tastyworks vs Ally Invest, two great brokers for options trading, is tough matchup. Both brokers cater to active options traders, but at the end of the day, Ally Invest takes the win with the backing for a full online bank and 24/7 customer service.
Neither brokers charge for market data or account inactivity fees.
The offering of a diverse range of financial products, like CDs, ETFs, and bonds place Ally slightly above tastyworks for 2018.
New traders, especially beginner options traders, might find tastyworks’ trading platforms overwhelming at first glance. On the contraty, Ally Invest’s platforms are very simple and very efficient for placing trades and managing positions.
|
tastyworks vs Ally Invest 2018 |
||
|---|---|---|
|
|
 |
 |
|
tastyworks |
Ally Invest |
|
|
Overall |
|
|
|
Commissions & Fees |
|
|
|
Customer Service |
|
|
|
Trading Platforms |
|
|
|
Mobile App |
|
|
|
Overall Ease of Use |
|
|
|
Promotion Value |
|
|
|
tastyworks |
Ally Invest |
|
|
Minimum Deposit |
$2,500 |
$0 |
|
Stock Trade Fee |
$5.00 (free closing trades) |
$4.95 to $3.95 |
|
Options Ticket Charge |
None |
$4.95 to $3.95 |
|
Options per Contract Fee |
$1.00 (free closing trades) |
$0.65 to $0.50 |
|
Mutual Fund Fee |
N/A |
$9.95 |
|
Market Data Fee |
Free |
Free |
|
Wire fee (outgoing) |
$25 |
$20 |
|
Inactivity fee |
None |
None |
|
tastyworks |
Ally Invest |
|
|
Stocks |
|
|
|
Options |
|
|
|
Futures |
|
|
|
Forex |
|
|
|
Bonds |
|
|
|
OTC Stocks |
|
|
|
Penny Stocks |
|
|
|
Options on Futures |
|
|
|
Crypto |
|
|
|
Mutual Funds |
0 |
10,264 |
|
International Trading |
|
|
|
Advisor Services |
|
|
|
tastyworks |
Ally Invest |
|
|
Web-based |
|
|
|
Mobile App |
|
|
|
Downloadable (Mac) |
|
|
|
Downloadable (PC) |
|
|
|
Real-time Level II data |
|
|
|
Real-time Charting |
|
|
|
Historical Option Data |
|
|
|
Options Analysis |
|
|
|
iPad App |
|
|
|
tastyworks |
Ally Invest |
|
|
In-person Branches |
|
|
|
Customer Service hours |
9-5 CT, M-F, phone + live chat |
24/7 |
|
Sum of Client Balances |
Not listed |
$167bn+ |
|
Member FDIC |
|
|
|
Savings Account |
|
|
|
Checking Account |
|
|
|
Free Online Banking |
|
|
|
tastyworks |
Ally Invest |
|
|
Under $24,999 |
8.00% Base Rate + 1.00% |
9.25% |
|
$25k-$49,999 |
7.50% Base Rate + 0.50% |
9.00% |
|
$50k-$99,999 |
7.00% Base Rate |
8.25% |
|
$100k-$249,999 |
6.50% Base Rate – 0.50% |
7.00% |
|
$250k-$499,999 |
6.00% Base Rate – 1.00% |
6.00% |
|
$500k-$1M |
5.50% Base Rate – 1.50% |
5.50% |
|
Above $1M |
5.00% |
4.75% |
Although Ally doesn’t offer any downloadable trading platforms, the ample amount of investment products the online bank and broker offers more than make up for it.
Ally’s customer service is 24/7, their commissions are among the lowest in the industry, and their web-based trading platforms are robust and capable of handling the needs of most active traders.
