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Charles Schwab vs Ally Invest 2023

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Written by StockBrokers.com

February 23, 2023

Is Charles Schwab better than Ally Invest? After testing 17 of the best online brokers over three months, Charles Schwab (94.51%) is better than Ally Invest (84.59%). As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

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Overall RatingCharles SchwabAlly Invest
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4/5 Stars
Research 5/5 Stars 4/5 Stars
Customer Service 4.5/5 Stars 4/5 Stars
Education 4.5/5 Stars 4/5 Stars
Ease Of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Charles Schwab Review Ally Invest Review
Trading FeesCharles SchwabAlly Invest
Minimum Deposit $0.00 $0.00
Stock Trades $0.00 $0.00
Penny Stock Fees (OTC) $6.95 $4.95
Mutual Fund Trade Fee Varies $0.00
Options (Base Fee) $0.00 $0.00
Options (Per Contract) $0.65 $0.50
Futures (Per Contract) $2.25 N/A
Broker Assisted Trade Fee $25 $20
Margin RatesCharles SchwabAlly Invest
Margin Rate Under $25,000 11.33% 10.75%
Margin Rate $25,000 to $49,999.99 10.83% 10.50%
Margin Rate $50,000 to $99,999.99 9.88% 9.75%
Margin Rate $100,000 to $249,999.99 9.83% 8.50%
Margin Rate $250,000 to $499,999.99 9.58% 7.50%
Margin Rate $500,000 to $999,999.99 7.83% 7.00%
Margin Rate Above $1,000,000 7.50% 6.25%
Account FeesCharles SchwabAlly Invest
IRA Annual Fee $0.00 $0.00
IRA Closure Fee $0.00 $25.00
Account Transfer Out (Partial) $25.00 $50.00
Account Transfer Out (Full) $50.00 $50.00
Options Exercise Fee $0.00 $0.00
Options Assignment Fee $0.00 $0.00
Investment OptionsCharles SchwabAlly Invest
Stock Trading Yes Yes
Margin Trading Yes Yes
Fractional Shares Yes No
OTC Stocks Yes Yes
Options Trading Yes Yes
Complex Options Max Legs 4 4
Futures Trading Yes No
Forex Trading No Yes
Crypto Trading No No
Crypto Trading - Total Coins 0 0
Mutual Funds (No Load) 14996 13500
Mutual Funds (Total) 17912 15000
Bonds (US Treasury) Yes Yes
Bonds (Corporate) Yes Yes
Bonds (Municipal) Yes Yes
Advisor Services Yes Yes
International Countries (Stocks) 12 0
Order TypesCharles SchwabAlly Invest
Order Type - Market Yes Yes
Order Type - Limit Yes Yes
Order Type - After Hours Yes Yes
Order Type - Stop Yes Yes
Order Type - Trailing Stop Yes No
Order Type - OCO Yes No
Order Type - OTO Yes No
Order Type - Broker Assisted Yes Yes
BeginnersCharles SchwabAlly Invest
Education (Stocks) Yes Yes
Education (ETFs) Yes Yes
Education (Options) Yes Yes
Education (Mutual Funds) No Yes
Education (Bonds) Yes Yes
Education (Retirement) Yes Yes
Retirement Calculator Yes No
Investor Dictionary Yes Yes
Paper Trading No No
Videos Yes No
Webinars Yes No
Webinars (Archived) Yes Yes
Progress Tracking No No
Interactive Learning - Quizzes No No
Stock Trading AppsCharles SchwabAlly Invest
iPhone App Yes Yes
Android App Yes Yes
Apple Watch App Yes No
Trading - Stocks Yes Yes
Trading - After-Hours Yes Yes
Trading - Simple Options Yes Yes
Trading - Complex Options Yes Yes
Order Ticket RT Quotes Yes Yes
Order Ticket SRT Quotes No No
Stock App FeaturesCharles SchwabAlly Invest
Market Movers (Top Gainers) Yes Yes
Stream Live TV Yes No
Videos on Demand Yes No
Stock Alerts No No
Option Chains Viewable Yes Yes
Watch List (Real-time) Yes Yes
Watch List (Streaming) No No
Watch Lists - Create & Manage Yes Yes
Watch Lists - Column Customization No No
Watch Lists - Total Fields 130 21
Stock App ChartingCharles SchwabAlly Invest
Charting - After-Hours No No
Charting - Can Turn Horizontally Yes Yes
Charting - Multiple Time Frames Yes Yes
Charting - Technical Studies 32 17
Charting - Study Customizations Yes No
Charting - Stock Comparisons Yes Yes
Trading PlatformsCharles SchwabAlly Invest
Active Trading Platform StreetSmart Edge N/A
Desktop Trading Platform Yes No
Desktop Platform (Mac) No No
Web Trading Platform Yes Yes
Paper Trading No No
Trade Journal Yes No
Watch Lists - Total Fields 130 21
Stock Chart FeaturesCharles SchwabAlly Invest
Charting - Adjust Trades on Chart Yes No
Charting - Indicators / Studies 41 117
Charting - Drawing Tools 15 36
Charting - Notes Yes Yes
Charting - Index Overlays Yes Yes
Charting - Historical Trades No No
