Ally Invest: A Comprehensive Guide to Smart Online Investing

Ally Invest Comprehensive Review

Overview of Ally Invest


Ally Invest is an online brokerage firm that has been operating since 2005. Initially called TradeKing, the company was acquired by Ally Financial in 2016 and rebranded as Ally Invest.


The platform offers a variety of investment products, including stocks, bonds, mutual funds, options, and exchange-traded funds (ETFs). In addition to traditional brokerage accounts, Ally Invest offers retirement accounts such as traditional IRAs and Roth IRAs.


One of the key features of Ally Invest is its trading platforms, which include a web-based platform and a mobile app. Both platforms are user-friendly and offer a range of tools for investors to manage their portfolios and analyze market data.


The web-based platform includes customizable dashboards that allow users to monitor their investments in real time. The mobile app has many similar features but is optimized for on-the-go trading.

Softwareista Key Takeaways: Ally Invest Comprehensive Guide


  1. Investment Products: Ally Invest offers a wide variety of investment options including stocks, ETFs, bonds, options, futures, Forex, and a robo-advisory service. This diverse array of options allows for comprehensive portfolio diversification.


  1. Trading Platform: Ally’s web-based platform is user-friendly and offers a range of tools to assist in trading and analysis. For advanced traders, there is also Ally LIVE, their downloadable platform that offers additional features and analytics.


  1. Research and Insights: Ally Invest provides robust research tools and market data including charts, studies, scanners, and calculators. This information can be instrumental in making informed investment decisions.


  1. Customer Support: Ally offers 24/7 customer service via phone, email, and chat. They have a reputation for being responsive and helpful, supporting you in your investment journey.


  1. Education: Ally Invest’s Learning Center is rich with resources like articles, videos, webinars, and tutorials that cover a range of topics from basics to advanced trading strategies.


  1. Pricing: With competitive pricing, Ally Invest offers $0 commission for online U.S. stocks, ETFs, and options trades.



Make a savvy decision with the Softwareista Team’s comprehensive comparison of the 20 best online brokers: Click here for Full Comparison in 2023.

Importance of investing in today’s economy


Investing in today’s economy is more important than ever before. With interest rates near historic lows, it’s becoming increasingly difficult for individuals to generate significant returns through savings accounts or other low-risk investments. Meanwhile, inflation continues to erode the purchasing power of cash over time.


Investing allows individuals to put their money to work by purchasing assets that have the potential to appreciate over time. While investing involves risks – including the possibility of losing money – many people find the potential long-term rewards worthwhile.


Many different investment options are available today, from stocks and bonds to real estate and alternative assets like cryptocurrency. Each option carries its own set of risks and rewards depending on factors such as an individual’s risk tolerance and investment goals.

Purpose of the review


This review aims to comprehensively analyze Ally Invest as a platform for individual investors. We will examine the company’s history, the types of accounts and features they offer, the quality of its research and educational resources, and its commitment to customer service and security. By the end of this review, readers should have a solid understanding of whether Ally Invest is a good fit for their investment needs.

Company Background and History

  1. Founding and Early Years


Ally Invest is an online brokerage firm that provides a wide range of investment products, including stocks, bonds, mutual funds, options, and exchange-traded funds (ETFs). The company was founded in 2005 as TradeKing by Don Montanaro and David Butler. They developed the platform to provide investors a cost-effective way to invest in the stock market.


The founders had years of experience in the financial industry before starting TradeKing, which gave them insights into developing an online platform that catered to investors. TradeKing’s main goal was offering customers low-cost trading fees while offering advanced trading tools.


In 2016, TradeKing was acquired by Ally Financial, which rebranded the company as Ally Invest. The acquisition helped Ally Financial expand its offerings into the online trading world while taking advantage of TradeKing’s established customer base.

  1. Mergers and Acquisitions


In addition to its acquisition by Ally Financial in 2016, TradeKing went through several other mergers and acquisitions during its lifetime. In 2012, they merged with Zecco Holdings Inc., another discount online broker. This merger allowed TradeKing to increase its market share and expand its product offerings further.


In 2015, TradeKing announced that it would be acquiring MB Trading’s assets, a deal that was completed in early 2016. This acquisition allowed TradeKing/Ally Invest to offer forex trading options alongside traditional stock trading products.

  1. Current Ownership and Leadership


Today Ally Invest is wholly owned by Ally Financial Inc., which is headquartered in Detroit Michigan. Jeffrey J Brown serves as CEO for both companies; he has been at the helm since March 2020 after leading Charles Schwab Corp.’s retail business for over a decade.


Ally Financial is a publicly traded company and is currently listed on the New York Stock Exchange under the ticker symbol ALLY. With more than 8,000 employees and offices in North America and Europe, Ally Financial is considered one of the world’s largest auto lenders.


