Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Ally Invest vs Charles Schwab to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Ally Invest and Charles Schwab charge the same amount for regular stock trades, $4.95. With options, the base fee is $4.95 for both Ally Invest and Charles Schwab. Option contracts run $0.65 a piece at both brokerages. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. Charles Schwab provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Ally Invest provides clients access to Stock Trading, Options Trading, Mutual Funds and Forex Trading. As far as mutual funds go, Ally Invest offers its clients access to 14000 different mutual funds while Charles Schwab has 5846 available funds, a difference of 8,154. And, commission free ETFs deserve a comparison, with Charles Schwab having the upper hand thanks to its 265 available commission free ETFs compared to Ally Invest's offering of 116.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Neither Ally Invest and Charles Schwab offer virtual trading. For mobile trading, Ally Invest and Charles Schwab both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Both Ally Invest and Charles Schwab offer Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, Charles Schwab posted awards Best in Class - Platforms & Tools and Best in Class - Research in 2018, while Ally Invest found itself with none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over Ally Invest's 3.50 stars.