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 Scottrade 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. Scottrade charges $6.95 per stock trade which is $2.00 more than Ally Invest which charges customers $4.95 per trade. For options trading, Scottrade has a base fee of $6.95, and Ally Invest a base fee of $4.95. Ally Invest's per contract rate of $0.65 is less than Scottrade which charges $0.70. 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 Scottrade offers Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Scottrade boasts an offering of 13599 mutual funds compared to Ally Invest's 10138 available funds. Commission free ETFs can also be valuable for customers, which for investors means access to 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. Scottrade alongside Ally Invest offer virtual trading. Taking a look at mobile trading, Ally Invest offers the iPhone App and Android App while Scottrade offers 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. 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. On the whole, when it comes to 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 hold a 4.00 star rating.