Ally Invest Forex Review
Ally Invest caters well to traders on a budget by providing accounts with low minimums and tight spreads. A functional trade execution interface and robust reporting tools simplify repetitive tasks, saving you time and hassle.
Low barriers to opening an account
While some brokers like ATC Brokers have initial investment requirements as high as $5,000, you can start trading forex on Ally Invest’s platform with as little as $500. The low minimum and ability to trade micro lots play well with the novice investor. Add in pricing spreads as low as 1 pip and it’s easy to see why Ally Invest Forex is great for the budget-minded investor with a smaller bankroll.
Expert Advisors automated strategies
Advanced traders can take advantage of the Expert Advisors (EA) strategy within the MT4 platform. Traders program EAs to analyze the market for opportunities to automate trading decisions and set risk management criteria. EAs are efficient ways to take advantage of market opportunities without the investment of time in front of a computer.
Intuitive interface and customizable layout
New traders appreciate the intuitive feel when placing trades and checking orders. This is easily done by clicking on the trading panel where every spread is updated in real time with buy or sell buttons for quick execution. More advanced traders can take advantage of the customizable layout by creating multiple chart windows or a watchlist of the top currencies to track.
Solid reporting and data export functions
Reporting features are often overlooked, but Ally Invest delivers useful reports which can all be exported to a .CSV file. The account value summary breaks down your running balance by displaying all transaction types so you know if an increase came from a realized trade P/L, interest, or customer deposit. Come tax time, export your realized P/L report for a simple transfer to your accountant.
Markets move fast, and Ally Invest lets you capitalize on quick market movements by entering trades with one click from the trading panel. Instead of opening an order ticket, choosing which order type, and setting a price limit, simply click buy or sell and your order executes swiftly at the market price. This is also a useful feature when learning to trade because it simplifies the order entry process.
Poor educational resources
For a platform that seems to cater to beginners, Ally Invest Forex needs to improve in the education department. While the site does a decent job of walking a trader through the basics, it lacks videos and webinars that most other brokers offer. Brokers like FXDD knock education out of the park by offering courses, videos, and platform tutorials.
Limited access to other investments
From the Ally Invest Forex account, traders can trade both gold and silver CFDs (contracts for difference). With only two trading options, Ally Invest falls behind market leaders such as thinkorswim, which offers stocks, options, futures, as well as other investment products. Other investment products are accessed through separate Ally Invest accounts.
Must be logged in for automated strategies
Advanced traders may get excited about the automated trading capabilities from Ally Invest’s metatrader platform. However, you need to be logged into your account for the strategies to run. An automated strategy should work without you there. Because forex markets trade around the clock, this requirement makes it difficult to execute Ally Invest’s automated strategies and defeats the purpose.
Costs and Fees
- Forex Trade: $13
- Forex Trade Cost Type: Pips
- Futures Trade: N/A
- Minimum Deposit: $500
- Options Trade: N/A
- Stock Trade: N/A
- Clearing Method: Straight Through Processing
- Maximum Leverage (International): 50:01:00
- Maximum Leverage (U.S.): 50:01:00