Ally Invest And Dogecoin: What's The Deal?

Ally Invest is a low-cost broker that offers a range of investment options, including stocks, options, ETFs, mutual funds, and forex. While it does not currently offer cryptocurrency spot trading, it does provide other ways for investors to gain exposure to the crypto market. These include investing in crypto-specific funds, stocks, and companies involved in the crypto space, such as Coinbase or PayPal. However, it is important to note that Dogecoin, a popular meme coin, is not among the cryptocurrencies that can be indirectly traded through Ally Invest's offerings. As of 2024, Ally Invest also no longer offers forex trading, which may impact investors looking to trade cryptocurrencies.

Ally Invest does not currently offer Dogecoin or any other cryptocurrency spot trading

Ally Invest also provides educational resources to help investors make informed decisions about cryptocurrency. The platform offers insights from expert investors, who share their thoughts on crypto investing and provide guidance for those new to the crypto scene.

It is important to note that cryptocurrency is a speculative and volatile investment, and investors should fully understand the associated risks. As with any investment, diversification is essential to balance out the chance of returns with the desired level of risk.

Compared to other investment platforms, such as Robinhood, Ally Invest stands out for its comprehensive customer support, which is available 24/7 via phone, email, and chat. Additionally, Ally Invest offers a full range of integrated banking services, including savings accounts and investment accounts, providing convenience and ease of transferring funds.

You can gain exposure to the crypto market through crypto-specific funds and stocks

Ally Invest does not support cryptocurrency trading. However, investors can gain exposure to the crypto market through crypto-specific funds and stocks. Here are some ways to gain exposure to the crypto market:

Crypto-Related Stocks

Stocks such as RIOT (Riot Blockchain) and COIN (Coinbase) offer investors crypto exposure without owning BTC directly. Riot, a bitcoin mining company, has returned about 55% year-to-date compared to bitcoin's gain of 30% during the same period. Coinbase, the U.S. cryptocurrency exchange, is down about 26% year to date. It is important to note that the mining business is competitive, and investors should conduct their own due diligence.

Publicly Traded Vehicles

Investors who wish to invest in the crypto asset class but do not want to buy cryptocurrencies directly can consider publicly traded vehicles. Bitcoin futures ETFs allow investors to gain exposure to bitcoin's price movement without owning bitcoin. Bitcoin trusts, such as the Grayscale Bitcoin Trust (GBTC), provide a convenient way to gain access to bitcoin through a traditional custodian. Shareholders of GBTC own equity in a trust that owns bitcoin, but they do not own bitcoin directly.

Crypto and Blockchain Companies

Several publicly traded companies are integrated with the crypto industry, such as Square, PayPal, and Coinbase. Investors can also buy shares of crypto mining companies like Riot or Marathon Digital. Technology companies such as MicroStrategy, which owns a significant amount of bitcoin, fall into the broad crypto category. Its stock price is closely correlated with the price movement of BTC.

Crypto and Blockchain Company Funds

Investors may prefer to buy a diversified basket of crypto-related companies instead of individual equities. Exchange-traded funds (ETFs) like the Amplify Transformational Data Sharing ETF (BLOX) focus on crypto-related companies and are considered "thematic" strategies. These funds invest in a specific theme, such as blockchain and cryptocurrency.

While these strategies provide exposure to the crypto market, it is important to understand the pros and cons of each method and the potential risks involved. Most financial experts recommend limiting crypto exposure to less than 5% of your total portfolio due to its high-risk nature.

Ally Invest offers 24/7 customer support via phone, email, and online chat

Ally Invest does not support cryptocurrency trade, including Dogecoin. However, it does offer 24/7 customer support via phone, email, and online chat.

Ally Invest's customer support team is available to answer any queries or concerns you may have about your account. The average hold time for their phone support is up to 3 minutes, with the longest wait times on Mondays and the shortest on Sundays. The average call time is 5 minutes. If you prefer to contact them via email, you can do so at [email protected].

Ally Invest also provides live chat support, which can be accessed by logging into your account on their website. Additionally, they offer a mailing address for issues like payment disputes, payments with restrictions, or customer service correspondence:

Ally Financial

P.O. Box 380901

Bloomington, MN 55438

Ally Invest is committed to providing simple explanations and empowering you to invest with confidence. Their customer support specialists are available to assist you with your investment journey, whether you're just starting or seeking more advanced guidance.

You can transfer your current brokerage account to Ally, and they will cover any transfer charges up to $150

Ally Invest does not currently offer Dogecoin or any other cryptocurrency spot trading. However, it does offer crypto-specific funds and stocks to indirectly expose your portfolio, without the need for coins or a wallet. These include crypto-specific trusts, futures, and stocks. For example, you can invest in companies that are involved in crypto, such as Coinbase (COIN) or PayPal (PYPL).

If you already have an Ally Invest Self-Directed account, you can log in and select "Research" from the menu to search for crypto-specific trusts, futures, and stocks. If you are new to self-directed trading, you can first learn more and then open an account.

Ally Invest also offers a wide array of investment options beyond cryptocurrency, including stocks, options, ETFs, mutual funds, and forex. You can transfer your current brokerage account to Ally, and they will cover any transfer charges up to $150. To qualify for this offer, you must invest at least $2,500, and the transfer charge will show up as an account credit within 30 days of the charge. It is important to note that this credit does not apply to Termination or Maintenance Fees.

Ally Invest has a $0 account minimum and $0 trading commissions on eligible U.S. securities

Ally Invest is a strong option for all traders, with a $0 account minimum and $0 trading commissions on eligible U.S. securities. This makes it easy for beginners to get started, and it also appeals to active and experienced investors.

Ally Invest offers a wide array of investment options, including stocks, options, ETFs, mutual funds, and forex. There is also a $0 minimum to start with a Robo Portfolio, which is a great option for those who are new to investing or who are busy or low on time. With a Robo Portfolio, you can tell Ally Invest about your goals, and they will pair you with a diversified portfolio.

Ally Invest also offers self-directed trading, which is a good option for DIY types with time to spare, those craving variety or flexibility, and skilled or adventurous traders. With self-directed trading, there is $0 to start, and there are no commission fees on most U.S.-listed securities. You have free rein to choose from stocks, bonds, ETFs, margin accounts, and more.

In addition to its competitive pricing and helpful trading tools, Ally Invest also stands out for its easy-to-use trading platform and strong customer support, which is available 24/7 via phone, email, and chat.

However, it is important to note that Ally Invest does not offer cryptocurrency spot trading. While they do offer crypto-specific funds and stocks to indirectly expose your portfolio, they do not offer the ability to trade cryptocurrencies directly.

Frequently asked questions