Ally Invest Bitcoin

Ally Invest Cryptocurrencies and Bitcoin (2022)


Ally Invest crypto trading account. Can you buy blockchain fund, Ripple, Stellar, Shiba Inu, Cardano, Dogecoin, Ethereum (ETH), Litecoin (LTC), alt coins cryptocurrencies on Ally Invest?


Cryptocurrency at Ally Invest


If you have an Ally Invest account, there are several ways to gain exposure to the crypto market. Keep reading—we’ll show you how.


First, There Are Crypto Stocks


Although digital currencies don’t trade on the major U.S. exchanges like stocks, there are companies right now that are investing a lot of resources into a world dominated by digital currencies. Stocks of these companies can be traded on the U.S. stock market with an Ally Invest account. The brokerage firm charges no commissions on these trades, which obviously keeps the cost of trading to a bare minimum.

One company closely connected to the world of cryptocurrencies is MicroStrategy. The company develops software solutions for businesses.

MicroStrategy has been purchasing thousands of bitcoins. The rise and fall in the price of bitcoin influences the company’s shareholders’ equity, which in turn affects the company’s stock price. Currently, MicroStrategy holds over 120,000 bitcoins, which is a ton.

MicroStrategy trades on the Nasdaq with ticker symbol MSTR. According to Ally Invest’s profile, the stock has an average daily volume of more than 100,000 shares, which should help keep the bid-ask spread as low as possible.


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Ally’s profile for MicroStrategy reveals the company has reported negative earnings recently. Nevertheless, there are 3 buy recommendations and 1 hold on the stock.


Second, There Are Crypto Funds


If the risk of individual assets is too much to bear, there are always crypto funds. These are mutual and exchange-traded funds that invest one way or another in the crypto world.

With our Ally Invest account, we found BTCR, the Volt Crypto Industry Revolution and Tech ETF. This fund invests in companies that themselves are investing in the support infrastructure necessary to keep the cryptocurrency world running. This can include things like blockchain technology, which records crypto transactions.

Some of the stocks that BTCR owns include Hut 8 Mining Corp, Advanced Micro Devices, and Marathon Digital Holdings.

Ally’s profile for BTCR shows net assets of just $4 million, so this is an extremely small fund. It started in 2021, so no wonder.

BTCR currently trades at roughly $10 per share.


Third, There Are Options on Crypto Stocks and ETFs


If you’re interested in earning money immediately from a trade, then a credit option spread would be right up your alley. Options can also be used for their higher leverage compared to stocks and funds. In either case, option trading comes with higher return but also higher risk.

During our investigation on Ally Invest’s software, we found option contracts for a variety of crypto securities, including both MicroStrategy and the Volt ETF. Because the Volt Fund is so new, there aren’t many contracts, but a few exist.

A very large amount of options are available for some of the more popular cryptocurrency stocks like NVIDIA Corp (ticker symbol NVDA).

Options can be traded on all of Ally Invest’s software platforms (mobile app, website, desktop program, and browser platform). On LIVE, the browser platform, it’s possible to create custom strategies. The website has several spreads integrated.

Ally Invest charges no base commission on option trades, although there is a per-contract fee of 50 cents.


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Fourth, There Are Over-the-Counter Crypto Securities


In case the big exchanges don’t provide you enough trading choices, there is always the over-the-counter marketplace. Ally Invest does offer OTC trading, although the rules change somewhat.

The brokerage firm has a $100 trade minimum for OTC securities, and any security priced below $2 will have a $4.95 commission plus a per-share fee of one cent. There is a maximum commission of 5% of trade value. The second policy (the commission plus one penny on anything below $2) also applies to regular securities on the big exchanges.

An over-the-counter fund trading on the QX market is BITW, the Bitwise 10 Crypto Index Fund. This fund invests directly in cryptocurrencies. No futures contracts or stocks here. The top four holdings are Bitcoin, Ethereum, Solana, and Cardano.


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The expense ratio of BITW is 2.5%, so this is an expensive fund. Because BITW trades above $2, there is no commission.


Finally, There Is Webull


Just in case the indirect methods discussed above don’t appeal to you, there is always direct crypto trading. This can be accomplished with a Webull account. To open one, just head over to the broker’s website or download the app. The application takes just a few minutes to fill out, and there are no account fees.

With a Webull account, it’s possible to trade the following coins:

  • Algorand (ALGOUSD)
  • Avalanche (AVAUSD)
  • BAT (BATUSD)
  • Bitcoin (BTC)
  • Bitcoin Cash (BCH)
  • Cardano (ADA)
  • Chainlink (LINKUSD)
  • Cosmos (ATOMUSD)
  • Curve DAO (CRVUSD)
  • Dash (DASH)
  • Decentraland (MANAUSD)
  • Ethereum (ETH)
  • Ethereum Classic (ETC)
  • Dogecoin (DOGE)
  • Fantom (FTMUSD)
  • LINK (LINKUSD)
  • Litecoin (LTC)
  • Loopring (LRCUSD)
  • Polygon (MATICUSD)
  • REN (RENUSD)
  • SHIB (SHIBUSD)
  • Solana (SOLUSD)
  • Sushi (SUSHUSD)
  • Stella Lumens (XLM)
  • Terra (LUNAUSD)
  • The Graph (GRTUSD)
  • UNI (UNIUSD)
  • XLM (XLMUSD)
  • Zcash (ZEC)

That’s a really long list. But Webull isn’t satisfied. It plans to add even more in the future.


Buy bitcoin on Webull


Webull charges no commissions on trades of digital currencies, although there is a bid-ask spread of 100 basis points that compensates the broker.

Cryptocurrencies trade just like other assets on Webull’s software. Coins can be added to watchlists, and alerts can be established for them. Webull provides real-time data on cryptocurrencies free of charge.

Learn more about Webull crypto investing...


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Advantages of Direct Crypto Trading


Choosing direct crypto trading over indirect trading will come with several benefits. These include:

1. Low trading minimums. Webull’s order minimum for a coin is just $1. Because Ally Invest doesn’t offer fractional-share trading, any trade of a security with a market price higher than that will have a higher minimum.

2. No management fees. Unlike funds, cryptocurrencies have no management fees.

3. Nearly 24/7 marketplace. Cryptocurrencies trade around the clock, which means the market is always open for trading.

4. Fast settlement times. Cryptocurrencies settle in one business day after trade date (stocks and ETFs take a business day longer). Proceeds from crypto sales at Webull can be used immediately for further investing.

5. Day trading. Cryptocurrencies can be day traded without the $25,000 account requirement that securities will require.

6. Free coins. Webull often gives away free cryptocurrencies in brokerage promotions.


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Ally Invest Cryptocurrencies Summary


A brokerage account with Ally Invest opens up a lot of methods to tap into the growing cryptocurrency space. But one is missing, and this option is available at Webull.


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Updated on 3/9/2022.

About the Author
Chad Morris is a financial writer with more than 20 years experience as both an English teacher and an avid trader. When he isn’t writing expert content for Brokerage-Review.com, Chad can usually be found managing his portfolio or building a new home computer.