When it comes to committing to financial markets, the investment space has very quickly made the transition from the complicated manual telephone negotiation to that of digital investments just by clicking on the button.
Now, merchants can not only access a complete set of financial instruments on their desktop or laptop device, but they can also be achieved on the fly through a smartphone application.
An example of an innovative commercial platform that has opened its doors to both the retail and institutional investment space is that of Ally Invest.
In our comprehensive review of Ally Invest, we will discuss everything you need to know. This will cover the most relevant points, such as the type of assets you can buy and sell, commercial rates, regulation, the security of your funds and more.
At the end of reading our review from beginning to end, you will have a complete idea of whether or not Ally Invest is the right agent for you.
Let's start by getting an overview of who Ally Invest really is.
Ally Invest Self-Directed Investment
Ally Invest Managed Investment
Who is Ally Invest?
Simply put, Ally Invest is a US-based broker. UU. That allows investors of all sizes to buy, trade and sell a full range of financial instruments. This includes thousands of stocks and shares, along with mutual funds, ETFs, currencies and futures. Although the broker was first launched in 2005, they were originally known as TradeKing until mid-2016.
This was when the Ally Financial group bought the broker, later renaming it to Ally Invest. One of the general objectives of the Ally Invest platform is to provide its users with a perfect business experience, highly competitive rates and first-class customer service.
You can access the Ally Invest platform through a desktop / portable device or through a cell phone application. This makes it ideal for those who like to have the option of operating on the fly.
Although we will explore this in more detail below, one of the main selling points for those who consider Ally Invest is that the broker offers one of the lowest commercial rates in the online investment space.
This includes shares and ETF at $ 4.95 per transaction, mutual funds at $ 9.95 per transaction and bonds at only $ 1 per bond (+ $ 0.65 per contract). As such, this makes them one of the most competitive in the industry. To help Ally Invest users along the way, the platform also provides a variety of tools to help with investment decisions.
Together with a notable educational segment, it seems that the platform is targeting mainly those with little experience in financial investments, which is perfect for those at the beginning of their business trip.
Finally, to illustrate the skill of the parent organization, Ally Financial Inc. is publicly listed on the New York Stock Exchange with a multi-million dollar market capitalization.
Now that we have covered the basics, in the next part of our Ally Invest review we will break down the full range of assets offered by the broker.
What assets can I invest in Ally Invest?
When looking for a new broker to trade with, it is essential that you choose one that offers a full range of asset classes. Otherwise, it will be limited to a small group of financial products, which will later turn it into a scenario that is not conducive to diversification. However, we discovered that the selection of assets available in Ally Invest is very extensive.
To give you an overview of the classes of key assets available, take a look at the following list.
- Investment funds
- BondsNow let's explore each asset class in more detail.
If your main objective in the investment space is to concentrate on stocks and shares, then you are lucky. Our review of Ally Invest found that the broker lists thousands of publicly traded companies, giving you the opportunity to create a completely diversified investment portfolio.
Ally Invest mainly focuses on the main US stock exchanges. UU., In particular, the New York Stock Exchange (NYSE) and NASDAQ.
Mutual funds are also an excellent way to mitigate your risk, especially since the funds generally contain a range of assets from multiple industries. In addition, mutual funds sometimes contain a mix of risk levels, which is an excellent strategy to maximize growth.
Ally Invest hosts more than 12,000 different mutual funds, which gives investors a headache as to which fund to choose.
Stock traded funds, or simply ETFs, are financial instruments that track the movement of a particular asset, or a group of assets. Basically, they allow investors to speculate on the price of an asset without having to own or store the asset itself.
While ETFs can be purchased in various asset classes, they are especially useful for investors looking to speculate in broader markets, such as real estate, commodities or the performance of a particular stock exchange.
Ally Invest hosts a full range of leading ETFs in multiple markets. This includes the likes of small, medium and large capitalization shares of the US. UU., Emerging market shares, government bonds and a wide range of commodities.
Currency trading is one of the most liquid financial markets in the investment space. In fact, although estimates vary, the conservative side is believed to trade approximately $ 1.5 billion in currencies in the open market every day.
