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 $4.95 per stock trade which is $0.45 more than Lightspeed Trading which charges customers $4.50 per trade. With options, the base fees charged are $4.95 (Ally Invest) and $0 (Lightspeed Trading). Lightspeed Trading's per contract rate of $0.60 is less than Ally Invest which charges $0.65. 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 provides its clients with Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Lightspeed Trading provides clients access to Stock Trading, Options Trading and Futures Trading. As far as mutual funds go, Ally Invest boasts an offering of 10264 mutual funds compared to Lightspeed Trading's 0 available funds. And, commission free ETFs deserve a comparison, which is a wash in this comparison as both Lightspeed Trading and Ally Invest offer 0 commission free ETFs.
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, Both Lightspeed Trading and Ally Invest offer clients access to an 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 Lightspeed Trading offers none of these. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither Lightspeed Trading nor Ally Invest received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest boasts 3.50 stars versus Lightspeed Trading's 3.00 stars.