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).
Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
"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."
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
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
It is reassuring that Moomoo holds licenses with the US Securities and Exchange Commission (SEC) and the Monetary Authority of Singapore (MAS), among others
Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
The ‘Moomoo Token’ generates dynamic passwords for transaction security - a unique and helpful safety feature
Moomoo's analytics and insights are impressive and detailed compared to other brands
There is no minimum deposit requirement making the broker accessible for beginners
The broker offers access to extended pre-market trading hours
There are reduced options contract fees from $0.65 to $0
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
There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
There is no phone or live chat support - common options at most other brokers
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.