As such, the Ally Invest platform offers a complete forex platform that contains more than 50 pairings. Our review of Ally Invest also found that the broker's forex department contains an excellent amount of technical analysis tools, along with real-time fundamental news developments.
Although potentially the most suitable for more experienced investors, the Ally Invest platform offers a dedicated options department. For those who do not know, option contracts give the investor the right to buy a particular asset at a predefined price, before a predefined expiration date.
If yours are the options, you can buy contracts in the main asset classes, such as ETFs, indices and stocks.
Although the bond trade is a multi-billion dollar industry, you will be surprised at the amount of basic level brokers that do not offer this particular asset class. This is not the case with Ally Invest, as the broker houses a large number of leading government and corporate bonds to choose from.
Generally speaking, although risk levels vary in the bond space, government bonds such as those issued by the US Treasury. UU. They are considered one of the safest investment paths in the financial field.
So, now that you have a comprehensive understanding of the asset classes you can invest in, in the next section of our Ally Invest review we will explore what kind of fees the broker charges.
Ally Invest account types
Ally Invest offers two types of trading account: a self-directed trading account and an improved cash managed portfolio. The self-directed trade will allow you to trade any stock, ETF and other instruments you want at a cost of $ 4.95 per operation.
The enhanced cash managed portfolio option is for a simpler transfer approach and works like a Robo-Advisor, allowing your technology to handle operations and balance your portfolio. This account has a minimum investment of $ 100 and an annual rate of 0% for all balances.
How to open an account with Ally Invest
Before showing you how to open an Ally Invest account, it is important to keep in mind that the platform is only available to US residents. UU. Therefore, if you reside abroad, you can only open an account if you are a US citizen. UU. And receive a social security number.
- Go to the Ally Invest platform
- As Ally Invest does not have a separate domain from the main Ally Bank website, you should go to the investments section of the platform. To make things easier, simply click here to go directly to the Ally Invest registration page. Once there, click Start trading.
- Enter the required information linked to your identity.
- You will now be asked to enter a range of personal information to open your Ally Invest account. First, enter your full name, prefix and email address. Next, you must specify what type of account you want to open. Take note, this part of the application process is of the utmost importance. On the one hand, choosing the wrong account could lead to tax complications later. The three main account types are an option between an individual, joint account or IRA. However, by expanding the button for more account types, you will see many more options. This includes accounts of entities such as trusts, investment clubs and LLC.
- Confirm your social security number
- After entering your birth date, country of residence and marital status, you will be asked to confirm your social security number. Ally Invest uses reliable government sources to verify that your social security number matches the account information you provided, and subsequently speeds up the verification process.
- Enter your phone number and set up a security question
- Once you have confirmed your social security number, you must enter your phone number. Also, this is where you should set up a security question. Choose your preferred question from the drop-down list and enter your answer. You will need this in case you forget your login credentials, so make sure it is something you remember.
- Enter your employment information and your current financial situation
- Now you must enter the details of your current employment status, as well as the name and address of your employer (if applicable). He will also inform Ally Invest about his current financial situation. This includes your annual income, net worth, net equity and tax tranche.
- Submit your Ally Invest request
- Finally, to complete your Ally Invest account application, review the information you entered, read the terms and conditions and finally sign the electronic agreement. If Ally Invest was able to validate your personal information through external sources, then your account should be opened immediately.
Ally Invest Rates: What trading fees does Ally Invest charge?
When it comes to choosing a new broker, it is very important to understand how the rate system works. We always prefer brokers that are completely direct with the rates they charge, as well as those that make the pricing structure easy to understand.
Our review of Ally Invest found that, in general, commercial rates are ultra competitive. However, as the rates vary according to the type of asset class in which you are investing, as well as other factors such as your trading volumes, we will discuss the rate system in more detail below.
Stock and share trading is the most demanded asset class on the Ally Invest platform, especially since there are thousands of companies to choose from.
In its most basic form, Ally Invest will charge you a flat rate of $ 4.95 per share and stock trade. This is charged when you buy the shares, as well as when you sell them.
