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 Stockpile. 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 Stockpile
stack up against each other on these points.
To start, we will consider the minimum investment required for both applications. In
how much does one need to invest to use the service?
Both Ally Invest and Stockpile have the same minimum of $0. So they are equal in this requirement.
Next I'll consider cost per trade for both brokers.
Out of the two, Stockpile is cheaper per trade at $0.99 than Ally Invest at $4.95/trade.
When it comes to having support for mutual funds, there is a clear division between Ally Invest and Stockpile. Ally Invest does have support for mutual funds, while Stockpile does not.
|Review||Ally Invest Review||Stockpile Review|
Overall rating as by Investor Junkie.Rating
|Commissions & Fees|
|Ease of Use|
|Tools & Resources|
|Amount of Deals|
|Promotions||Get up to a $3,500 Cash Bonus||None|
|Stock Trades||$4.95/trade ($3.95/trade – 30 trades per quarter or $100k+ balance)||$.99/trade or $2.99/first gift card stock + 0.99/additional stock|
|Options Trades||$4.95/trade + $0.65/contract ($3.95/trade + $0.50/contract)||N/A|
|Investment Types||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds, FOREX, Futures||Stocks, ETFs|
|Access||Website, iOS App, Android App||Website, iOS App, 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, and its great pricing and customer service make it hard to beat. Unfortunately, the funding process can be tricky, taking up to 10 business days. And if you are looking for a local branch office, you'll have to look elsewhere.
Stockpile is a unique stock broker that allows users to purchase small amounts of household-name stocks through gift cards. It's a great way to get young people interested in investing, although the costs can add up.