Buying crypto at Ally Bank (2023): here’s how to do it!
Ally Bank already offers various options to invest in Bitcoin & other crypto. Unfortunately, it is not yet possible to buy Bitcoin & Ethereum directly from Ally Bank. In this article, I’ll explain to you how you can still buy crypto with your Ally Bank account!
How to buy Bitcoin at Ally Bank?
When you want to buy Bitcoin from Ally Bank, you must first open an account with a crypto exchange. A crypto exchange is a company where you can trade crypto currencies such as Bitcoin, Ethereum and Dogecoin. Fortunately, opening an account at a crypto exchange is easy. In the overview below, you can see which parties you can buy crypto from with your Ally Bank account:
|Trade in Bitcoin & other cryptos! Try for free with a demo & deposit money with Ally Bank after. eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.|
Start investing in crypto right away
After you open an account with a crypto exchange, you can immediately buy crypto using your Ally Bank account. You do this by making a deposit from your Ally Bank account to the crypto exchange. With most exchanges, this is easy to do: you can then start investing in crypto right away.
When you want to buy crypto, you first need to select the crypto you want to invest in. Then you enter how much you want to buy of the crypto in question: cryptos like Bitcoin can be divided into small pieces, allowing you to invest in crypto for as little as $5.
You can choose to buy crypto directly at the prevailing price or you can choose to use an order. With an order, you enter an amount at which you want to buy the crypto in question.
How to buy crypto at Ally Bank?
It is not possible to buy crypto at Ally Bank, but you can invest in other investment products.
A crypto trust tracks the price of Bitcoin, for example. Trading a trust actually works the same as trading a stock. A disadvantage of crypto trusts is the higher transaction costs, as the fund also wants to make a profit.
A Bitcoin future allows you to speculate indirectly on price rises and falls of the crypto market. A future is risky: there is often leverage built in, so both your profits and losses can rise rapidly.
You can also invest in crypto shares at Ally Invest. For example, consider Coinbase shares; with an investment in Coinbase, you invest directly in one of the largest crypto exchanges. The prices of crypto shares correlate strongly with developments in the crypto market. However, when pricing crypto shares, company results also play a big role.
What is Ally Bank’s stance on crypto?
Ally Bank is moderately positive about crypto; the bank sees the potential behind crypto and believes crypto could change the way we use money for good. At the same time, Ally Bank also warns of the risks: Bitcoin and other crypto currencies have historically been very volatile.
The bank therefore advises customers to be wary of investing in crypto. By investing only with money you can afford to lose and by applying sufficient diversification, you will avoid losing a hefty amount of money with crypto.
About Ally Bank
Ally Financial is a holding company that includes Ally Bank and Ally Invest. Headquartered in Detroit, Ally Financial offers various financial services: think online banking, mortgages, investments and insurance.
Although Ally is known for its banking services, the company is also one of the largest auto loan companies in the US.
With Ally Invest, you can invest in stocks & ETFs, among others, at a commission of $4.95. This makes Ally Invest an attractive option for US investors.
Can you buy Bitcoin at Ally Bank
It is not yet possible to buy Bitcoin and other crypto at Ally Bank. Through Ally Invest, it is possible to invest in various crypto products. Moreover, by opening an account with a reliable crypto exchange, you can buy Bitcoin & Ethereum directly with your Ally Bank account. Be careful though, as investments in crypto are very risky!