Compared to the main competitors in the market, such as E * TRADE and TD Ameritrade, this is noticeably more competitive, especially since the aforementioned brokers charge $ 6.95 per transaction.
The best thing about Ally Invest's pricing structure for stocks and shares is that investors are rewarded for trading higher volumes. If you were able to perform a minimum of 30 operations in the previous month or maintain a balance in the account that exceeds $ 100,000, then you will be used to a negotiation fee that is reduced to $ 3.95.
Ally Invest Fees: how they compare
|$ 4.95||$ 6.95||$ 4.95||$ 6.95||$ 5.95|
Ally Invest Select prices
More than 30 exchanges per
|$ 3.95||$ 4.95||n / a||n / a||n / a|
Rates for other asset classes
- Investment funds – Ally Invest charges all users a flat rate of $ 9.95 for exchanging mutual funds. This is charged at both ends of the transaction.
- ETF – As in the case of stocks and shares, Ally Invest charges a flat fee of $ 4.95 per ETF. You will also benefit from the reduced rate of $ 3.95 if you meet the minimum account / trade balance of shares and shares mentioned above.
- Forex – Ally Invest does not charge its users for trading in Forex, which means that the platform is free of commissions. Instead, Ally Invest earns her money through the spread. Although there is a slight disparity in currency spreads depending on the underlying match, in general, they are reasonably adjusted in Ally Invest.
- Options – You will pay a flat fee of $ 4.95 to exchange options at Ally Invest, plus an additional fee of $ 0.65 per contract. If you can meet the minimum requirement of a balance of $ 100,000 or more than 30 transactions in the previous month, you will get this at $ 3.95 per options transaction plus $ 0.50 per contract.
- Captivity – When it comes to bonuses, Ally Invest also uses a flat rate system. You will pay $ 1 for each bonus you buy, with a minimum of $ 10. The bonus rates are capped at $ 250.
- Managed portfolio improved in cash – Although the vast majority of Ally Invest users opt for the self-directed trading platform, we must also keep in mind that you have the option of investing in a cash-managed managed Portfolio. This is where Ally Invest manages your portfolio on your behalf. Just remember to invest at least $ 100 to get access to the managed portfolio service. The improved cash managed portfolio places approximately 30% of the portfolio in a cash buffer that generates interest at 1.90% as a means of balancing potential risk in case market conditions change.
Now that you have a good idea of how much the broker charges in each asset class, in the next section of our Ally Invest review we will see deposits and withdrawals.
Payments, deposits and withdrawals at Ally Invest
First, and in a somewhat unusual move for an online broker, Ally Invest does not have a minimum deposit amount. This is perfect for those who wish to start their commercial trip with smaller quantities.
When it comes to financing your account, the easiest way to do this is to use a conventional debit card. This will ensure that your deposit is credited to your Ally Invest account immediately. Other payment methods, such as a bank transfer, generally take 1 to 2 business days before being posted to your account.
If, on the other hand, you want to transfer funds through the Automated Clearing House (ACH) network, expect to wait between 2 and 5 business days. Finally, although payments with checks are accepted, this will take about 5-10 business days before you see the funds in your Ally Invest account.
When it comes to withdrawing your funds from Ally Invest, the most commonly used method is a bank transfer. You will pay a flat rate of $ 30 to transfer funds to a US account. UU., OR $ 50 if the account is abroad. Check withdrawals are also possible, with a small charge of only $ 5 per transfer.
If you currently do banking with Ally, withdrawals are free. Alternatively, if you wish to transfer your funds to another broker, this can also be achieved through your account portal. If you transfer your full balance, you will pay a $ 50 fee. If, instead, you are transferring a segment of your portfolio, Ally Invest charges $ 10 per value, up to a maximum of $ 50.
So, now that we have covered deposits and withdrawals, in the next part of our Ally Invest review we will explore whether your funds are safe in the broker.
Are my funds safe at Ally Invest? Regulation, insurance and account security
One of the most important factors to consider when choosing a new broker is whether your funds are safe or not. Let's analyze this in more detail.
