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 Interactive Brokers 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 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. 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. 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. As far as mutual funds go, Interactive Brokers trails Ally Invest by 3,000 total mutual funds, with Ally Invest offering 14000 and Interactive Brokers offering 11000. And, commission free ETFs deserve a comparison, with Interactive Brokers falling behind Ally Invest, offering 48 commission free ETFs compared to Ally Invest's 116.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers makes virtual trading available to clients, while Ally Invest does not. For mobile trading, Ally Invest and Interactive Brokers both have a 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 and Debit Cards are available to clients of Interactive Brokers while Ally Invest offers customers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. All factors considered, when it comes to platform tools, research, and mobile trading, Interactive Brokers finished with awards Best in Class - Platforms & Tools and Best in Class - Mobile Trading, while Ally Invest came up with none of these.
Overall, Interactive Brokers comes out on top with 4.00 stars over Ally Invest's 3.00 stars.