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Buy Crypto with Ally Bank

Buy Crypto with Ally Bank

Alysha Jane
Fact Checked
Feb 3, 2023

Summary: The Ally Bank and Ally Invest platforms both do not support cryptocurrency investing. If you want to buy Crypto with an Ally Bank account, you will need to use a regulated crypto exchange is the US.

We recommend Uphold because they offer fast USD ACH bank transfers for Ally Bank account holders to trade and stake over 250 cryptocurrencies with zero fees. Their platform is regulated in the USA by FiNCEN and is quickly becoming one of the most popular exchanges with over 10 million users.

Table of Contents

Best Crypto Exchange for Ally Bank

Platform Highlights

  • Trade 210+ Cryptos with fast & cheap USD Deposits via Ally Bank ACH Transfer or Credit/Debit Card.
  • Regulated by FinCEN in the USA and has an Audited Proof-of-Reserves.
  • Feature-rich platform with Crypto Staking and hundreds of Stocks, ETFs & Metals to trade.
Uphold - Ally Bank
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Audited Proof of Reserves
Audited Proof of Reserves

Can I buy Crypto with Ally Bank or Ally Invest?

Ally Bank does not currently offer any services for their customers to buy or sell Bitcoin and cryptocurrencies directly through their online banking app. The Ally Invest platform also doesn't support crypto investing, but you can buy and sell crypto-related stocks like Microstrategy or Coinbase on the app.

How to buy Crypto with Ally Bank

As mentioned above, if you are looking to buy cryptocurrencies with an Ally Bank account, Uphold is a great option. Uphold is a regulated broker that offers fast USD deposits via bank transfer from Ally Bank accounts. Their platform enables you to trade and stake over 250 cryptocurrencies with zero fees. This is significantly cheaper than alternatives like Coinbase or eToro who charge in excess of 1.99% per trade.

To get started with Ally Bank account, follow our simple guide:

  1. Sign Up: Create an account on Uphold and complete your verification (personal or company).
  2. Connect Account: Select the currency you want deposit on the Uphold Platform (USD + 30 more).
  3. Deposit Funds: Connect your Ally Bank account or Debit/Credit Card to quickly deposit US Dollars.
  4. Buy Crypto: The final step is to find the cryptocurrency you want to buy and execute your trade.
Deposit US Dollars with Ally Bank.
Deposit US Dollars with Ally Bank.

Ally Bank Cryptocurrency Policy

Ally Bank does not have any banking policies that prohibits their account holders from buying or selling cryptocurrency. This means you are safe to sign up to a regulated broker and deposit funds from your Ally Bank online account.

Ally Bank does state that digital currencies are not currently regulated by the US government, and as such, are considered high-risk investments. The bank does not provide any warranty or guarantee with respect to digital currency exchanges. Ally Bank also reserves the right to block or reverse any transactions made through a digital currency exchange.

About Ally Bank

Ally Bank is a direct bank in the United States that offers financial products for both consumers and businesses. The company was founded in 1919 as the Bank of Delaware and has been offering banking services for over 100 years. Ally offers a variety of deposit products, including checking, savings, money market, and certificates of deposit (CDs). The bank also offers a full suite of loan products, including mortgage, auto, personal, and home equity loans. Ally Bank is a member of the FDIC and is an Equal Housing Lender.

Ally Bank is a subsidiary of Ally Financial Inc. (NYSE: ALLY), a leading digital financial services company with over $173 billion in assets as of January 1, 2023. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.

Final Thoughts

In conclusion, Ally Bank and Ally Invest platforms do not support cryptocurrency investment. However, you can buy cryptocurrencies with an Ally Bank account by using a regulated broker like Uphold, which offers fast USD deposits via ACH transfer and over 200 cryptocurrencies to trade and stake. It is important to note that digital currencies are considered high-risk investments and are not regulated by the US government. Uphold is regulated by FinCEN in the USA and has an audited proof-of-reserves.

Alysha Jane

I am a Finance graduate and market analyst that enjoys researching and writing about digital assets and how they intersect with Macro.

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