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 ChoiceTrade 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 ChoiceTrade both cost $0 per trade. With options, the base fee is $0 for both Ally Invest and ChoiceTrade. Each option contract then costs $0.50 at Ally Invest and $0.40 at ChoiceTrade. 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. ChoiceTrade supports Stock Trading and Options Trading while Ally Invest supports 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 ChoiceTrade has 0 available funds, a difference of 14,000.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. ChoiceTrade makes virtual trading available to clients, while Ally Invest does not. For mobile trading, ChoiceTrade supports the iPhone App and Android App while Ally Invest supports the iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Ally Invest while ChoiceTrade offers customers none of these.
Overall, between Ally Invest and ChoiceTrade, Ally Invest is the winner.
Ally Invest Review