Comparing brokers side by side is no easy task. For our annual broker review, we assess over a dozen brokers on hundreds of different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Charles Schwab vs Ally Invest.
To start this comparison, first, we will take a look at the online broker commission rates for placing regular stock and options trades. Charles Schwab and Ally Invest both cost $4.95 per trade. Looking at options, the base fees charged are the same for both brokers, $4.95. Option contracts run $0.65 a piece at both brokerages. It's important to note that not all brokers charge a flat fee per trade. Thus, it is important to read the full commission notes for each broker, which we include with each online broker review
Next to commission rates, being able to trade what you want is important. Ally Invest provides its clients with Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Charles Schwab provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, Ally Invest boasts an offering of 10264 mutual funds compared to Charles Schwab's 5509 available funds. Commission free ETFs can also be valuable for customers, Charles Schwab offers 244 commission free ETFs versus Ally Invest's total of 0.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Charles Schwab nor Ally Invest offers virtual trading. Taking a look at mobile trading, Charles Schwab and Ally Invest both have a iPhone App, iPad App and Android App. Not to be left out, online banking is also a nice benefit for many investors, and some brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to customers of Charles Schwab and Ally Invest. On the whole, when it comes to tools, research, and mobile trading, Charles Schwab was rated Best in Class - Platforms & Tools and Best in Class - Research, while Ally Invest was rated none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over Ally Invest's 3.50 stars.