IB vs Ally Invest for options?

M

mikep7co

Hi,

I can't decide between InteractiveBrokers and Ally Invest so I am looking for some advice.
I trade options on the same couple securities, typically around 40 trades a month.

IB is cheaper from what I understand.
I tried their TWS platform, it looks quite complexed.
I could not find a way to try the Ally Invest platform so I am not sure how that looks but I believe Ally is known for having clean and simplified UIs.
If there is an Ally Invest's user reading this, could you post screenshots of what it is to trade options in Ally Invest? That would be great, thanks! :D

I have an Ally Bank account, I am not sure if that provides any type of advantage to having an Ally Invest account?

Any opinions?
Do they both handle tax reporting appropriately (including wash sales) or one is known for often messing it up?
Would one be better for trade executions?

Thanks
 
Robert Morse said:
Even though our option rates are lower than IB for accounts at Wedbush, if you want to be at IB we offer our LVX software and introduce to IB. Email me if you want to discuss. You can use either TWS or LVX. Once you use LVX for options, you won't want to use TWS.

https://www.lightspeed.com/trading-platforms/livevol-x/
More...
Why Livevol X vs another of your software?
With several platforms and pricing structures, LightSpeed does not seem to make it easy to compare. I feel like I am going to miss some fees and then realize they exist once I have an account and get charged.
(I saw the comparison page already)
 
I use Ally Invest (they acquired TradeKing)...and their website trading platform is definitely "clean and simplified". o_O
Because it's mainly geared for somewhat normal, average retail trader Joes and Janes.

All retail website trader platforms are basically the same. -- But Ally's is Purple and White...their company colors.
...it's like jeans or a watch...no need to get technical...but they are all essentially the same.
 
Last edited:
mikep7co said:
Why Livevol X vs another of your software?
With several platforms and pricing structures, LightSpeed does not seem to make it easy to compare. I feel like I am going to miss some fees and then realize they exist once I have an account and get charged.
(I saw the comparison page already)
More...

I don't know anything about you, your account size, your experiance or your needs expect you want low fees and are concern about wash sales. There is not enough information here to make a proper suggestion or to know if we are the best fit with LVX/IB or any of our platforms we offer at Wedbush.

If you want my help, you will contact me directly. If not, that is fine too.
 
lawrence-lugar said:
I use Ally Invest (they acquired TradeKing)...and their website trading platform is definitely "clean and simplified". o_O
Because it's mainly geared for somewhat normal, average retail trader Joes and Janes.

All retail website trader platforms are basically the same. -- But Ally's is Purple and White...their company colors.
...it's like jeans or a watch...no need to get technical...but they are all essentially the same.
More...
all executions are not the same.
 
I am not looking for the cheapest broker but the price is definitely important with active trading.
Two other things I saw at IB that I could not find at another broker are: API and interest on idle cash balance.
Do you know any broker that offers both of those features?
 
mikep7co said:
I am not looking for the cheapest broker but the price is definitely important with active trading.
Two other things I saw at IB that I could not find at another broker are: API and interest on idle cash balance.
Do you know any broker that offers both of those features?
More...
since mr morse represents a particular firm, it would have been more appropriate to ask him if any of the platforms offered by his firm have your desired features.
 
You must log in or register to reply here.
Back
Top