Ally Invest offers the same great pricing and features as TradeKing, and also offers the ability for customers to link their account to their Ally Bank savings account.
This merger gives customers a convenient way to have two best of class financial services under one roof! I first opened a TradeKing account almost 10 years ago. Since then I have been happy with the ease of use, features, and low costs they offer customers. Ally Bank, one of the best in class online banks , recently purchased TradeKing, one of the top-tier online brokerage firms. The merger was recently finalized. The new platform is called Ally Invest. Several years ago I was searching for a low cost brokerage so I could invest in some individual stocks.
After comparing multiple discount brokers, I opened a TradeKing account. In short, just about everything your would look for in a financial services company. Ally Invest inherited a strong legacy when they acquired the TradeKing brand. TradeKing consistently ranked as one of the top rated online discount brokers by several major third party financial companies, and they won numerous industry awards.
Here is a sampling of the recognition TradeKing has received in the past few years:. Opening a Ally Invest account takes about 15 minutes, depending on how quickly you can read the terms and conditions.
Like all brokerages and other financial institutions, Ally Invest requires new account holders to enter the standard personal information such as name, address, SSN, employer information, trading experience, financial information, etc.
One thing I noted during the application process was a Ally Invest security feature — the use of a virtual keyboard for entering your password and for logging in to the system once your account is open. This is similar feature to the PIN number on ING Direct accounts and the keyboard login for the Thrift Savings Plan and is designed to prevent key-logging software from recording your password. Added security is always welcome in my book. Ally Invest is among the industry leaders for lowest commissions.
Ally Invest recently decreased their commissions for those who buy multiple options contracts. This can work out in investors favor big time.
Ally Invest is an online only company, and one of the methods for reducing costs is reducing physical paperwork. It is important to note that ACH deposits are subject to a trading hold of 5 business days, and cannot be withdrawn for 10 business days. You can only link one bank account to your Ally Invest account, so it is recommend to do some planning before you open your account.
Ally Invest offers free automatic dividend reinvestments DRIPs , with the ability to purchase fractional shares. Investors have the ability to apply automatic dividend reinvestments to all stocks in their portfolio, or select stocks.
This is an attractive feature. Ally Invest gives their account holders the option of placing their uninvested money into a sweep account where they can earn interest the rates change based on market conditions. The funds are FDIC insured. Making trades at Ally Invest. The Ally Invest platform is both intuitive and robust. This is more advanced than my current needs, but will come in useful to many traders.
This video will show you how to make a trade on Ally Invest. Ally Invest also has an extensive selection of tutorials and videos to help you if you ever get stuck see learning center, below.
Ally Invest currently offers smartphone apps for the iPhone, iPad, and Android. These apps allow you to check your account activity, trade stocks and options, perform research, track stock news, and more. They also feature a mobile optimized site if you prefer using a standard web interface. You can check out the Ally Invest iPhone and Blackberry apps here. The Ally Invest platform features online equity, options and fixed-income trading tools including real-time portfolio information, advanced order entry, customized charting and alerts, free research and integrated news, stock, option and mutual fund screeners, volatility charts, a pricing probability calculator, enhanced option chains and interactive educational information.
The Learning Center utilizes a variety of different media, including articles, blogs, free live webcasts and webinars, podcasts, video tutorials, calculators, tools, e-books, newsletters, and links to external resources. Just about any kind of information anyone needs can be found inside the Learning Center or through one of its external sources.
The learning center is accessible to everyone, regardless of whether or not you have a Ally Invest brokerage account. The Ally Invest community is well organized and well run. It features a blog and forum section where members can trade notes and ideas and learn from each other. Members can track recent trade activity and trade notes from those who are willing to share some insight as to why they made a trade.
They can also join Ally Invest community groups which are organized and run by Ally Invest members. Ally Invest features the Maxit Tax Manager, a cost basis and tax reporting tool that tracks gains, losses, and other information to help you with your taxes. This tool makes it easy to monitor your monitor your realized and unrealized gains, identify wash sales, and calculate other potential tax implications. Ally Invest maintains records for account holders, including trade confirmation reports, monthly or quarterly account statements, and tax documents such as forms.
Account records are stored online and can be downloaded into a. The account records are nice because Ally Invest charges for paper statements. Ally Invest and CoolTrade Partnership. There is a monthly subscription for this service, which is aimed at professional level traders.
TradeKing won multiple awards based on their customer service support, including the 1 rankings for in customer service in , , and Smart Money Magazine annual rankings. Hopefully this level of support should onctinue with the transition to Ally Invest.
TradeKing was well-known for offering several sign up bonuses, referral bonuses, and other deals throughout the year. We will have to wait and see if Ally Invest will offer similar promotion codes and offers. You can find current Ally Invest Promo Codes here.
Overall, I think Ally Invest offers great value and capability in a low cost, easy to use package. Ryan Guina is the founder and editor of Cash Money Life. He is a writer, small business owner, and entrepreneur. He also writes about military money topics and military and veterans benefits at The Military Wallet. But I have heard a lot of people say nice things about tradeking.. Otherwise thay can be higher.
One review said something about dividend reinvestment. I read a bunch of magazine reviews but prefer blogs and comments by actual people. Just like JD Power. Focused on Firsttrade because they allow DR.
This morning I was doing a quick search about brokers and found your article. I linked to TradeKing and will check out. Taxes are a huge deal, especially for people who trade often. TradeKing offers GainsKeeper free to all account holders regardless of minimum. I also love their research and education tools free to everyone , and their trading prices are among the best you will find. When you take into account all the features they offer, TradeKing is my favorite online brokerage.
TradeKing was better than the other two brokerages in terms of free services and research, and was not much more expensive than Zecco. It was much cheaper than ShareBuilder.
I am currently thinking about TradeKing. What is the minimum amount required to open an account with them. Tee, There is no minimum to open an account, and no inactivity fees. I like the looks of TradeKing for the lower fees and myriad free tools. Is it better, overall, to open a Roth that includes foreign stocks for better diversification, or is it better to go the cheaper route and then rollover or open a second account later?
Michelle, The most important thing to consider is how you will use the account. On the other hand, of you are a frequent trader, you may wish to go with the less expensive option. You also mentioned overseas investments. Most brokerages allow you to buy mutual funds or ETFs which include foreign investments. So you may be able to get the foreign exposure you desire through a brokerage such as TradeKing if you are OK with investing in mutual funds and ETFs instead of buying individual stocks.
There are two schools of thought for opening one account now and another later. The first is that it is easier to maintain everything in one account. This is true, but in your case, you may find it better to have an account for more frequent trading and lower costs, and another for overseas investments. In the latter case, you will want to make sure you monitor your investments to make sure you understand your asset allocation.
You can read our Personal Capital review for more information. Personally, I think both of these brokerages are great — just take a little time to review your needs and go with the brokerage s that best meets your needs.
I am a current tradeking customer. Be careful because tradeking online trading platform is unstable. There are days you cannot even access your account. Your email address will not be published. The content on this site is for informational and entertainment purposes only and is not professional financial advice.
References to third party products, rates, and offers may change without notice. Please visit the referenced site for current information.More...