Exploring the Battlefield: A Deep-Dive into Ally Invest and Webull as Competing Self-Directed Trading Platforms
Let’s compare two popular trading platforms: Webull and Ally Invest. Both are low-cost options aimed at newbie investors.
Webull is cool for the younger crowd, popular for mobile usage, and lets you trade stuff like fractional shares and cryptocurrencies. Ally Invest is more for those who love digging into data. If you don’t care about crypto or fractional shares but love data, Ally is your guy!
So, what’s Webull got for you?
– Handy for beginners: you can buy part of a share and no set amount needed to start.
– Free trading for stocks, ETFs, options, and even popular cryptos.
– Bonus: sign up and deposit any amount and you can get up to 12 free stocks.
– Easy to use on mobile and web; also, you can check market data in real-time.
– Cool perks include extended trading hours and a built-in simulator.
Ally Invest’s perks:
– Standard, no fees for ETFs or stocks.
– Special tools and features for building your portfolio.
– Bonus if you’re an Ally Bank customer already.
What can you invest in?
– With Webull: stocks, ETFs, Options, and cryptocurrencies. Fractional shares are good for beginners. All aboard the crypto-train- some restrictions though.
– With Ally: stocks, ETFs, mutual funds, options, fixed-income products, and more including currencies from over 50 countries.
How do they work?
– Webull: mobile, web-based, and desktop friendly. Tools like charts, data analysis, and more are available. Requires a degree of self-reliance.
– Ally: similar to Webull, but looks a bit dated. The upside is all your Ally accounts show up together, so it’s easy to manage.
Applies to the apps:
– Webull doesn’t let you deposit checks with your phone or pay bills, while Ally does.
– On the upside, Webull does have paper trading for beginners which Ally doesn’t offer.
Fees:
– Webull: No fees except for a 1% charge on crypto trades and some fees for stuff like wire transfers.
– Ally: Zero fees for ETF, stock, and foreign exchange, but options have a fee and mutual funds have a $9.95 trade fee.
Research and education:
– Webull offers a dashboard with built-in watch lists, analyst reviews, alerts and more.
– Ally Invest gives you access to matchless information on accounting ratios, dividends, earnings per share etc.
Got a thing for cryptos?
– Webull allows for trading of the major cryptocurrencies but currently doesn’t support digital wallets.
– Sorry, no options at Ally Invest for crypto trading at all.
Pros to consider:
– Webull: No commission on trades, support for fractional shares, powerful research tools at your fingertips.
– Ally Invest: Integration with Ally Bank, a broader range of trading options, interest on account cash balance.
In summary, which platform you go with depends on what you need. Ally Invest is more comprehensive but can be a bit difficult to navigate especially for new investors. Webull offers fewer options, but it’s simpler and supports the trading of popular cryptocurrencies. Your pick!
