Comparing brokers side by side is no easy task. For our 2017 Broker Review, we assessed 16 brokers on 308 different variables to find the best online broker
. Yielding a database of over 5,000 data points, let's compare Robinhood 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, with its regular stock trades costing $4.95, is more expensive than Robinhood's rate of $0 per trade. With options, the base fees charged are $N/A (Robinhood) and $4.95 (Ally Invest). Option contracts are pricier at Robinhood, costing $N/A versus $0.65 at Ally Invest. 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 offers clients Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Robinhood offers Stock Trading. Looking at mutual funds, Robinhood trails Ally Invest by 10,138 total mutual funds, with Ally Invest offering 10138 and Robinhood offering 0. Commission free ETFs can also be valuable for customers, which in this case means trading a possible 0 commission free ETFs at both brokers.
Trading access aside, by comparing popular features and functionality, we can break down relevant differences between both brokers. Ally Invest has virtual trading, Robinhood doesn't. Taking a look at mobile trading, Ally Invest supports the iPhone App and Android App while Robinhood supports the 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 offered by Ally Invest while Robinhood offers none of these. On the whole, when it comes to tools, research, and mobile trading, neither Robinhood nor Ally Invest were rated Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Ally Invest boasts 4.00 stars versus Robinhood's 2.50 stars.