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 TD Ameritrade. 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 TD Ameritrade
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 TD Ameritrade 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, Ally Invest is cheaper per trade at $4.95 than TD Ameritrade at $6.95/trade.
Both Ally Invest and TD Ameritrade offer mutual funds. So this feature isn't a clear difference between the stock brokers.
|Review||Ally Invest Review||TD Ameritrade 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||Trade Free for 60 Days + Get Up to $600 Cash|
|Stock Trades||$4.95/trade ($3.95/trade – 30 trades per quarter or $100k+ balance)||$6.95/trade|
|Options Trades||$4.95/trade + $0.65/contract ($3.95/trade + $0.50/contract)||$6.95/trade + $0.75/contract|
|Investment Types||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds, FOREX, Futures||Stocks, Penny Stocks, ETFs, Mutual Funds, Bonds, FOREX, Futures|
|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, 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.
About TD Ameritrade
Get complete access to all kinds of investment options with relatively low pricing from TD Ameritrade. One of its biggest advantages is it requires no minimum deposit to open an account. This is the closest we can find to a perfect online broker.