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Ally Invest Review: Is it a Good Investing App for ETFs?

Ally offers full access to U.S. stock and ETF markets, including the OTCBB and Pink Sheet markets. All stock and ETF purchases come with $0 fees if purchased from standard U.S. exchanges. Ally offers a full set of ETF screeners, ranging from average volatility to Morningstar analyst ratings. If you trade across multiple devices or computers, you’ll appreciate Ally’s web-based investing platform.

Tips on Saving for Retirement

A unique feature of Ally’s Managed Portfolio is that 30% of your funds will always be allocated in cash. This cash portion will earn around the same APR as it otherwise would in Ally’s high-yield savings account (HYSA), which is more than 15x the national average. Fixed-income securities help balance your portfolio and provide stability to offset market volatility. Ally Invest is the company’s latest foray into the world of online investment services.

While not every other brokerage has a great mobile experience, many of them have matched them where it counts the most – free trades. Ally Invest offers free trades, too, and Ally Invest’s mobile app does everything Robinhood’s app does, but it just doesn’t look as slick. It’s not ideal for advanced investors, day traders, technical traders, or someone who needs a lot of market data (Level 2) to make decisions.

How long does it take for my Ally Invest account to be authorized after an application?

• Like Ally Invest, E-Trade Core Portfolios employs technology to monitor and rebalance your portfolio.
• Its free stock and ETF trades and other low prices put it in competition with some big financial names, like Schwab, E-Trade and Merrill Lynch.
• With no account minimum it’s easy for beginners to get started, while active investors will appreciate Ally’s commission-free trades on eligible U.S. securities and low options contract fee.
• What’s cool about this option is there are no advisory fees, and the 30% buffer also earns you interest.

In this Ally Invest review, we’ll cover customer accounts, expectations, fees and pricing, and how self-directed trading works. Ally Invest does integrate TipRanks’ “Smart Score,” showing blogger sentiment, hedge fund exposure, and price targets. I found that feature intriguing, but it still isn’t enough for advanced traders looking for comprehensive fundamentals or charting. For macro analysis, the platform provides little beyond headline news and a brief look at major indices.

Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances.

Is There an Ally Invest Mobile App?

With commission-free trades, you don’t have to pay anything to buy and sell securities. Additionally, Ally also provides comprehensive research and market analysis tools, making it easy to analyze and research stocks. When looking for investment help, it’s important to first know your own savings and investment goals as well as your own level of investing know-how. Luckily, Ally Invest offers products for you no matter how experienced you are with investing or not.

Robo Portfolios

Once you have approved the plan, your advisor will implement the plan. You can get started with $100, and you have two portfolio choices; Cash-enhanced and Market-focused. If you want a hands-off managed fund like a robo-advisor, Ally Invest offers a pretty good product, but compare it with the leading robo-advisors currently available. Jeff Rose, CFP® is a Certified Financial Planner™, founder of Good Financial Cents, and author of the personal finance book Soldier of Finance.

• Since there are two different investment account choices with Ally, it was easier to combine the pros and cons of the overall investment choices.
• The cash-enhanced portfolio option is a good choice for investors who want an additional layer of security in a fluctuating market.
• Considering fractional investing is widely available at many other competitors, this omission feels outdated.
• I’ll also cover the fees that they charge, the pros and cons of being a customer, and more.

Ally Invest offers commission-free trading on stocks, ETFs, and no-load mutual funds, making it a cost-effective choice for most investors. Stocks priced under $2, such as penny stocks, come with a minimum commission of $4.95 per trade, with fees capped at 5% of the trade’s total value. Options trades cost $0.50 per contract, with no extra fees for early assignment or exercise.

Ally calls it a “cash buffer.” It’s handy to have cash in volatile times, but this much in cash is also probably how the company makes money while not charging management fees. What’s cool about this option is there are no advisory fees, and the 30% buffer also earns you interest. Wealth management is a holistic financial planning service, thus the fees are a bit higher. The fees range from 0.75% – 0.85%, which is much higher than the robo-advisor service, but lower than the 1% to 1.5% that most independent financial planners charge. For research, Webull gives you access to the fundamentals, such as income statements, balance sheets, and cash flow statements. You can also get real-time insights to understand what has been happening recently to the investment.

This does not influence our recommendations or editorial integrity, but it does help us keep the site running. All fee arrangements at Ally Invest Advisors are negotiable, though this is entirely up to the discretion of the firm on a client-to-client basis. The dollar amount that’s used to calculate these charges is the combined average daily balance of your account during the corresponding month. That said, investing with Ally is a personal choice that will depend on your unique situations.

There are no monthly maintenance fees or minimum balance requirements. You can also opt into Ally’s Overdraft Transfer Service to protect your checking account from overdraft fees using automatic transfers from your Ally savings or money market accounts. New customers take an assessment to determine their risk tolerance and goals. The questions gauge how comfortable investors are with stock market fluctuations and what their investment time horizon is. The assessment then suggests a portfolio and provides details about the asset allocation. When it comes to actual trading platforms and tools, Ally Invest is functional but bare-bones.

Our reviewers — who are writers and editors on NerdWallet’s content team — test every online broker platform in our analysis hands-on. That way, we can report on every aspect of the user experience, from funding a new account to placing trades. Ally Invest’s mobile app is a part of the larger Ally Bank app, and lets users access holdings, the trading platform, research, screeners, a stocks watchlist and more.

Ally Invest offers comprehensive research and analysis to help you be a better trader. Ally Invest has one of the most comprehensive panels of trading tools. This is particularly true when it comes to ally invest review options trading, not the least of which because it was a strong suit for TradeKing. On the self-directed side, they offer the full range of investment options, with one of the lowest commission fee structures in the industry.

Mutual Funds

Overall, the broker is well-suited for investors seeking a straightforward and affordable trading experience. However, we advise conducting your research and evaluating whether the firm’s offerings suit your specific trading requirements. While the platform’s educational offerings may not be as extensive as some competitors, they aim to equip investors with essential knowledge to make informed decisions in the financial markets.

Categories: Forex Trading