Ally Invest

Ally Invest is a part of Ally Financial. It was started in 2005 by a company called TradeKing, an online broker. They are known for making trading cheap and easy. They believe in doing things right, and this helps them give back to the community. They celebrate differences, teach about money, and support new businesses. If you already use Ally’s services and don’t mind having fewer options, Ally Invest could be useful for managing your money. We were impressed during our review of the website. Now, we’ll give you a thorough review of Ally Invest in 2024.

What is Ally Invest?

Ally Invest is a discount brokerage offering good prices for buying stocks, exchange-traded funds (ETFs), options, and mutual funds. They don’t charge any commission fees, making them one of the top stock brokers. Today, Ally Invest is well-known, and there are many valid reasons to choose this broker, which we will discuss later.

🏢 Headquarters	United States
🗺️ Regulation	SEC
💻 Trading platform:	Proprietary platform, Web-based
💰 Account currency:	USD
💵 Withdrawal:	Bank transfer
🚀 Minimum deposit:	No minimum deposit required
⚖️ Leverage:	50:1
🎮 Demo Account:	No
📋 Orders execution:	Market Maker
☎ Customer Support	24/7: Call, Email, Online chat
📚 Education	Yes

Fees

Ally Invest offers two services: one with no yearly fee and another with a 0.30% yearly fee. To avoid paying the yearly fee, you must agree to keep 30% of your money in cash in an account that earns interest. However, the downside is that the interest rates for borrowing money are quite high.

The average fee for ETF funds, known as an expense ratio, is reasonable at 0.06%. You won’t receive a separate bill for this because it’s taken out automatically from your ETF returns. Still, it’s important to consider because high fees can hurt long-term investing success. You might also encounter other fees from Ally Invest Securities LLC and its partner, Apex Clearing Corporation.

Pros and Cons

Pros	Cons
Lots of learning stuff for beginners and people who want to get better at investing.	If you don’t live in the United States, you can’t use Ally Invest (except in some cases).
You can buy a part of a share, meaning you don’t need much money to start.	They don’t offer many mutual funds, which might not be great for those who like investing in them.
They have different trading platforms for different kinds of investors.	The fees for trading options are higher compared to some other companies.
Ally Invest is a well-known and respected company backed by Ally Financial.	You might not be able to trade stocks from other countries directly.
They don’t charge you if your account sits inactive for a while.	The way their platform works might not be the best for people who trade a lot in a single day.
They’ve got customer service ready to help you out in different ways.	The way their platform works might not be the best for people who trade a lot in a single day.
You can buy and sell stocks and ETFs without paying any commission fees.	No negative balance protection is available.
Moving money between your bank account and your investment account with Ally Bank is easy.	Credit and debit cards are not available.
They have a practice account, so you can learn without risking any real money.
Their margin rates are competitive, which is good for people who borrow money to trade.

Ally Invest Regulation and Security

Ally Invest Securities and Apex Clearing are members of FINRA and SIPC and are approved by the SEC to give investment advice.

Ally Invest has different parts of its business, but if you’re a customer (except for forex), you’re protected by something called SIPC. This protects your money if the company has problems.

SIPC keeps your cash and investments safe if the company fails. It gives you up to $500,000 protection, including $250,000 for cash. That’s more protection than many other plans offer.

However, only some things you invest in are covered by SIPC. It mainly covers stocks, bonds, mutual funds, and other registered securities. It doesn’t cover certain contracts, partnerships, annuities, or currency.

Deposits and Withdrawals

Deposits

There are several unique methods to add money to your Ally Invest account. One way is to use a simple bank transfer, which costs nothing more. Another way is a wired switch, but be aware that this feature can be expensive. Here’s how you can deposit money:

Bank wire deposit:

You can obtain important instructions from Ally Invest, both on its website and by contacting customer service. These instructions will include information such as the name of the bank, the extent of the routing, and the exact amount of your account.

Initiate a string transfer through your bank and offer all the required records.

Check Deposit:

Sign your check again and write “For Deposit Only”. You can use the “Mobile Check Deposit” feature in the Ally Invest mobile app to take photos of both aspects of the test. Follow the in-app prompts to send your deposit.

ACH Deposit:

Link your external bank account to your Ally Invest account by accessing routing and account information. Initiate an ACH switch via the Ally Invest website or app, specifying the amount and your linked external bank account.

Internal bank transfer deposit:

Log in to your Ally Invest account.

Go to the transfer section and select the option to transfer from your linked Ally Bank account. Enter the amount you want to transfer.

Withdrawals

When you need to take money out of your Ally Invest account, you have a couple of options, each with its fees:

• ACH Withdrawal: This method doesn’t cost anything in fees.
• Wire Transfer Withdrawal: If you choose this option, be prepared to pay a $30 fee.
• Check Withdrawal: You can request a check, but there’s a $5 fee for this service.

Here’s how you can withdraw money using a wire transfer:

• Bank Wire Withdrawal:

Obtain the instructions for wire withdrawals from Ally Invest.

Request a wire withdrawal from your account, providing details about your recipient bank and the amount you want to withdraw.

Investment Options

Ally Invest provides various investment options to help you grow your money:

• Exchange-traded funds (ETFs)
• Options Trading
• Bonds
• Mutual Funds:

Is Ally Invest safe and legit?

