Platform Comparison

Ally Invest vs Firstrade

Compare Ally Invest and Firstrade on fees, DRIP, fractional shares and research for dividend investing.

AI

Ally Invest

★4.2

Ally Bank's brokerage arm pairs $0 commissions and free dividend reinvestment with seamless banking integration—though the lack of direct fractional shares holds it back.

Full Review
FT

Firstrade

★4.2

A pioneer of commission-free trading offering truly free options (no contract fees) and mutual funds—one of the most cost-effective brokers available.

Full Review

Ally Invest vs Firstrade: Fees, Minimums & DRIP Compared

FeatureAlly InvestFirstrade
Our Rating4.2/54.2/5
Trading Commissions$0$0
Account Minimum$0$0
Fractional SharesDRIP onlyN/A
DRIPFreeFree
Research ToolsBasicBasic
Best ForAlly Bank CustomersOptions Income Investors

Ally Invest vs Firstrade: Pros and Cons

Ally Invest

Pros

  • + $0 commissions on stocks and ETFs
  • + Free dividend reinvestment (DRIP) with fractional share support
  • + $0 commissions on no-load mutual funds—the old $9.95 fee is gone
  • + Seamless integration with Ally Bank accounts (3.00% APY savings)
  • + Low options pricing at $0.50 per contract

Cons

  • - No direct fractional share purchases—DRIP is the only way to own fractions
  • - High margin rates, starting around 12% for balances under $25,000
  • - No cryptocurrency or futures trading
  • - $50 account transfer out fee (ACAT) and $25 IRA closure fee

Firstrade

Pros

  • + Commission-free stocks, ETFs, options, AND mutual funds
  • + No per-contract fees on options—truly free options trading
  • + Free dividend reinvestment program
  • + No account minimums or inactivity fees
  • + Securities lending lets you earn extra income on shares

Cons

  • - Very low 0.15% interest on uninvested cash
  • - Dated platform interface that can be hard to navigate
  • - No forex, futures, or cryptocurrency trading
  • - Limited research and analysis tools

Which Is Better for Dividend Investors: Ally Invest or Firstrade?

Choose Ally Invest if you...

  • Are in Ally Invest's core audience: ally bank customers
  • Prefer a higher-rated overall platform

Choose Firstrade if you...

  • Are in Firstrade's core audience: options income investors

Want the full breakdown of fees, DRIP, and research tools? Read our Ally Invest review and Firstrade review.

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Investment Disclaimer

Investing involves risk, including possible loss of principal. Past performance does not guarantee future results. This content is for informational purposes only and should not be considered investment advice.