Ally Invest vs M1 Finance

Ally Invest vs M1 Finance Comparison Table 2023
Ally Invest Review 2023 M1 Finance Review 2023
3.2

Ally Invest is #36 in our broker rankings.

3.9

M1 Finance is #13 in our broker rankings.

United States Flag Traders from US accepted
United States Flag Traders from US accepted

Ally Invest was founded in 2005 and serves 11 million customers through its suite of investing and financial services products. The brokerage is regulated by the US SEC with FINRA and SIPC membership. The company has a substantial $197 billion in assets under management (AUM).

M1 Finance is a US brokerage that allows users to build a customizable investment portfolio from a range of 6000+ stocks and shares, ETFs and cryptocurrencies. The innovative 'pie' based portfolio management system allows traders to build several portfolios with different aims, and the brokerage supports machine-learning tools that can provide automated portfolio management.

Bonus Offer
M1 Finance Plus free for 3 months on new accounts
Promotions

Get A $500 Welcome Bonus When You Join M1 Finance

Comment by Reviewer
"Ally Invest is an all-in-one financial solution suitable for traders of all experience levels with self-directed and managed trading accounts alongside online banking, financial advice, credit cards and loans." "US investors who want a straightforward, commission-free way to invest in stocks and crypto with AI-powered strategy support should consider M1 Finance."
Pros
  • Responsive customer support available 24/7 with local and international telephone help, live chat and email
  • Free demo account with $50,000 virtual funds and access to all platforms and tools
  • Competitive fees including commission-free trading on eligible US stocks and ETFs
  • Managed portfolios tailored to financial goals and risk appetite
  • Regulated by the SEC and a member of the SIPC
  • Online educational content and financial advice
  • High-quality proprietary web trading platform
  • You can reinvest dividends through DRIP
  • Leveraged trading up to $1 million
  • Access to MetaTrader 4
  • Extras including a bank account and loan service make this a one-stop investing shop
  • A clean dashboard that illustrates the current composition of your portfolio
  • Multiple portfolios – up to five accounts under the same login
  • Vast range of stocks and shares to choose from
  • Make your own ETF by customizing your pie
  • Excellent portfolio-management tools
  • Straightforward proprietary platform
  • Follow more than 60 expert portfolios
  • Bitcoin trading through M1 Crypto
  • Commission-free with low fees
  • Trade fractional shares
Cons
  • Some features such as the stock screener are not available on the mobile app
  • Deposits and withdrawals limited to wire transfers or cheques only
  • Forex trading is available on a separate account
  • Only US stocks are available
  • No stop-limit or stop-loss orders
  • You cannot consolidate external accounts for planning purposes
  • The way trades are placed puts transaction timing out of your control
  • Only available in the US – eToro is a top alternative for the UK market
  • Accounts with less than $20 and no trading activity for 90 days are charged a fee
  • Despite offering stocks and ETFs, M1 Finance doesn’t provide trading on mutual funds or options
  • M1 does not employ any human financial advisors, versus Betterment and other popular automated advisors
Awards
  • Best Roth IRA Accounts - 2020
Instruments
Stocks, Options, Forex, ETFs Stocks, ETFs, OTC stocks
Demo Account
No Yes
Minimum Deposit
$0 $100
Trading Platforms
  • Own
  • Own
Payment Methods
Minimum Trade
$1
Regulator
SEC, FINRA SEC, FINRA
Margin Trading
Yes Yes
Margin Rate
3.25% 3.5 - 5%
STP Account
No No
ECN Account
No No
DMA Account
No No
MAM Account
No No
PAMM Account
No No
LAMM Account
No No
Demat Account
No No
AI / Machine Learning
No Yes
Robo Advisor
No Yes
Negative Balance Protection
No No
Market Maker
No No
P2P Trading
No No
Spot Trading
No Yes
Mobile Apps
iOS & Android Yes
Auto Trading
Yes
Copy Trading
No No
Social Trading
No No
VPS Hosting
No No
Tournaments
No No
Demo Competitions
No No
Ethical Investing
No Yes
Custodial Account
Yes Yes
Guaranteed Stop Loss
No No
Inactivity Fee
$20
Islamic Account
No No
Account Currencies
  • USD
  • USD
Stock Exchanges
Forex Trading
Ally Invest offers 50+ currency pairs with access to MetaTrader 4 and the Ally Invest Forex Advanced Desktop platforms. Spreads compare well to alternatives with a good range of majors, minors and exotics. Forex trading not offered
GBPUSD Spread
1 NA
EURUSD Spread
1 NA
EURGBP Spread
1 NA
Assets
80
Cryptocurrency
Crypto trading not offered M1 Finance users can open a crypto account to invest in 10 cryptocurrencies including Bitcoin, Ethereum, Cardano and Solana. You can also invest in six crypto-related funds and ETFs, which are a good way to get broader exposure to the digital currency market.
Spread
Variable
Coins
  • BTC
  • ADA
  • AVE
  • ETH
  • LINK
  • ALDO
  • BAT
  • ATOM
Crypto Lending
No No
Crypto Mining
No No
Crypto Staking
No No
Auto Market Maker
No No
More Comparisons
Ally Invest
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M1 Finance
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