Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at Charles Schwab vs Ally Invest, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular stock and options trades. Charles Schwab and Ally Invest have equal fees for trading equities, $4.95 per trade. For options trading, both Charles Schwab and Ally Invest charge the same base fee of $4.95. Contracts run $0.65 a piece at both brokerages. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. Ally Invest supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Charles Schwab supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, Charles Schwab trails Ally Invest by 4,973.00 total funds, with Ally Invest offering 10138 and Charles Schwab offering 5165. Commission free ETFs also should not be forgotten, with Charles Schwab having the upper hand thanks to its 229 available ETFs compared to Ally Invest's offering of 0.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. Ally Invest has virtual trading, Charles Schwab doesn't. Taking a look at mobile trading, Ally Invest gives clients access to an iPhone App and Android App while Charles Schwab has an 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 found at Charles Schwab alongside Ally Invest. On the whole, when it comes to tools, research, and trading on the go, Charles Schwab finished with awards for Best in Class - Platforms & Tools and Best in Class - Research in 2014, while Ally Invest came up with none of these.
Overall, Charles Schwab boasts 4.50 stars versus Ally Invest's 4.00 stars.