Comparing brokers side by side is no easy task. For our 2017 Broker Review
, we factored in 308 different variables to assess 16 different brokers. So when taking a look at Scottrade vs Ally Invest, there is a huge database of information available to us.
To start this comparison, first we will take a look at the broker commission rates for placing regular 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). Contracts are pricier at Scottrade, costing $0.70 versus $0.65 at Ally Invest, a difference of $0.05 per contract. Not all brokers charge a flat rate fee per trade though, so it is important to read the full commission notes to know the complete breakdown (go to any online broker review
page, then scroll to the "Commissions Notes" section).
Next to commission rates, being able to trade the instrument you want is important. Ally Invest supports Stock Trading, Options Trading, Mutual Funds, Forex Trading and Futures Trading while Scottrade supports Stock Trading, Options Trading and Mutual Funds. Looking at mutual funds, Scottrade offers its clients access to 13599 different mutual funds while Ally Invest has 10138 available funds, a difference of 3,461.00. Commission free ETFs also should not be forgotten, which in this case means trading a possible 0 funds at both brokers.
Lastly, taking a look at popular features and functionality, we can go a bit deeper to really break down the difference of both brokers. Both Scottrade and Ally Invest have virtual trading. Taking a look at mobile trading, Ally Invest supports the iPhone App and Android App while Scottrade 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. Clients can have Checking Accounts, Savings Accounts, Debit Cards, Credit Cards and Mortgage Loans at Ally Invest while clients at Scottrade can have Checking Accounts, Savings Accounts and Debit Cards. On the whole, when it comes to tools, research, and trading on the go, 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 in 2014.
Overall, both Scottrade and Ally Invest hold a 4.00 star rating.