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 4,000 data points, let's compare Ally Invest vs Interactive Brokers.
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 charges more than Interactive Brokers for placing regular stock trades ($4.95 and $0 (the broker charges a per share rate instead), respectively). For options trading, Ally Invest has a base fee of $4.95, and Interactive Brokers a base fee of $0. Ally Invest's per contract rate of $0.65 is less than Interactive Brokers which charges $0.70. 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. Interactive Brokers 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, Ally Invest offers its clients access to 14000 different mutual funds while Interactive Brokers has 11000 available funds, a difference of 3,000.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Interactive Brokers has virtual trading, Ally Invest doesn't. Taking a look at mobile trading, Ally Invest along with Interactive Brokers both support the 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. Clients can have Checking Accounts and Debit Cards at Interactive Brokers while customers at Ally Invest can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans.
Overall, between Ally Invest and Interactive Brokers, Interactive Brokers is the winner
Ally Invest Review
Interactive Brokers Review