Charles Schwab vs Ally Invest Review
The StockBrokers.com annual review (9 years running) takes six months to complete and produces over 30,000 words of research each year. Here's how we test.
Is Ally Invest better than Charles Schwab? After scoring brokers on over 4,000 data points for our 2019 review, Charles Schwab (84.06%) is better than Ally Invest (62.44%). For those seeking access to low costs, excellent research, quality trade tools, and professional planning for the future, Charles Schwab will not disappoint.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Ally Invest and Charles Schwab both cost $4.95 per trade. Looking at options, the base fees charged are the same for both brokers, $4.95. Option contracts run $0.65 a piece at both brokerages. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review.
Next to commission rates, being able to trade what you want is important. Charles Schwab offers clients Stock Trading, Options Trading, Mutual Funds and Futures Trading while Ally Invest offers Stock Trading, Options Trading, Mutual Funds and Forex Trading. Looking at mutual funds, Charles Schwab trails Ally Invest by 8,154 total mutual funds, with Ally Invest offering 14000 and Charles Schwab offering 5846.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Ally Invest nor Charles Schwab offers virtual trading. Taking a look at mobile trading, Ally Invest and Charles Schwab both have a iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are found at Ally Invest alongside Charles Schwab.
Overall, between Ally Invest and Charles Schwab, Charles Schwab is the winner.
Ally Invest Review
Charles Schwab Review
All pricing data was obtained from a published web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. For stock trade rates, advertised pricing is for a standard order size of 500 shares of stock priced at $30 per share. For options orders, an options regulatory fee per contract may apply.