How to Buy Crypto on Venmo: Steps to Take in 2024

Reviewed by

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Zachary R., Ramsha Naushad, R.R.H., Tamara T., Nicholas W.

Available Countries

+232

Available Cryptocurrencies

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2
3
+153
Kraken
Exchange Rating
9.5
Available in
Visit Kraken
See other choices

Available Countries

+232

Available Cryptocurrencies

1
2
3
+153

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Intro

Are you ready to check out how to buy crypto on Venmo? 

Venmo is a social payment application that enables you to transfer funds to individuals and businesses. It allows you to settle bills or split expenses with friends. 

Moreover, starting in April 2021, Venmo offers the capability to purchase, monitor, and gain insights about digital assets.

With just a minimum of $1, you have the option to acquire Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), or Bitcoin Cash (BCH).

Venmo is under the ownership of PayPal. The handling of cryptocurrency transactions on the platform is made possible through PayPal’s collaboration with Paxos Trust Company. Paxos is an authorized provider of cryptocurrency products and services.

Keep reading and you’ll get more details about buying crypto with Venmo.

Best Sites

1.

Kraken

Exchange Rating 9.5
Available in
Available in United States
9.5
Description: 

Kraken is one of the oldest exchanges out there, having been around since 2011. They offer many trading interfaces and are extremely trustworthy.

General Information

Year founded: 
2011
Coins Available: 
Bitcoin
Ethereum
Tether
Polkadot
Chainlink
Cardano
Bitcoin Cash
Litecoin
Uniswap
USD Coin
XRP
Aave
Stellar
Tezos
Curve DAO Token
Algorand
Monero
Synthetix
Dai
Filecoin
Compound
EOS
The Graph
Cosmos
Keep Network
ICON
yearn.finance
TRON
Qtum
Dash
Basic Attention Token
Zcash
Kusama
OMG Network
Waves
Nano
Dogecoin
Enzyme
Decentraland
Kava.io
Ethereum Classic
Orchid
Kyber Network
Storj
Siacoin
Lisk
Aragon
PAX Gold
Gnosis
Balancer
tBTC
Augur

Anonymity

Kraken is a registered US exchange, so they must follow strict KYC & AML laws. These laws prohibit anonymous accounts from being generated.

Reputation

Kraken has one of the best reputations in the crypto industry. They are the only crypto company in the world to secure an SPDI banking license. 

Visit
7.

Coinbase

Exchange Rating 7.7
Available in
Available in United States
7.7
Description: 

Coinbase is the largest exchange in the United States by volume and has over 100 cryptocurrencies to purchase. Perfect for crypto beginners, Coinbase has an easy-to-use interface and trading screen.

General Information

Anonymity

Coinbase does not have anonymous accounts. Name and email are required to create an account, and identity verification is required to deposit and withdraw funds.

Reputation

Coinbase was founded in 2012 and is one of the oldest and most trusted cryptocurrency exchanges around. They are also listed on the Nasdaq (COIN), forcing them to follow even more stringent and rigorous compliance rules.

Pros and Cons

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DisclaimerThe information provided on this website is for informational purposes only and should not be considered as financial, investment, or legal advice. Cryptocurrency investments are volatile and high-risk in nature. Consult with a qualified financial advisor and/or tax professional before making any investment decisions. We are not responsible for any loss incurred due to the use of information on this website. Do your own research and exercise caution. Don’t invest unless you’re prepared to lose all the money you invest.
 

Why Trust Us

Choosing CryptoManiaks for your Venmo crypto purchase means opting for a reliable and informed journey into the cryptocurrency. Our commitment to accuracy is evident in our comprehensive research and practical insights.

Our team conducts thorough research on purchasing crypto via Venmo, providing up-to-date and relevant insights into the process intricacies, fees, and user experiences. With practical experience as active users, we navigate the Venmo crypto purchase process firsthand.

Trust CryptoManiaks as your go-to source, ensuring a trustworthy as you venture into the world of cryptocurrencies through Venmo.
 

Key Takeaways

 

  • Venmo, owned by PayPal, facilitates easy purchase and monitoring of cryptocurrencies like Bitcoin and Ethereum
  • Top-rated crypto exchanges, including Kraken and Gemini, offer diverse options for users
  • A step-by-step guide covers identity verification, choosing a cryptocurrency, and confirming the purchase on Venmo
  • Tips advise monitoring exchange rates, avoiding impulsive buys, and securing assets in a cold wallet post-purchase

 

Pros and Cons of Purchasing Crypto via Venmo

 

Before you decide to buy crypto with Venmo, you need to know the following pros and cons of such an option:
 
Pros and Cons of Venmo
Pros Cons
Venmo's user-friendly interface simplifies the process of buying cryptocurrencies Venmo may offer a restricted range of cryptocurrencies
Seamless integration allows users to incorporate crypto transactions into their daily financial activities Users should be mindful of potential fees associated with crypto transactions on Venmo
Users can access their cryptocurrency holdings within the Venmo app The platform's interface may lack advanced functionalities found on specialized exchanges
Venmo facilitates convenient conversion from fiat currency to cryptocurrencies Users might be restricted to using their Venmo balance for crypto transactions
Venmo provides a familiar platform for users accustomed to its interface Potential regulatory constraints may affect the availability of specific crypto services on Venmo
The streamlined process on Venmo makes buying and selling cryptocurrencies straightforward  

How to Buy Crypto with Venmo?

