Webull
Ally Invest rating

Ally Forex Trading Account Review


Ally Invest Forex review for 2020: currency trading margin and minimum deposit. Ally currency pairs, fees, mini, micro lots, and spreads.



Ally Invest Forex Trading Overview


Besides great deals on stock and bond trades, Ally Invest also offers forex trading. With currency specialists and good trading tools, forex traders can find useful resources with this broker.


Ally Invest Currency Research


A small amount of forex education appears on the Ally Invest website. Articles include information on technical and fundamental analysis. There is also a lengthy forex FAQ covering a wide variety of topics, such as margin, account funding, and managing risk. Unfortunately, there are no videos on the Ally Invest website devoted to currency education. Ally Invest used to offer premium education for forex, but regrettably has discontinued the service.


Ally Invest Forex Leverage and Margin


In a mini account at Ally Invest, the initial margin requirement to place a currency trade is $500 for a trade size of $10,000. For a standard account, the initial requirement is $2,500 for a trade of $100,000.

The maximum leverage available at Ally Invest is 50:1. Users can request margin of 20:1 or 10:1. Major currency pairs have a minimum maintenance margin requirement of 2% (50:1). Minor currency pairs require a 5% maintenance requirement (20:1).

There are no margin calls at Ally Invest Forex. Open currency positions can be automatically closed by the broker if an account's required margin is no longer met due to a change in price. Ally Invest electronically monitors margin amounts and automatically closes positions that don't meet minimum margin requirements.


Customer Service


Ally Invest has forex specialists who can be reached by phone, chat, or e-mail 7am-10pm ET, 7 days a week. The currency desk's hours are Sunday from 10:00 am until Friday at 5:00 pm, EST.


Ally Invest Forex Cost of Trading


The broker offers more than 50 currency pairs to trade. Real-time quotes are available for 37 of those pairs. Ally Invest does not charge any commissions on forex trades. The broker is compensated by the bid-ask spread on each currency pair. All of the most commonly traded pairs have competitive spreads. Here is a sample of some of the broker's spreads in pips on some popular forex trades:


PairPipsPairPips
EUR/GBP1.6 USD/CAD 2.7
USD/JPY1.7 USD/HKD 4.0
AUD/USD1.7 EUR/DKK 5.2
EUR/USD1.8 SGD/JPY 5.7
USD/CHF1.8 EUR/NZD 8.0
GBP/USD2.5 USD/CNH 26.0
EUR/JPY2.5 EUR/CZK 40.0
EUR/CHF2.6 XAU/USD 45.0
ZAR/JPY2.6 USD/RUB 1133.0


Currency accounts at Ally Invest will be assessed a $15 monthly fee if it has no activity for 3 months or more. Traders can simply deactivate a forex account to avoid the fee. There is no charge to activate and deactivate an account.


Desktop Trading


Ally Invest has a nice desktop platform. It is easy to learn and carries no fees to trade on. A practice account can be used initially to learn the software before depositing real money.

A row of icons appears at the top. These include dealing panel, order entry, margin and pip calculator, watchlist, and currency rates. Below the row of icons appears a selection of windows devoted to various tasks. These include market news, open orders, current positions, trading panel, charting, and an economic calendar. These windows can be resized or deleted. They can also be rearranged.


Ally Currency Trading review


Within the trading panel, each dealing box shows two currencies with buy and sell buttons. Also displayed is the current bid-ask spread in pips, and the day's high and low prices. The lot size can be changed for any currency pair. Clicking on the information icon within the dealing box produces a pop-up window with important information on a currency pair, such as any open positions and the ability to add the pair to a watchlist.

The software has a charting window that can be expanded full-screen. Here, it is easy to see all the drawings and technical indicators that can be added to a currency's price action. The chart is also customizable.


Ally Forex Trading review


Recommended Articles


TD Ameritrade forex trading review
Ally Invest hidden fees
Ally Invest withdrawal fee


Mobile Trading


Besides the desktop software, Ally Invest also offers a user-friendly mobile app. It can be used on iPhone and Android. There is no charge for the platform. It has many useful features, including charting, news, currency rates, an economic calendar, and order placement. Education has not been left out either. Informational articles are on the app along with videos, courtesy of Forex.com. Users can also contact a forex specialist by phone or chat using the app.


Ally Forex Trading review


Charting can be used in both vertical and horizontal modes. The app has several technical studies along with drawing tools. Bar, candle, and line modes are available for the price action. A selection of tools can be used for technical evaluation. These include a vertical value calculator, a text box for notes, and trend lines.


Ally Trading Forex


The MetaTrader 4 mobile app can also be used to trade forex in a Ally Invest account. The platform can be used on Android, iPhone, Windows phone, and Pocket PC.


Ally Invest Forex Trading Summary


Ally Invest (Ally investing review) offers its customers more than just securities. Investors who don't need forex educational tools will benefit from the broker's free trading technology and reasonable spreads on all major currency pairs.


Open Ally Invest Account



Open Ally Invest Account