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 E*TRADE 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. E*TRADE, with its regular stock trades costing $6.95, is more expensive than Ally Invest's rate of $4.95 per trade. With options, the base fees charged are $6.95 (E*TRADE) and $4.95 (Ally Invest). Each option contract then costs $0.75 at E*TRADE and $0.65 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. E*TRADE provides its clients with Stock Trading, Options Trading, Mutual Funds and Futures Trading while Ally Invest provides clients access to Stock Trading, Options Trading, Mutual Funds and Forex Trading. As far as mutual funds go, Ally Invest boasts an offering of 14000 mutual funds compared to E*TRADE's 9062 available funds. And, commission free ETFs deserve a comparison, E*TRADE offers 295 commission free ETFs versus Ally Invest's total of 116.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Neither broker offers virtual trading. For mobile trading, Ally Invest along with E*TRADE 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. Checking Accounts, Savings Accounts and Debit Cards are offered by E*TRADE while Ally Invest offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, E*TRADE finished with awards Best in Class - Research and Best in Class - Mobile Trading, while Ally Invest came up with none of these.
Overall, E*TRADE comes out on top with 4.50 stars over Ally Invest's 3.50 stars.