Regulation and Licenses
The first thing that analyzed our review of Ally Invest was the regulatory status of the corridor.
Ally Financials Inc., the parent company of the Ally Investment platform, is regulated and fully authorized by both the Financial Industry Regulatory Authority (FINRA) and the Securities and Exchange Commission (SEC). In terms of keeping customer funds secure, Ally Invest uses the services of Apex Clearing Corporation.
The organization in particular are members of FINRA, as well as Securities Investor Protection Corporation (SIPC). As such, Ally Invest receives the regulatory licenses required to offer investment products to those based in the US. UU.
There is often a misconception when it comes to Ally Invest and her status as an FDIC broker. the Federal Deposit Insurance Corporation, or simply FDIC, is a deposit protection scheme based in the USA. UU. which aims to protect client funds if an institution subsequently ceases to exist.
While Ally Bank is a member of the FDIC scheme, which means that customer deposits are protected to a maximum of $ 250,000, this does not apply to the Ally Invest segment of the business. As such, the funds held within the Ally Invest platform are not covered by FDIC insurance.
Ultimately, although Ally Invest and its respective parent company are highly established players in the financial sphere, this means that you can never be 100% sure that your funds are safe even if the broker is in financial difficulties.
In terms of the underlying security of the Ally Invest platform, 128-bit Secure Sockets Layer (SSL) safeguards are fully operational. For those who do not know, this means that the platform encrypts all customer information to ensure that your data does not reach the wrong hands.
From a customer perspective, Ally Invest also offers a range of login protections to ensure your account is not compromised. This includes two-factor authentication, which requires you to enter a unique code that is sent to your cell phone each time you perform key account functions.
As a safer protection, you can also use the multiple signature control offered by Ally Invest. This is where you will be asked to enter additional security credentials when you log in, such as a security PIN, a secret question or even your fingerprint ID.
Now that we have covered the key points related to regulation, insurance and security, in the next section of our Ally Invest review we will explore customer service.
How is customer service at Ally Invest?
Ally Invest claims to put first-class customer service at the top of their list, so we were interested in exploring how accurate this statement was.
First, the broker offers a variety of customer service channels. This includes live chat, phone and email, as well as a dedicated help section that is often enough for more account inquiries.
If you are satisfied with Ally Invest's live chat service, you will have access to customer service 24 hours a day, 7 days a week.
Telephone assistance is less active, with agents available between 8 am and 6 pm, Monday through Friday. As a side note, if you are thinking of calling the Ally Invest team, you can see the estimated waiting times through your account portal.
In terms of response times for email support, the broker informs that its goal is to respond to all emails within 24 hours. As such, if the consultation of your Ally Invest account is urgent, it is better that you opt for telephone assistance or live chat.
To support the first-level customer service levels claimed by Ally Invest, the broker has in fact won some notable awards. This includes the & # 39; Gold Stevie Award 2017 for Electronic Commerce Customer Service – Banking, Commercial Services and Insurance & # 39 ;.
In addition, the general consensus in the public domain is that customer service at Ally Invest is first class.
So, now that we have explored customer service levels, let's analyze what educational tools are available within the platform.
Educational, fundamental and technical analysis tools
No matter what stage of your investment trip you are currently in, having the right tools to facilitate your goals is crucial. At the lower end of the spectrum of experience, this will include detailed educational guides that explain the basics of how to trade.
For those with more experience, the technical picture and the fundamental analysis tools are also crucial, as they give traders the knowledge required to beat the market.
First, the Ally Invest platform hosts a really useful educational section that lists a good amount of advisory blogs. This includes informational guides on topics such as market volatility, inflation and margin trading, as well as how to deal with the emotions associated with market downturns. Our only complaint with the educational blog section was that the posts are a bit infrequent.
At the top of the blog section, Ally Invest offers a detailed tour of the vast majority of its financial instruments. This not only gives you an understanding of how the asset class works, but also how you can use the Ally Invest platform to meet your goals.
Essentially, due to the strength of Ally Invest's customer service department, if you're ever unsure of something, you can simply call the support team to have a personalized discussion.
