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What are the currency in ally forex account?

Ally Forex is a popular online forex trading platform that allows traders to buy and sell currencies from around the world. Forex trading involves the buying and selling of currencies, with the aim of making a profit from the fluctuations in exchange rates. In the forex market, currencies are traded in pairs, with one currency being sold for another. This article explains the currencies that are available for trading on the Ally Forex platform.

The Ally Forex platform offers a wide range of currency pairs for trading, including major, minor, and exotic pairs. Major currency pairs are those that include the US dollar as one of the currencies, such as EUR/USD, GBP/USD, and USD/JPY. These pairs are the most actively traded in the forex market and are considered to be the most liquid.

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Minor currency pairs do not include the US dollar and include currencies such as the euro, the British pound, and the Japanese yen. Examples of minor pairs include EUR/GBP, EUR/JPY, and GBP/JPY. These pairs are less liquid than major pairs but still offer good trading opportunities.

Exotic currency pairs include currencies from emerging economies and are less frequently traded. Examples of exotic pairs include USD/ZAR (US dollar/South African rand), USD/RUB (US dollar/Russian ruble), and USD/TRY (US dollar/Turkish lira). These pairs offer higher potential returns but also carry higher risks due to their low liquidity.

Ally Forex offers trading in over 80 currency pairs, including major, minor, and exotic pairs. Traders can choose from a range of account types, including standard, premium, and professional accounts. The minimum deposit required to open an account is $250, and traders can trade in lot sizes ranging from 0.01 to 100 lots.

Traders can also use leverage to amplify their trading positions. Leverage allows traders to control larger positions with a smaller amount of capital. For example, if a trader has a leverage of 1:100, they can control a position worth $100,000 with a margin of $1,000. However, leverage also increases the risk of losses, and traders should use it with caution.

In addition to currency trading, Ally Forex also offers trading in other financial instruments, including stocks, futures, and options. Traders can access these markets through the MetaTrader 4 (MT4) platform, which offers advanced trading tools and features.

In conclusion, Ally Forex offers a wide range of currency pairs for trading, including major, minor, and exotic pairs. Traders can choose from a range of account types and use leverage to amplify their trading positions. However, trading in the forex market carries risks, and traders should have a solid understanding of the market and its dynamics before investing their capital.

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