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How to Buy Crypto with Ally Financial in United States

Last updated on November 24, 2023

Quick Summary: While Ally Financial does not offer cryptocurrency trading through its own platform, you can make use of your account to purchase crypto through a third-party exchange.

There are a lot of United States cryptocurrency exchanges to pick from, but we suggest using the eToro exchange.

They offer the majority of most well-known cryptocurrencies and are simple to use. They have lots of advanced features but are also great for beginners.

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Ally Financial Homepage

As mentioned in my quick summary, like most United States banks, Ally Financial doesn’t allow users to trade cryptocurrency directly on their platform, due to the complexities with setting up a crypto exchange and comes with regulations and extra work for the banks.

Thankfully there are many cryptocurrency trading platforms to pick from that allow you to buy Bitcoin and other cryptocurrencies.

Next you’ll want to sign up to an exchange (for this short guide I’ll use eToro as it’s a global and widely used exchange) and deposit funds so you can start trading crypto.

How to buy crypto or bitcoin with Ally

Let’s get started! Just follow our 4 quick steps.

1. Pick a cryptocurrency trading platform

As mentioned above, I’ll be using eToro for this guide as they are a widely used exchange and have a huge range of cryptocurrencies to choose from. It’s also one of the best exchanges for beginners and allows more advanced features when you get more comfortable with trading.

The steps in this guide should be similar for most trusted crypto exchanges, so feel free to use whichever you end up going with.

Let’s get started!

2. Create account with the trading platform

You’ll first need to create an account if you haven’t already, you can do using this quick link below.

Sign Up With eToro

Once you’ve filled out the basic information you’ll be asked for KYC (Know Your Customer) information, this is normal for crypto exchanges to stop any bad activity. This will often be called the “verification” process.

3. Fund your account

Next, you’ll need to add funds to your account using any of their deposit methods. For eToro there are many options such as bank transfer, PayPal, credit/debit card, and many more.

4. Buy crypto

Lastly, you’ll need to go to the “trade” section, this will differ for each exchange but it will usually have some variation of this.

It’s that easy! You’ve now got the tools to buy your first cryptocurrency with Ally Financial.

Buy Crypto With eToro

About Ally Financial

Ally Financial is a bank holding company incorporated in Delaware and with its headquarters at Detroit, Michigan. The company offers financial services such as car finance online banking through an online bank corporate lending, car assurance, mortgage loan as well as an online trading platform used to exchange financial instruments.

Ally is among the largest car finance firms within the U.S., providing car leasing and financing for 4.5 million customers, and issuing 1.4 million auto loans each year. It’s one of the largest banking institutions within the United States by assets and boasts 2.0 million customers who are depositors. The electronic trading platform it operates is home to around 350,000 funds in accounts. More than five million cars, including 270,000 vehicles that were sold in 2019 through their SmartAuction website marketplace, which is used for auto auctionsthat was first launched in the year 2000.

The firm was known as GMAC An acronym to mean General Motors Acceptance Corporation, until 2010.

In May of 2016, Ally Bank re-entered the mortgage market with the introduction of its direct-to consumer offering known as Ally Home. In April of 2019, Ally Home partnered with Better.com to create a mortgage platform that is digital.

In October, 2019 Ally announced that it had completed the acquisition Health Credit Services (HCS). HCS is a finance company for patients located within Charlotte, North Carolina.

In the month of December 2021, Ally purchased Fair Square Financial, a credit card business in the amount of $750 million. Ally then rebranded the subsidiary as well as the product to Ally Credit Card.