Summary: Even though Ally Bank offers indirect exposure to digital assets through trusts, stocks, and Bitcoin futures, Ally Invest doesn’t offer cryptocurrency spot trading. Therefore, investors have to use a licensed broker to invest directly in digital assets like Bitcoin (BTC) and Ethereum (ETH).
In short, to buy crypto with Ally Bank, we recommend using a multi-asset investment platform eToro and depositing USD from their Ally banking account. After testing multiple leading trading platforms, we found eToro to be the best choice for Ally customers, as it offers low fees, a wide selection of digital assets, and is trusted by over 30 million customers.
Best Crypto Exchange for Intermediate Traders and Investors
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Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
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0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
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eToro USA is registered with FINRA for securities trading.
Does Ally Bank allow crypto?
Ally Bank does allow crypto purchases. You can buy crypto with your Ally Bank account, but need to connect to a FINRA-licensed cryptocurrency exchange. As mentioned above, even though Ally Invest offers customers the chance to invest in crypto indirectly through crypto trusts and stocks, Ally does not support the buying and selling of cryptocurrency directly through its online banking platform.
How to buy crypto with Ally Bank?
The best way to buy Bitcoin or any other cryptocurrency with an Ally online account in the US is through a trusted broker like eToro.
The social investing platform eToro is a widely trusted digital asset platform with over 70 cryptocurrencies and unique features such as “Copy Trading,” which enables users to copy top-performing crypto traders, in addition to a custom watchlist, as well as advanced charts and technical analysis tools.
How to buy crypto with Ally Bank: Step-by-Step
You can get started in minutes with four simple steps:
- Step 1: Create an account on eToro and complete your verification (personal or company);
- Step 2: Enter the USD amount you want to deposit on the eToro platform;
- Step 3: Connect your Ally account to deposit your selected fiat currency;
- Step 4: The final step is to find the cryptocurrency you want to purchase and execute your trade.
Disclaimer: Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Finbold is not an affiliate and may be compensated if you access certain products or services offered by the MSB.
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
About Ally Bank
Ally Bank is a full-service digital-only bank headquartered in Sandy, Utah. Founded in 2009, Ally Bank is the online banking division of Ally Financial Inc., which has roots dating back to the 1920s. Along with checking, savings, money market, and certificate of deposit (CD) accounts, Ally provides mortgages, auto loans, personal loans, and investing and retirement products.
Services offered by Ally Bank include:
- Retirement accounts: Traditional and Roth individual retirement accounts (IRAs);
- Investment products: Stocks, bonds, mutual funds, ETFs, Bitcoin futures, crypto ETFs, options, margin accounts;
- Banking services: Checking accounts, savings accounts, small business accounts, credit cards, loans, and mortgages;
- Insurance products: Home, auto, business, and life insurance;
- Wealth management: Financial planning, portfolio management, and Robo-advisors.
Can you buy crypto on Ally Invest?
Unfortunately, the bank’s online trading platform Ally Invest doesn’t currently offer cryptocurrency spot trading; however, it does offer crypto-specific funds and stocks to invest in digital assets indirectly. You can find the exact crypto investing opportunities the bank offers on the Ally Invest trading platform’s website.
Ally Bank crypto policy
Although Ally Bank’s customers are provided several options to get exposure to crypto markets, such as coin trusts, Bitcoin futures, and cryptocurrency ETFs, they cannot trade cryptocurrencies like Bitcoin or Ethereum directly through their accounts. Fortunately, Ally bank crypto users can utilize their Ally online banking account to deposit or withdraw funds to and from regulated crypto exchanges.
The bank encourages clients interested in the crypto market to approach it as a speculative space and consider their investment goals as well as the risks involved. To directly buy or sell cryptocurrency, they recommend finding a trusted broker, such as eToro, and ensuring you understand the terms and conditions and any associated fees or costs.
Furthermore, for educational resources on digital assets, Ally Bank has dedicated a section of its website to cryptocurrencies.
Ally Bank has posted the following statement on cryptocurrencies on their website:
Our Take [on cryptocurrencies]
“The entire cryptocurrency space is speculative. Make sure you fully understand the risks. If you’re going to directly buy or sell cryptocurrency, find a trusted exchange and make sure you understand the terms and conditions as well as any associated fees or costs.”
Is investing in crypto safe?
The crypto sphere is still a relatively new and uncharted territory, making it a much riskier market than stocks or commodities. Rampant in pyramid schemes, collapses and subject to tremendous price volatility, investors willing to go in must possess a hearty appetite for risk.
Furthermore, although cryptocurrency broker-dealers in the US are required to register with FINRA, which imposes several requirements on them, including implementing and maintaining both anti-money laundering (AML) and customer identification programs (CIPs), crypto assets themselves are not regulated.
How to buy crypto safely
Fortunately, there are steps you can take to ensure you’re being careful when buying crypto. Let’s look at a few tips on what you should do when getting started with digital assets:
- Research the cryptocurrency you want to buy: Make sure you understand how it works and what the risks are;
- Only use a safe device: Avoid public computers and Wi-Fi networks. Always use your personal computer with a VPN, which helps establish a secure connection between you and the web;
- Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country;
- Secure your account: Use two-factor authentication and a strong password to protect your account;
- Use a secure wallet: Store your cryptocurrency in a secure wallet to protect it from hackers. You can opt for either a hot (online) or cold (offline) wallet. To choose the right one for you, make sure to check out our in-depth guide on crypto wallets;
- Don’t invest money you can’t afford to lose: Because the crypto market can be so volatile, you need to be conservative with your investments, particularly when starting out. For more investing tips, take a look at our guide on investing mistakes to avoid;
- Monitor your investments: Keep an eye on the market and be aware of any changes in the price of your chosen cryptocurrency.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
FAQs about how to buy crypto with Ally Bank:
How to buy crypto with Ally Bank?
You can buy crypto with Ally Bank by connecting your banking account to a third-party cryptocurrency exchange.
Does Ally Bank allow crypto?
Ally Bank doesn’t offer direct crypto trading. Instead, customers can connect their bank accounts to a FINRA-regulated broker to invest in crypto.
Is Ally Bank crypto-friendly?
Ally Bank is crypto-friendly, as it allows its customers to invest in crypto indirectly through crypto funds and stocks of companies heavily investing in crypto. However, you can’t purchase individual cryptocurrencies with Ally Bank.
What is Ally Bank’s crypto policy?
Ally Bank allows its customers to use their online banking accounts or services to buy, sell and trade digital assets through regulated exchanges.
What crypto exchanges does Ally Bank allow?
Customers can connect their Ally Bank account to a FINRA-licensed cryptocurrency broker to buy crypto.
Can you buy crypto on Ally Invest?
Ally Invest doesn’t currently offer cryptocurrency spot trading. However, Ally Invest’s cryptocurrency offering does include crypto-specific funds and stocks, so you can invest in digital assets with Ally Bank indirectly.
Can I transfer crypto from Ally Bank to eToro?
No, you cannot transfer cryptocurrencies directly from Ally Bank to eToro. You need to use your Ally Bank account to deposit USD into eToro and then buy crypto.
Best Crypto Exchange for Intermediate Traders and Investors
-
Invest in cryptocurrencies and 3,000+ other assets including stocks and precious metals.
-
0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit etoro.com/trading/fees.
-
Copy top-performing traders in real time, automatically.
-
eToro USA is registered with FINRA for securities trading.
