tastytrade vs Ally Invest 2023

Comparing brokers side by side is no easy task. We spend hundreds of hours each year testing the platforms, mobile apps, trading tools and general ease of use among online brokerages, as well as comparing commissions and fees, to find the best online broker.

Though many U.S. brokers offer basic trading features, such as an app, charting tools, stock research and educational content, the depth of those features can vary widely. Let's compare tastytrade vs Ally Invest.

In stock trading, the more you know, the better you’ll do. Taking advantage of resources like articles, webinars, videos and interactive elements is a great way to shorten the learning curve. In our analysis, we examine the availability of several different types of educational materials.

For 2023, our review finds that tastytrade offers more comprehensive new investor education for beginning investors than Ally Invest. tastytrade offers investors access to Education (Stocks), Education (ETFs) and Education (Options), while Ally Invest offers investors access to Education (Stocks), Education (ETFs), Education (Options), Education (Mutual Funds), Education (Bonds) and Education (Retirement). Neither have Paper Trading and Videos.

tastytrade and Ally Invest charge the same amount for regular stock trades, $0.00. tastytrade and Ally Invest both charge $0.50 per option contract. For futures, tastytrade charges $1.25 per contract and Ally Invest charges (Not offered) per contract. For a deeper dive, see our best brokers for free stock trading guide.

Looking at a full range of investment options, including order types and international trading, our research has found that Ally Invest offers a more comprehensive offering than tastytrade. tastytrade ranks #10 out of 18 brokers for our Investment Options category, while Ally Invest ranks #8.

tastytrade offers investors access to Stock Trading, Fractional Shares, Options Trading and Futures Trading, while Ally Invest offers investors access to Stock Trading, Options Trading, OTC Stocks, Mutual Funds, Forex Trading and Advisor Services Looking at Mutual Funds, tastytrade trails Ally Invest in its offering of no transaction fee (NTF) mutual funds, with Ally Invest offering 3900 and tastytrade offering 0.

In our analysis of top U.S. brokerages, we research whether each broker offers the ability to trade cash cryptocurrency, such as bitcoin and ethereum. Though crypto has risen steadily in popularity, availability still varies from broker to broker. Our review finds that neither tastytrade and Ally Invest offer crypto trading.

To compare the day trading platforms of tastytrade and Ally Invest, we focused on trading tools and functionality across both web and desktop-based platforms. Popular day trading platform tools include streaming real-time quotes, stock alerts, trading hotkeys, direct market routing, streaming time and sales, customizable watch lists, backtesting, and fully functional charting packages, among many others. For day trading, tastytrade offers a better experience.

After testing 25 features across the stock trading apps of tastytrade and Ally Invest, we found tastytrade to be better overall. The best stock market apps are easy to use, have excellent design, and deliver a fully featured online trading experience. tastytrade ranks #10 out of 18 brokers, while Ally Invest ranks #13.

tastytrade Trading App Gallery

Ally Invest Trading App Gallery

For research, Ally Invest offers superior market research than tastytrade. tastytrade ranks #13 and Ally Invest ranks #7.

Over the years, we've found that the best brokers provide rich market commentary, a variety of third-party research reports, and thorough quote screens that are not just easy to navigate, but that also include a comprehensive selection of fundamental data. Robust stock, ETFs, and mutual fund screeners are also must-haves for trade idea generation.

tastytrade requires a minimum deposit of $0.00, while Ally Invest requires a minimum deposit of $0.00. From our testing, we found that SoFi is the only broker that requires a minimum deposit.

tastytrade charges 11% for accounts under $25,000 while Ally Invest charges a margin rate of 13%. The industry average of the 18 brokers we track is 9%.

Fractional shares are not offered by either broker. Our research has found that 41% of brokers offer fractional shares investing. Fractional shares allow traders to buy a part of a whole share of stock. For example, if Amazon is trading at $1,000, you could buy half a share for $500.

Neither tastytrade nor Ally Invest allow you to trade penny stocks. Penny stocks are companies whose shares trade for under $5 and are listed over the counter (OTC). For brokers that do offer penny stock trades, the average commission is $3.

Online banking can be a benefit for investors, and some brokerages do provide banking services to customers. neither of these are offered by tastytrade while Ally Invest offers Checking Accounts, Savings Accounts, Debit Cards and Mortgage Loans. Neither have Credit Cards.

StockBrokers.com partners with customer experience research group Confero to conduct phone tests from locations across the United States to thoroughly evaluate the quality and speed of brokerage customer service. (Read more about How We Test.) Here are the results of our current testing.

Tastytrade was rated 9th out of 14 brokers, with an overall score of 7.6 out of 10.

Ally Invest was rated 5th out of 14 brokers, with an overall score of 8.3 out of 10.

Tastytrade isn’t for every investor, but its platform is ideal for frequent options and futures traders, offering efficient workflow, useful risk management tools, killer design, and online content that make you feel like you’re on a trading desk.

In the 2023 StockBrokers.com Annual Review, tastytrade ranked among Best in Class for Active Trading, Futures Trading, Investor Community, and Options Trading. Tastytrade also won one StockBrokers.com Industry Award: No. 1 Desktop Trading Platform.

For current Ally customers looking to invest in stocks, Ally's universal-accounts experience and easy-to-use website offer a convenient solution. Its website is far stronger than the mobile app.

In the 2023 StockBrokers.com Annual Review, Ally Invest ranked among Best in Class for Banking Services and Customer Service.