Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Lightspeed Trading 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 more than Lightspeed Trading for placing regular stock trades ($4.95 and $4.50, respectively). With options, the base fees charged are $4.95 (Ally Invest) and $0 (Lightspeed Trading). Each option contract then costs $0.65 at Ally Invest and $0.60 at Lightspeed Trading. 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 offers clients Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Lightspeed Trading offers Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, Lightspeed Trading trails Ally Invest by 10,264 total mutual funds, with Ally Invest offering 10264 and Lightspeed Trading offering 0. And, commission free ETFs deserve a comparison, which for investors means access to 0 commission free ETFs at both brokers.
Finally, by comparing the each broker's website and platform features, we can surface interesting differences. Lightspeed Trading has virtual trading, Ally Invest doesn't. For mobile trading, Lightspeed Trading 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Ally Invest while customers at Lightspeed Trading can have none of these. All factors considered, when it comes to platform tools, research, and mobile trading, neither Lightspeed Trading nor Ally Invest were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest comes out on top with 3.50 stars over Lightspeed Trading's 3.00 stars.