How to Buy Bitcoin and Other Cryptocurrencies with Ally Bank (via eToro)

Introduction: Ally Bank and Cryptocurrency Access

Ally Bank is a trusted U.S.-based online-only bank, originally established by General Motors in 1919. With over a century of financial service experience, it offers a range of products including checking and savings accounts, CDs, loans, and investment services via Ally Invest.

Although Ally doesn’t support direct crypto purchases, it does allow users to transfer funds to regulated exchanges. This guide will show you how to do that, safely and efficiently.

Can You Buy Crypto Directly Through Ally Bank?

No. Ally Bank does not allow the direct purchase of Bitcoin or other cryptocurrencies through its online platform. Instead, users can transfer funds to FinCEN-registered exchanges like eToro to invest in crypto securely.

Ally Bank Financial Services Overview

Investment Accounts

Ally Invest offers access to stocks, ETFs, mutual funds, options, Bitcoin futures, and crypto-themed ETFs.

Retirement Planning

Customers can open Traditional or Roth IRAs to plan for long-term financial goals.

Everyday Banking

Checking and savings accounts, small business accounts, credit cards, and online bill pay.

Lending Services

Auto loans, home mortgages, and personal loan options.

Insurance Coverage

Home, auto, life, and business insurance plans are also available.

Wealth Management

Includes robo-advisors, portfolio management tools, and financial planning services.

Why Use eToro with Your Ally Bank Account?

eToro is a FinCEN-registered platform that integrates easily with Ally Bank accounts via ACH transfer. Here’s why it stands out:

• Free and instant USD deposits

• Access to 200+ cryptocurrencies

• Competitive trading spreads

• Built-in copy trading and staking features

Compared to Coinbase and other exchanges, eToro is more cost-effective and beginner-friendly.

Step-by-Step: How to Buy Crypto Using Ally Bank and eToro

1. Create an eToro Account
   Go to eToro and sign up for a free account. Complete the identity verification process.

2. Deposit Funds from Ally Bank
   Click on “Deposit Funds,” choose ACH as your method, and select Ally Bank as the funding source.

3. Select Your Cryptocurrency
   Use the search bar to find Bitcoin, Ethereum, or any other digital asset.

4. Make a Trade
   Enter the amount you’d like to invest in USD and click “Open Trade” to confirm.

Ally Bank’s Policy on Cryptocurrency

Ally Bank does not allow direct crypto trading through its app or website. However, it supports fund transfers to FinCEN-regulated crypto platforms, which gives users access to:

• Crypto ETFs and Bitcoin futures via Ally Invest

• Third-party crypto purchases via eToro or Kraken

• Exposure to blockchain-related stocks and funds

This positions Ally Bank as a crypto-friendly institution, even without built-in crypto trading features.

Fees When Buying Crypto Through Ally Bank

While Ally Bank itself doesn’t charge fees for transfers, your chosen exchange might. Here’s what to expect:

• ACH deposit fees (typically free on eToro)

• Trading spreads (eToro charges less than 1%, while Coinbase can go up to 2%)

• Withdrawal and staking fees (platform dependent)

eToro remains a preferred option due to its transparent pricing and low-cost structure.

Final Thoughts: Crypto Investing with Ally Bank Made Easy

Ally Bank provides a seamless gateway into the crypto world when used in combination with regulated platforms like eToro. Although you can’t buy Bitcoin directly through Ally, its open policy and strong financial infrastructure make it easy to fund your crypto purchases safely.

For investors looking to diversify into digital assets without sacrificing security or usability, this setup offers the perfect solution.

Frequently Asked Questions (FAQs)

Can I buy crypto directly through Ally Bank?

No. You need to use a third-party crypto exchange like eToro to buy digital currencies.

Is Ally Bank crypto-friendly?

Yes. Ally supports indirect access to crypto through regulated brokers and crypto-related investment products.

Which crypto platforms work with Ally Bank?

Platforms like eToro and Kraken work well and support ACH transfers from Ally Bank.

Does Ally Bank allow ACH transfers to crypto exchanges?

Yes. You can easily send funds from your Ally Bank account to FinCEN-approved crypto platforms via ACH.

Are there any fees for buying crypto through Ally Bank?

Ally itself doesn’t charge fees, but exchanges may charge for deposits, trading spreads, or withdrawals. eToro is known for offering low or no fees for these services.