Introduction
Ally Investing is a leading online brokerage firm that offers a wide range of investment products and services. In this article, we will explore everything you need to know about Ally Investing account, including its features, benefits, and drawbacks.
What is Ally Investing Account?
An Ally Investing account is an online brokerage account that allows you to invest in stocks, bonds, mutual funds, ETFs, and other investment products. With Ally Investing, you can trade stocks and ETFs commission-free, and access research and tools to help you make informed investment decisions.
Features of Ally Investing Account
Commission-Free Trades
One of the most attractive features of Ally Investing is its commission-free trades for stocks and ETFs. This means you can buy and sell stocks and ETFs without paying any commission fees, which can save you a lot of money in the long run.
Research and Tools
Ally Investing offers a range of research and tools to help you make informed investment decisions. This includes market data, charting tools, technical analysis, and fundamental analysis. You can also access third-party research from Morningstar and other providers.
Mobile App
Ally Investing has a mobile app that allows you to trade, monitor your portfolio, and access research and tools on the go. The app is available for both iOS and Android devices.
Benefits of Ally Investing Account
Low Fees
Ally Investing has some of the lowest fees in the industry. In addition to commission-free trades for stocks and ETFs, Ally Investing charges $9.95 per trade for options and $1 per contract. Mutual fund trades cost $9.95 per trade, which is lower than many other online brokers.
No Account Minimums
Ally Investing does not require you to have a minimum balance in your account to start investing. This makes it easy for beginners to get started with investing without having to worry about meeting account minimums.
Customer Service
Ally Investing has a dedicated customer service team that is available 24/7 to answer your questions and help you with any issues you may encounter. You can reach them by phone, email, or live chat.
Drawbacks of Ally Investing Account
Limited Investment Options
While Ally Investing offers a wide range of investment products, it does not offer as many options as some other online brokers. For example, it does not offer futures, forex, or cryptocurrency trading.
No Fractional Shares
Ally Investing does not offer fractional shares, which means you cannot buy a portion of a share of a stock. This may be a disadvantage for investors who want to invest small amounts of money or in expensive stocks.
Not Ideal for Active Traders
Ally Investing may not be the best option for active traders who make frequent trades. While it offers commission-free trades for stocks and ETFs, it charges $9.95 per trade for options, which can add up if you make a lot of trades.
Conclusion
Ally Investing is a great option for investors who want to trade stocks and ETFs commission-free and access research and tools to make informed investment decisions. It has low fees, no account minimums, and excellent customer service. However, it may not be the best option for investors who want to trade options, futures, forex, or cryptocurrency, or for active traders who make frequent trades.
Disclaimer
This article is for informational purposes only and should not be construed as investment advice. Investing involves risk, including the possible loss of principal. Before investing, you should carefully consider your investment objectives, risk tolerance, and financial situation.