How to Buy Crypto with Ally Bank

Can I Buy Bitcoin with Ally Bank?

Yes, Ally Bank customers can buy Bitcoin using regulated cryptocurrency exchanges in the USA. The bank enables users to transfer funds to platforms that comply with Financial Crimes Enforcement Network (FinCEN) regulations. American investors can deposit USD through ACH bank transfers or debit cards, simplifying the purchase process.

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How to Buy Crypto with Ally Bank

Ally Bank account holders interested in cryptocurrency can use exchanges that adhere to FinCEN regulations. One of the recommended platforms is Kraken, which supports over 280 digital assets for both trading and staking. Kraken offers several payment options for USD deposits, including ACH transfers, bank transfers, debit cards, and Google Pay.

Here’s a short guide to buying crypto with Ally Bank through Kraken:

1. Register: Visit the Kraken website and sign up for a new account using your email address. Complete the identity verification process to comply with KYC regulations.
2. Connect Account: Initiate a transfer from your Ally Bank account. You can do this via an ACH transfer or by using a debit card.
3. Select Token: Once your funds are deposited, explore the extensive list of over 250 digital currencies available for purchase.‍
4. Execute Transaction: Select the coin you want to buy, enter the amount of USD you wish to invest, review the transaction details, and confirm your purchase.

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What are the Fees?

It's essential to be aware of the fees involved when using a digital asset exchange to avoid any unexpected charges. These fees can include costs for depositing funds, making trades, and withdrawing money. Trading fees vary by platform, typically ranging from 1% to 2%.

For Ally Bank customer, Kraken is a great choice. Its trading fees start at just 0.16%, which is lower than other exchanges like Coinbase, where fees can exceed 2%. Additionally, it offers free USD deposit options such as ACH transfers, making it an affordable option for investors using Ally Bank.

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Is Ally Bank Crypto-Friendly?

Yes, Ally Bank is considered crypto-friendly and supports transfers to exchanges that comply with Financial Crimes Enforcement Network (FinCEN) regulations. Although the bank does not currently offer direct crypto trading, it provides indirect exposure through Ally Invest. Customers can invest in crypto-specific funds, Bitcoin futures, and stocks of crypto-related companies.

The bank remains committed to providing modern investment options within its services, allowing clients to explore the potential of digital currencies securely. This approach ensures that while Ally does not facilitate direct crypto transactions, it still supports customers through trusted channels.

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About Ally Bank

Ally Bank is an online financial institution offering high-yield savings accounts, interest-bearing checking accounts, and no-penalty CDs. Known for its user-friendly platform, the bank provides products like the Ally Interest Checking Account and Ally Online Savings Account, focusing on competitive rates and low fees. With no physical branches, it specializes in efficient digital banking.

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Bottom Line

In conclusion, Ally Bank allows customers to invest in cryptocurrencies facilitating funf transfers to regulated exchanges like Kraken. We recommend Kraken as it is registered as a Money Services Business with FinCEN (No. 31000270997766), providing a secure environment to buy, trade and stake over 280 digital assets with low fees.