Introduction
Investing in the stock market can be overwhelming for beginners, especially with the sheer number of brokerage firms available. Ally Invest Live, however, has emerged as a popular choice among investors. In this article, we will explore the features, benefits, and drawbacks of Ally Invest Live and help you make an informed decision.
What is Ally Invest Live?
Ally Invest Live is a brokerage platform that allows traders to invest in the stock market, exchange-traded funds (ETFs), and options. It is a subsidiary of Ally Financial, a leading digital financial services company that provides banking, auto financing, and home loans to customers.
Features of Ally Invest Live
Ally Invest Live offers a range of features that make it an attractive option for investors. These features include:
1. Low Fees: Ally Invest Live charges low fees for trading stocks, options, and ETFs. The commission for stock trades is $4.95 per trade, and options trades cost $4.95 plus $0.65 per contract.
2. Robust Trading Tools: The platform offers a range of trading tools that can help investors make informed decisions. These tools include a stock and ETF screener, technical analysis, and real-time market data.
3. Customizable Dashboard: The dashboard can be customized to show the information investors need most, such as account balances, watchlists, and news feeds.
4. Mobile App: Ally Invest Live has a mobile app that allows investors to manage their accounts on the go. The app is available for iOS and Android devices.
Benefits of Ally Invest Live
1. No Account Minimums: Ally Invest Live does not require investors to have a minimum account balance, which makes it accessible to traders of all levels.
2. Low Fees: The low fees charged by Ally Invest Live can help investors keep more of their earnings.
3. Educational Resources: Ally Invest Live offers a range of educational resources, including webinars, articles, and video tutorials, that can help investors improve their trading skills.
4. Customer Service: The customer service team at Ally Invest Live is available 24/7 to help investors with any issues or questions they may have.
Drawbacks of Ally Invest Live
1. Limited Investment Options: Ally Invest Live does not offer access to mutual funds, bonds, or futures trading. This may be a drawback for investors who want to diversify their portfolios.
2. No Fractional Shares: Investors cannot buy fractional shares on Ally Invest Live, which means they may not be able to invest in high-priced stocks.
How to Open an Account on Ally Invest Live
Opening an account on Ally Invest Live is a simple process that can be completed online. Here are the steps:
1. Go to the Ally Invest Live website: Visit the Ally Invest Live website and click on “Open an Account.”
2. Fill out the application: Fill out the application form with your personal information, including your name, address, and Social Security number.
3. Fund your account: Fund your account by linking your bank account or by mailing a check to Ally Invest Live.
4. Start Trading: Once your account is funded, you can start trading stocks, options, and ETFs.
Conclusion
Ally Invest Live is a popular brokerage platform that offers low fees, robust trading tools, and a customizable dashboard. While it may have some drawbacks, such as limited investment options and no fractional shares, it is still a great option for investors looking to trade in the stock market. By following the steps outlined in this article, you can open an account on Ally Invest Live and start investing today.
