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 Interactive Brokers 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. 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). Ally Invest's per contract rate of $0.65 is less than Interactive Brokers which charges $0.70. 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 Interactive Brokers supports Stock Trading, Options Trading, Mutual Funds and Futures Trading. Looking at mutual funds, Ally Invest offers its clients access to 10264 different mutual funds while Interactive Brokers has 10051 available funds, a difference of 213. Commission free ETFs can also be valuable for customers, with Interactive Brokers falling behind Ally Invest, offering 45 commission free ETFs compared to Ally Invest's 100.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Interactive Brokers makes virtual trading available to clients, while Ally Invest does not. Taking a look at mobile trading, Interactive Brokers 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. Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans are available to clients of Ally Invest while Interactive Brokers offers customers Debit Cards. On the whole, when it comes to tools, research, and mobile trading, Interactive Brokers finished with awards Best in Class - Mobile Trading, while Ally Invest came up with none of these.
Overall, Interactive Brokers boasts 4.50 stars versus Ally Invest's 3.50 stars.