One week after TradeKing’s move to Ally.com, account transfer remains problematic

Maria Nikolova

Traders have issues logging in, using the new applications, and finding necessary forms for the account transfer.

As FinanceFeeds has reported, TradeKing instructed its customers for the move to ally.com during the May 6th – May 7th weekend. The week following those couple of days saw some additional work, with TradeKing officially becoming Ally Invest. While everything looked neat and tidy on the landing pages informing about the move, as well as on the new webpages of services like TradeKing Forex (now Ally Invest Forex) and TradeKing Advisors (now redirecting to Ally Invest Managed Portfolios), clients of TradeKing appear to be having hard time adapting to the changes.

Of course, one could hardly expect that an account transfer would happen swiftly, smoothly and without any issues whatsoever. And yet, one has to note the lack of elementary instructions or some icons or banners on ally.com providing information to confused (former) clients of TradeKing that are not aware of the new Twitter account or the special landing page they were supposed to bookmark. These TradeKing clients are now confused about where to find forms to fill and how to log in into the new application or to get access to Ally’s services.

There have been a dozen complaints on Ally Invest’s Twitter account by customers who have trouble logging in, using the new application (some are displeased with the functionalities of the app too), and making their way through the transfer procedure. The complaints are persistent, the last ones being from less than 24 hours ago.

US financial services provider Ally Financial Inc (NYSE:ALLY) agreed to acquire TradeKing more than a year ago, with the deal then valued at $275 million.

After the change, securities products and services are now offered through Ally Invest Securities LLC, whereas advisory products and services are offered now through Ally Invest Advisors, Inc. Forex products and services are offered through Ally Invest Forex LLC, an introducing broker to GAIN Capital Group. These Forex accounts are held and maintained at Gain.

The website of MB Trading, whose acquisition by TradeKing was announced in August 2015, now says that Ally Invest owns MB Trading.

Read this next

Digital Assets

Voyager subpoenas FTX’s inner circle over Alameda loan

Bankrupt crypto broker Voyager Digital, represented by law firm Kirkland & Ellis, is seeking court approval to subpoena Sam Bankman-Fried’s inner circle, as well as Alameda Research’s former executives.

Retail FX

AvaTrade seals sponsorship deal with F1’s Aston Martin team

Dublin-based forex broker AvaTrade today announced that it has concluded a sponsorship deal with Formula One’s Aston Martin Cognizant team that entails sponsorship rights and other marketing benefits.

Executive Moves

M4Markets onboards Invaxa CEO Marios Antoniou as COO

Seychelles-regulated brokerage firm M4Markets has appointed Marios Antoniou, who has a colorful career within the foreign exchange industry, in the capacity of its Chief Operations Officer.

Digital Assets

GK8 now allows clients to control their digital assets as they would their fiat

“As the institutional market is increasingly turning to self custody, our policy engine empowers them to automate transactions, approvals, and even crucial workflows, while providing the highest degree of security, consistency, governance and control.”

Digital Assets

Retail CBDCs in the UK: “Welcomed” by CryptoUK and R3, but “Dystopian” for ETC Group

“At this stage, we judge it likely that the digital pound will be needed in the future. It is too early to decide whether to introduce the digital pound, but we are convinced preparatory work is justified”, said the BoE and HM Treasury.

Institutional FX

Centroid taps Iress API to provide retail brokers with real-time market data

“It has always been a challenge to have an efficient, elegant solution for market data and order execution for retail brokers, but with Iress we have found absolutely the right partner to add to our client offering.”

Digital Assets

Ramp launches FCA-approved off-ramp product, onboards Brave, Trust Wallet, Ledger

“To obtain and maintain our FCA registration, we must meet and operate within their strict anti-money laundering and counter-terrorist financing standards. This is a huge achievement for us, as compliance is a cornerstone of our business and what we stand for.”

Institutional FX

State Street launches FIX API for Fund Connect ETF platform

“Expanding from proprietary APIs to the FIX industry standard will bring us closer to our goal of 100% digital interactions. This is another example of innovations we’ve brought to our operating model as we celebrate 30 years of servicing ETFs since the launch of SPY.”

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”

<