Ally has been serving finance customers of one kind or another for more than a century, and is now regarded as one of the best forex brokers (opens in new tab) in the US. Building on the foundations it established as one of the first providers of auto finance, Ally has since branched out into many areas of personal finance, and has 8.5 million people trusting in its service, whether they have a savings account, a personal loan, or a mortgage with the bank. Importantly, Ally has never forgotten its roots, and as such features in our rundown of the companies that offer the best auto loans (opens in new tab).
Ally Invest review: Platform options
Ally offers currency traders two main trading platforms in the form of Ally Invest Forex and MetaTrader. Ally Invest Forex is an easy-to-use and customizable platform that offers a full suite of charting and order management tools all on a single screen. The advanced charting functionality is designed to help you spot market trends, and includes more than 80 technical indicators. There are drawing tools, the ability to flip between multiple charts and trade setups, layer on technical studies, and even track, trade and modify orders directly on the charts.
Aimed predominantly at the more experienced currency trader, MetaTrader 4 allows the placing of more sophisticated orders, including the option to systematically program your strategy so that you can trade the market actively, without having to sit at your computer 24/7. It also offers the option to overlay pre-defined technical indicators or create your own, and to place trades directly on the charts.
Both options allow for the creation of automated trading strategies, to react to real-time buy and sell signals, while you can trade and manage your account while away from your desktop using the iPhone and Android apps. There's a web trading option too, easily accessible from all browsers.
Ally Invest review: Essential details
While the minimum deposit to start trading Forex is $250, Ally recommends starting with at least $2,500 to allow you more flexibility and better risk management. There's 50 currency pairs from which to choose, and over 80 technical indicators with which to try and keep track.
Commission isn't charged on forex trades, with Ally compensated instead via the spread, which is the difference between the bid and ask. However, be aware that you may incur a rollover charge if you hold your positions overnight.
Ally Invest review: Research and support
Forex trading with Ally Invest is supported by the research and analysis that the platforms can provide. There's an economic calendar complete with commentary on an event's potential impact, alongside forecasted results and actual results, while you can also keep up to date with market developments via the real-time news headlines supplied from Reuters Newswires.
If you're a novice trader, the education section lays out all the basics of forex trading, and looks at how technical and fundamental analysis can work to your benefit. However, while the right words and explanations are all there, it is only words - a few example charts, diagrams, videos, pictures, or anything wouldn't go amiss to try and liven things up a bit. If you think you're ready to get trading, it might be an idea to make use of the practice trading account for a while first, just to make sure you're on the right track.
In terms of support for those who do sign up, Ally has dedicated support representatives available 24 hours a day from Sunday 10:00am to Friday 5:00pm ET, or you can email. Multi-lingual support is said to be available in 17 languages.
Should you use Ally Invest?
Ally Invest offers all the forex trading options you would expect, including commission free trades, 50 currency pairs and a host of technical indicators as you strive to make your way through the markets. Where it really excels, however, is in the customizable platform options, which can be tailored exactly how you would like them, and the charting and auto-trading wizardry that they provide.