covering macroeconomics, stock, currency and fixed-income markets. I hold a Master's degree in American Studies and Journalism.

Everything you find on BrokerChooser is based on reliable data and unbiased information. We combine our 10+ years finance experience with readers feedback. Read more about our methodology.

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