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How to Buy Crypto with Ally Bank [2023] | Step-by-Step

How to Buy Crypto with Ally Bank [2023] | Step-by-Step Guide

Summary: While Ally Bank provides indirect exposure to cryptocurrencies through crypto trusts and stocks, as well as Bitcoin futures, it doesn’t offer customers the chance to trade individual cryptocurrencies directly from its platform. Instead, Ally’s customers can connect their banking accounts to a Financial Industry Regulatory Authority (FINRA) licensed cryptocurrency broker to buy digital assets like Bitcoin (BTC) and Ethereum (ETH). 

In short, to buy crypto with Ally Bank, investors in the US will need to sign up with a FINRA-regulated crypto exchange like eToro and deposit USD from their Ally account.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

Does Ally Bank allow crypto? 

You can buy crypto with Ally Bank, but you need to connect to a FINRA-licensed cryptocurrency exchange. As mentioned above, this is because Ally does not offer 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 FINRA-regulated broker like eToro, which is a licensed and 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 staking service, custom watchlist, as well as advanced charts and technical analysis tools. 

Crypto on eToro. Source:

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.

Best for:

Intermediate Traders and Investors

2.8 Million Active Accounts
Finbold is compensated if you access certain of the products or services offered by eToro USA LLC and/or eToro USA Securities Inc. Any testimonials contained in this communication may not be representative of the experience of other eToro customers and such testimonials are not guarantees of future performance or success.

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.

Ally’s homepage.Source:

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

Ally Bank’s 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, clients can use 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.

For educational resources on digital assets, Ally Bank has dedicated a section of its website to cryptocurrencies.

How to buy crypto safely

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. 

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 and how to best protect yourself and your hard-earned cash:

  • 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, keeping your sensitive information safe;
  • Choose a reputable exchange: Ensure the exchange is licensed by the appropriate regulators in your country and has a solid track record. Study the exchange’s user terms and agreements carefully to learn more about where your money is kept and what happens to your funds if the business goes bankrupt. You may also want to scour through user reviews to catch any red flags;
  • 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, have 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 the cryptocurrency you’re investing in. 

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?

While Ally Bank doesn’t offer crypto trading directly through its own platform, customers can connect their bank accounts to a FINRA-regulated digital asset 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, and for crypto spot trading have to sign up with a crypto exchange.

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. 

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