Ally Invest Alternatives

The best alternatives to Ally Invest are

1. Merrill Edge - US discount broker
2. Fidelity - US stockbroker
3. J.P. Morgan Self-Directed Investing - US-based discount broker
4. Vanguard - US stockbroker

Let's see in a bit more detail how the Ally Invest alternatives compare to Ally Invest and each other:

Why are these brokers considered good alternatives to Ally Invest? There are many areas based on which Ally Invest can be compared with others. When we say a given online broker is a good alternative to Ally Invest we mean these brokers are comparable in the following areas:

• The products they offer, meaning you can buy mostly the same things, i.e. stocks, CFDs, options, etc.
• The type of clients they target, i.e. beginners, experienced investors, or day traders.

Not sure which broker to choose? For a tailored recommendation, check out our broker finder tool. Answer 4 simple questions and get a list of the most relevant brokers.

Ally Invest alternatives recommendations

Brokers are different in a number of ways, which means each of them may be suitable for different people. Here's how they compare overall:

• Ally Invest is recommended for investors and traders looking for low fees and focusing on the us market
• Merrill Edge is recommended for investors and traders looking for low fees, quick account opening, and simple platforms
• Fidelity is recommended for investors and traders looking for solid research and great trading platforms
• J.P. Morgan Self-Directed Investing is recommended for beginners and buy-and-hold investors focusing on the us stock market
• Vanguard is recommended for long-term investors looking for great etf and mutual fund selection

Important factors of finding Ally Invest alternatives

So far BrokerChooser has reviewed 101 online brokers in detail, which gives this comparison a solid starting point.

Not only that, but all of these brokers are reviewed using the exact same broker review methodology, which makes everything easily comparable. For each broker, we

• open a live account
• check over 100 criteria, with weighting based on readers' preferences
• refresh data regularly

Whether Ally Invest or one of its alternatives is the best choice for you is on the following five broker characteristics that most interest people:

Fees. There are different types of fees that your online brokerage may charge, and both the number and the size of these fees may vary significantly from broker to broker. Both of these aspects can impact your returns and your overall experience. Ally Invest is one of the cheaper brokers, so if this is an important consideration for you, make sure you pick a similarly low-cost Ally Invest alternative.

Deposit/withdrawal. The number of ways that you can deposit or withdraw money to or from your account matters a lot. For example, while you cannot make a deposit with your credit card at Ally Invest, some alternatives might allow you to do that.

Web trading platform. While online brokers are usually available on various platforms like mobile apps, tablet apps or desktop software, most people use them through their web platform in a browser. User-friendly trading platforms that offer many different resources can significantly increase your trading comfort.

Markets and products. A lot of people have specific products they would like to invest in. Knowing whether stocks, forex, mutual funds, and other products are available at the given Ally Invest alternative is a must.

Now let's dive into the details of how Ally Invest and its alternatives perform in the most important areas!

Merrill Edge is a US-based stockbroker founded in 2010 by Bank of America (BofA). BofA acquired Merrill Lynch during the 2008 financial crisis, and the rationale for launching Merrill Edge was to combine its online investing arm and Merrill Lynch's investment expertise. Merrill Edge offers US stocks, ETFs, options, and bonds. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Merrill Edge is considered safe because its parent company is a bank with a long track record and solid reputation, it discloses its financials, and is regulated by top-tier regulators. 

Recommended for investors and traders looking for low fees, quick account opening, and simple platforms

Visit broker

Fees

4.3

Merrill Edge has low trading and non-trading fees, including commission-free stock and ETF trades. On the other hand, financing rates are quite high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

Visit broker More

Account opening

5.0

Account opening at Merrill Edge is seamless and fully digital, it took us less than one day to have an open account. Only US clients are accepted.

If you are interested more in Merrill Edge minimum deposit, this overview will help you.

Visit broker More

Deposit and withdrawal

2.2

Merrill Edge has an easy-to-use deposit and withdrawal system with a bank account connection. Unfortunately, credit/debit cards cannot be used to fund the account, and there is only USD as a base currency.

Visit broker More

Web trading platform

4.3

Merrill Edge has a user-friendly and simple trading platform with options for secure login and setting price alerts. However, it offers only limited customizability and the search function is not so advanced.

Learn more about Merrill Edge's web trading platform in the detailed Merrill Edge review.

Visit broker

Markets and products

2.4

Merrill Edge has a limited product portfolio that consists of stocks, ETFs, mutual funds, and bonds. Unfortunately, the product lineup covers only the US market. The broker offers a lower diversity of products in general compared to its competition.

