TRADEKING

About company:

 

Ally Bank - one of the leading online banks - acquired TradeKing in 2016. Ally renamed TradeKing to Ally Invest, the bank's new investment arm. TradeKing has been well known as one of the most inexpensive investment platforms around. Taking into account the successful experience, Ally Bank has added its own features and benefits.

 

Ally Bank offers some of the best interest rates. The bank is online and has no branches. The company has over 7,000 employees and holds over $ 70 billion in customer funds. In December 2016, Ally Bank was named the Best Internet Bank by Kiplinger's Personal Finance magazine.

 

Ally Invest now serves over 250,000 client accounts with a total of approximately $ 4.7 billion held in it.

 

Safety

Ally Invest is a member of the Securities Investor Protection Corporation (SIPC), which protects each client's brokerage accounts of up to $ 500,000, of which $ 250,000 can be in cash. Nevertheless, before opening an account with the company, we recommend that you familiarize yourself with the rating of Forex brokers on our page.

 

How does Ally Invest work?

Traders can trade stocks, exchange-traded funds (ETFs), and fixed-income securities (corporate, agency and municipal bonds). Trading with US Treasuries, Strips and Straps, CDS is also available.

 

Ally Invest offers its own Forex & Futures platform. It includes a wide variety of tools and resources. The company also boasts some of the lowest fees on Forex.

 

For those not interested in self-trading, Ally Invest offers a Managed Portfolios service, which is the equivalent of a robo-advisor service. The company can provide investors with professional investment management. The fees for such services are much lower than those of typical investment managers.

 

Commissions

Ally Invest's basic trading fee for stocks, ETFs and options is $ 4.95. They charge an additional $ 0.65 per option contract. The commission is considered to be the industry average.

 

The broker has set special prices for investors with high trading volume / high balance. They refer to traders who complete 30 or more trades in one calendar quarter and / or maintain a minimum of $ 100,000 in their account. For these investors, the commission on stocks, ETFs and options is only $ 3.95 per trade, plus $ 0.50 per contract for options trades.

 

There is no fee for “on-load” mutual funds, and $ 9.95 for “no-load” mutual funds.

 

No commission is charged when trading Forex.

 

There are no account maintenance fees, no trading for a long time and no annual IRA fees.

 

Ally Invest managed accounts

This service provides professionally designed and personalized portfolios tailored to the trader's goals. To open an account, you need to deposit a minimum of $ 2500. The annual service fee is 0.30%. This percentage is considered lower than the industry average (1.02%). Thus, a trader who has a $ 100,000 portfolio will pay $ 300 per year for maintenance.

 

Ally Invest Forex & Futures

You can trade over 50 currency pairs, gold and silver. All transactions are carried out in real time. The trader gets round-the-clock access to the market.

 

The Forex & Futures service offers a customizable trading platform that includes:

 

trading currencies, metals, commodities, indices and bonds of various exchanges; multi-level commission payments, which provide for a reduction in fees for trading large volumes; charting capabilities with more than 100 technical indicators.

 

You can open a Forex & Futures account for only $ 250. Trading operations are carried out on one of the terminals - MetaTrader4 and ForexTrader. Both platforms are available on PC and mobile.

 

When you apply for an account, you can open either a ForexTrader or a MetaTrader account. You can open a Forex & Futures account for as little as $ 250. We recommend $ 2,500 so you can take full advantage of the account. This will increase flexibility and diversification.

 

Forex Premium Charting - professional tools for identifying and decoding Forex patterns and trends.

 

Forex & Futures Practice Account is a free $ 50,000 virtual account that gives you full access to trading platforms and tools for up to 30 days.

 

It is important to note that Forex accounts are not protected by SIPC or FDIC insurance.

 

Analytical tools and training materials

Ally Invest offers a complete set of trading tools to help you make investment decisions:

 

Streaming Charts - Six charts with over 90 graphical studies and drawing tools to analyze the performance of securities.

 

Market and Company Overview - Market statistics, news and detailed indicators and opinions on individual companies.

 

Watchlists is a customizable list for tracking and viewing market data for groups of securities.

 

Profit / Loss Calculator - Allows you to understand the profit and loss potential of options trading. You can also see how the result changes based on fluctuations in volatility and time.

 

Market data - quotes, charts, high / low prices, dividend dates, summary of general options, news.

 

Educational resources cover information from the basics of Forex and futures trading to technical and fundamental analysis. There is also a glossary. Ally Invest also offers tuition for a fee, which provides more professional training.

 

Ways of payment

The easiest way to deposit funds is with a debit card. In this case, the money is credited instantly. Depositing funds via bank transfer takes one to two business days. ACN credits take up to five business days, check - 5 to 10 business days.

 

You can deposit the following currencies: USD, EUR, CAD, JPY, GBP, AUD, CHF.

 

In addition, Ally Invest clients can use the services of Ally Bank.

 

Pros:

 

variety of services offered; industry average commissions; managed accounts; 24/7 customer support by phone, mail or skype.

 

Minuses:

 

lack of an office where clients are received and local branches; crediting funds may take a long time.