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.
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.
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.
variety of services offered; industry average commissions; managed accounts; 24/7 customer support by phone, mail or skype.
lack of an office where clients are received and local branches; crediting funds may take a long time.
TRADEKING is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.
In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.
The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.
The broker TRADEKING makes profit from traders' transactions, as a rule, in two main ways.
The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.
The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.
Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.
We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.
The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.
Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.
In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.
One of the key points is the place of registration and regulation of the company's activities.
Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.
However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.
If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.
But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.
And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization, considering disputes between its members - brokers and their clients.
If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.
When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.
It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.
Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.
Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.
Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.
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Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. TRADEKING received a score of 1 of 5 on our resource.