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Find everything you wanted to know about Ally Invest – one of the best brokers in terms of low-cost commissions and fees.
Ally Invest is an investment platform, a subsidiary of Ally Financial, an institution founded by Donato Montanaro, Richard J. Hagen Jr, and Thomas A. Desmond. The company’s headquarters is in Fort Lauderdale, Florida, United States, and has been operating since 2005. The platform offers low-cost trading options, mutual funds, ETF trades, and bonds.
Previously known as TradeKing and acquired by Ally Financial in 2016 – the company is relatively new compared to other stockbrokers. However, it offers both self directed investing (where you do all the trading yourself) and managed portfolio (where the platform does all the trading for you). Its low-cost trading and easy to use features make it the ideal investment platform for people who are new to trading options.
Ally Invest is one of the most user-friendly online brokers around. They offer a wide range of attractive features and impressive perks like an array of free tools such as stock charts, streaming charts, market, and company snapshot, forex trading options, and the most impressive advantage – low-cost trading options.
Ally Invest offers zero trading costs on all eligible U.S. securities, a zero base commission ($0.05 / contract), $1.00 per bond, and a $0 account minimum to begin trading. They also offer free commissions on all eligible U.S. ETFs, a $9.95 mutual fund trade, and data on their various options like stock, ETFs, options, bonds, and so on.
Ally invest also boasts of reliable customer support, seven days a week. What’s more, the application process only takes less than 10 minutes to complete. These options are likely to interest and attract beginner investors and seasoned traders alike.
Accounts in Ally invest are protected by SIPC for funds up to $500,000 with FDIC insurance covered up to $250,000, although futures account and Forex are not covered.
When an investor trades through the automated managed portfolio, the investor has the liberty to choose a cash-enhanced portfolio that would set aside one-third of the portfolio in the cash buffer; this comes as a refreshing option to investors who are disinclined or reluctant to take risks. Meaning that in the unfortunate event that the other trades invested fall, the investor will have a 30% buffer.
Ally Invest is the ideal stock broker for self-directed traders since the zero-fee policy enables the trader to keep all profits, instead of paying costly fees. The platform also presents its many users with tools to access their accounts on the go – with mobile apps for both IOS and Android smartphone users. These apps are easy to use too. Several in-app functions would help answer questions that the investor might have instead of referring them to the FAQ page. Advanced traders may not find Ally invest suitable because they don’t possess as many tools or professional advisors as other advanced brokers.
Platform’s Pros & Cons
Some of the best things about the online stockbroker are;
Ally Invest is an easy-to-use brokerage platform for all investors, especially beginning investors; the platform provides features and tools that will aid the trader in making the right choices and adding, extensively to the trader’s knowledge.
The low-cost requirements is also an added advantage as it encourages and appeals to investors; they also offer a 30% buffer for severely risk-averse investors which is a plus. The zero-fee policy for self-directed traders is commendable, as is the ease of use and operation of both the web platform and the online broker’s application.
However, steps should be taken to ensure that local branches are put in place and those transactional fees for mutual funds are significantly reduced or scraped. Overall it is easy for new traders to trade conveniently and at a low cost; it requires little to no cost to begin on Ally Invest, and the integration with Ally bank is an added advantage as well as its commission-free trades. Ultimately, the experience in trading with Ally Invest is pleasurable, and new investors can be sure to enjoy the experience.