Using data from our latest annual broker review which tested more than a dozen different online brokers
over six months, we can compare Scottrade 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. Scottrade, with its regular stock trades costing $6.95, is more expensive than Ally Invest's rate of $4.95 per trade. With options, the base fees charged are $6.95 (Scottrade) and $4.95 (Ally Invest). Option contracts are pricier at Scottrade, costing $0.70 versus $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 offers clients Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Scottrade offers Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Ally Invest trails Scottrade by 3,335 total mutual funds, with Scottrade offering 13599 and Ally Invest offering 10264. 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. Scottrade makes virtual trading available to clients, while Ally Invest does not. For mobile trading, Scottrade 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 Scottrade offers Checking Accounts, Savings Accounts and Debit Cards. All factors considered, when it comes to platform tools, research, and mobile trading, both Scottrade and Ally Invest found themselves without awards for Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, Scottrade comes out on top with 4.00 stars over Ally Invest's 3.50 stars.