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. For options trading, E*TRADE has a base fee of $6.95, and Ally Invest a base fee of $4.95. Each option contract then costs $0.75 at E*TRADE and $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 supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while E*TRADE supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, Ally Invest boasts an offering of 10264 mutual funds compared to E*TRADE's 8998 available funds. 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. Neither broker offers virtual trading. Taking a look at mobile trading, E*TRADE along with Ally Invest both support the 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 and Debit Cards are offered by E*TRADE while Ally Invest offers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. On the whole, when it comes to tools, research, and mobile trading, neither E*TRADE nor Ally Invest were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, E*TRADE boasts 4.50 stars versus Ally Invest's 3.50 stars.