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 Lightspeed 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 $4.95 per stock trade which is $0.45 more than Lightspeed which charges customers $4.50 per trade. Looking at trading options, Lightspeed's base fee is $0 while Ally Invest's is $4.95. Lightspeed's per contract rate of $0.60 is less than Ally Invest which charges $0.65. 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. Lightspeed supports Stock Trading, Options Trading and Futures Trading while Ally Invest supports 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 Lightspeed's 0 available funds. And, commission free ETFs deserve a comparison, Ally Invest offers 116 commission free ETFs versus Lightspeed's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed has virtual trading, Ally Invest doesn't. For mobile trading, Ally Invest and Lightspeed 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Ally Invest while customers at Lightspeed can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither Ally Invest nor Lightspeed received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest comes out on top with 3 stars over Lightspeed's 2.5 stars.