Charting - Corporate Events Yes No
Charting - Custom Date Range Yes No
Charting - Custom Time Bars Yes No
Charting - Automated Analysis Yes Yes
Charting - Save Profiles Yes Yes
Trade Ideas - Technical Analysis Yes Yes
Charting - Study Customizations 7 5
Charting - Custom Studies No No
Day TradingCharles SchwabAlly Invest
Streaming Time & Sales Yes No
Streaming TV Yes No
Direct Market Routing - Stocks Yes No
Ladder Trading No No
Trade Hot Keys Yes No
Level 2 Quotes - Stocks Yes No
Trade Ideas - Backtesting Yes No
Trade Ideas - Backtesting Adv No No
Short Locator Yes No
Order Liquidity Rebates No No
Research OverviewCharles SchwabAlly Invest
Research - Stocks Yes Yes
Research - ETFs Yes Yes
Research - Mutual Funds Yes Yes
Research - Pink Sheets / OTCBB Yes Yes
Research - Bonds Yes No
Screener - Stocks Yes No
Screener - ETFs Yes Yes
Screener - Mutual Funds Yes No
Screener - Bonds Yes Yes
Misc - Portfolio Allocation Yes No
Stock ResearchCharles SchwabAlly Invest
Stock Research - PDF Reports 7 2
Stock Research - Earnings Yes Yes
Stock Research - Insiders Yes Yes
Stock Research - Social Yes Yes
Stock Research - News Yes Yes
Stock Research - ESG Yes No
Stock Research - SEC Filings Yes Yes
ETF ResearchCharles SchwabAlly Invest
ETFs - Strategy Overview Yes Yes
ETF Fund Facts - Inception Date Yes Yes
ETF Fund Facts - Expense Ratio Yes Yes
ETF Fund Facts - Net Assets Yes Yes
ETF Fund Facts - Total Holdings Yes Yes
ETFs - Top 10 Holdings Yes Yes
ETFs - Sector Exposure Yes No
ETFs - Risk Analysis Yes Yes
ETFs - Ratings Yes Yes
ETFs - Morningstar StyleMap Yes No
ETFs - PDF Reports Yes Yes
Mutual Fund ResearchCharles SchwabAlly Invest
Mutual Funds - Strategy Overview Yes Yes
Mutual Funds - Performance Chart Yes Yes
Mutual Funds - Performance Analysis Yes Yes
Mutual Funds - Prospectus Yes No
Mutual Funds - 3rd Party Ratings Yes Yes
Mutual Funds - Fees Breakdown Yes Yes
Mutual Funds - Top 10 Holdings Yes Yes
Mutual Funds - Asset Allocation Yes No
Mutual Funds - Sector Allocation Yes Yes
Mutual Funds - Country Allocation Yes No
Mutual Funds - StyleMap Yes No
Options TradingCharles SchwabAlly Invest
Option Chains - Basic View Yes Yes
Option Chains - Strategy View Yes Yes
Option Chains - Streaming Yes Yes
Option Chains - Total Columns 44 8
Option Chains - Greeks 5 1
Option Chains - Quick Analysis Yes Yes
Option Analysis - P&L Charts Yes Yes
Option Probability Analysis Yes Yes
Option Probability Analysis Adv Yes No
Option Positions - Greeks Yes Yes
Option Positions - Greeks Streaming Yes No
Option Positions - Adv Analysis Yes Yes
Option Positions - Rolling Yes Yes
Option Positions - Grouping Yes Yes
BankingCharles SchwabAlly Invest
Bank (Member FDIC) Yes Yes
Checking Accounts Yes Yes
Savings Accounts Yes Yes
Credit Cards Yes No
Debit Cards Yes Yes
Mortgage Loans Yes Yes
Customer ServiceCharles SchwabAlly Invest
Phone Support (Prospect Customers) Yes Yes
Phone Support (Current Customers) Yes Yes
Email Support Yes Yes
Live Chat (Prospect Customers) No Yes
Live Chat (Current Customers) Yes Yes
24/7 Support Yes Yes
OverallCharles SchwabAlly Invest
Overall 4.5/5 Stars 4/5 Stars
Commissions & Fees 4.5/5 Stars 4.5/5 Stars
Investment Options 5/5 Stars 4.5/5 Stars
Platforms & Tools 4.5/5 Stars 3.5/5 Stars
Mobile Trading Apps 4.5/5 Stars 4/5 Stars
Research 5/5 Stars 4/5 Stars
Education 4.5/5 Stars 4/5 Stars
Ease Of Use 5/5 Stars 4.5/5 Stars
Winner check_circle
Review Charles Schwab Review Ally Invest Review
  • check_box_outline_blankcheck_boxAlly Invest
  • check_box_outline_blankcheck_boxCharles Schwab
  • check_box_outline_blankcheck_boxE*TRADE
  • check_box_outline_blankcheck_boxeToro
  • check_box_outline_blankcheck_boxFidelity
  • check_box_outline_blankcheck_boxFirstrade
  • check_box_outline_blankcheck_boxInteractive Brokers
  • check_box_outline_blankcheck_boxJ.P. Morgan Self-Directed Investing
  • check_box_outline_blankcheck_boxMerrill Edge
  • check_box_outline_blankcheck_boxRobinhood
  • check_box_outline_blankcheck_boxSofi Invest
  • check_box_outline_blankcheck_boxtastytrade
  • check_box_outline_blankcheck_boxTD Ameritrade
  • check_box_outline_blankcheck_boxTradeStation
  • check_box_outline_blankcheck_boxTradier
  • check_box_outline_blankcheck_boxVanguard
  • check_box_outline_blankcheck_boxWebull

