Webull 529 Plan
Webull does not offer a 529 College Savings Plan to its customers at this time.
Anyone who wants a $0 cost, easy to setup and use 529 account, can take a look at
College Backer.
With them, college savers can maximize their college savings with gifts, offers, and rewards.
As a Registered Investment Adviser, College Backer has a fiduciary duty to put your interests first.
They recommend low-fee investments (never for commissions) and use bank-level encryption and security
practices to protect your personal information and money.
Open College Backer Account
Webull Promotion
Get up to 75 free stocks when you deposit money at Webull!
Open Webull Account
Overview of Webull and Ally Invest
If you’re looking for the best value possible in brokerage services, you should take a look at Webull and Ally Invest. Actually, we’ve already
done that for you. We’ll show you the results of our investigation in major categories, and then make some recommendations for you.
Range of Offerings
Webull customers can buy and sell stocks, options, crypto-currencies, and ETF’s. Unfortunately,
the zero-commission brokerage firm does not offer any other investment classes. Additionally,
assets that drop under $1 per share go on the company’s restricted list. Webull has the same policy
for stocks with market caps below $10 million.
Fractional shares of ETFs and stocks are now available on Webull.
Ally Invest clients can trade stocks, ETF’s, bonds, options, mutual funds, and forex. The broker offers access to pink sheet and bulletin board stocks, although Ally does impose a penny surcharge per share. The brokerage house provides retirement accounts and portfolio management.
Ally Invest is the winner in this category.
Website Trading
Ally Invest has a simple but usable website with trading capability. At the bottom of the screen sits a practical trade bar. After entering a ticker symbol, the device returns volume, bid and ask figures, last trade price, and the day’s change. Both options and equities can be traded on the tool.
Moving to the website itself, we found simple order tickets with market, limit, stop, and on-close orders. There are also advanced orders, such as contingents and triggers. Complex option orders can be submitted on this form as well.
Charting on the site offers multiple chart styles, including crossline, mountain, and candlestick. There are a few drawing tools, several technical indicators, and three company events. We were disappointed that a chart cannot be displayed the width of the monitor.
Better charting can be found on Ally Invest LIVE, the company’s browser platform. A chart can be detached and expanded to fill the entire monitor. There are more technical studies on this system as well.
The trading ticket on LIVE offers the same order types as the website, although the graphical format is more appealing to the eye. Bonds can only be traded on the browser platform.
Virtual trading, also known as paper trading, is available to all customers for free at Webull.
Webull wins here.
Mobile Apps
The Webull app offers a lot of useful features, including information on global markets and even foreign stocks. Charting is fairly sophisticated for a mobile system, offering technical studies and multiple chart styles. Another bonus is horizontal viewing.
The order ticket on Webull’s app includes extended hours and multiple order types. Another feature we really like is demo mode. Traders who need extra practice can get it here without risking real money. Webull’s app functions on both tablets and phones.
Moving to Ally Invest, we get mobile check deposit, something that’s missing on Webull’s app. Although Ally does offer trading in mutual funds, the app can’t trade them. It can trade options, which is an advantage over Webull.
Ally Invest’s order ticket provides several duration choices, like pre- and post-market. There are some advanced order types.
Charts come with technical studies, multiple chart styles, and horizontal mode. Like Webull’s app, Ally’s can work on both iPhone and iPad.
Overall, Webull wins here.
DRIP Service
Traders at Ally Invest can sign up for the broker’s free Dividend Reinvestment Plan. Only stocks and American Depository Receipts priced above $4 are eligible. An entire account or individual securities can be selected for this convenient service. The broker offers user-friendly electronic enrollment through its browser platform.
Webull does not right now provide a DRIP service, so obviously Ally Invest is the better choice here.
Investment Education and Research
Webull doesn’t offer much in this category on its website; but it does provide a lot of great resources on its mobile app. A stock’s profile offers analyst ratings. Some of the bigger names get 40 or so ratings. There are also financial statements and news articles. Webull displays information both in numerical and graphical format, a nice feature. Other great resources include press releases, an economic calendar, a company overview, executive trading, and earnings estimates.
Learning materials at Ally Invest appear on the company’s website rather than its mobile app. We found articles devoted to a lot of different topics, such as how to handle volatility, common mistakes in option trading, and how to construct a portfolio. Because Ally also operates a bank and mortgage business, there are articles devoted to personal financial issues, such as compound interest and savings accounts.
Overall, we think Webull does the better job here for investors.
Recommendation
For reasons already mentioned, we suggest Ally Invest for retirement saving, mutual fund, and
fixed-income trading.
Mobile trading is somewhat of a toss-up, but we’ll suggest Webull for its simulated trading mode.
Investors who want the best customer service should definitely choose Ally Invest. Webull is very
weak in this category. Because Webull doesn’t offer any portfolio management services, we also
suggest Ally Invest for its robo-advisory program.
If you’re interested in global markets, definitely go with Webull. We also can endorse Webull for
crypto and options trading.
Updated on 4/19/2024.
|