Summary: When it comes to investing in cryptocurrencies, Ally Bank does not offer direct support for buying and selling digital assets. Customers of Ally can instead use a third-party exchange to invest in cryptocurrencies.For customers in the United States, we recommend using trusted and FinCEN licensed eToro. Signing up is free of charge, takes only 2 minutes and you can then buy 1000s of digital assets such Bitcoin (BTC), Ethereum (ETH) and many others!
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Can I buy crypto or Bitcoin with Ally Bank?
Ally Bank does not offer a direct way for its customers to buy cryptocurrencies via its accounts. Instead, customers can buy crypto via third-party exchanges such as eToro and Uphold.
Buy Bitcoin with Ally Bank & eToro
They can do this by connecting their Ally Bank accounts to an exchange of their choice. Once done, deposit of funds can be made via Bank tranfers (ACH) or credit/debit card deposits.
Bank transfers are in most cases free of charge and may take 1-2 business days to arrive. Deposits with credit/debit card are instant but come with higher deposit fees.
How to buy crypto with Ally Bank
The first step is to signup to a cryptocurrency exchange like eToro and Uphold. Signing up only takes a few minutes and is free of charge.
Once done you can connect your Ally Bank account to said exchanges and make your first deposit.
Bank deposits are free of charge and normally the funds take about a day before they arrive in your account.
Once safely deposited, you can begin investing in your favourite cryptocurrencies.
How to signup in minutes
1. Create Account: Signup and add your identity verification. 2. Deposit Funds: Via your Ally Bank account or Credit Card/Debit Card. 3. Start Buying: Once your US Dollars have entered your account.
Buy crypto with Ally Bank & eToro
Ally Invest Crypto
Unlike many other banks, Ally Bank offers indirect access to Bitcoin and other cryptocurrencies through its Ally Invest platform.
This allows customers to get indirect exposure to the cryptocurrency market via trusts, futures and stocks. In their own words Ally Bank says the following on their website:
We don’t currently offer cryptocurrency spot trading. However, we do offer crypto-specific funds and stocks to indirectly expose your portfolio, no coins or wallet needed. Keep in mind, these aren’t recommendations and are still subject to volatility, annual fees and other individual costs.
Ally Bank Crypto Trusts, Bitcoin Futures, Crypto Stocks
Below is a selection of the crypto-specific funds and stocks available with Ally Bank:
Ally Crypto Trust
Greyscale Bitcoin Cash Trust
Grayscale Bitcoin Trust
Greyscale Ethereum Classic Trust
Greyscale Litecoin Trust
Osprey Bitcoin Trust
Ally Bank Bitcoin Futures
ProShares Bitcoin Strategy ETF
Global X Blockchain ETF
Valkyrie Bitcoin Strategy
VanEck Bitcoin Strategy ETF
Ally Invest Crypto Stocks
Coinbase Global (COIN)
Marathon Digital Holdings (MARA)
MicroStrategy (MSTR)
Tesla INC (TSLA)
PayPal Holdings (PYPL)
Ally ETF Crypto
At present, Ally Invest does not provide direct cryptocurrency spot trading services. However, they do offer alternative options for investors to indirectly gain exposure to the cryptocurrency market.
One such option is through crypto-specific funds and stocks, which allow investors to include cryptocurrency assets in their portfolios without the need for owning actual coins or a dedicated wallet.
Ally crypto ETFs
Ally Invest provides access to a selection of crypto-specific funds and stocks, including the Grayscale Bitcoin Trust (GBTC) and the Orsprey Bitcoin Trust (OBTV), which are funds that own cryptocurrency assets.
Additionally, they offer the ProShares Bitcoin Strategy ETF (BITO), a fund that invests in crypto futures.
In terms of stocks, Ally Invest includes companies involved in the cryptocurrency industry, such as Coinbase (COIN) and PayPal (PYPL).
While Ally Invest does not facilitate direct cryptocurrency spot trading, these crypto-specific funds and stocks provide investors with an opportunity to indirectly participate in the cryptocurrency market through their investment portfolios.
Is Ally Bank crypto friendly?
Ally Bank is crypto-friendly even though like most other banks in the United States, you can't buy and sell cryptocurrencies directly via their banking platform.
As shown above, Ally Bank does however allow its clients to gain indirect exposure to the crypto market via Crypto Trusts, Bitcoin Futures and other crypto stocks. For clients who want more direct exposure to buy cryptocurrencies, we recommend eToro.
Does Ally Bank Allow Crypto?
Ally bank allows its customers to deposit funds from their Ally accounts in order to buy and sell cryptocurrencies using regulated and trusted third party exchanges.
Does Ally Bank Accept Bitcoin?
Ally Bank does not and can not accept Bitcoin as it currently does not have the infrastructure in place to support Bitcoin deposits.
If you want to acquire or store Bitcoins, you have to turn to a cryptocurrency exchange or use a crypto wallet that supports native Bitcoin.
Ally Bank Coinbase
Another question is whether Ally Bank works with Coinbase. While they do not work together, Ally Bank clients can receive indirect exposure to the cryptocurrency market by buying Coinbase Stock (COIN).
Customer of Ally Bank can also link their bank accounts to cryptocurrency exchanges like Uphold, Coinbase and eToro to receive direct exposure to specific cryptocurrencies like Bitcoin, Ethereum, Solana and many others.
About Ally Bank
Ally Bank is an award winning online bank headquartered in Detroit, Michigan. The bank which was founded in 1919 is now a subsidiary of the Detroit-based Ally Financial Inc.
Ally Bank provides a full suite of banking services, including checking and savings accounts, money market accounts, certificates of deposit, auto financing and mortgages.
Ally Bank Website
The Ally Bank mobile app also offers a great way to manage your finances on the go. With this app, users can easily check your balance, transfer money, deposit checks, pay bills, and more.
Ally Bank is FDIC insured which means that all deposits (up to $250,000 per depositor) are insured by the Federal Deposit Insurance Corporation (FDIC).
This means that if Ally Bank were to fail, customers would be able to recover their deposited funds up to the FDIC maximum of $250,000.
Ally Bank has over 3,000 employees that help manage over 2.5 million depositors and $140 billion in total deposits. Ally Bank serves over 500 000 investment brokerage accounts with over $13.5 billion in assets.
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk.
Author
Mike Harry
Mike is a passionate crypto enthusiast who bought his first Bitcoin in 2016. With a natural curiosity and a love for learning and tinkering, Mike is always trying out new DeFi applications. Mike excels at breaking down difficult concepts into easy-to-read guides for beginners.
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