Visit broker More

Verdict

Overall, Merrill Edge is a solid, easy-to-use trading platform created by Bank of America, one of the US's largest banks.

We rated Merrill Edge highly due to its low fees, easy process of account opening, and safety. 

Some of the drawbacks include limited product offerings, research capabilities, and deposit/withdrawal options.

As trading and non-trading fees are generally low, the research tools are great and the account opening is seamless, feel free to try it.

Visit broker More

Fidelity is a US stockbroker founded in 1946. It is regulated by top-tier authorities like the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Fidelity is considered safe because it has a long track record and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for solid research and great trading platforms

Visit broker

Fees

3.9

Fidelity has low trading and non-trading fees, including commission-free stock trading. On the negative side, margin rates and fees for some mutual funds can be high.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

Visit broker More

Account opening

3.7

Opening an account at Fidelity is easy and there is no minimum deposit. You can also choose from many account types. However, account verification is a bit slow.

If you are interested more in Fidelity minimum deposit, this overview will help you.

Visit broker More

Deposit and withdrawal

3.8

Fidelity offers an exceptionally wide range of base currencies. On the negative side, credit/debit cards are not accepted.

Visit broker More

Web trading platform

4.5

Fidelity's web platform is easy to use, has many order types and provides two-step authentication. On the negative side, it is not customizable.

Learn more about Fidelity's web trading platform in the detailed Fidelity review.

Visit broker

Markets and products

3.6

Fidelity offers a lot of different trading products, from stocks to options, including international stocks. However, forex and futures trading is not available.

Visit broker More

Verdict

Fidelity is one of the biggest US stockbrokers and is regulated by top-tier authorities.

Fidelity offers commission-free US stocks and ETFs. The trading platforms and research are outstanding, with many tools including trading ideas and detailed fundamental data. The offered range of products includes international stock exchanges in addition to the US market, which is not common among US brokers.

Fidelity has some drawbacks, though. Some mutual funds have high fees, and the margin rates are high as well. You can't trade cryptos or futures.

As it has great research tools, a user-friendly web trading platform, and charges no inactivity fee, feel free to try Fidelity's services.

Visit broker More

J.P. Morgan Self-Directed Investing, formerly Chase You Invest is a US-based discount broker established by J.P. Morgan in 2018. The parent company, J.P. Morgan, is one the biggest global Tier 1 investment banks listed on the New York Stock Exchange. It is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

J.P. Morgan Self-Directed Investing, formerly Chase You Invest is considered safe because the parent company has a long track record, is listed on the stock exchange, has a banking background, discloses its financials regularly and is regulated by top-tier regulators.

J.P. Morgan Self-Directed Investing platform notes the following:

INVESTMENT AND INSURANCE PRODUCTS ARE: NOT A DEPOSIT • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Recommended for beginners and buy-and-hold investors focusing on the us stock market

Visit broker

Fees

4.8

J.P. Morgan Self-Directed Investing offers commission-free trading, but transaction and other smaller fees may apply.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

Visit broker More

Account opening

5.0

Account opening at J.P. Morgan Self-Directed Investing is seamless and fully digital. It took us one day to open an account, however only US clients are accepted.

If you are interested more in J.P. Morgan Self-Directed Investing minimum deposit, this overview will help you.

Visit broker More

Deposit and withdrawal

2.2

At J.P. Morgan Self-Directed Investing there is no deposit fee and transferring money is simple and easy, although withdrawal options could be more numerous.

Visit broker More

Web trading platform

2.9

J.P. Morgan Self-Directed Investing's web trading platform is exceptionally easy to use and it boasts a great search function. On the flip side, two-step authentication is missing, there are no clear fee reports and users can't set price alerts.

Learn more about J.P. Morgan Self-Directed Investing's web trading platform in the detailed J.P. Morgan Self-Directed Investing review.

Visit broker

Markets and products

2.1

J.P. Morgan Self-Directed Investing has a limited product portfolio including stocks, ETFs, funds, bonds and options. Unfortunately, the product portfolio only includes assets traded on the US market.

Visit broker More

Verdict

J.P. Morgan Self-Directed Investing, formerly Chase You Invest offers awesome fees: the broker does not charge additional fees for trading US stocks, ETFs, mutual funds and US bonds. Some very low charges may apply to cover costs imposed by regulatory or stock exchange authorities (e.g. $0.01 - $0.03 per $1,000 principal for US stocks and ETFs). 

