Ally Invest Forex is the forex trading platform offered by Ally Invest, a subsidiary of Ally Financial Inc. The platform allows users to trade in the forex market, which is the largest and most liquid financial market in the world. In order to access the platform and start trading, users need to create an account with Ally Invest Forex. In this article, we will explain what an account is in Ally Invest Forex and how it works.
An account in Ally Invest Forex is a personal trading account that allows users to buy and sell currencies in the forex market. Each account has a unique account number and is linked to a user’s personal information, such as their name, address, and contact details. Once a user has created an account, they can deposit funds into it and start trading.
There are two types of accounts available in Ally Invest Forex: a standard account and a managed account. A standard account is a self-directed account, which means that the user is responsible for making all trading decisions and managing their own trades. A managed account, on the other hand, is a professionally managed account where a team of experienced traders manages the user’s trades on their behalf.
To open a standard account with Ally Invest Forex, users need to complete an online application form and provide some basic information about themselves, such as their name, address, and employment status. They also need to provide information about their trading experience and investment goals. Once the application is submitted, Ally Invest Forex will review it and approve the account if it meets their requirements.
To open a managed account, users need to contact Ally Invest Forex and speak to one of their investment advisors. The advisor will provide more information about the managed account and help the user choose a suitable investment strategy. Once the user has agreed to the terms and conditions, the managed account will be set up and the investment team will start managing the user’s trades.
In order to start trading in Ally Invest Forex, users need to deposit funds into their account. The minimum deposit amount for a standard account is $250, while the minimum deposit for a managed account is $2,500. Users can deposit funds using a variety of payment methods, such as credit card, bank transfer, or electronic wallet.
Once the user has deposited funds into their account, they can start trading. The platform provides access to a wide range of currency pairs, including major, minor, and exotic pairs. Users can place trades using a variety of order types, such as market orders, limit orders, and stop-loss orders. They can also use leverage to increase their trading power and potentially increase their profits.
In conclusion, an account in Ally Invest Forex is a personal trading account that allows users to buy and sell currencies in the forex market. There are two types of accounts available: a standard account and a managed account. Users can open an account by completing an online application form and depositing funds into it. Once the account is set up, users can start trading in a wide range of currency pairs using a variety of order types and leverage.