The StockBrokers.com 2017 Brokerage Review
assessed 16 different brokers over six months. This review compares Firstrade vs Ally Invest. Is Firstrade 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. Firstrade and Ally Invest charge the same amount for regular stock trades, $4.95. For options trading, both Firstrade and Ally Invest charge the same base fee of $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 supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Firstrade supports Stock Trading, Options Trading and Mutual Funds. When it comes to mutual funds, Ally Invest trails Firstrade by 2,053.00 total mutual funds, with Firstrade offering 12191 and Ally Invest offering 10138. Commission free ETFs can also be a nice plus, with Firstrade having the upper hand thanks to its 12 available commission free ETFs compared to Ally Invest's offering of 0.
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 makes virtual trading available to clients, while Firstrade does not. For mobile trading, Firstrade and Ally Invest both have a iPhone App and Android App. Furthermore, some investors like to bank online, and multiple brokerages provide these services to clients. Checking Accounts and Debit Cards are available to clients of Firstrade while Ally Invest offers customers Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans. On the whole, when it comes to tools, research, and mobile trading, both Firstrade and Ally Invest found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading in 2017.
Overall, Ally Invest boasts 4.00 stars versus Firstrade's 3.50 stars.