InvestingTips360

  • Home
  • Recent Posts
  • Beginner’s Guide
  • Top Brokerage Firms
  • FAQ
  • Privacy Policy

Ally Invest Review

Ally Invest is an arm of a larger company that is into banking services, lending, and other related services called Ally Financials. Ally Financials has an arm that offers online brokerage, formerly called TradeKing but now more popularly known as Ally Invest.

The company is one of the new brokers that just hit the market in recent times. Investors and active traders alike are beginning to look into trading and investing on Ally invest because of their $0 commission on the trade. This makes them one of the best brokers for active traders.

Another unique fact about Ally invest is that they operate a no-account minimum policy that encourages new investors and novices to want to try them out. This means that traders will not have to worry about start-up capital as any amount you have is good to go. This is why experienced traders are finding Ally to invest a promising broker to trade on.

Ally Invest has been on the path of evolution to become more attractive in their outlook. As an online brokerage firm, they have continued to make even greater efforts towards becoming more relevant to traders.

In this Ally Invest review, you are going to be seeing all the relevant information you to decide whether this platform fits your trading interests or not. An informed decision is essential in choice-making and this review will help you with information.

Popularity

Ally invest is gaining momentum as a broker to be trusted and the company is putting more efforts to gain more active traders.  To achieve this, they have leveraged their banking services and integrated it to their online brokerage platform. They have also worked to make their InvestLIVE platform customizable with an option to stream quotes. All this are geared towards increasing their popularity in days to come.

However, presently, they are not all that popular yet.  This low popularity is in comparison to other brokerage firm that has more traffic and more traders.

As of August 26, 2020, Ally invest has just about 388,000 number of users and about 43,000 numbers on Twitter, and 342,000 followers on Facebook. This is why their popularity on mainstream media is just at the medium level. They are yet to receive any notable awards but have a mother company that has received some notable ones- Ally Bank. Check the statistics below for more information.

QueryAnswerReference URLDate
Number of users (approximate)388Khttps://www.ally.com/about/company-structure/26 Aug 2020
Website traffic (estimated)16mhttps://www.similarweb.com/website/ally.com/26 Aug 2020
# results on web50mhttps://www.google.com/ 26 Aug 2020
Search volume Google70Khttps://searchvolume.io26 Aug 2020
Twitter followers43Khttps://twitter.com/ally26 Aug 2020
FB followers342Khttps://www.facebook.com/ally26 Aug 2020
How popular on mainstream media?MediumBenzinga, Business Insider, Forbes, CBNBC, MarketWatch26 Aug 2020
Negative media?Lowhttps://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 awardsNone, but Ally Bank has consistently received awardshttps://media.ally.com/awards-recognition26 Aug 2020

User Rating

There are not many statistics on Ally Invest and, therefore, one can’t categorically give a rating authoritatively. The total reviews they have is about 60 on TrustPilot, and just 1 on SiteJabber, with a positive review of about 7%.

Ally invest as a lot of work to do to increase their ratings. However, users’ comments mostly show that Ally invest is quite user-friendly.  The overall user experience is 2.35/5 out of about 100 reviews. This is because most users feel as though Ally invest is a backward step from TradeKing. This may not necessarily be so and their feelings may just be because they want TradeKing to have remained TradeKing.

QueryAnswerReference URLDate
# users rated on user platforms
60 on TrustPilot, 1 on SiteJabber
https://www.trustpilot.com/review/www.ally.com
https://www.sitejabber.com/reviews/ally.com
26 Aug 2020
Percentage of positive reviews out of user reviews7%https://www.trustpilot.com/review/www.ally.com
https://www.sitejabber.com/reviews/ally.com
26 Aug 2020
Common complimentsHelpful and secure.https://www.trustpilot.com/review/www.ally.com
https://www.sitejabber.com/reviews/ally.com
26 Aug 2020
Common complaintsUnreliable customer service.https://www.trustpilot.com/review/www.ally.com
https://www.sitejabber.com/reviews/ally.com
26 Aug 2020
Positive feedback on Twitter?Great research and tools.https://twitter.com/ally26 Aug 2020
Negative feedback on Twitter?The app is buggyhttps://twitter.com/ally26 Aug 2020
App rating (summary)Almost 100 reviews with an average rating of 2.35 / 5https://play.google.com/store/apps/details?id=com.ally.investforex
https://apps.apple.com/us/app/ally-invest-forex/id1385692078
26 Aug 2020

Background Information

Ally Financial became the mother company of Ally Invest when they purchased TradeKing in 2016 and named it as Ally Invest.

The company has grown over the years, as they have become more accommodating to retails investors in the line of Forex trading, spread betting, share dealing Trading and CFD Trading. Their head office is in the United States and they have been putting efforts to trying to meet the needs of the financial markets as a broker.

