Ally Bank (Ally Invest) Review 2026
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $250
- MT4
- Proprietary platform
- Up to 1:200
- Forex trading with GAIN Capital partner
Our Evaluation of Ally Bank
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
Ally Bank is a moderate-risk broker with the TU Overall Score of 5.38 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by Ally Bank clients on our website, Traders Union expert Anton Kharitonov recommends users to thoroughly analyze pros and cons before opening an account with this broker as not all clients are satisfied with the company, according to reviews.
Ally is a regulated self-trading and money management broker that caters to experienced traders and professional investors.
How we tested Ally Bank
Traders Union has analyzed financial markets for over 14 years, evaluating brokers based on 250+ transparent criteria, including security, regulation, and trading conditions. Our expert team of over 50 professionals regularly updates a Watch List of 500+ brokers to provide users with data-driven insights. While our research is based on objective data, we recommend that users perform independent due diligence and consult official regulatory sources before making any financial decisions.
Learn more about our methodology and editorial policies.
Brief Look at Ally Bank
The Ally Bank broker is part of Ally Financial Inc., which is an American holding company. The original company was created in 1919 by the General Motors automobile corporation to conduct activities with its auto parts suppliers and associated automobile dealerships. In 2014, Ally started offering banking products, and since 2017, it has also offered brokerage services. Currently, it operates solely as an online bank and brokerage firm and has no physical branches. It does, however, offer favorable terms of cooperation at consistently competitive rates with professional round-the-clock support. The company's services are used by more than 8.1 million customers globally.
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- It has official licenses for banking, dealer, and brokerage activities from reputable US regulators.
- A wide range of assets is available such as currency pairs, metals, securities, and options.
- There is an opportunity to invest in diversified portfolios for passive profit.
- The company works only with US tax-paying residents.
- On the broker's website, there is no training on trading in various financial markets, nor is there a Forex glossary of terms.
- There are high commissions for withdrawing funds and the company does not compensate customers in any way.
- Only registered users can ask a question in the online chat.
- There is a time-consuming procedure for opening an account, which in some cases takes up to two weeks.
TU Expert Verdict
Chief Analytics Officer
Ally Bank offers personal and investment accounts with access to trading U.S.-listed stocks, ETFs, options, mutual funds, and spot Forex and metals. The broker supports self-directed trading, managed portfolios, and Forex accounts via MT4, with a minimum deposit requirement of $250 for Forex and no minimum for securities cash accounts. Leverage of up to 1:200 is available for Forex trading, and clients benefit from free options trading tools and zero commission on stock and ETF trades. Regulatory oversight includes FDIC insurance for banking, FINRA and SIPC membership for securities, and CFTC and NFA regulation for Forex, providing multiple layers of client protection.
However, a notable drawback is that Ally Bank only provides its services to U.S. residents, and all account holders must have a U.S. Social Security number. Additional disadvantages include high withdrawal fees, a lengthy account-opening procedure that can take up to two weeks, limited educational resources on the broker’s website, and no support for cent accounts. The broker may not be suitable for international traders, beginners, or those who prioritize low withdrawal costs and fast onboarding.
Ally Bank Summary
Your capital is at risk.
| 💻 Trading platform: | Proprietary platform (for investment trading), MT4 (for Forex) |
|---|---|
| 📊 Accounts: | Demo (Forex only), Self-Directed Trading (for self-trading), Managed Portfolio (managed portfolios), Forex |
| 💰 Account currency: | USD |
| 💵 Deposit / Withdrawal: | Debit cards, wire transfer, ACH payment, checks |
| 🚀 Minimum deposit: | From USD 250 (for Forex accounts) |
| ⚖️ Leverage: | Up to 1:200 |
| 💼 Copy Trading: | No |
| 📈️ Min Order: | 0.01 |
| 💱 EUR/USD spread: | From 0.7 pips |
| 🔧 Instruments: | Currencies, metals, stocks, ETFs, options (stocks and indices), mutual funds with fixed income |
| 💹 Margin Call / Stop Out: | No |
| 🏛 Liquidity provider: | Yes |
| 📱 Mobile trading: | No |
| ➕ Affiliate program: | No |
| 📋 Order execution: | Market execution |
| ⭐ Trading features: | Forex trading with GAIN Capital partner |
| 🎁 Contests and bonuses: | Bonus for the first replenishment of the deposit, compensation for the costs of transferring assets from other brokers |
The Ally broker offers competitive pricing for options, with stock options trading fees reduced to $0.50 per contract. The company's clients can also trade ETFs and US-listed stocks with zero trading fees. Ally does not have a minimum deposit required to open a stand-alone securities cash account. However, to trade from margin accounts, you need to deposit $2,000 or more. For accounts with managed portfolios, the initial investment is $100. The minimum deposit for Forex accounts is $250.