The fully digital account opening is easy and fast, on-boarding is seamless. J.P. Morgan Self-Directed Investing, formerly Chase You Invest's parent company, J.P. Morgan, has a banking background, is listed on the New York Stock Exchange and is regulated by the SEC. 

J.P. Morgan Self-Directed Investing has some drawbacks, though. It is only available to US residents, the product portfolio is limited, with a heavy focus on US markets and the research tools are basic. 

In a nutshell, J.P. Morgan Self-Directed Investing offers low-cost trading and has one of the most solid parent companies. Feel free to give it a try. 

Visit broker More

Vanguard is a US stockbroker founded in 1975. The company is regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

Vanguard is considered safe because it has a long track record and it is overseen by top-tier regulators.

Recommended for long-term investors looking for great etf and mutual fund selection

Visit broker

Fees

4.5

Vanguard offers free stock and ETF trading and some bonds are also free to trade. Non-trading fees are low, no inactivity fee is charged and withdrawal is also free, if you use ACH transfer. On the negative side, the fees for non-free mutual funds are high. Financing rates are also high, especially in the lower volume tiers.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k for stocks and $20k for FX

Visit broker More

Account opening

4.2

Account opening is fully digital and user-friendly. There is no minimum account balance. However, the account opening and verification process is slow, around 2-3 business days.

If you are interested more in Vanguard minimum deposit, this overview will help you.

Visit broker More

Deposit and withdrawal

2.4

It's great that Vanguard charges no deposit fee and transferring money is easy and user-friendly. Deposit and withdrawal options could be improved, though. You can use only bank transfer, and a fee is charged for wire transfer withdrawals.

Visit broker More

Web trading platform

3.4

Vanguard has an average web trading platform. It offers a two-step login and there is a clear fee report. The trading platform's structure is a bit confusing and some features are hard to find. Search functions could be better, too, and we missed customizability.

Learn more about Vanguard's web trading platform in the detailed Vanguard review.

Visit broker

Markets and products

2.6

Vanguard gives access to different asset classes, including stocks, ETFs, funds and options. However, the offered products cover only the US market and forex and futures are not available.

Visit broker More

Verdict

Vanguard is one of the biggest US stockbrokers regulated by top-tier regulators.

Vanguard offers free stock, ETF trading. It doesn't charge inactivity and account fees and the account opening is easy and fully digital. The mobile trading platform is user-friendly and has a great design.

It has some drawbacks, though. The product portfolio covers only the US market and the research tools are basic. Financing rates are also high when you trade on margin.

As the non-trading fees are low and no inactivity fee is charged, feel free to try Vanguard.

Visit broker More

Ally Invest is a US stockbroker regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Its parent company, Ally Financial Inc. dates back to 1911 when its predecessor, General Motors Acceptance Corporation (GMAC) was founded. Ally Financial Inc. is listed on the New York Stock Exchange and has a banking subsidiary, Ally Bank.

Ally Invest is considered safe because it has a long track record and is regulated by top-tier financial authorities.

Recommended for investors and traders looking for low fees and focusing on the us market

Fees

4.5

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.

Includes spreads, commissions and financing rate for opening a position, holding for a week, and closing.
Position sizes: $2k

Account opening

4.2

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.

Learn more about Ally Invest minimum deposit here.

Deposit and withdrawal

2.6

Ally Invest doesn't charge a deposit fee and transferring money is easy. On the other hand, you can use only bank transfer and wire transfer withdrawals are expensive.

Web trading platform

3.5

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.

Learn more about Ally Invest's web trading platform in the detailed Ally Invest review.

Markets and products

2.5

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.

Verdict

Ally Invest is one of the biggest US stockbrokers and is overseen by top-tier regulators. Retail clients of Ally Bank will appreciate that its banking and brokerage platforms are very well integrated - so it's very easy to move cash between those accounts.

Ally Invest has low trading and non-trading fees and offers a good product range in the US. The account opening process is easy and fully digital. We also liked the high quality of its educational tools.

Ally Invest has some drawbacks though. You can trade only on US exchanges. Forex trading is available only through a separate Ally Forex account provided by GAIN Capital (Forex.com). Lastly, there is no option to turn on two-factor authentication for added security.

Still, as trading fees are low and no inactivity fee is charged, feel free to try Ally Invest.

Based on our analysis, there are several good alternatives to Ally Invest. They all offer similar products and target similar customers. Here's a recap of the results in a table.

Still unsure? Use our broker finder and find the best broker for you or learn more about investing your money.