The fundamental analysis refers to the evaluation of a company, asset or specific security, based on internal and external factors. This could include financial performance, demand and supply, interest rates or profit forecasts.
The Ally Invest platform provides a series of fundamental research and market data for investors to reflect on them. This also includes metrics such as real-time quotes, dividend dates, market statistics and even comparisons with key competitors in the industry.
Technical Analysis Tools
Many within the investment space will argue that technical analysis is as important as evaluating the fundamentals. This is where operators analyze the movements of previous prices with the aim of looking for trends that may indicate a possible market signal.
Ally Invest has a good amount of tools available that can help with technical analysis. The graphics can be viewed in up to 8 different formats, such as mountain, candlestick and bar indicators.
In addition, it also has access to 36 drawing tools, as well as more than one hundred graphics studios. These analysis tools are backed by profit and loss charts, as well as a probability calculator that takes into account implied volatility.
In general, although we initially had the impression that the broker was initially targeting the low-level / beginner segment of the investment space, our Ally Invest review found that the platform is perfectly suited for traders of all sizes.
So, now that we have covered the educational and research tools, in the next section we will discuss the overall design of the platform.
Is the Ally Invest platform easy to use?
Everything is fine when an online broker offers a wide range of financial instruments in a variety of different asset classes, however, there is nothing worse than using a difficult to navigate platform.
When we tested the Ally Invest platform ourselves, we were pleased to see that the design team has done a good job with the overall design.
By using HTML5, the default trading platform is clear and crisp, which ensures that inexperienced traders do not feel intimidated the first time they see advanced market statistics and metrics.
On the other hand, Ally Invest users also have the option to customize their commercial design, which is ideal for those who like to give preference to the appearance of certain analysis tools or market metrics.
For those who like to invest in motion, they will be pleased to know that Ally Invest has launched a dedicated mobile application on Android, iOS and even Windows.
However, the Ally Invest application seems to have mixed reviews in the open market. An example of a potential failure is with respect to account balances.
Some users claim that when they use the Ally Invest application through Google Play, there is no option to view their current account balance until they actually place an order. Other complaints are related to the lack of password storage, late graphics updates and problems related to contract prices.
In summary, although the design and design of the desktop platform is highly intuitive and easy to use, the mobile section potentially requires more attention.
Now that we have covered the design of the mobile and desktop commerce departments, in the next section we will show you how to start using Ally Invest.
Ally Invest Review: the verdict?
In conclusion, if you reside in the USA. UU. Or a US citizen living abroad, then Ally Invest ticks most of the boxes in the online investment space. No matter what type of experience you have in financial commerce, the broker has something for everyone.
Whether you are looking to exchange stocks and shares, ETFs, bonds, options or even mutual funds, the range of assets hosted on the Ally Invest platform is very wide.
Our review of Ally Invest found that one of the platform's strongest points is that its rates are really competitive. For example, you will only pay a flat fee of $ 4.95 when buying and selling stocks and shares, and mutual funds are obtained at only $ 9.95.
In addition, in addition to offering a first-class customer service through live chat, email and telephone support, Ally Invest users also have access to very useful educational guides, as well as technical and fundamental analysis tools.
Ultimately, our only potential complaint with the platform was the fact that the mobile application had a strange imperfection. However, as Ally Invest users have made this point in the public domain clear, it is expected that it will not take long before these problems are resolved.
Ally Invest Self-Directed Investment
Ally Invest Managed Investment
- Low rates
- Self-directed or managed trade
- Excellent customer service
- No minimum account
- Good web platform
- No demo accounts
- There are no local branches
- Robo Advisors with lowest managed rates available
Disclaimer: The opinions expressed herein are only those of the author, not those of any bank or credit card issuer and have not been reviewed, approved or endorsed by any of these entities.
Disclaimer: The answers below are not provided or commissioned by the bank advertiser. The responses have not been reviewed, approved or supported by the bank advertiser. It is not the responsibility of the bank advertiser to ensure that all publications and / or questions are answered.[ad_2]