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 both cost $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Each option contract then costs $0.65 at Charles Schwab and $0.50 at Ally Invest. 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 supports Stock Trading, Options Trading, Mutual Funds and Futures Trading while Ally Invest supports Stock Trading, Options Trading, Mutual Funds and Forex Trading. As far as mutual funds go, Charles Schwab trails Ally Invest by 8,154 total mutual funds, with Ally Invest offering 14000 and Charles Schwab offering 5846.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Ally Invest nor Charles Schwab offers virtual trading. For mobile trading, Ally Invest along with Charles Schwab both support the 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.
Overall, between Ally Invest and Charles Schwab, Charles Schwab is the winner.
Ally Invest Review
Charles Schwab Review