Learning things about investment like trading, stocks and all the come with it could be overwhelming sometimes. There are a lot of unfamiliar terms and processes that you need to understand. And not only that, there are also various platforms that caters different kind of investment that you want. One of these is Ally Invest which I will talk more about in the later parts.
If you feel like it is too much to bear, don’t worry! Here is a simple overview of the common and basic things you need to know about investing and specifically how it works with Ally Invest.
Ally Invest Review Summary
Product Name: Ally Invest
Product Type: Investment
Summary: Ally Invest is company that provides financial services such as banking, lending and option centric brokerage. They have web-based features that focus on two aspects — banking features and real-time data. Their basic interface focuses on the banking aspect while real-time data can be accessed through Ally Live.
Price: No minimum on accounts but there are other fee depending ont he transaction.
Best For: Stocks and ETF
Rating: 6 out of 10
What is Ally Invest?
Ally Invest is company that provides financial services such as banking, lending and option centric brokerage. They have web-based features that focus on two aspects — banking features and real-time data. Their basic interface focuses on the banking aspect while real-time data can be accessed through Ally Live.
How do you do investments with Ally Invest?
Now let us look if Ally Invest is fit for your needs and goals.
Ally Invest is popularly known for its stocks and ETFs. If you are into these areas, then this is a good platform for you to start. It is also more integrated on the banking, that is why it is of more beneficial for you to invest on these aspects. On the other hand, this is not advised for those who are into Options trading.
The following lists are some of the costs that you might encounter when transacting in Ally Invest. The list is not limited to these.
- No commission to trade equities or ETFs
- OTCBB/penny stocks has a minimum opening purchase order of $100.00 per and adds 1 cent per share on the entire order for stocks prices less than $2.00. Maximum commission per order not to exceed 5% of the trade value, with a minimum of $4.95 +$.01 per share.
- Per-contract commissions are $0.50.
- Free of charge to open or close options contracts of $0.05 or less.
- 50 options contracts is $25.00.
- Mutual fund commission is $9.95.
- There are no fees for inactivity or receiving wires.
- Sending a wire is $30 while sending a check is $5.
- There is a $50 fee for partial or full transfer out of an account. But there is no account closure fee.
Ally Invest is remarkable for its grounding on banking. That is why most investors are using it the area of ETFs and stocks. In addition to that, it is also cheaper and you get lesser expenses because of the free transactions you can get from some of their services.
This is one of the growing trends right now. Investment platform offer a commission-free stock, options and ETF trades. This means that they do not gain a commission or get a percentage of the sales from any of the transaction that you make through them. All the money you are investing goes to where you want it to grow.
No account minimum
Most of the starting investors or traders only have enough money with them. This is why their $0 minimum on the accounts is a great help for those who want to save and invest.
Ally invest have a web-based platform that gives its users and clients a convenient way of trading and real-time streaming of their quotes and data. Also, you can customize or personalize you dashboard in your account and get all-access to the broker’s tools.
If you heavily working at home or you frequently trade online, this kind of interface will surely help and assist you the best way. It does not require you to download anything.
They also mobile platforms such as Ally Mobile or Ally Forex which you download in your mobile phones and start trading using them! This is an easier way to switch or check you accounts, it is not as real-time as the website but it is not static as well.
Research and tools
Another wonderful thing that they include their services are suite of investing tools! For example, in their options trading they have an options pricing calculator. What is does is that it allows you to compare the present bid or you can ask prices to inform you of theoretical values.
In addition to this is the strategy scanner! It identifies and executes your option strategies. Their basis is based on the criteria that you chose prior. Others are profit-and-loss, probability, tax calculator and many more!
They are always on the move of developing new features that will lessen requirements from clients and simplify processes for those who are starting.
The updates on the website are not automatic. When checking for this, you have to make sure that you are refreshing the page once in a while, or every time you monitor it. You might get out-dated calculations because of this. So, take note!
Here is the list of asset classes on Ally Invest
- Mutual funds
- Fixed Income (not available on mobile app)
Also, there is separate platform for trading in forex. It is not integrated with other Ally Invest Products.
Though their standard quotes are free to all of their customers, the real-time streaming data is only available to those who are actually trading more than 10 times in a monthly basis.
Mutual funds fee
Ally Invest claims to be commission free; however, they do charge a transaction fee on their mutual funds. Mutual funds are mostly used or maximized by most investors. Currently, they are offering more than 8,000 available mutual funds.
There a lot of other platforms that offers the various mutual funds and are transaction fee-free! You can may E*trade review for this.
No physical branches
You cannot visit any office or branch of theirs. It is not publicly known.
More about Making Money Online
If you still find it difficult to save through investments, then here is another suggestion that I can give you. Affiliate Marketing is one of the fastest growing platforms in saving and gaining income. It is easy to understand and it doesn’t require a constant and time-consuming monitoring!
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Affiliate Marketing won’t give you false promises or exaggerated commissions. You will really earn from it like what is mentioned in testimonials and videos. However, it is not still free from people who take advantage of others and scam their customers.
For this reason, it is also highly encourage to have Affiliate Networks. They connect you to the right and legit merchants with whom you can partner with in promoting their products.
Wealthy Affiliate is one of the top platforms for this. It has proven its integrity to its millions of members. And while you are reading thing, there are hundreds of people signing up to it.
Here are some reasons why people choose Wealthy Affiliate!
Free sign-up for all-access
Most of the websites that we see, they put their prices in chunks and offer their services to you once after the other. People barely notice that they are actually spending more because of the add-ons and in-app purchases.
For Wealthy Affiliate, their free sign-up already opens a lot of doors for people to learn and grown in this field! You do not have to pay for anything for access the basic tools that are necessary for your platform.
We know that online works would always require some tools that you will be using for the business. For Affiliate Marketing, you will be needing a working website.
Wealthy Affiliate gives you a website host and will help you build your own virtual space! This can be too technical if you do it your own or your way. Good thing, they included this in their services. You wouldn’t to spend days of learning it.
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They do not simply give you self-study but also they hold face to face and one on one mentoring. You actually see and talk to real people during their trainings. This makes it also undeniably legit.
Unlike in investing apps and website, Wealthy Affiliate offers a 24/7 tech support service to its users and clients! This is great especially if you are starting and just learning the basics of marketing online.
You don’t need to wait for days and weeks before you get the answer to you problem! They also have a very friendly and kind community that you can reach out to. You will automatically become a part of their forums and discussions.
Their transparency and working ethics makes it easier to trust and add to that the financial breakthroughs that people experienced! It involves lesser risk and gaining more income.
What are you waiting for? Check out Wealthy Affiliate now!