Can you Buy Crypto with Ally Bank?
Yes, it is possible to buy cryptocurrencies with Ally Bank, but not directly through their online platform. Instead, you'll need to use a FINRA-regulated exchange in the USA that accepts ACH transfers and deposits from Ally Bank accounts.
These exchanges are regulated by the Financial Industry Regulatory Authority (FINRA) and allow you to use funds from your Ally Bank account to buy cryptocurrencies like Bitcoin and Ethereum. By signing up with a regulated exchange, you can invest in cryptocurrencies with confidence and security, knowing that your transactions are monitored and your funds are protected.
How to Buy Bitcoin and Crypto with Ally Bank
As outlined above, the safest and easiest way to invest in digital assets is with a FINRA-licensed exchange. With this method, Ally Bank account holders can easily transfer USD via ACH Transfer, Debit Card, Credit Card and other methods to securely trade and invest in the asset class.
Here is a simple step-by-step guide to getting started with our recommended broker:
- Visit eToro to sign up and verify your identity.
- Select the 'Deposit Funds' button on the bottom left of your screen.
- Select the amount of USD you want to deposit and your preferred deposit method (e.g Ally Bank ACH Transfer or Debit/Credit Card).
- Complete the USD deposit and use the funds credited to your account to invest in cryptocurrencies.
What are the Fees?
Ally Bank itself does not charge any fees for buying cryptocurrencies. However, fees may apply depending on the platform used to purchase digital assets. Different platforms may have varying fees such as trading fees, deposit fees, withdrawal fees, or a combination of these.
Before using a platform to buy cryptocurrencies, it's essential to check its fees. For Ally Bank customers, we suggest using the eToro platform as it offers low fees, fast & free ACH transfers, and accepts Ally Bank accounts as a funding method.
Is Ally Bank Crypto Friendly?
Ally Bank allows its customers to participate in the cryptocurrency market through FINCEN regulated exchanges. This means that customers can use US-based exchanges that comply with federal laws and regulations that aim to prevent financial crimes such as fraud and money laundering. By using a regulated exchange, Ally Bank customers can rest assured that their cryptocurrency investments are secure and in line with legal requirements.
About Ally Bank
Ally Bank is one of the leading online banks in the United States. It is a subsidiary of Ally Financial. The bank offers a full range of financial products and services to customers. Ally Bank has more than 10.5 million customers in all 50 states. It has assets of more than $180 billion.
Ally Bank's history dates back to the early 1900s. The bank was founded in Detroit, Michigan in 1919. The bank was originally called the General Motors Acceptance Corporation (GMAC). GMAC was created to provide financing for customers who wanted to buy General Motors vehicles. In time, the company expanded and began offering other financial services.
Bottom Line
In conclusion, Ally Bank customers looking to buy cryptocurrencies can do so via a FINRA-regulated exchange in the USA that accepts ACH transfers and deposits from Ally Bank accounts. Our recommended exchange, eToro, offers fast and free USD deposits from Ally Bank and low fees for trading over 70 cryptocurrencies. By using a regulated exchange, Ally Bank customers can ensure their investments are secure and legally compliant.
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