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
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."
"M1 Finance remains a great choice for US investors who want a straightforward, commission-free way to invest in stocks and crypto. The intuitive dashboard, customizable portfolios and fractional shares should appeal to all experience levels and investing goals. "
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
Thanks to additional extras like a bank account and loan service, M1 Finance continues to offer a one-stop shop for investors
The broker offers commission-free stocks with low fees, plus fractional shares, making it a great choice for beginners
The broker delivers a clean and easy-to-use dashboard that illustrates the current composition of your portfolio
The firm offers a straightforward proprietary platform with intuitive portfolio management tools
Multiple portfolios can be facilitated, with up to five accounts under the same login
Customizable 'pies' allow investors to curate their own ETFs
The range of 6000+ stocks and ETFs is highly competitive
Bitcoin trading is available through M1 Crypto
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
Despite offering stocks and ETFs, M1 Finance doesn’t provide trading on mutual funds or options
Unlike competitors such as Betterment, M1 does not employ any human financial advisors
M1 Finance is 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
The way trades are placed puts transaction timing out of your control
You cannot consolidate external accounts for planning purposes
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
EURUSD Spread
1
EURGBP Spread
1
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.
