Ally Paper Trading

Ally Invest Demo Account in 2024


Ally Invest virtual money simulated trading account. Can I use Ally LIVE platform demo account to paper trade stocks and options?


Ally Invest Paper Trading


Ally Invest does not offer demo accounts (paper trading). For free paper trading, consider opening an account at Charles Schwab.


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Ally Invest Overview


Ally Invest is ideal for anyone starting with a small balance because there is no minimum deposit required. You can open and maintain a brokerage account without any initial investment. Ally Invest also offers competitive pricing, which we'll cover in more detail later.


Trading Tools


Ally Invest offers a browser-based trading platform called Ally Invest LIVE. Here, users can track market indices, maintain a watch list, stay updated on market events, and access account and position information. The platform includes tools like option chains, a convenient trade ticket, and the ability to transfer funds. It is somewhat customizable and available in light or dark themes. Ally Invest LIVE requires at least one trade per year or an account balance of $2,500 or more to use.


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The platform is equipped with robust charting capabilities. You can view a stock's price history from one day up to 13 years, and set time intervals from one minute to monthly. Various technical studies are available, such as Bollinger Bands, Aroon Oscillator, MACD, Coppock Curve, Stochastics, RSI, and Random Walk Index. Charts can be styled as candlestick, bar, colored bar, line, mountain, or hollow candle. The trade button is located at the upper-left of the chart, and clicking it opens the trading ticket on the right side. You can also view the chart in full screen, though the trading ticket will not be available in this mode.

Quotestream is another advanced platform offered by Ally Invest, accessible to customers who execute at least 10 trades per month. It features an investment tracker, multiple watch lists, a scrolling ticker, a most active list, and detailed quote information.


Mobile App


Ally Invest's mobile app is available for Apple, Android, and via a mobile web version. The app includes market news, charting with some technical studies, a watch list, account and position details, an order status page, and option chains. The app also displays the day's significant market movers and global indices. Key fundamental data such as dividend yield, shares outstanding, and the 52-week trading range can be found on a stock's profile page. The Android version currently holds a rating of 4 out of 5 stars on Google Play.


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Additionally, Ally Invest's app includes access to customer service via email or phone directly from the app. Streaming quotes can be toggled on or off, and account alerts can be set up (though they must be configured on the website first). While mutual fund transactions must be completed on the website, fund data is accessible on the app.


Mutual Funds and ETFs


Ally Invest offers 8,532 mutual funds, with no transaction fees on load funds. No-load funds are also free on both buy and sell sides.


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The broker provides excellent research tools for mutual funds, displaying ratings from Lipper for ranked funds and listing top-performing funds according to Lipper ratings. Users can search various fund categories, like China region or technology services, using a mutual fund screener that filters by criteria such as YTD return, load type, beta versus S&P 500, 3-year total return, fund category, and Lipper ratings.

ETF traders have similar tools at their disposal, with the ability to search for top and bottom performers among domestic and international ETFs. Predefined screens are available for different characteristics, such as commodities and high-yield bonds. All ETFs are available commission-free through Ally Invest.


Research and Education


Ally Invest's website includes educational and research tools for all types of securities. The site offers videos on various investment topics and written market insights, such as U.S. housing starts and natural gas inventories, articles from Seeking Alpha, and global market news. Information on foreign exchange rates and international indices is also provided.

The education section sorts resources by experience level—rookie, veteran, or all-star—and covers topics like technical analysis and ETF strategies.

The bond section displays yields for various fixed-income investments, with options to sort by bond ratings and maturities. A table shows yields for different types of debt and ratings.

Effective screeners are available for all types of securities on the website, allowing users to filter thousands of investment options by criteria like market cap, load type, asset class, inception date, total return, economic sector, P/E ratio, and more.

Ally Invest also features a trader network where investors can share ideas, and a forum where customers post trades and request help with issues. The broker's staff actively responds to these inquiries. A blog covers a variety of financial news and topics.

Stock profile pages include S&P Capital IQ reports and summaries of analyst recommendations. Options summaries display open interest and volume for calls and puts, and related market news. Financial metrics such as book value, debt-to-equity, earnings per share, return on assets, and quick ratio are compared to industry averages to provide insight into a stock's performance relative to its peers.


Cash Management Features


Checks and a debit card can be added to a securities account at Ally Invest.


Customer Service


Ally Invest's customer service is available via email, snail mail, phone, fax, or online chat. Phone and chat support operates from 7am to 10pm ET, seven days a week. Emails are typically answered within two hours during business hours, with a promise of a 24-hour response time on weekends. The Ally Invest forex team provides specialized support for currency traders.


Comparison


Ally Invest's commission-free trading and low $0.50 fee for option contracts are highly competitive. ZacksTrade charges $3.00 for stock and ETF trades and $0.50 for options. Ally Invest also offers superior research and educational resources.


Ally Invest Paper Trading Summary


Ally Invest is a top choice for small investors seeking an online discount broker. While it has a few shortcomings, the value it provides is difficult to match.

Updated on 8/7/2024.