How to Buy Crypto with Ally Bank

Discover the easiest method to buying crypto assets like Bitcoin and Ethereum with a Ally Bank account. Get started in minutes with a regulated exchange.

Bottom Line: Ally Bank lacks direct cryptocurrency investment options via its app or Ally Invest brokerage platform. To buy crypto, US investors must use a third-party digital asset exchange accepting USD deposits. We advise using a FinCEN-licensed exchange for secure, regulated trading and maintaining regulatory compliance in the country.

After completing a thorough investigation into the leading crypto brokers, our expert team has determined that eToro is the best option for Ally customers, offering immediate USD deposits to trade 3000+ assets, including cryptocurrencies, stocks, and ETFs. eToro is a social trading platform that offers unique features like copy trading services and a virtual platform where users can make paper trades up to $100k.

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
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The FinCEN, CySEC, the FCA & more.
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eToro is the best crypto exchange for Ally Bank customers because it has low trading fees, offers free instant deposits, has an extensive selection of 3000+ assets including cryptocurrencies like Bitcoin.

Can I buy Crypto with Ally Bank?‍

Ally Bank does not provide a specific feature for purchasing cryptocurrencies, such as Bitcoin, directly through its online banking system. Despite the absence of dedicated cryptocurrency trading tools, Ally Bank allows fund transfers to licensed cryptocurrency trading platforms in the United States. To ensure your investments' security, opting for a U.S. digital asset exchange under the regulation of the Securities and Exchange Commission (SEC) is advisable.

How to Buy Crypto with Ally Bank

As outlined above, the recommended crypto platform for Ally account holders is eToro. They allow you to connect your Ally account and deposit USD via ACH Transfer (Plaid), Debit Card, Credit Card, Apple Pay, and Google Pay. As a US-based exchange, they are FinCEN-licensed and are a compliant & regulated platform to trade digital assets on.

Here is a simple step-by-step guide to getting started with our recommended broker, eToro:

  1. Open a free account on eToro and complete the verification requirements.
  2. Tap 'Deposit Funds', select a method, and transfer USD from Ally Bank.
  3. Go to the search bar, find the cryptocurrency you want to buy, and tap 'Trade'.
  4. Input the amount you want to invest in the token and tap 'Open Trade'.
How to Buy Crypto with Ally Bank.

Ally Bank Cryptocurrency Policy

Ally Bank actively supports cryptocurrency adoption by allowing its users to freely invest in the asset class by approving transactions to regulated and licensed digital asset exchanges in the US. There is nothing stated in Ally Banks policies that would prohibit customers from buying and selling crypto with the funds in their accounts or cards. However, the bank may freeze transfers to unregulated offshore platforms like Bitget.

Deposit and Trading Fees

‍When considering stepping into the world of cryptocurrency through Ally Bank, it's essential to comprehend any potential fees involved. Here's a rundown of typical costs that crypto enthusiasts may encounter with digital asset trading:

  • Deposit Fees: Unlike crypto exchanges that provide zero-cost deposits, Ally Bank could levy specific transfer fees. It's wise to verify these costs with the bank. Deposits executed via a credit card linked to Ally Bank may face a fee that exceeds 2%.
  • Transaction Fees: Most crypto trading platforms usually impose a spread, a minute percentage of each transaction. This spread fluctuates based on the crypto asset and platform, often hovering around 1%.

It's worth noting that fees can vary across platforms, so it's advisable to meticulously scrutinize the most recent fee information from your preferred crypto exchange and Ally Bank.

The Bottom Line

In conclusion, Ally Bank does not provide direct cryptocurrency investing options, but it does support its customers in investing in crypto assets through regulated third-party exchanges like eToro. As the top choice for Ally Bank account holders, eToro offers a secure, low-fee platform for trading various assets, including cryptocurrencies. By following the outlined steps, users can easily deposit funds from their Ally accounts and begin trading digital assets with confidence.

FAQs

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