Ally Invest Visit Site

Pros / The fees for trading options are some of lowest in the industry.

Cons / There are no local branches for personal interactions or live events.

 Verdict / Ally Invest is a great choice for investors new to options trading with its well-designed and easy-to-use platform along with low trading fees.

TopTenREVIEWS - Excellence Award - Awarded for excellence in design, usability and feature set

When so many features and functions of trading platforms are the same, what makes certain ones stand out is the platform layout and the value of the service. The Ally Invest platform is entirely online and follows a website format, making it intuitive and easy to navigate. Its prices are some of the lowest for online brokers that we reviewed. Further, on the website, you have ample tools at your disposal for managing your portfolio, researching stocks and increasing your investment knowledge.

If you are interested in trading options, you are already conscious of your wallet and the bottom line, and Ally Invest's low fees help you increase your profit by spending less on trading and more on your investments. As with most services, there is a base fee for trades, which at $4.95 is less than nearly every service we reviewed. This fee applies to all equity and options trades. The additional cost for options is $0.65 per contract, which is also less than most services we looked at. Ally Invest does not require a minimum amount on trades, so if you choose to trade fewer than 15 contracts at one time, this is just about the best value in the industry. As the number of contracts per trade increases, the fees are still significantly lower than many other services, especially some of the better-known brokers.

If your contract agreements are fulfilled and the time comes to exercise or assign the contract, you pay $9.95 or $4.95 respectively. Most services charge the same amount for an exercise and assignment, but both these fees with Ally Invest are lower than with most services on our lineup, though you can find cheaper prices for exercises. The broker-assisted fee of $20 is lower than average. For margin accounts, you must maintain a balance of $2,000. Ally Invest's rates are typical, ranging from 8.75% to 4%, though these are subject to change.

The Ally Invest web-based platform is integrated into the website, so you have access to all research tools, strategy options and educational material within the browser. Using the options research tools, you can easily find bid, ask, midpoint, quotes, implied volatility and delta for individual options and strategies. It can also populate order tickets for you, which saves time and increases accuracy.

This discount broker provides all the familiar trade-research tools, such as quotes, market overviews, watchlists, charts, options chains, technical analysis, scanners and calculators. The calculators include probability, profit vs. loss and options pricing. The stock and options scanner lets you scan over 150,000 option contracts based on up to 25 filters. To speed up the order process, you can place an order straight from the scanner. Ally Invest’s mobile app allows you to make trades and monitor stocks, but it does lack some features, such as the capability to create alerts, that some of the best trading apps offer.

The education center available on the website is a solid resource for learning about investments, trading and the market itself. You can learn about investments, options and equities. If you want to learn based on your experience level, you can choose from rookie, veteran or all-star level so information is presented in terms you understand. If you have questions about the market, you can learn more about bullish, bearish and volatile outlooks. Although there are no physical locations to attend live events, there are live webinars held every week. One drawback of this broker is the lack of a trade simulator, which is helpful both to learn how to use the platform and to test strategies.

  • 10 Option Contracts
  1. The total cost for trading 10 options contracts.
    Less is Better.
  2. 6  Ally Invest
    $11.45
  3. $9.95
  4. $11.45
  5. $14.45
  6. Category Average
    $12.21

Summary

When it comes to online discount brokers, Ally Invest stands out among the competition. Its all-online platform is intuitive and simple, which makes it a great choice if you are a trader new to options or an experienced trader who wants an uncomplicated way to trade. With fees lower than nearly every other broker, this is one of the best options brokers for online options trading.

Ally Invest Visit Site