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 charges more than Ally Invest for placing regular stock trades ($6.95 and $4.95, respectively). With options, the base fees charged are $6.95 (Scottrade) and $4.95 (Ally Invest). Each option contract then costs $0.70 at Scottrade and $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 provides its clients with Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Scottrade provides clients access to Stock Trading, Options Trading and Mutual Funds. As far as mutual funds go, Scottrade boasts an offering of 13599 mutual funds compared to Ally Invest's 10264 available funds. 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Ally Invest while customers at Scottrade can have Checking Accounts, Savings Accounts and Debit Cards. All factors considered, when it comes to platform tools, research, and mobile trading, unfortunately, neither Scottrade nor Ally Invest received awards Best in Class - Platforms & Tools, Best in Class - Research and Best in Class - Mobile Trading.
Overall, both Scottrade and Ally Invest are rated 4.00 stars.