Buying crypto with Venmo doesn't take a lot of your time. We’ve prepared a list of steps, so you’re ready to go:
 

Verify your identity

To buy, hold, or sell cryptocurrencies on Venmo, you must undergo KYC identity verification. This process typically takes up to 48 hours. 

You'll need to provide personal details: 
 

  • Name
  • Address
  • Date of birth
  • National/Tax ID number

You’ll also give an identification document:
 

  • Passport
  • Driver’s license
  • DDHS Card
  • Tribal ID Card

Finally, you’ll send proof of your physical address:
 

  • Utility bills
  • Bank or credit card statements
  • Current car registration

 

Choose the cryptocurrency you wish to buy

At the bottom of the Venmo app screen, you'll find a tab labeled "Crypto" alongside other tabs like "Home", "Cards", "Pay/Request", and "Me". 

Tap the "Crypto" tab and then select the specific cryptocurrency you want to purchase.
 

Click on the "Buy" button

After choosing your desired cryptocurrency, tap the prominent blue "Buy" button located at the bottom of the screen. 

If you haven't completed the KYC process yet, you'll be prompted to do so. If you have already completed it, you can proceed with the purchase.
 

Provide your phone number and enter the confirmation code

Venmo will ask for your phone number. Once you enter it, you'll receive a confirmation code via SMS shortly after. Enter this code into the designated box and click "Submit code".
 

Input the amount for your purchase

Specify the amount for your intended purchase and then click "Review".
 

Confirm your purchase

Venmo will display a breakdown of the cryptocurrency you are about to acquire, along with relevant details. Review this information and proceed to confirm your purchase.

     

    Is Venmo Secure?

    Absolutely, Venmo is a secure platform. It employs advanced data encryption measures to safeguard your personal and financial details. 

    Nonetheless, if you prefer to keep your crypto transactions private and not share them with your friends on the app's social feature, you have the option to do so.

    By navigating to the "Me" tab at the bottom of the app screen and then clicking on the settings icon in the top right-hand corner, you'll access the app's configuration menu. 

    Within the "Privacy" section, selecting the "Private" option will prevent your crypto purchases and sales from being shown to your friends.
     
     

    Venmo Fees 

    Venmo applies fees for cryptocurrency purchases, which are determined by the gap between the market value and the exchange rate with the U.S. dollar. 

    This differential, known as the "spread," typically hovers around 0.5% and is contingent on prevailing market conditions.

    In addition to the spread, Venmo levies the following transaction charges based on the amount of your purchase:
     

    Purchase Range Fee
    $1.00 - $4.99 $0.49
    $5.00 - $24.99 $0.99
    $25.00 - $74.99 $1.99
    $75.00 - $200.00 $2.49
    $200.01 - $1,000.00 1.80%
    Purchase Amount Exceeding $1,000.00 1.50%

    Venmo fees
     

    Transaction Type Fee Description
    Instant Transfers 1.75% per transaction ($0.25 minimum and $25 maximum)
    Sending Money With a Credit Card 3.00%
    Seller Transaction Fees to Receive Money 1.9% + $0.10
    Standard Electronic Withdrawal $0
    Instant Electronic Withdrawal 1.75% (minimum $0.25 and maximum $25)
    In-Network ATM Fee $0
    Out-of-Network ATM Fee $2.50
    Adding Money Using Cash Check Feature (Government or Payroll Checks) 1% (minimum $5) for government or payroll checks
    Adding Money Using Cash Check Feature (Other Checks) 5% (minimum $5) for all other checks

    Venmo fees based on transaction type

    Note that these fees are susceptible to change, depending on various factors.
     
     

    Tips for Successful Transaction

    If you are considering buying crypto on Venmo you want to know how to make the most out of the experience.

