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 TradeStation 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. TradeStation charges $5.00 per stock trade which is $0.05 more than Ally Invest which charges customers $4.95 per trade. With options, the base fees charged are $5.00 (TradeStation) and $4.95 (Ally Invest). Each option contract then costs $0.65 at Ally Invest and $0.50 at TradeStation. 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. TradeStation 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. As far as mutual funds go, Ally Invest boasts an offering of 14000 mutual funds compared to TradeStation's 4357 available funds. And, commission free ETFs deserve a comparison, with Ally Invest having the upper hand thanks to its 116 available commission free ETFs compared to TradeStation's offering of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. TradeStation offers virtual trading while Ally Invest does not. For mobile trading, Both Ally Invest and TradeStation offer clients access to an 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 TradeStation can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, TradeStation was rated Best in Class - Platforms & Tools, while Ally Invest was rated none of these.
Overall, TradeStation comes out on top with 3.5 stars over Ally Invest's 3 stars.