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 and Interactive Brokers charge the same amount for regular stock trades, $0. With options, the base fee is $0 for both Ally Invest and Interactive Brokers. Ally Invest's per contract rate of $0.50 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 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. Looking at mutual funds, Interactive Brokers trails Ally Invest by 3,000 total mutual funds, with Ally Invest offering 14000 and Interactive Brokers offering 11000.
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. Checking Accounts and Debit Cards are offered by Interactive Brokers while Ally Invest offers 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