It might be difficult to compare forex brokers for beginners in 2022. There are a lot of aspects to analyse, but it takes time to research all important factors. To make it easier for you, we’ve prepared this comparison of online brokers – DotBig vs Ally Investing. Compare basic features, conditions, and instruments. You can also check HFM No Deposit Bonus for trading.
|DotBig LTD||Ally Invest|
|Bonus||10% welcome bonus||5 free stocks for opening and funding a new account|
|Year of foundation||2003||2005|
|Platforms||MT5, DotBig Web, Mobile||Browser-based platform|
Comparison of Brokers’ Commissions
Low-cost trading appeals to both new and experienced traders. With low-cost brokers, traders may accumulate their funds and later use them for other purposes. If your choice is low-cost brokerages, learn more about Ally Investing commissions.
Ally Invest is one of the best forex brokers for low-cost trading. Thanks to its $0 account minimum, you can start online trading with any amount you can operate. The company doesn’t charge fees for trading eligible US securities. It also offers relatively low commissions on options trade – $0.50 per contract.
Account fees are minimum as well. Although Ally Invest is designed for active traders, there are no fees for the inactivity here. Clients also don’t pay for access to platforms. The only account commission is $50 for the full outgoing transfer.
Despite the fact that DotBig doesn’t impose high costs, we can’t say it’s a low-cost brokerage. You don’t pay for access to platforms, but you need to fund at least $250 to activate the Standard account. Clients often complain about a 3.5% commission for withdrawal and a €35 bank transfer fee.
Broker Comparison: Trading Conditions
Comparison of forex brokers must display how different trading conditions and tradable assets of brokers are.
|Forex||72 currency pairs||52 currency pairs|
|Stocks||244 stocks||Stocks long and short (only securities listed on US-based exchanges)|
|Bonds||–||Corporate, municipal, and agency bonds.|
|Cryptocurrencies||650 cryptocurrencies||no cryptocurrencies, but some crypto-based products are available|
|Commodities||6 commodities with the 1:100 leverage||–|
|ETFs||Free ETF trades with 20 assets listed||Free ETF trades|
|CFDs||The possibility to invest in CFD assets||–|
|Mutual Funds||–||18,000 mutual funds (transaction-fee-based)|
|Options||–||Single options are listed|
Ally Investing also lists fixed income products such as US Treasuries, CDs, and corporate, municipal, and agency bonds. Such securities might be very beneficial offerings in terms of excluding risks during online trading. With fixed income products, the investment portfolio risks become lower thanks to the protection against market volatility and fluctuations.
Both Ally Invest and DotBig are good for forex trading, but DotBig offers more currency pairs in better-diversified conditions. The spread on forex trading here varies between 1-2 pips. It’s often reported that during nighttime trading it might increase and cause nighttime slippages. The leverage for forex trading is 1:400.
With DotBig LTD, traders can invest not only in market products but in venture investments, too. If you are interested in such a high-risk affair, you will be offered some promising startups.
Broker Comparison: Platforms and Tools
Ally Invest has a web-based trading platform. Although it’s quite functional, it lacks contingent orders for stop losses and/or take profits. These are the basic features of modern platforms. Despite that, the Ally Invest platform is a pretty nice option for technical trading. It supports such tools as:
- an automated portfolio management option;
- stock screener;
- ETF screener;
- 30+ drawing tools;
- 117 top-notch charting indicators.
DotBig LTD is good for automated trading. It offers advanced trading signals. Beginners may access social trading platforms. These are specials services where traders take advantage of copying trades displayed by more experienced participants.
Which Broker is Better Overall?
Ally Invest is better only in terms of low-cost trading and stock trading. DotBig offers better conditions for forex trading, provides access to crypto markets and has a more advanced and customizable platform. DotBig also provides better support and education for beginners.