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 E*TRADE 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. E*TRADE charges $6.95 per stock trade which is $2.00 more than Ally Invest which charges customers $4.95 per trade. With options, the base fees charged are $6.95 (E*TRADE) and $4.95 (Ally Invest). Option contracts are pricier at E*TRADE, costing $0.75 versus $0.65 at Ally Invest. 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 E*TRADE provides clients access to Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, E*TRADE trails Ally Invest by 1,266 total mutual funds, with Ally Invest offering 10264 and E*TRADE offering 8998. Commission free ETFs can also be valuable for customers, with E*TRADE having the upper hand thanks to its 225 available commission free ETFs compared to Ally Invest's offering of 0.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. E*TRADE nor Ally Invest offers virtual trading. Taking a look at mobile trading, E*TRADE 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. Clients can have Checking Accounts and Debit Cards at E*TRADE while customers at Ally Invest can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. On the whole, when it comes to tools, research, and mobile trading, E*TRADE posted awards Best in Class - Research in 2018, while Ally Invest found itself with none of these.
Overall, E*TRADE boasts 4.50 stars versus Ally Invest's 3.50 stars.