The StockBrokers.com 2017 Brokerage Review assessed 16 different brokers over six months, surfacing the best online stock brokers
. This review compares Charles Schwab vs Ally Invest. Is Charles Schwab or Ally Invest a better online broker?
First, we will make a comparison of the stock and option trading fees for trading with both brokers. Charles Schwab and Ally Invest have equal fees for trading stocks (equities), $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. Note that some brokers charge a per-share fee instead of a flat-fee commission. For a full breakdown of commissions, read our online broker reviews
For our next comparison of these two brokers, being able to trade the way you want is a must. Ally Invest offers clients Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Charles Schwab offers Stock Trading, Options Trading, Mutual Funds and Futures Trading. When it comes to mutual funds, Ally Invest offers its clients access to 10138 different mutual funds while Charles Schwab has 5165 available funds, a difference of 4,973.00. Commission free ETFs can also be a nice plus, with Ally Invest falling behind Charles Schwab, offering 0 commission free ETFs compared to Charles Schwab's 229.
Last but not least, by breaking down important features, tools, etc that each broker offers, we can really help to separate the two. Ally Invest has virtual trading, Charles Schwab doesn't. For mobile trading, Ally Invest offers the iPhone App and Android App while Charles Schwab offers the iPhone App, iPad App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are found at Charles Schwab alongside 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 in 2017, while Ally Invest was rated none of these.
Overall, Charles Schwab takes the upper hand with 4.50 stars over Ally Invest's 4.00 stars.