Bitcoin
BTC
$
00000.00
-0.00%
Ethereum
ETH
$
00000.00
-0.00%
Solana
SOL
$
00000.00
-0.00%
XRP
XRP
$
00000.00
-0.00%
Dogecoin
DOGE
$
00000.00
-0.00%
ChainLink
LINK
$
00000.00
-0.00%
Binance Coin
BNB
$
00000.00
-0.00%
Cardano
ADA
$
00000.00
-0.00%
Litecoin
LTC
$
00000.00
-0.00%
Ordinals
ORDI
$
00000.00
-0.00%
Polygon
MATIC
$
00000.00
-0.00%
Optimism
OP
$
00000.00
-0.00%
Arbitrum
ARB
$
00000.00
-0.00%
Polkadot
DOT
$
00000.00
-0.00%
Avalanche
AVAX
$
00000.00
-0.00%
Sui
SUI
$
00000.00
-0.00%
Ethereum Classic
ETC
$
00000.00
-0.00%
FileCoin
FIL
$
00000.00
-0.00%
Celestia 
TIA
$
00000.00
-0.00%
Injective
INJ
$
00000.00
-0.00%

Key Takeaway

Ally Bank offers a secure route for its customers to interact with cryptocurrency exchanges that adhere to regulatory standards. This commitment reflects the bank's focus on providing safe and reliable banking solutions for its clients.

Investors looking to expand their portfolio should consider Kraken, a leading exchange with an extensive selection of over 200 cryptocurrencies. Kraken supports direct USD transactions from Ally Bank accounts, making the investment process convenient.

Kraken USA
Kraken USA

This review and rating adhere to our editorial policy and the the research methodology of StacksOnChain analysts, guaranteeing the accuracy and reliability of our reports.

Rating
9.5

Supported Assets

200+ Cryptocurrencies

Trading Fees

0.16% Maker Fees & 0.26% Taker Fees

Can I Invest In Crypto with Ally Bank?

Ally Bank facilitates entry into the cryptocurrency market by enabling seamless transfers to FinCEN-regulated digital currency platforms, ensuring a secure and compliant trading environment.

Remember that Ally bank does not directly provide a crypto wallet service within its banking offerings. For the acquisition and management of digital currencies, we recommend to use a reputable American exchange that complies with the stringent regulatory requirements in the U.S.

How to Buy Crypto with Ally Bank

Ally Bank eases the process of buying cryptocurrencies by allowing transfers to exchanges under FinCEN regulation, thus safeguarding your investments. Notable platforms like Kraken, renowned for their adherence to U.S. laws, present a reliable avenue for making USD deposits through bank and ACH transfers, as well as credit and debit card payments.

  1. To start, establish and verify your Kraken account using your email.
  2. Proceed to the 'Funding' tab, select your desired payment method, and carry out a transfer from your Ally Bank account.
  3. Use Kraken's search tool to find the cryptocurrency you want to buy and select 'Trade.'
  4. Specify the amount you want to invest and complete your purchase by clicking 'Buy.'
How to Buy Crypto with Ally Bank

Does Ally Bank Block Crypto Transactions?

Ally Bank does not obstruct transactions to recognized digital asset exchanges. The bank ensures a smooth process for its customers to engage with cryptocurrency trading platforms that conform to U.S. regulatory standards.

This approach solidifies Ally Bank's commitment to the security and integrity of digital currency transactions, promoting dealings solely with platforms that stringently observe the KYC and AML regulations set by the Financial Crimes Enforcement Network (FinCEN).

Digital Asset Investing Fees

For anyone trading on Kraken, it's important to familiarize yourself with the platform's fees. Here's a quick overview of Kraken's fee policy:

  • Funding Fees: Kraken encourages users to fund their accounts by keeping deposit fees low. Crypto and USD deposits are free of charge, with a small exception of a $3 fee for SWIFT transfers.
  • Withdrawal Fees: Withdrawing your funds from Kraken incurs certain fees. Crypto withdrawals have standardized fees to accommodate blockchain operations, while USD withdrawals might vary. ACH transfers are gratis, but FedWire or SWIFT could incur fees from $4 to $35.
  • Transaction Charges: Trading on Kraken attracts fees that are a percentage of the transaction's value, affected by your trading volume, account level, and whether you're a market maker or taker. Fees begin at 0.16% for makers and 0.26% for takers.

Kraken offers fee discounts to its prolific traders and waives fees for those trading more than $10 million each month.

Closing Thoughts

Ally Bank's compliance with U.S. financial norms and its collaboration with exchanges like Kraken establish a secure path for clients interested in the cryptocurrency market. While the bank itself does not directly engage in crypto trading, it facilitates the safe transfer of funds to regulated exchanges, allowing investors to safely explore the digital asset space within a trusted framework.

Author

Elena Boyaci is the proactive editor-in-chief of StacksOnChain, bringing her extensive journalism experience to the forefront. She spearheads a committed team, focusing on providing prompt and comprehensible updates on crypto and finance.

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