The name of the CEO is Jeffrey. J. Brown. He was the CEO and President of the Ally’s Dealer Financial Services that is focused on auto services and insurance with a total of about 8700 employees.

Company public/privatePublichttps://en.wikipedia.org/wiki/Ally_Financial
Revenue Data – –
CEO and bioJeffrey 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 employees8700https://en.wikipedia.org/wiki/Ally_Financial
Notable investors (private companies)None https://www.crunchbase.com/organization/ally-bank

Security

Ally Invest has all the standard security expected of an online trading platform. The basic security includes, but not restricted to the routine creation of login details that is unique to each trader. This unique login details comes with a two-factor authentication which is needed for logins.

There mobile app has also adopted biometric entry, making it hard to breach the security of their app.  It is worthy of note that no newsworthy breach has been reported since 2019 by the IDTRC (Identity Theft Research Center).

QueryAnswerReference URL
HTTPS CertificateYeshttps://www.ally.com/invest/
2FA ?Yeshttps://www.ally.com/security/password-security-tips.html
Device monitoring?Yeshttps://www.ally.com/security/password-security-tips.html
New device extra security?Yeshttps://www.ally.com/security/password-security-tips.html

Fees & Offering

The commissions on Ally invest are quite friendly as they offer zero commission on U.S stock exchanges. The implication of this is that there are no commissions when trading ETFs or equities. Per-leg commission is not on option trades, and there are zero charges to open and close contracts that are less than $0.50.

Trading forex on Ally Invest has no commission even though they take the spread. Just in case you are looking to close the account, it attracts no commission. On the other hand, the commission on a mutual fund is $9.95.

QueryAnswerReference URL
Account minimumNonehttps://www.ally.com/help/invest/opening-an-account.html
Account fixed feesNonehttps://www.ally.com/help/invest/opening-an-account.html
Fractional shares?Yeshttps://www.ally.com/help/invest/trading.html
Margin costsVarieshttps://www.ally.com/invest/self-directed-trading/margin-account/
ETF buying feesNonehttps://www.ally.com/go/invest/commissions-and-fees/
Stock buying feesNonehttps://www.ally.com/go/invest/commissions-and-fees/
Option buying fees50¢ per contract tradedhttps://www.ally.com/go/invest/commissions-and-fees/
Short selling feesNonehttps://www.ally.com/go/invest/commissions-and-fees/
Futures buying feesNonehttps://www.ally.com/go/invest/commissions-and-fees/
Future options buying fees––
Cryptocurrency feesNot available–
Fixed income feesNonehttps://www.ally.com/go/invest/commissions-and-fees/
Mutual funds feesNonehttps://www.ally.com/go/invest/commissions-and-fees/

Trading App

The pattern of operation of Ally Invest’s Trading App is quite straightforward and simple but the available options are limited when compared to other brokers. This leads to the inability of active traders to trade some assets on their trading app.

Also, it is noteworthy that Ally Invest has good customers care relations. Their customer support covers different languages which include English, Czech, French, Spanish, Polish, Romanian, to mention a few.

However, they have not be rated well, because users have complained about slow responses. On the plus side, they allow different methods for customer support ranging from email support to live chats and phone support. This shows that there trading app has the potential to become well serving for customers in the recent future.

Presently, the Ally Invest app doesn’t have many usages, going by the amounts of download on android play store and IOS.  There are also frequent complaints that the app crashes a lot.

QueryAnswerReference URL
Android app # installs5K+https://play.google.com/store/apps/details?id=com.ally.investforex
Android app # reviews18https://play.google.com/store/apps/details?id=com.ally.investforex
iPhone app # reviews78https://apps.apple.com/us/app/ally-invest-forex/id1385692078
Android app rating2.3 / 5https://play.google.com/store/apps/details?id=com.ally.investforex
iPhone app rating2.4 / 5https://apps.apple.com/us/app/ally-invest-forex/id1385692078
Common compliments on appApp 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 appApp 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 rating2.35 / 5https://play.google.com/store/apps/details?id=com.ally.investforex
https://apps.apple.com/us/app/ally-invest-forex/id1385692078

Final conclusions:

Trading on Ally Invest is quite simple and straightforward, but the available trading options on it are limited making it difficult to diversify your portfolio. This is why Ally invest will have to work on their customers’ satisfaction by increasing the spectrum of their trading options. This will help active traders to have a lot of options in trading.  Generally, Ally invest will yet see better days as their parent company are well trusted and have a good reputation in the financial market.

Meet InvestingTips360 I Contact Us I Site Disclaimer

Copyright © 2023 InvestingTips360