Ally Invest is a new broker on the market considering it spurs from the acquisition of the TradeKing broker in 2016. In this Ally Invest review, we will show you how this investment company grew up to this point by providing stats and background information for all the important aspects of the business.
Popularity
Not a particular popular broker as of yet, Ally Invest is still working in attracting new customers.
| Query | Answer | Reference URL | Date |
| Number of users (approximate) | 388K | https://www.ally.com/about/company-structure/ | 26 Aug 2020 |
| Website traffic (estimated) | 16m | https://www.similarweb.com/website/ally.com/ | 26 Aug 2020 |
| # results on web | 50m | https://www.google.com/ | 26 Aug 2020 |
| Search volume Google | 70K | https://searchvolume.io | 26 Aug 2020 |
| Twitter followers | 43K | https://twitter.com/ally | 26 Aug 2020 |
| FB followers | 342K | https://www.facebook.com/ally | 26 Aug 2020 |
| How popular on mainstream media? | Medium | Benzinga, Business Insider, Forbes, CBNBC, MarketWatch | 26 Aug 2020 |
| Negative media? | Low | https://www.consumerfinance.gov/about-us/newsroom/cfpb-and-doj-order-ally-to-pay-80-million-to-consumers-harmed-by-discriminatory-auto-loan-pricing/ | 26 Aug 2020 |
| Notable awards | None, but Ally Bank has consistently received awards | https://media.ally.com/awards-recognition | 26 Aug 2020 |
User Rating
Only a handful of ratings online and the overall consensus is that Ally Invest still has a lot of areas to work on.
Background Information
Ally Financial (the parent company) has bought TradeKing in 2016 and redirect it’s business to Ally Invest.
| Company public/private | Public | https://en.wikipedia.org/wiki/Ally_Financial |
| Revenue Data | – | – |
| CEO and bio | Jeffrey J. Brown – Prior to being named CEO, Brown was president and CEO of Ally’s Dealer Financial Services business where he oversaw the company’s auto finance, insurance and auto servicing operations. | https://media.ally.com/leadership-brown |
| Number of employees | 8700 | https://en.wikipedia.org/wiki/Ally_Financial |
| Notable investors (private companies) | None | https://www.crunchbase.com/organization/ally-bank |
Security
| Query | Answer | Reference URL |
| HTTPS Certificate | Yes | https://www.ally.com/invest/ |
| 2FA ? | Yes | https://www.ally.com/security/password-security-tips.html |
| Device monitoring? | Yes | https://www.ally.com/security/password-security-tips.html |
| New device extra security? | Yes | https://www.ally.com/security/password-security-tips.html |
Fees & Offering
Since 2019, Ally Invest has joined the zero commissions movement on U.S. exchange-listed stock, ETF, and option trades.
| Query | Answer | Reference URL |
| Account minimum | None | https://www.ally.com/help/invest/opening-an-account.html |
| Account fixed fees | None | https://www.ally.com/help/invest/opening-an-account.html |
| Fractional shares? | Yes | https://www.ally.com/help/invest/trading.html |
| Margin costs | Varies | https://www.ally.com/invest/self-directed-trading/margin-account/ |
| ETF buying fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
| Stock buying fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
| Option buying fees | 50¢ per contract traded | https://www.ally.com/go/invest/commissions-and-fees/ |
| Short selling fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
| Futures buying fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
| Future options buying fees | – | – |
| Cryptocurrency fees | Not available | – |
| Fixed income fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
| Mutual funds fees | None | https://www.ally.com/go/invest/commissions-and-fees/ |
Trading App
The Ally Invest app is not used by many considering it has 5K+ downloads on the Android app store. The bigger problem is that the vast majority concluded that the app is subpar in many aspects.
| Query | Answer | Reference URL |
| Android app # installs | 5K+ | https://play.google.com/store/apps/details?id=com.ally.investforex |
| Android app # reviews | 18 | https://play.google.com/store/apps/details?id=com.ally.investforex |
| iPhone app # reviews | 78 | https://apps.apple.com/us/app/ally-invest-forex/id1385692078 |
| Android app rating | 2.3 / 5 | https://play.google.com/store/apps/details?id=com.ally.investforex |
| iPhone app rating | 2.4 / 5 | https://apps.apple.com/us/app/ally-invest-forex/id1385692078 |
| Common compliments on app | App is responsive and fast. | https://play.google.com/store/apps/details?id=com.ally.investforex https://apps.apple.com/us/app/ally-invest-forex/id1385692078 |
| Common complaints on app | App crashes a lot. | https://play.google.com/store/apps/details?id=com.ally.investforex https://apps.apple.com/us/app/ally-invest-forex/id1385692078 |
| Weighted average app rating | 2.35 / 5 | https://play.google.com/store/apps/details?id=com.ally.investforex https://apps.apple.com/us/app/ally-invest-forex/id1385692078 |
Final conclusions:
Overall, Ally Invest has some more work to do in order to compete with the big names in this business. But considering the good reputation that its parent company has, especially because of Ally Bank, the future might be bright for the investment branch.