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. Lightspeed, with its regular stock trades costing $4.50, is more expensive than Ally Invest's rate of $0 per trade. Looking at options, the base fees charged are the same for both brokers, $0. Option contracts are pricier at Lightspeed, costing $0.60 versus $0.50 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. Lightspeed provides its clients with Stock Trading, Options Trading 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 Lightspeed's 0 available funds.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed offers virtual trading while Ally Invest does not. For mobile trading, Ally Invest along with Lightspeed 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. 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.
Overall, between Ally Invest and Lightspeed, Ally Invest is the winner.
Ally Invest Review