What to know about Ally Forex
Ally Forex is a forex trading platform offered through Ally Invest Forex LLC, a subsidiary of Ally Financial Inc., a leading digital financial services company based in the US. Ally Invest Forex, registered with the National Futures Association (NFA), holds the NFA membership ID #0408077 and acts as an introducing broker to GAIN Capital Group, LLC. GAIN Capital Group, LLC is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the NFA, holding the NFA membership ID #0339826.
When you open a Forex account with Ally Invest Forex LLC, your account is held and maintained at GAIN Capital Group, LLC. They are responsible for executing and clearing trades on behalf of Ally Invest Forex LLC customers, ensuring the smooth execution and settlement of trades within the forex market. Their address is 30 Independence Blvd, Suite 300, Warren, NJ 07059, USA.
It’s important to note that forex accounts with Ally Forex are not protected by the Securities Investor Protection Corporation (SIPC), are not FDIC insured, are not bank guaranteed, and may lose value. This is a common characteristic of forex trading, as it is a highly volatile market. Traders should be aware of the risks involved and carefully consider their investment objectives before engaging in forex trading.
Why trade with Ally Forex
Ally Invest Forex has established a strong reputation by prioritizing transparency, reliability, and a customer-centric approach. Here is an overview of the factors that contribute to Ally Forex being recognized as one of the top brokers in the United States.
- Extensive range of currencies: You can engage in real-time trading of over 80 currency pairs, as well as gold and silver, with Ally Invest Forex. This extensive selection allows you to access a wide range of trading opportunities in the forex market with zero commission and competitive spreads.
- Trading tools: Ally Invest Forex offers a range of user-friendly platforms that provide traders with ease of use, flexibility, and a comprehensive suite of professional charting and order management capabilities. Whether you prefer trading on your desktop, through the web, or on your mobile device, Ally Invest Forex has you covered.
- Research and Analysis: Stay up to date with market events using Ally Invest Forex’s economic calendar, which provides information on the potential impact, forecasted results, and actual results of economic events. Additionally, you can stay informed about market developments through real-time and concise news headlines from Reuters Newswires.
- Customer Support: Ally Forex offers top-notch customer service as they are committed to helping traders succeed. Their dedicated customer support representatives are available 24 hours a day from Sunday 10:00 am to Friday 5:00 pm ET on mobile and email.
What forex pairs does Ally offer?
Ally Invest Forex offers 80 currency pairs, including major, minor, and exotic pairs. While the specific list of major pairs may vary, some examples of major currency pairs commonly offered on Ally Forex include:
| Forex Pair | Currencies in Pairs |
| EUR/USD | Euro and US Dollar |
| EUR/GBP | Euro and British Pound |
| USD/JPY | US Dollar and Japanese Yen |
| AUD/USD | Australian Dollar and US Dollar |
| GBP/CHF | British Pound and Swiss Franc |
| USD/CHF | US Dollar and Swiss Franc |
| AUD/CHF | Australian Dollar and Swiss Franc |
| GBP/USD | British Pound and US Dollar |
| GBP/AUD | British Pound and Australian Dollar |
| CAD/JPY | Canadian Dollar and Japanese Yen |
The above-listed pairs are the most commonly used forex pairs. However, amongst these pairs are four major traditional forex pairs. These pairs are not necessarily known as traditional pairs based on their trading volume. These pairs include:
- GBP/USD
- USD/CHF
- USD/JPY
- EUR/USD
What are Ally Invest Forex’s features?
Ally Invest Forex provides various distinct features that allow their clients to put their trust in them and, as a result, have a fantastic experience. These outstanding features are as follows:
- Advanced Desktop Platform: Ally Invest Advanced Desktop is a feature-filled platform with a highly intuitive user interface. It allows you to personalize your trading environment according to your preferences.
- Customizable Trading Layouts: You can customize your trading layouts to suit your style. Choose from pre-set layouts or create and save your own. The platform also offers portable windows, ensuring easy access to your trades even when working with other programs.
- Advanced Charting: Spot trends in the market using advanced charting functionality. Access over 80 technical indicators, quality drawing tools, and integrated order management features. Flip between multiple charts, layer on technical studies, and even track, trade, and modify orders directly on the charts.
- Automated Trading Strategies: Create and customize automated trading strategies for real-time buy and sell signals. You can tailor strategies to meet your needs or build your own, then backtest them using historical data.
- Streaming News and Research: Stay informed with commentary and the latest research. Access real-time news headlines from Reuters Newswires and read daily and weekly research reports. The platform also provides an Economic Calendar to monitor critical economic data.
- Mobile Trading: Trade and manage your account on the go with Ally Invest Forex’s iPhone and Android apps. Stay connected to the markets and execute trades from anywhere, anytime.
- Wide Range of Trading Capabilities: Enjoy a full range of single and advanced order types, including market, stop, limit, and contingent orders. Ally Invest Forex also offers real-time price alerts, account management features, and access to over 18 technical indicators for chart analysis.