Ally Bank Key Parameters Evaluation
Video Review of Ally Bank
Trading Account Opening
To start trading with Ally Bank, you need to open a real account with the company. Registration on the site is only available to those with a US Social Security number. The procedure for creating an account and personal account differs depending on the selected type of account:
To open an Invest account, visit the official Ally website, go to the Self-trading section, and click Start trading. Next, fill out the registration form and log in to your personal account.
To start trading on Forex, you need to go to the website of the broker GAIN Capital, which provides access to the foreign exchange market. After that, you should choose a platform with optimal trading conditions, such as City Index or FOREX.com. Visit the official website of the selected broker and open a trading account under the rules established by the company. After passing the verification in the personal account, you can make a deposit and download the trading terminal, and then start trading.
The following functions are available in your Ally personal account:
In addition, the following functions are available to the user in the personal account:
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View market data for popular assets, as well as generate watch lists for trading instruments of interest.
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Track trading statistics for investment and managed accounts.
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Study financial research and analytical materials.
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Quickly communicate with technical support staff via online chat.
Is Ally Bank Safe?
The banking activities of Ally Bank are regulated by the FDIC - Federal Deposit Insurance Corporation. Securities trading is available through Ally Invest Securities LLC, a member of FINRA and SIPC. Advisory products and services are offered through Ally Invest Advisors, Inc., an SEC-registered investment advisor.
Clients trading Forex assets are served by the division of Ally Invest Forex LLC., which is the representative broker of the largest American holding company GAIN Capital Group. It is regulated by the Commodity Futures Trading Commission (CFTC), is a member of the National Futures Association (NFA), and acts as a clearing agent and counterparty for all Forex trades. Ally Invest Forex LLC is also registered with the NFA under the number 0408077.
Advantages
- The broker provides services strictly under the requirements of regulators
- Membership in the Securities Investor Protection Corporation (SIPC) allows you to satisfy client claims up to $500,000
- The trader can file a formal complaint with the regulators against the brokerage company
Disadvantages
- SIPC coverage does not apply to clients who trade Forex assets
- Lengthy account opening procedure
- Only US residents can open investment accounts
Commissions and Fees
Traders Union experts have carefully studied the information on commissions presented on Ally’s website. The brokerage fee for trading securities ranges from $0 to $9.95 depending on the asset type selected. On Forex accounts, a floating spread is held as a trading commission, which starts from 0.7 pips. The broker also charges withdrawal fees: $25 for each transaction made and from $5 to $50 if the client transfers money to a third-party bank account, and not to Ally Bank.
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Forex | From $7 | Yes |
| Stock market | From $1 | Yes |
A swap fee is charged for transferring a position to the next trading day. Also, the Traders Union analysts compared the size of the spread of Ally Bank and other Forex brokers. Taking into account the obtained average data, each company was assigned an appropriate level of commission.
| Broker | Average commission | Level |
|---|---|---|
|
$4 | |
|
$ | |
|
$0.02 |
Account Types
Ally offers accounts for active trading and passive investing. They differ in the size of the minimum deposit and the range of assets available for trading.
Account types:
To train for Forex trading, you can use demo accounts with conditions identical to real accounts.
Ally is a company with a wide variety of instruments, which is aimed at both independent traders and investors who prefer to receive passive income from their investments.
Deposit and Withdrawal
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Withdrawal requests from verified clients, generated from 7:00 am to 3:55 pm (EST), are processed by the company on the same day.
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On top of any bank charges, the broker will charge $25 for each withdrawal.
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Withdrawals are made via ACH (Automated Clearing House), bank transfer, and to cards. With the first two methods, withdrawals can be made only after 60 calendar days from the date of the deposit. Withdrawals to Ally Bank accounts are made within a few minutes.
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When withdrawing to an account with another bank, Ally Bank charges a fee of $30. The customer can also request a check by paying a $5 fee. If the check request is confirmed over the phone, there is an additional $50 fee.
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Withdrawal and deposit currencies include US dollars, euros, Japanese yen, Swiss francs, Canadian and Australian dollars, and pounds sterling.
Investment Options
Ally offers a wide range of stand-alone and managed portfolio products and low fees to help you manage your securities investments profitably. Four types of diversified portfolios include more than 100 assets. Also, the investor can choose the optimal level of risk for himself, ranging from conservative to aggressive. Forex traders have access to MetaTrader 4 trading signals and a built-in service for automatically copying trades of experienced market participants.
