Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Interactive Brokers vs Ally Invest to determine which broker is best. Let's dive in.
First, we will break down the commission charges of both brokers for placing stock and options trades. Ally Invest charges $4.95 per stock trade which is $4.95 more than Interactive Brokers which charges customers $0 (the broker charges a per share rate instead) per trade. With options, the base fees charged are $4.95 (Ally Invest) and $0 (Interactive Brokers). Each option contract then costs $0.70 at Interactive Brokers and $0.65 at Ally Invest. Instead of flat rate fees, several brokers charge a per-share fee instead. For a complete review of trading charges, read our full online broker reviews
Next, investors want to make sure they can trade the investment vehicle they want. Ally Invest supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Interactive Brokers supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. As far as mutual funds go, Ally Invest offers its clients access to 10264 different mutual funds while Interactive Brokers has 10051 available funds, a difference of 213. And, commission free ETFs deserve a comparison, Interactive Brokers offers 45 commission free ETFs versus Ally Invest's total of 0.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Interactive Brokers has virtual trading, Ally Invest doesn't. For mobile trading, Interactive Brokers and Ally Invest both have a iPhone App, iPad App and Android App. Online banking is also used by many customers, and multiple full-service brokerages provide these services. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are offered by Ally Invest while Interactive Brokers offers Debit Cards. All factors considered, when it comes to platform tools, research, and mobile trading, Interactive Brokers finished with awards Best in Class - Platforms & Tools and Best in Class - Mobile Trading, while Ally Invest came up with none of these.
Overall, both Interactive Brokers and Ally Invest hold a 4.00 star rating.