Venmo is a popular peer-to-peer payment service that makes it easy to pay friends and split bills. You can even use it to acquire Bitcoin. Keep reading to find out where and how to buy Bitcoin with Venmo.
If you want to buy Bitcoin with Venmo, just follow these steps.
Download the Venmo app or click on the “Get Venmo” button on the website, select personal account, and enter your phone number. Then create a secure password and verify your phone number and email address.
You can verify your bank account instantly by providing your online banking username and password. Alternatively, you can select “Manual Verification” and provide your routing and account numbers.
Click on the “Crypto” tab and choose Bitcoin. Enter the amount you wish to purchase in dollars and click “Review”. If you are happy with the purchase details and fees displayed, hit the “Buy” button.
To help you decide whether to use Venmo to purchase Bitcoin, here are some of the pros and cons.
Pros
Low minimum. You can buy as little as $1 of Bitcoin, making Venmo a great place to start exploring crypto if you have a small budget.
Tracking tools. You can easily keep track of your Bitcoin holdings with Venmo. You can even set up price alerts to receive notifications when the price of Bitcoin changes.
Educational resources. If you’re new to crypto, Venmo can help you increase your knowledge with in-app articles and videos.
Convenient. Once you have the Venmo app, it only takes a few clicks to buy and sell Bitcoin.
Cons
Fees. Venmo charges a spread as well as transaction fees when buying and selling Bitcoin. These fees are higher than those charged by many crypto exchanges and brokers.
Limited availability. Venmo is currently only available for US citizens with US-based bank accounts and phone numbers.
Custodial. You don’t actually receive the Bitcoin you buy on Venmo so you can’t withdraw it to a private wallet or use it on another platform. Instead, you must trust Venmo to look after it for you until you want to sell it.
The exchange rate Venmo shows you when you buy Bitcoin includes the spread they charge. Venmo also charges transaction fees every time you buy or sell crypto, which starts at $0.49. There is a 1.8% transaction fee for purchases between $200 and $1,000, and a 1.5% fee for purchases over $1,000.
Venmo may not be a suitable way of purchasing Bitcoin for non-US citizens or those who want to take custody of their crypto themselves. However, if you don’t mind the fees, Venmo provides a very convenient and beginner-friendly way to buy small amounts of Bitcoin.
As fees on Venmo are high, we recommend using a crypto exchange to purchase Bitcoin. This is the easiest way to buy and sell cryptocurrencies—all you need is a computer or mobile device. See below for our top picks of platforms that offer Bitcoin.
You must purchase at least $1 of Bitcoin. The upper limit for crypto purchases is a maximum of $20,000 per week or $50,000 in any 12-month period.
Yes. You can also buy and sell Ethereum, Litecoin, and Bitcoin Cash with Venmo.
Bitcoin purchases are often instant with Venmo but they can sometimes take longer to process or even be unsuccessful.