Ally Invest Self Directed Trading Review 2024, Pros & Cons

Ally Invest is an online brokerage offering self-directed trading, managed investment portfolios, forex trading, and a range of other investing services. This Ally Invest review covers their key features, trading platforms, account options, pricing, and overall services to help you determine if Ally Invest is the right brokerage for your needs.

What is Ally Invest? Self-Directed Online Trading?

Ally Invest is an online discount brokerage providing self-directed stock and options trading alongside automated investing services. Key features include:

  • Self-directed trading with $0 commissions on stocks and ETFs
  • Managed portfolios from professional investment managers
  • Forex trading on over 50 currency pairs
  • Automated investing tools and cash management
  • Powerful web and mobile trading platforms
  • Excellent customer service and support options

Ally Invest allows you to invest on your own terms, whether through active trading or ‘set-it-and-forget-it’ automated investing. Their combination of DIY trading and robo-advisor services provides flexibility for various investment approaches.

Key Details About Ally Invest

Detail Description
Year Founded 1976
Headquarters Detroit, Michigan
CEO Jeffrey J. Brown
Trading Platforms Web, Mobile Apps
Products Traded Stocks, Options, ETFs, Mutual Funds, Forex
Account Minimum $0
Commissions $0 Stock & ETF Trades
Customer Support Phone, Chat, Email, Social Media

How Ally Invest Self Directed Online Trading Works?

Ally Invest offers both self-directed trading accounts and managed investment accounts:

Self-Directed Trading – Open a trading account to buy and sell stocks, ETFs, options, mutual funds and forex directly. Use Ally’s web and mobile platforms to monitor your positions and execute trades with discounted commissions.

Managed Investing – Invest in pre-built portfolios created by investment managers. Select your investment strategy and Ally Invest will automatically invest, monitor, and rebalance your portfolio over time. Ongoing advisory fees apply.

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You can open either account type or use both in tandem to get the benefits of active trading alongside robo-advisor style automated investing in one place.

Ally Invest Trading Platform Review

Ally Invest offers leading web and mobile trading platforms:

Ally Invest Self Directed Trading Review 2024

Web Trading Platform

Ally Invest’s web trading platform provides a full-featured trading experience through any browser. It includes customizable layouts, charting tools, screeners, risk analysis tools and the ability to trade from charts. Real-time quotes and streaming news keep you up-to-date on market moves.

The web platform is easy to use for beginners but also meets the needs of advanced traders with its tools, research and personalization options. The intuitive design allows seamless order entry and trade management.

Mobile App

Ally Invest’s mobile app is available for iPhone and Android devices. It allows you to monitor your account, get quotes and charts, research securities, and trade stocks, forex and options on-the-go.

The app provides a simplified trading experience tailored for mobile use. While advanced analysis tools are limited, you can execute trades efficiently. The mobile app is ideal for casual trading and checking your account while away from your computer.

Ally Invest Review

Ally Invest stands out by combining active trading capabilities with automated investing in one platform:

  • $0 stock, ETF and options trades – No commissions to trade online.
  • Managed portfolios – Invest in pre-built portfolios tailored to your goals.
  • Forex trading – Trade over 50 currency pairs from your account.
  • Powerful web and mobile platforms – Advanced tools for active traders.
  • Excellent customer service – 24/7 support by phone, chat or email.
  • Cash management tools – Check writing, debit card and 1.25% APY on cash.
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It delivers an impressive range of investing services making them appealing to beginners and advanced investors alike.

How to Login @ www.ally.com/invest

Follow these instructions to securely log into your Ally Invest online account:

  1. Go to the Ally Invest login page at www.ally.com/invest
  2. Enter your Username in the appropriate field
  3. Type in your account Password
  4. Check the box to agree to the Terms of Use
  5. Click the Log In button to access your account

If you ever forget your password, you can select the Forgot Password link to reset your login credentials.

Once logged in, you’ll see your Ally Invest account dashboard and can begin actively trading or managing your automated portfolio.

Ally Invest Pros and Cons

Pros Cons
$0 stock, ETF and options trades Limited research and tools for advanced traders
Managed portfolio investing No futures, forex options or mutual fund trading
Forex currency trading High minimums for managed portfolio accounts
Advanced web and mobile platforms Margin interest rates higher than some competitors
24/7 customer support Lacks advanced trading platforms
Cash management features

How to Withdraw Money from Ally Invest Account

Withdrawing funds from Ally Invest can be done easily online:

  1. Log into your Ally Invest account dashboard
  2. Navigate to Transfers > Withdraw Funds
  3. Select the account to transfer money from
  4. Choose the delivery method – wire, ACH, check
  5. Enter the amount to withdraw and submit request

Most withdrawals are processed within 1-3 business days. Wire transfers have a $30 fee while ACH transfers are free.

You can conveniently withdraw funds as needed directly to your linked external bank account.

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Ally Invest Promotions

Ally Invest runs frequent new account promotions such as:

  • Cash bonuses – Earn up to $3,500 when opening a new account.
  • Commission-free trades – Get 30-60 days of free stock and ETF trades.
  • Referral bonuses – Earn $50 for each friend you refer.

Promotions change regularly but often include cash rewards when you open and fund a new Ally Invest account. Be sure to check for their latest offers.

Is Ally Investing Right for You?

Ally Invest is a good fit for:

  • Beginner investors seeking an easy onboarding experience.
  • Hands-off investors who want automated portfolio management.
  • Active traders needing discounted stock, ETF and options trades.
  • Anyone wanting to combine self-directed and robo-investing.
  • Forex traders since over 50 currency pairs are available.

Advanced traders may want a more full-featured trading platform. But for most individual investors, Ally Invest provides the ideal blend of services.

Ally Invest Customer Support

Ally Invest offers customer support through:

  • Phone – Call 1-855-880-2559 24/7 to speak with a live support representative.
  • Chat – Chat live with an Ally Invest support rep within the online account.
  • Email – Send email to customercare@ally.com for prompt assistance.
  • Twitter – Tweet questions to @AllyInvest for quick responses.
  • Knowledgebase – View FAQs and discussions for self-help.

The clients give high marks for their customer support availability, professionalism, and effectiveness in resolving all trading or account issues.

In summary, Ally Invest delivers an impressive lineup of trading, automated investing and cash management services. With $0 stock and ETF trades, managed portfolios and excellent support, they provide a robust option for self-directed beginner and advanced investors alike.

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