Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Ally Invest vs Charles Schwab.
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. For options trading, both Ally Invest and Charles Schwab charge the same base fee of $4.95. Option contracts at both of the brokerages are the same at $0.65 each. 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 supports Stock Trading, Options Trading, Mutual Funds and Futures Trading while Ally Invest supports 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. Commission free ETFs can also be valuable for customers, with Charles Schwab having the upper hand thanks to its 265 available commission free ETFs compared to Ally Invest's offering of 116.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Neither Ally Invest and Charles Schwab offer virtual trading. Taking a look at mobile trading, Both Ally Invest and Charles Schwab offer clients access to an 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. Both Ally Invest and Charles Schwab offer Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. On the whole, when it comes to tools, research, and mobile trading, Charles Schwab posted awards Best in Class - Research in 2018, while Ally Invest found itself with none of these.
Overall, Charles Schwab takes the upper hand with 4 stars over Ally Invest's 3 stars.