Today we review Ally Invest for you. What is Ally Invest IRA? What services do they offer? Is it a Scam or Legit service provider? This is just a few of the questions we help you answer today!
Name of the Company: Ally Invest (Formerly known as TradeKing)
Official Website URL: https://www.ally.com/invest/
Owner: Ally Bank
Overall rating: (4.4 / 5)
Recommended? : Yes for some
This review will help you answer the following questions:
- What is Ally Invest?
- How does it work?
- What are the trading plans offered by Ally Invest and how are they priced?
- Are the products and services offered by Ally Invest genuine?
- Are there any investment or income-generating opportunities offered by Ally Invest?
- Which are the unique benefits and drawbacks that are associated with working with this company?
- Are there better alternatives out there?
Answering these questions will help us establish how reliable Ally Invest is, and whether we can recommend it to anyone who wants to rely on its services to grow their wealth.
What is Ally Invest IRA?
Ally Invest, which formerly went by the name TradeKing, has built its reputation as a diversified financial services provision company. Ally Bank offers most of the common services offered by banks, including borrowing and lending, and also allows its clients to invest their money through Ally Invest. Ally Invest has a team that is dedicated to seeing to it that you, as the investor, has all the tools that are convenient for you to manage your investment.
Those who are former clients of TradeKing can attest to the fact that most of the services offered in the previous platform remain unchanged. The most prominent services are characterized by low pricing and are matched by the very useful tools that investors can rely on.
Customer support at Ally Invest is excellent. Its team offers 24/7 customer support to any of its clients requiring assistance from a broker. Ally Invest actually received an award in 2015 from StockBrokers.com for being excellent at responding to its clients’ issues and questions.
How does it work?
There are very many approaches to working with Ally Invest, and the approach you choose largely depends on the type of investment you want to make. It also depends on whether you want to oversee the investments yourself or you want to have a professional trader help you manage your portfolio. A custom process that a new client can follow is as below:
- Open a new Ally Invest account. You can also call the team and Ally Invest in 1-855-880-2559 and have them open the account for you.
- Transfer your investment funds to that account.
- Choose whether you want to do self-directed trading or Ally Invest Managed Portfolios.
- Choose the investment options you want to have in your portfolio.
- Begin trading with the help of the resources availed to you. Trading is usually done on an HTML 5 platform that offers a seamless experience across all devices.
An annual advisory fee of 0.30% is charged to all clients for all account balances.
Trade options offered and how they are priced
Ally Invest happens to be a very suitable investment platform for active traders, forex traders and options traders. These investors have a number of investment options presented to them at very affordable base rates. Some of the most outstanding options availed to them include:
- Stocks trading-A base fee of $4.95 is charged per every trade. Volume discounts are offered to clients.
- Option trading-A base fee of $4.95 +$0.65 per contract is charged. Volume discounts are offered to clients.
- ETFs- There are more than 100 commission-free ETFs that are offered by Ally Invest.
If you are an active trader who does up to 30 trades per quarter, or you are able to have your account balance at more than $100,000 you stand eligible for a $3.95 fee for stocks trading, and $3.95 + $0.50 per contract for options trades.
At Ally Invest, you can either choose to do self-directed trading or you can settle on the Ally Invest Managed Portfolios. Clients who settle on self-directed trading have access to competitively priced products, and there is no account opening minimum balance required of them. For the clients who choose the Ally Invest Managed Portfolios, diversified and automated portfolios are created for them. These portfolios are overseen by professional investment managers, and clients have to deposit a minimum of $100 to get started.
Learn about our #1 Recommended “industry insiders” trading (signals and secrets) service on this page
There are different IRA solutions available with Ally Invest, something I would strongly recommend before you make any decisions is to make sure that you know exactly how much it is going to cost. Most scams in this industry take place with so-called hidden fees.
As you can see from this screenshot Ally is clear with the fact that additional fees and withdrawal penalties, might apply so please have that in mind…
Learn about our #1 Recommended IRA solution on this page instead (low and flat one-time fee instead)
Are Ally Invest services and products genuine?
Ally Invest is a genuine company that offers genuine services to its clients. Sufficient evidence of the efficiency of this company is presented on several consumer trust sites. On Nerd Wallet (https://www.nerdwallet.com/reviews/investing/ally-invest), Ally Invest has a 5-star rating and is lauded for offering some of the lowest rates in the market. Nerd Wallet actually views Ally Invest as the best option there is for low-cost booking in the market. The same sentiments are echoed by the Motley Fool (https://www.fool.com/the-ascent/buying-stocks/ally-invest-review/), where Ally invest has a 4.5-star rating. Again, Ally Invest is perceived as one of the best online stock brokers on this site.
Investopedia (https://www.investopedia.com/ally-invest-review-4587885), which is another trusted site, offers a rating of (3.7/5) but points out that Ally invest is very keen on offering education to investors through their “Do It Right” education center. Emphasis is also placed on the news and research that Ally Invest offers to its clients. Options Traders have access to the Strategy Workbench report which displays their current holdings as well as potential trades. Stock traders have access to the CFRA reports, while those who have invested in mutual funds and ETFs have access to Lipper scorecards.
Learn about the #1 rated gold & silver company (by most 3rd party consumer protection agencies in the industry) on this page
Ally Invest offers a wide range of investment opportunities to investors who are out to grow their wealth to secure their financial future. Clients approaching Ally Invest to rely on their investment platforms have access to a large number of options.
Some of the most prominent options at their disposal include stocks trading, Mutual funds, and ETFs, and Options trading. Those who rely on the resources and advisory services provided by Ally Invest end up reaping from the investment made.
Learn about our #1 Recommended Stock Trading “industry insiders” trading (signals and secrets) service on this page
Pros and Cons
It is always wise (and recommended) to look at both the positive as well as the negative sides to get a better overall view before you make any decisions. As always in our reviews we provide you with some obvious points on both sides of the spectrum:
-Several investment options
-Investor education, news, and research are offered.
-Good tools for executing the trades.
-Low commissions on the trades
-No minimum account balance required.
-Doesn’t have physical branches.
-None of the mutual funds it offers are free of transaction fees.
Do You Own or represent Ally Invest?
If you are a representative, or associate of Ally Invest IRA and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or else you got the e-mail on the about page.
Final words and verdict
Overall rating: (4.2 / 5)
Ok, I think that sums up the overall view of Ally Invest pretty good. It is a legit service for sure, however, if it is the right one for you or not is something you have to decide yourself.
You made a wise decision to read this review and you are a smart person so I am absolutely sure that you will find the right company to do business with that suits your particular needs the most.
What I would recommend?
There are many similar services out there. I have many IRA service providers listed on this website, mostly for precious metals and Bitcoin but also for other alternative investments. You can find the best from 2 worlds that I can recommend below:
I hope you found this short review of Ally Invest IRA to be helpful and that you now have a better understanding of what it is and if it is something for you or not. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com