Online brokerage services have existed for over 20 years. Trading investments today has never been cheaper. So while the race towards cheap trades (in some cases free) is happening, other functionality is becoming more important when selecting a stock broker.
For this review, I compare Ally Invest and Fidelity Investments. Which one is better depends on your needs? So let's examine the major features first.
We've determined with online brokerages the most critical feature customers care about is the
cost per trade. The second most important feature is the minimum deposit, and the last is if the broker
offers mutual funds. Let's look at how Ally Invest and Fidelity Investments
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In other words, how much does one need to invest to use the service? Out of the two, Ally Invest minimum investment of $0 is smaller than the deposit of required by Fidelity Investments.
Next I'll consider cost per trade for both brokers.
Both Ally Invest and Fidelity Investments cost the same at $4.95/trade and are equal in price.
Both Ally Invest and Fidelity Investments offer mutual funds. So this feature isn't a clear difference between the stock brokers.
|Review||Ally Invest Review||Fidelity Investments Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||90 Days Free Trades OR $200 Cash||None|
|Stock Trades||$4.95/trade ($3.95/trade – 30 trades per quarter or $100k+ balance)||$4.95/trade|
|Options Trades||$4.95/trade + $0.65/contract ($3.95/trade + $0.50/contract)||$4.95/trade + $0.65/contract|
|Investment Types||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds, FOREX, Futures||Stocks, ETFs, Mutual Funds, Bonds|
|Access||Website, iOS App, Android App||Website, iOS App, Apple Watch, Android App|
|Broker Assisted Trade|
|No Fee ETFs|
|Sign Up||Sign Up|
About Ally Invest
Ally Invest is the online brokerage firm of Ally Bank with great pricing and customer service, making it hard to beat. Unfortunately, the funding process can be tricky, taking up to seven days. If you are looking for a local branch office, you'll have to look elsewhere.
About Fidelity Investments
Fidelity is a full-featured discount brokerage service that includes virtually every investment and banking service you need. The mobile app is also one of the best for trading on the go. However, the service is slow to roll out new features.