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.
"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."
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
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
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
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.