- Secure Trading Environment: Ally Invest Forex prioritizes security and uses firewalls and Secure Socket Layering (SSL) technology to protect your information.
What are the Pros and Cons of Ally Invest Forex?
After carefully evaluating the advantages and benefits offered by Ally Forex to its clients, we have compiled a list of reasons why individuals should or should not contemplate using Ally as their preferred trading broker. Here are some pros and cons:
| Pros | Cons |
| Ally offers feature-rich trading platforms, such as Ally Invest Advanced Desktop | Ally does not provide protection for forex trading through the Securities Investor Protection Corporation (SIPC) |
| Over 80 currency pairs, including major, minor, and exotic pairs | Limited third-party research providers, meaning limited analysis, insights, and recommendations on forex pairs. |
| Competitive and low trading fees, including commission-free trades | Inconsistencies across trading platforms |
| Integrated with Ally Bank, allowing for easy cash movement between banking and brokerage accounts | |
| Official licenses for brokerage activities from reputable US regulators | |
| An opportunity to invest in diversified portfolios for passive profit | |
| Mobile app for Android and iOS traders |
How to open an account with Ally Forex?
- Visit the Ally Invest Forex Sign-up page: Here, you can choose a platform that suits your trading style. You can select between Ally Invest Forex or MetaTrader, giving you flexibility. Additionally, you can open either a real account or a demo account. If you open a real account, you will be guided to an application page.
- Fill out an application: On the application page, you must fill in your email, username, password, name, and phone number. The broker will also require more information such as Date of Birth, Residential Address, Employer’s name (if applicable), and Tax identification number (SSN, ITIN, EIN, ID Number). Ally will review your application. The review process typically takes 24 hours or more.
- Fund your account: Once your application has been approved, the next step is to deposit funds into your trading account to execute trades. There are four ways of funding your account, which includes Debit cards (the fastest way to fund your account), wire transfer (typically receive funds within 1 to 2 business days), ACH (usually takes 2 to 5 business days), and Check (reflects 5 to 10 business days).
What are the ratings of Ally Forex?
Some factors make traders consider which online broker is best for them. Ally has been rated high based on some key factors like;
- Minimum Deposit: The minimum deposit requirement for Ally Invest Forex is $250, which might not be suitable for low-cost investors. However, it allows individuals to start trading forex without requiring a significantly higher initial investment. Rating: 8/10
- Demo Account: Ally Invest Forex offers a practice account option for traders. The account comes with $50,000 in virtual funds for practice and exploration. This allows beginners to familiarize themselves with the platform and trading strategies before investing real money. Rating: 9/10
- Pricing/Fees: When it comes to fees, Ally is very transparent and affordable. The broker does not charge a commission on forex trades. Instead, they earn compensation through the spread, which typically ranges from 1-2 pips and is fair for all traders. Rating: 7/10
- Security: Ally Invest Forex prioritizes security and employs various security protocols to protect user information and funds. One such protocol is firewalls and Secure Socket Layering (SSL) technology. Furthermore, the brokerage is licensed by the National Futures Association (NFA), a top regulatory body for Forex brokers in the country. Rating: 10/10
- Trader Education: Ally Invest Forex provides traders with valuable research and analysis and a robust collection of educational materials. The educational resources provided by Ally include articles and tutorials that cover various aspects of forex trading, such as technical analysis, fundamental analysis, risk management, and trading strategies. Rating: 9/10
- Customer Support: Reliable customer support is crucial in the fast-paced world of forex trading. Ally Forex understands this and offers 24/5 customer support to its traders from Sunday 10:00 am to Friday 5:00 pm ET. Traders can reach out to them via mobile and email. Rating: 9/10
- Beginner-Friendliness: Ally Invest is a solid choice for beginner investors looking to make simple trades without paying commissions. In addition to commission-free trading, Ally Invest provides a practice account that allows users to familiarize themselves with the platform and practice trading strategies. Rating: 7/10
- Trading Experience: With the platform’s features, traders can have a generally great trading experience. Aside from forex, the platform provides other investment options, including stocks, ETFs, and futures. Ally Invest aims to provide a platform that meets the needs of different types of traders. Rating: 8/10
- Trading Platform Features: Ally Invest offers a trading platform with various features to enhance the trading experience. These features include Real-time quotes, Trade execution, Charting and technical analysis tools, and mobile and web-based platforms. Rating: 7/10
- Currency Pairs: Ally offers forex trading with various currency pairs. Traders can access the forex market through the Ally and MetaTrader platform, which provides advanced charting and analysis tools. Rating: 8/10
How does Ally Forex compare to other Forex brokers?
Ally Invest Forex is a reputable trading platform that grants traders access to various financial instruments, including over 80 currency pairs and CFDs on precious metals, energy, and indices. The platform is highly regarded for its user-friendly interface, catering to traders of all experience levels. Additionally, the platform has a cost-effective pricing structure, offering some of the most competitive spreads in the market. Another noteworthy aspect is that Ally Invest Forex is available to clients in the United States, which sets it apart from other brokers whom the regulatory complexities may deter.
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