    Here are some tips to keep in mind when purchasing Bitcoin and other crypto on Venmo:
     

    • Monitor Exchange Rates: Stay vigilant about the market to identify opportune moments with favorable exchange rates. This can help you make the most of your Bitcoin purchases.
    • Avoid Impulse Purchases: Resist the urge to make impromptu buys. Instead, conduct comprehensive research to understand the market trends, potential risks, and investment strategies.
    • Explore Alternative Payment Methods for Larger Transactions: For substantial purchases, consider utilizing alternative payment methods.
    • Maintain Detailed Transaction Records: Keep thorough records of your Bitcoin transactions. This not only helps in tracking your investments but also proves beneficial for tax purposes. This ensures compliance with any applicable regulations.

    Remember, investing in cryptocurrencies like Bitcoin carry inherent risks, and it's essential to approach it with caution and due diligence.

     

    What's Next After Purchasing Crypto on Venmo?

    Now that you've acquired crypto through Venmo, it's crucial to take some further steps:
     

    Secure your crypto

    Avoid leaving your crypto assets on an exchange for extended periods. Consider transferring them to a cold wallet for added security.
     

    Explore different use cases

    Understand the various ways you can utilize your crypto. This includes 'holding' for the long term, or making purchases. You can also stake crypto for potential rewards, or engage in trading activities. You can explore some lending sites to lend your crypto and earn interest.
     

    Diversification matters

    Ensure your crypto portfolio is diversified. Aim to have exposure to at least five different types of cryptocurrencies. This helps spread risk and potentially enhances your investment stability.
     

    Stay informed about market trends

    Keep a keen eye on the crypto market. Being aware of shifts in prices, emerging technologies, and regulatory changes can help you make informed decisions regarding your investments.

    Remember, the world of cryptocurrency can be dynamic and sometimes volatile. By staying vigilant and informed, you're better positioned to navigate and make the most of your crypto holdings.
     

     

    What is Crypto?

    Cryptocurrency is a form of digital or virtual currency. It relies on cryptographic techniques for secure financial transactions. Traditional currencies are issued and regulated by governments (such as the US Dollar or Euro). 

    However, cryptocurrencies operate on decentralized networks based on blockchain technology.

    A blockchain is a distributed ledger that records all transactions. This includes transfers across a network of computers, ensuring transparency and immutability. No single entity has control over the entire system, making crypto resistant to manipulation.

    Crypto decentralization not only enhances security but also enables peer-to-peer transactions without intermediaries. 

    Additionally, many cryptocurrencies operate on a principle of scarcity, with a predetermined supply cap. This can affect their value and demand over time. Bitcoin, the first and most well-known cryptocurrency, has a fixed supply limit of 21 million coins. 
     

    Final Thoughts

    In conclusion, learning how to buy crypto on Venmo offers a convenient entry point into the world of cryptocurrency. By following the steps outlined and considering the associated fees, you can confidently acquire Bitcoin.

    Exercise caution, conduct thorough research, and stay informed about market trends. Once you've acquired crypto, it's advisable to take further steps to secure your investment, such as transferring it to a cold wallet. 

    By approaching the process with diligence and awareness, you can navigate the crypto landscape on Venmo with confidence.

    Frequently Asked Questions

    Can I buy Bitcoin with Venmo?

    Absolutely, Venmo allows you to buy Bitcoin (BTC), along with Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). What’s more, Venmo is a secure platform where you can make purchases with small amounts. Just be mindful of potential fees and limitations.
     

    How does Venmo differ from popular cryptocurrency exchanges?

    Venmo exclusively supports four cryptocurrencies, Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Venmo does not extend its support to alternative coins such as Cardano (ADA), Ripple (XRP), or Polygon (MATIC). It does not offer advanced investment and trading features.
     

    Is Venmo a peer-to-peer payment application?

    Venmo is often described as a "peer-to-peer" payment app, but this characterization is somewhat misleading. Venmo transactions flow through Venmo's centralized database. Venmo retains the ability to halt or reverse these transactions.
     

    Can I sell crypto on Venmo?

    Yes! Venmo now lets you sell crypto easily. Just go to "Crypto" in the app, pick the crypto to sell, and follow the steps. Venmo's smart system gives you a good selling price. Once you say yes, the money goes straight to your Venmo balance. You can use it right away or take it out.

    Can I move my crypto to another wallet?

    Yup! With Venmo in [current:year], you can send your crypto to another wallet. Go to "Crypto," pick your crypto, and choose "transfer to an external wallet." Enter the wallet address, say OK, and it's done. Keep in mind there might be some fees, so check before you do it.

     

    How can I link my bank account to Venmo?

    Open the Venmo app, go to settings, select "Bank Accounts," and choose "Add Bank Account." Enter your bank's routing and account numbers. Venmo will verify with small deposits in 1-2 days. Confirm the amounts in the app to successfully link your bank account.

    Written by

    Tamara T.

    Tamara is an entrepreneur and content specialist. She is passionate about gambling and cryptocurrency world, having worked on different casino and crypto writing projects. Tamara is also interested in legislation, investments, and DeFi.

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