Ally Invest Alternatives For Canadians

| April 22, 2022
✓ Verified by Vishesh Raisinghani

Ally Invest is not available in Canada.

Ally Invest is the subsidiary of Ally Bank that provides trading services.

It provides a good alternative for traders who are looking for a solid platform, low cost of entry, and low account minimums.

The platform also provides useful tools for executing advanced trades.

Alternatives to Ally Invest for Canadians

Interactive Brokers

Summary

Interactive Brokers is an excellent platform for frequent traders as well as traders who desire access to assets from around the world.

Pros

  • Commissions decrease as the frequency of trades increases
  • Many advanced research and analysis tools

Cons

  • The variety and complexity of features may make the platform less suitable for new investors
Wealthsimple Trade

Summary

Trading platform that looks to simplify trading and make the industry more accessible to retail investors.

Pros

  • Well integrated with other product offerings (Wealthsimple Invest, Wealthsimple Tax, Wealthsimple Crypto)
  • Unlimited trades with no commission and a platform that is easy to navigate.

Cons

  • High conversion fees when purchasing stocks outside of Canadian markets.
Questrade

Summary

Questrade is a great option for both beginner and advanced traders who are looking for a simple and low-cost platform.

Pros

  • User-friendly browser and mobile app
  • Low fees and a variety of different account types

Cons

  • A subscription is needed to stream real-time quotes and research options are limited

Interactive Brokers

Interactive Brokers has a variety of products that are geared towards both beginner and professional investors.

It’s a great alternative to Ally Invest in Canada due to its expanded collection of tools, offerings, and services that are helpful to day traders as well as people looking to make long term investments.

Interactive Brokers users are able to access global assets, and the platform currently operates in over 220 countries.

With their robust trading platform and tools, Interactive Brokers has multiple trading options and access to asset classes such as securities, stocks, and precious metals.

They also offer investment options like forex, bonds, futures and more as well as the option to hold multiple account types.

Wealthsimple Trade

An intuitive platform, Wealthsimple Trade is the perfect for retail investors looking for a simple interface.

They offer content to help their users make smarter investment choices, alongside a wealth concierge service.

There is a low cost to enter the platform and start investing, which is appealing for retail investors, but the interface may be too simple for more seasoned investors.

Wealthsimple Trade also offers integration with their tax preparation service Wealthsimple Tax through their mobile and web applications for easy reporting.

Questrade

Questrade is a great alternative to the big banks in Canada.

Used mostly to avoid the restrictions and fees placed on investors by the big banks in Canada, Questrade offers some of the lowest fees in the industry, with stock trading fees as low as $4.95 to $9.95.

Questrade also offers useful technical tools for investors.

Long term investors benefit from low commissions and can gain access to ETFs that are no-cost-to-buy.

Questrade can also now be used as an alternative to big banks in real estate through their new mortgage lending services.

They have an online mortgage lending platform that offers rates that are competitive with the big banks.

Will Ally Invest be coming to Canada?

Ally Invest used to operate in Canada, but was acquired by the Royal Bank of Canada in 2013 and has since ceased to operate within Canadian borders.

There are no plans for Ally Invest to provide its services in Canada.

What is Ally Invest?

Founded in 2009, Ally Bank (Ally Invest) has its headquarters in Detroit, Michigan.

Ally Invest is the brokerage portion of Ally Bank, and was targeted at both experienced and beginner traders through no account minimum, low-cost options, and no trading costs on eligible US securities.

It offers automated portfolio management and free tools for investors who prefer to use technical analysis to make their trades.

Ally Invest doesn’t offer no-transaction-fee mutual funds and since it is an online only service, there is no option to schedule in-person meetings.

Fun Fact!

Ally Invest offers instant fund transfers between a user’s brokerage account and their savings account which allows for interest accumulation but keeps funds accessible to quickly take advantage of an opportunity that arises.

Ally Invest brokerage account open on laptop on desk

Frequently Asked Questions

  • Is Ally Invest available in Canada?
  • Who is Ally invest owned by?
  • Is Ally Invest trustworthy?

I have been investing for half a decade, using the perspectives gained from my work experience in the private, public, and non-profit sectors to shape my investment outlook. I have a specific interest in the potential of emerging disruptive technologies and their impact on the future.