Ally Invest continues to focus on providing investors with low-cost trading options while still providing advanced trading tools and superior customer service. The company’s dedication to innovation has helped it become one of the leading online brokerage firms in today’s financial market.

Account Types and Features


Investing with Ally Invest is a user-friendly process, offering a variety of account types to suit different investor needs. The two main categories are individual brokerage accounts and retirement accounts.

  1. Individual Brokerage Accounts


Ally Invest offers four different trading platforms for individual investors: Ally Invest LIVE, OptionsPlay, TradeKing LIVE, and ForexTrader. Each platform has distinct features tailored for different types of traders.


For example, the OptionsPlay platform is designed for options traders who want to analyze and execute trades quickly and efficiently. On the other hand, ForexTrader is geared towards those who trade in the foreign exchange market.


There are also various investment products available on these platforms. Stocks, ETFs (exchange-traded funds), bonds, mutual funds, options contracts, and futures contracts can be traded through Ally Invest’s brokerage accounts.


Regarding fees and commissions for trading on these platforms, Ally Invest offers some of the most competitive rates in the industry. Stock trades are priced at $4.95 per trade while options contracts are priced at $0.50 per contract.

  1. Retirement Accounts


Ally Invest provides self-directed traditional IRA (Individual Retirement Account) and Roth IRA options for retirement investing purposes. Both account types have tax advantages that can help you save money in taxes when you retire.


Traditional IRAs offer immediate tax benefits since contributions are deductible from taxable income in the year they’re made while withdrawals during retirement age are taxed as income in the year they’re withdrawn. A Roth IRA doesn’t provide an immediate tax deduction but allows your investments to grow tax-free over time so that withdrawals during retirement age are not taxed.


Additionally, Ally offers SEP (Simplified Employee Pension) IRAs and SIMPLE (Savings Incentive Match Plan for Employees) IRAs for small business owners or self-employed individuals. Both of these plans allow employers to contribute to their employees’ retirement accounts, reducing taxable income while providing a benefit to employees.


Ally Invest offers a range of account types and features that cater to the needs of different investors. With low fees and commissions, various investment products, and a seamless trading experience through multiple platforms, Ally Invest is an ideal choice for novice and experienced traders.

Research Tools and Education Resources


Ally Invest provides comprehensive research tools and educational resources for investors at all skill levels. These tools can help investors make informed decisions about their investment strategies and stay up-to-date on the latest news affecting their portfolios.

  1. Market Data Analysis Tools


Ally Invest offers several market data analysis tools to help investors understand market trends and make more informed investment decisions. The platform includes technical analysis tools such as charting software that allow users to analyze stock performance over time, identify patterns, and evaluate indicators. This tool is especially helpful for traders who use technical analysis to guide their investing decisions.


In addition, Ally Invest provides fundamental analysis resources that allow investors to access key financial metrics for companies they are interested in investing in. These include earnings reports, revenue growth, profit margins, and other important data points that can help investors evaluate a company’s health and potential for growth.

  1. Educational Resources for Investors


Ally Invest also offers a wide range of educational resources designed to help new investors learn the basics of investing while providing more experienced traders with advanced strategies and insights. The platform features webinars hosted by experienced traders who cover topics such as options trading, technical analysis, risk management, and more. In addition to webinars, Ally Invest provides access to tutorials on various investing-related topics.


These tutorials cover everything from basic terminology to advanced investment strategies for different types of securities such as stocks, bonds, ETFs (Exchange Traded Funds), and mutual funds. To further enhance investor education, Ally Invest offers articles written by industry experts on investment topics such as asset allocation techniques or trading psychology tips.

  1. Investment Calculators


Last but not least are the investment calculators that Ally Invest offers. The platform features various tools to help investors make informed investment decisions. These calculators can give users insights such as how much they need to save each month to reach a financial goal or whether a specific investment will be profitable in the long run.


One such tool is the retirement calculator, which helps investors plan for their retirement by providing projections of how much money they will need to save and invest each year to reach their desired retirement income level. This tool also considers important factors such as inflation rates and expected Social Security benefits.


Overall, the research tools and educational resources offered by Ally Invest provide investors with everything they need to make informed decisions about their investments. These tools offer valuable insights into market trends and individual securities, while educational resources help investors stay current on best practices and advanced investment strategies.

Customer Service Quality

  1. Availability of customer service support


One of the most important aspects of any investment platform is the quality and availability of customer service. Ally Invest understands this and has ensured its customers have easy access to support when needed. The company offers all customers 24/7 phone support, email, and live chat options.


