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 ChoiceTrade 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. ChoiceTrade charges $5.00 per stock trade which is $0.05 more than Ally Invest which charges clients $4.95 per trade. For options trading, ChoiceTrade has a base fee of $5.00, and Ally Invest a base fee of $4.95. Contracts are pricier at Ally Invest, costing $0.65 versus $0.50 at ChoiceTrade, a difference of $0.15 per contract. 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 ChoiceTrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Ally Invest boasts an offering of 10138 compared to ChoiceTrade's 500 available funds. Commission free ETFs also should not be forgotten, which in this case means trading a possible 0 funds at both brokers.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. Both ChoiceTrade and Ally Invest have virtual trading. Taking a look at mobile trading, Ally Invest gives clients access to an iPhone App and Android App while ChoiceTrade has an none of these. 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 clients of Ally Invest while ChoiceTrade offers clients none of these. On the whole, when it comes to tools, research, and trading on the go, Unfortunately, neither ChoiceTrade nor Ally Invest received awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest takes the upper hand with 4.00 stars over ChoiceTrade's 2.00 stars.