Uncovering the Best Free Trading Platform: An In-Depth Look at Public.com and Ally Invest

On the hunt for a user-friendly and low-cost investment platform? Well, Public.com and Ally Invest are two that you ought to consider. Both platforms are designed especially for beginner investors, but even experienced investors can appreciate the abundance of features and low fees. Here’s a comparison to help you decide which one is right for your needs.

Public.com initially launched as Matador in 2018. It’s an app-based stock trading platform that you can also access on desktop. You get commission-free trades in a user-friendly environment. The cherry on the top? Public.com introduces a social element to stock trading. Connect and engage with friends and experts in the Public community, sharing tips and exploring tactics to sharpen your investing abilities. You can even net a free stock slice worth up to $300 when you open an account with them.

On the other hand, Ally Invest is the trading division of Ally Bank, known for its streamlined services and low costs. Here, you can trade stocks and ETFs at zero commission, save on account fees, and use specialized tools for options analysis.

What about investing options? Public.com offers ETFs, stocks, and cryptocurrencies through an individual brokerage account, including the chance to buy fractional shares. This feature is particularly beneficial for beginners or people wanting to diversify their portfolio but may not be able to afford shares of larger companies. Unfortunately, you can’t open a joint account at the moment.

Ally Invest, although it doesn’t offer fractional shares, cryptocurrencies, or futures, provides a more diverse array of investment options. You can trade ETFs, mutual funds, options, and fixed income products like CDs, US Treasuries, and bonds. For foreign exchange trading, Ally has a dedicated platform supporting over 50 currency pairs.

On the topic of fees, Public.com charges no commission on trades and has no account fees. Although there are some minor fees in specific situations like $5 for paper statements and $25 for outgoing domestic wire transfers. Ally Invest, while they also offer commission-free trades, has a more complex fee structure that varies from trading options to domestic wire transfers.

One attribute that sets Public.com apart is its social community, a collaborative atmosphere that lets you share knowledge with others to learn and grow. On the flip side, Ally Invest falls short on the social front, offering just basic headline information from MT Newswires.

When it comes to user-friendliness, Public.com gets the upper hand, providing a simple interface that makes it easy for newcomers to start their investing journey. Comparatively, Ally Invest, despite offering more extensive functionality, has an interface that can feel a bit dated and confusing at times, especially with its multiple platforms.

In terms of research tools, Ally Invest outshines Public.com with its comprehensive suite of screeners, fundamental data, and strategy builder. Public.com is more limited in this respect but does offer investment themes that can make investing simpler for beginners.

In summary, both platforms are a great way to manage your investments at a low cost. Public.com, with its user-friendly interface, is particularly suitable for beginners who appreciate the social element of investing. While Ally Invest, with its more extensive range of functionality and investment options, serves more experienced investors. To conclude, unless you’re planning on broadening your horizon beyond stocks, crypto, and ETFs, Public.com could be a better choice for you.