Ally Invest joins list of brokerages eliminating commissions on online stock, ETF, option trades

Maria Nikolova

The firm’s long-standing per trade price of $4.95 will be reduced to $0, effective October 9, 2019.

Ally Invest, the online brokerage and wealth management arm of Ally Financial Inc (NYSE:ALLY), has become the latest brokerage to announce the introduction of zero commissions on US exchange-listed stock, ETF, and option trades.

The firm’s long-standing per trade price of $4.95 will be reduced to $0, effective October 9, 2019. Clients trading options will pay a contract fee of $0.50.

“With continued advancements in technology making online trading increasingly more cost-efficient, it was inevitable our industry would reach a point where self-directed investors could participate in the market for little to no cost,” said Lule Demmissie, president of Ally Invest.

Recently, Ally Invest announced its zero-advisory fee Managed Portfolios with a high-yield cash allocation. These portfolios give investors the opportunity to try-before-they-buy without commitments until they are ready to be more fully invested with Ally. Similar to the firm’s existing “robo” offerings, the new advisory fee-free Managed Portfolios are ETF-based, and they include a 30% allocation to high-interest-yielding cash as a buffer.

TradeStation Securities, Inc., a subsidiary of Monex Group, Inc. (TYO:8698), has also announced that it is eliminating the commission for trading of certain assets to zero. The online trading company will be offering commission-free trading to customers who use its web and mobile platforms for exchange-listed stocks, options and exchange-traded funds (ETFs). Customers trading options will continue to pay $0.50 per contract without a commission charge. The new commission-free offering on the TradeStation web and mobile platforms is branded TSgo.

Earlier this week, major brokers, such as TD Ameritrade and Charles Schwab, said they were eliminating commissions for trading exchange-listed stocks, options and ETFs.

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