Ally Invest Managed Portfolios manages customer accounts using different risk levels
Experienced investment professionals of Ally Invest manage portfolios using analytics, mathematics, as well as technical and fundamental analysis. The investor chooses the type of portfolio based on the tasks and the level of acceptable risk and deposits money into an investment account. Further, daily management and monitoring are carried out using intelligent technology. If necessary, the portfolio can be rebalanced without investor intervention. The main features of Ally Invest Managed Portfolios are:
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There are four types of portfolios available, which are Core (with a high diversification by assets); Income (with a high dividend yield while maintaining a conservative level of risk); Tax optimized (for ETF trading with tax incentives); Socially Responsible (for investments in green companies).
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The minimum investment to start investing is $100.
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30% of the portfolio is set aside in cash, which serves as a buffer against market volatility.
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The broker does not withhold consulting fees, annual fees, or rebalancing fees. The service fee depends on the total account balance at the end of the trading day. Commissions are summed up on a daily basis and are set monthly in the investor's personal account.
To receive passive income, you need to open an Ally Invest account, select the type of strategy and make a deposit of $100 or more. An investor can monitor portfolio performance 24/7 using virtual instruments and, if financial needs change, update investment parameters. The service fee is charged during the first 10 days of the month for the previous month. Its exact amount is shown in the monthly statement.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Ally Bank’s affiliate program
Ally does not have its own affiliate programs. However, the company is an introducing broker (IB) for GAIN Capital Group. For this reason, clients who open a Forex account here can receive rewards for participating in affiliate programs provided by GAIN Capital, which include Affiliates, White Label, and Introducing Broker. The main condition for receiving commissions from the broker is the connection of new active users and the expansion of the client base of GAIN Capital Group.
Customer Support
Calls to Ally Bank are available Monday through Friday from 8:00 am to 11:00 pm and Saturday from 9:00 am to 7:00 pm ET. The online chat is available 24/7.
Advantages
- There is a 24/7 online chat service
- A separate communication channel is available for each service
Disadvantages
- Telephone support is closed on Sunday
- Only registered users can ask questions in chat
- Support is provided in English only
Available communication methods:
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call to the phone numbers indicated on the website;
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email;
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online chat on the company's website;
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feedback form;
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messenger apps on Facebook and Twitter;
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company profiles on Instagram and LinkedIn.
For clients with active accounts, support is available from the broker's website and through the personal account.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | 500 Woodward Ave, Detroit, MI 48226, USA |
| Regulation | FDIC, FINRA, SIPC, SEC, CFTC, NFA |
| Official site | ally.com |
Education
The company's website has a training section, but the articles presented in it are focused on customers who primarily use Ally Bank's banking services. Useful information for Forex traders is not presented there.
The information provided will help form the right habits to improve the future state of personal finances.
Detailed Review of Ally Bank
Ally Bank serves over 8 million clients worldwide. Its services are used by active traders and passive investors who prefer to use money management solutions. The company's activities are regulated by state and federal financial commissions such as FDIC 57803, SEC 170301, CFTC, and NFA 0408077. Investment protection in the stock market is ensured by Ally's membership in FINRA 136131 and SIPC. The broker offers favorable terms of cooperation to investors by refusing to withhold fees for consulting services.
Ally's official website contains the following information about the company's activities:
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More than 2.25 million customers opened deposits here with total assets of USD 137 billion.
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More than 18,700 dealers use Ally Bank's lending services.
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The company serves more than 405 thousand Invest brokerage accounts with assets totaling $13.4 billion.
Ally is a company with a wide range of banking, dealer, and brokerage services
Ally is a company that regularly introduces innovative digital technologies to improve brokerage, dealer, and banking services. The award-winning online bank offers a full range of banking products, including housing and personal loans, lending, certificates of deposit (CD), and individual retirement accounts (IRAs). The American holding company also provides securities brokerage and investment advisory services through Ally Invest. Its clients can trade in securities (stocks, options, fixed income ETFs, and mutual funds), spot metals, and currency pairs.
The broker provides its clients with two trading platforms. Traders perform operations with securities through its proprietary terminal. Forex assets are traded through the MetaTrader 4 platform. Both terminals are available in desktop, mobile, and web versions.
Useful services of Ally Bank:
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Maxit Tax Manager. A service that helps an investor to automatically calculate the number of deductions for filling out a tax return.
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Research. Quotes, charts, company news, earnings, and key figures
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Ally Invest LIVE. Streaming quotes for non-professional users
Advantages:
Licensed by reputable US government regulators and investment insurance by the Securities Investor Protection Corporation (SIPC).
Low trading fees on all account types.
Managed Portfolio investment accounts allow you to receive income on investments from $100.
In addition to access to the securities market, the broker provides an opportunity to trade on Forex.
A wide range of available stock and foreign exchange market instruments.
The ability to conduct through one company not only professional trading activities but also use the full range of banking and credit services.
A trader can transfer assets from other brokerage companies to Ally: when transferring more than $2,500, compensation for the commission for the operation is available.
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