Ally Invest isn’t a scam. Losing money could seriously harm your investment goals for many years. However, you can trust that Ally Invest is dependable because the SEC and FINRA, the top financial regulators in the U.S., oversee it.

Here’s why we think Ally Invest is a safe choice:

• Top-tier regulators oversee Ally Invest.
• We tested Ally Invest’s services thoroughly.
• Clients of Ally Invest probably get protection as investors.
• Ally Invest has a good history in the industry.

Spreads

Ally Invest offers Forex traders competitive spreads of 1-2 pips. Using advanced platforms and premium charting tools, traders can make money from price changes in over 80 currency pairs, including gold, and silver.

Awards

Ally Invest has won many awards, including the IBD Best Online Broker award. It also ranked highly for website security, site performance, portfolio analysis, and discounts.

Ally Invest Account Types

Ally Invest offers different types of accounts for investors:

1. Margin account

Ally Invest provides a margin account. With this account, buyers can borrow money based on the value of their investments. This allows them to purchase larger holdings or raise funds using their current holdings as collateral. However, if market fees fall, using margin buying and selling can lead to large losses. The account has specific interest rates, and borrowers should know possible margins.

2. Self-directed trading

Ally Invest also offers a self-directed trading account. With this account, traders can make trades themselves without paying fees for certain things. They can do market studies, check their portfolios, and trade at every opportunity they need. On this account, our customers could trade ETFs, stocks, options, bonds, and mutual funds for free, and there was no minimum amount required. In addition, they provide a credit score of $75 in change expenses for accounts over $2,500, making it a great investment consolidation option.

3. Robo portfolios

Another option is Robo Portfolios. These portfolios integrate human information over time to simplify investing. They start at $100 and are managed and modified by the group with little investor involvement. Options include portfolios with better cash allocations and no advisory fees and market-focused portfolios.

4. Personal advice

In addition, Ally Invest provides personal advice to people looking for customized financial planning and investment techniques. This connects them with professional advisors who are aware of early retirement and wealth accumulation aspirations. Advisors act as fiduciaries and require a minimum of $1,000 in investables and an annual advisory fee of up to 0.85%.

5. Demo Account

Lastly, the demo account allows customers to practice trading techniques and explore the platform’s features without risk. Users get $50,000 in virtual funds to try out transactions across different asset classes and access real-time market data.

6. Trading Platforms

Ally Invest offers different platforms for traders. Their website has charts, news, and tools for regular investors, while Ally Invest Live has more advanced features like charts and real-time quotes for active traders.

Also, Ally Invest has apps for iPhones and Android phones, so you can trade anywhere easily. And if you’re into forex trading, Ally Invest works with MetaTrader 4, which is great for technical analysis.

7. Educational Resources

Ally Invest provides helpful educational resources for investors:

• They provide easy-to-read articles and tutorials that cover the basics of financing, buying and selling proposals, market research, and financial plans.
• They update percentage-wise current market situations, money statistics, and how they can affect your investments.
• Ally Invest provides practical tools to improve your investment skills.
• They offer equipment to help you plan and identify how terribly you want to shop for retirement or a professional compound hobby.
• Financial professionals maintain online courses to discuss market trends, investment techniques, and financial forecasts.
• This free program offers online publications and information on budgeting, investing, credit, and vehicle financing.
• They make managing money laughable and easy, training financial standards through interesting testimonials.

Customer service

Ally Invest has excellent customer service, especially with 24/7 mobile support. This puts him in front of as many different robo-advisors as possible. You can also contact them via email or chat.

Conclusion

Based on our assessment, Topforex’s final conclusion is that Ally Invest passed as a legitimate broker. They do not charge mutual fund transaction fees, which is ideal for investors. Ally Invest also has fair pricing, helpful buying and selling tools, and a clean trading platform. It is regulated by the SEC and FINRA in the U.S., so it is reliable. You don’t need a minimum amount to open an account, which is good for newbies. Active investors will like that Ally provides free trades in positive U.S. securities and has low prices on options contracts.

FAQs

What is the minimum deposit required?

First, you want the Ally Invest minimum deposit. Our guide is constantly updated with new information.

How do I open an Ally Invest account?

You can set up your Ally Invest account by following our step-by-step guide with step-by-step assistance.

How is the app bought and sold?

We’ve reviewed the Ally Invest trading app, and here’s what we think.

Is the customer service right?

Learn all about Ally Invest’s world-class customer support.

What are Ally Invest fees and charges?

We reviewed Ally Invest fees and charges both online and during live trading.

How long does it take to get the bonus?

After transferring ⅓ to Ally Invest, you get a $100 bonus on a new account within 30 days.

How regularly can I get the benefit?

The best way to get a new bonus is to open your account for the first time.

What are the benefits of Ally Invest?

Ally Invest offers competitive pricing, convenient equipment buying and selling, and a user-friendly platform. There is no minimum deposit required, making it prime for newbies. In addition, live investors will enjoy no-fee trades in eligible U.S. securities and no-fees on occasional options contracts.

Is Ally an excellent investment company?

Yes, you can trade stocks and ETFs commission-free with Ally Invest, which has one of the lowest fees for buying and selling options.