This means that regardless of the time of day or night, investors can receive assistance with their accounts. In addition to these channels, Ally Invest has an extensive FAQ section on its website that covers a wide range of topics from account opening procedures to trading options.


The section is well-organized and searchable, making it easy for investors to find answers to their questions without needing to reach out to customer service. Overall, Ally Invest’s commitment to providing multiple channels for customer service shows that it values its clients and is willing to go the extra mile.

  1. Response time to inquiries


Having access to customer service is great, but it doesn’t mean much if the response time is slow. Fortunately, Ally Invest excels in this area as well.

The company’s average wait time for phone support is less than one minute, which is impressive considering the daily volume of calls. Email inquiries are typically answered within 24 hours, while live chat responses are almost instantaneous.


Investors who require immediate help with their accounts will appreciate Ally Invest’s call-back feature which allows them to request a call from a representative at a specific time without waiting on hold. This level of responsiveness ensures that customers can get back on track with their investments quickly and efficiently.

  1. User reviews on customer service experience


While it’s important for us as reviewers to assess Ally Invest’s customer service ourselves based on our interactions with the company representatives via different channels, we also like checking user reviews to see how the customer service has been perceived over time. We found that most users have had positive experiences with Ally Invest’s customer service team.


Many investors appreciate the responsiveness and helpfulness of representatives and describe them as knowledgeable and friendly. One area that received criticism was the wait time for phone support during peak trading hours.


Some users reported waiting longer than expected to speak with a representative during these times, which can be frustrating for those who need immediate assistance. However, this is not unusual across many investment platforms or financial institutions so it’s not unique to Ally Invest.


Based on our research and analysis of user reviews, we are satisfied with the quality of customer service offered by Ally Invest. The company has made great efforts to provide multiple support channels and quick response times, making it easy for investors to get help when they need it most.

Security Measures Implemented by Ally Invest

  1. Encryption Technology Used to Secure User Data: Protecting Your Investments


The security of an online investment platform is paramount, and Ally Invest understands the importance of keeping user data safe. Encryption technology secures user data throughout the website, ensuring only authorized users can access account information.


This helps protect user accounts and investments from unauthorized access, theft, or other malicious attacks. The use of encryption technology by Ally Invest is in line with the best practices for securing sensitive financial data.


In addition to encryption technology, Ally Invest utilizes advanced security measures such as firewalls and intrusion detection software to help protect users’ personal information and investments. Users can rest easy knowing that their account information is safeguarded by multiple layers of security.

  1. Two-Factor Authentication Process: Extreme Protection for Your Investments


Ally Invest’s two-factor authentication process provides additional protection for users’ investment accounts. This process requires users to provide two forms of identification before gaining access to their account – typically a password or PIN, plus a code sent via email or text message.


By requiring two forms of identification, Ally Invest ensures that only authorized individuals can access user accounts. This process helps prevent unauthorized access and makes it extremely difficult for hackers or other malicious actors to gain entry into personal investment accounts.


Ally Invest continually monitors its security measures and updates them as necessary to stay ahead of emerging threats in the industry. As a result, customers can have peace of mind knowing they are using one of the most secure platforms available on the market.

Softwareista Final Word


When it comes to investing online, security is paramount. With its robust set of security features like encryption technology and two-factor authentication process in place – backed by its commitment towards staying ahead on all aspects related to cybersecurity & privacy – Ally Invest has established itself as a reliable and safe platform for all types of investors.


Whether you’re a beginner or an experienced investor, Ally Invest offers the tools and resources necessary to help you make informed investment decisions. 


Overall, Ally Invest is an excellent choice for investors in the stock market or online investment opportunities. Its user-friendly interface, low fees, and comprehensive research tools and educational resources make it easy to see why it’s become a top choice for investors. Additionally, with its robust security measures in place 24/7/365 – you know your investments are safe and secure with Ally Invest!

Softwareista FAQ Section: Ally Invest Comprehensive Guide

  1. What investment products does Ally Invest offer? 


Ally Invest provides a range of products, including stocks, ETFs, bonds, options, futures, Forex, and a robo-advisory service.


  1. What platforms does Ally Invest offer for trading? 


Ally Invest has a web-based platform, and Ally LIVE is a downloadable platform for more advanced trading and analytics.


  1. What kind of research and market insights are available on Ally Invest? 


Ally Invest offers robust research tools and market data, including charts, studies, scanners, and calculators.


  1. What kind of customer support does Ally Invest provide? 


Ally Invest offers 24/7 customer service via phone, email, and chat.


  1. What educational resources does Ally Invest offer? 


Ally Invest has a Learning Center with resources like articles, videos, webinars, and tutorials.


  1. What are the trading costs with Ally Invest? 


Ally Invest offers $0 commission for online U.S. stocks, ETFs, and options trades.



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