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Ally Invest Complaints

Ally Invest complaints and reviews for 2020. Customer problems at Ally brokerage with fees, trading platform, and website issues.

Introduction to Ally Invest Complaints

While Ally Invest is known for low commissions, the broker nevertheless has problems from its clients in other areas. This article will take a look at Ally Invest complaints and see which brokers do better.

Ally Invest Complaints

Ally Invest requires at least 25 trades every month to receive Level II quotes. TD Ameritrade, by comparison, offers Level II quotes free to non-professional investors.

Deposits made by check, wire, or ACH are not available for withdrawal for ten business days. This policy is much more strict than Fidelity's, which usually allows funds to be withdrawn in four business days.

The major Ally Invest complaint is that there aren't any no-load, no-transaction-fee mutual funds. The broker charges $9.95 for each transaction of any no-load fund. TD Ameritrade, by contrast, offers more than 4,200 funds that have no transaction fees.

Penny stocks can be traded, although the broker does charge an additional 1¢ on each share. Firstrade and Schwab have no surcharge on penny stocks.

There is a trading platform available for clients who have the required $2,500 in assets or the minimum of 1 trade per year. It's called Ally Invest LIVE. While the account requirements are fairly low, some brokers, such as TD Ameritrade and Schwab, have lower requirements. Ally Invest's customers also complain about the elementary nature of the platform. It is web-based and not a desktop software program. The load time seems a little slow in Google Chrome. Market and security research are rather limited, compared to what can be accomplished on some competitor websites.

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Ally Invest Advantages

Despite the above Ally Invest complaints, there are a number of major strengths the firm has that give the broker an upper hand in certain areas.

Ally Invest has a great low rate for stock and ETF trades that is hard to beat — $0. This is the lowest commissions in the industry.

Option contracts are just 50¢ extra. This commission is also below average. It beats TD Ameritrade (65¢) and Etrade (65¢).

Ally Invest Complaints

Although Ally Invest LIVE has certain limitations as noted above, it does not carry steep account minimums or trading requirements. Other brokers, including Fidelity, Merrill Edge, and Schwab, impose higher account obligations in order to use their advanced platforms.

Investors at Ally Invest can not only buy and sell securities, they also can trade forex. Moreover, Ally Invest offers a dedicated currency platform free of charge. Most other brokerage firms, including Vanguard and WellsTrade, do not offer forex trading.

The broker's website has a chat function. This is a convenient feature for traders who prefer to chat with a rep rather than make a phone call. Other firms, including Merrill Edge and even TD Ameritrade, don't offer chat service.

Ally Invest Complaints Recap

No broker is perfect and Ally Invest customers have some things to complain about and hope for. However, the broker advantages beat the Ally Invest complaints easily and the firm outperforms in many areas. Frequent stock, option, and forex traders as well as beginner investors will do especially well with the firm.

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Ally Invest Complaints reviewed by Brokerage-Review.com. Rating: 4.5