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Charles Schwab vs Ally Invest Comparison

Comparing brokers side by side is no easy task. For our 2023 annual broker review, we spent hundreds of hours assessing 17 brokerages to find the best online broker. Let's compare Charles Schwab vs Ally Invest.

Is Charles Schwab or Ally Invest better for beginners?

Charles Schwab offers more comprehensive new investor education for beginner investors than Ally Invest. Charles Schwab offers investors access to Videos, Education (Stocks), Education (ETFs), Education (Options), Education (Bonds) and Education (Retirement), while Ally Invest offers investors access to Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement). Neither have Paper Trading.

What about Charles Schwab vs Ally Invest pricing?

Charles Schwab and Ally Invest charge the same amount for regular stock trades, $0.00. Option contracts are pricier at Charles Schwab, costing $0.65 per contract versus $0.50 per contract at Ally Invest. For a complete commissions summary, see our best brokers for free stock trading guide.

Does Charles Schwab or Ally Invest offer a wider range of investment options?

Charles Schwab offers investors access to Stock Trading, Fractional Shares, Options Trading, OTC Stocks, Mutual Funds, Futures Trading and Advisor Services, while Ally Invest offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Forex Trading and Advisor Services. Looking at Mutual Funds, Ally Invest trails Charles Schwab in its offering of no transaction fee (NTF) mutual funds, with Charles Schwab offering 7168 and Ally Invest offering 4000.

Which trading platform is better: Charles Schwab or Ally Invest?

To compare the trading platforms of Charles Schwab and Ally Invest, we tested each broker's trading tools, research capabilities, and mobile apps. For trading tools, Charles Schwab offers a better experience. With research, Charles Schwab offers superior market research. Finally, we found Charles Schwab to provide better mobile trading apps.

Does either broker offer banking?

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Charles Schwab while Ally Invest offers Checking Accounts, Savings Accounts, Debit Cards and Mortgage Loans.

Is Charles Schwab good?

As the granddaddy of discount brokers, Charles Schwab understands how to deliver value to its customers, providing a comprehensive roster of tools, advice and actionable ideas at reasonable cost.

Is Ally Invest good?

For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website offer a convenient solution. Its website is far stronger than the mobile app.

Charles Schwab vs Ally Invest Winner

Overall winner: Charles Schwab

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