Venmo updates the market value of all four currencies every few seconds, so the value you see right when you tap “Buy” is the amount you’ll receive. The maximum limit for crypto purchases is $20,000 per week and $50,000 in a 12-month period. Yes, you can also buy Ethereum, Bitcoin Cash, and Litecoin directly on Venmo, as well as other cryptocurrencies if you use a P2P exchange. If you do not have a Venmo account, create one via your Facebook account or email address.
However, you should bear in mind that most brokers don’t accept Venmo. In our opinion, the safest way to purchase Bitcoin is through a credit or debit card that supports “3D Secure” payments, as you won’t need to add funds to your broker account. While it’s a convenient way to buy and sell crypto, especially in small amounts, it lacks the functionality other major crypto exchanges offer. For example, users can’t transfer crypto from the app into their own crypto wallets. You also can’t trade coins with other users or use your crypto assets to make payments on the app.
Here are some simple steps you can follow to buy BTC in the Venmo app. Venmo is currently only accepted by P2P platforms such as those mentioned above. Completing the CAPTCHA proves to us that you’re a human and gives you access to our platform.
On the Crypto page, you can view the market prices of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). You can tap on your desired currency to view a price graph and see the “Buy” button. Here’s what to know about buying and selling cryptocurrency with the Venmo app. Yes, you can purchase Bitcoin with Venmo instantly on the app. Exchanging fiat for crypto on a P2P platform may take a few minutes or more.
The alternative is to opt for a fully P2P platform like Paxful or LocalBitcoins. If you have Venmo’s cobranded credit card, you can make purchases on it to earn crypto rewards. You can do this at the end of the card’s reward cycle by redeeming the cash-back you’ve earned into one of the cryptocurrency options offered. Some P2P platforms don’t require identity verification or a bank account, making them more accessible. However, this also means there may be people on there who might attempt to scam other users.
Buying crypto with Venmo
Yes, Venmo offers complete anonymity when you purchase Bitcoin through its service. You’ll also have the option to earn a passive income on your crypto through various products in the Binance Earn section. Finally, there is a wealth of educational materials to help you get to grips with all kinds of crypto activities. Many or all of the products featured here are from our partners who compensate us.
- Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues.
- If you use a P2P platform, there likely won’t be any fees, but the seller will decide the price.
- If you suspect fraudulent activity on your account, Venmo says you should contact customer service.
- Yes, Venmo offers complete anonymity when you purchase Bitcoin through its service.
- Here are some simple steps you can follow to buy BTC in the Venmo app.
However, you will need a Bitcoin wallet before you can buy on a P2P platform. Venmo will show the current price as well as an option to buy. Enter the dollar amount for your Bitcoin purchase, then select “Review”.
NerdWallet does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments. Our partners cannot pay us to guarantee favorable reviews of their products or services. Binance P2P takes the top spot as it offers so much to traders and investors.
Like with other exchanges, your crypto funds on Venmo aren’t eligible for Federal Deposit Insurance Corp. coverage, which would protect up to the first $250,000 in deposits. But Venmo says that crypto purchases will be protected from unauthorized activity. If you suspect fraudulent activity on your account, Venmo says you should contact customer service. Peer-to-peer money transfer app Venmo allows you to buy, sell and hold cryptocurrencies in its app. The feature launched in April 2021, following a similar move by its parent company PayPal. You can view the amount of crypto you hold, and its current market value, in the same tab you used to purchase.
Final Thoughts on Using Venmo to Buy Bitcoin
This influences which products we write about and where and how the product appears on a page. Here is a list of our partners and here’s how we make money. Venmo is a relatively easy way to purchase Bitcoin, particularly since introducing the direct Bitcoin purchase option through the Venmo app. When you purchase Bitcoin through Venmo, the transaction should happen within a few minutes, sometimes instantaneously.
If you choose to transfer your Bitcoin to your Binance exchange wallet, you will be able to trade it with a variety of advanced tools, margin, derivatives, and trading bots. Proceeds from the sale will go to your Venmo account, where you can use the funds to make payments or transfer them to your bank account. Venmo will provide a wallet you can use to store BTC when you purchase through the app. It’s up to you whether to transfer it to another wallet.
This is why it is important to select a reliable platform and always hold your funds in escrow until you receive your BTC. Currently, Venmo does not support payments or purchases with crypto, peer-to-peer trades or transferring crypto to other accounts on or off the app, including your own wallet. When buying BTC directly on Venmo, there will be a spread applied as well as a transaction fee. This fee is only 1.5% for large purchases but rises to as high as 49% if you only want to purchase $1 of BTC.
- Proceeds from the sale will go to your Venmo account, where you can use the funds to make payments or transfer them to your bank account.
- Once you’ve found a Bitcoin ad you’re interested in, follow the instructions to send a Venmo payment to the seller.
- Our partners cannot pay us to guarantee favorable reviews of their products or services.
- When you use this payment method, you do not have to pre-fund your account – you can simply purchase Bitcoin instantly.
- Peer-to-peer money transfer app Venmo allows you to buy, sell and hold cryptocurrencies in its app.
- Finally, there is a wealth of educational materials to help you get to grips with all kinds of crypto activities.
This makes it a so-so choice compared to more feature-rich exchanges. The fees Venmo charges for cryptocurrency purchases are calculated based on the margin between the market price and the exchange rate between the currency and the U.S. dollar. This difference, called the “spread,” is around 0.5% and depends on market conditions. Only peer-to-peer (P2P) platforms accept Venmo at the moment. You can choose a major exchange with an inbuilt P2P platform, such as Binance or KuCoin, if you want access to regular exchange features and other services after making your purchase.
Holding crypto
NerdWallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. Examples are hypothetical, and we encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Our estimates are based on past market performance, and past performance is not a guarantee of future performance. A Bitcoin broker is a digital service that performs Bitcoin trades for you. Venmo is a mobile payment platform through which you transfer money. Some Bitcoin brokers may accept Venmo as a way to deposit funds.
When you use this payment method, you do not have to pre-fund your account – you can simply purchase Bitcoin instantly. You’ll also have a lot more platforms to choose from. In summary, Venmo is a quick and convenient way to purchase Bitcoin. It can be used to buy cryptocurrency from a handful of platforms.
If you use a P2P platform, there likely won’t be any fees, but the seller will decide the price. Once you hold Bitcoin in your Venmo account, you will be able to sell it and withdraw the fiat to your bank account. An alternative is to withdraw your BTC to another wallet address, such as a crypto exchange or secure storage. NerdWallet, Inc. is an independent publisher and comparison service, not an investment advisor. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice.
Once you’ve found a Bitcoin ad you’re interested in, follow the instructions to send a Venmo payment to the seller. Your funds will be held in escrow for security, and you shouldn’t release them until you receive your BTC. We believe everyone should be able to make financial decisions with confidence. Yes, you can now buy and hold cryptocurrency in your Venmo account. Venmo and Bitcoin are helping revolutionize how we deal with money, make purchases, and facilitate transactions. If you’re looking to hold a significant amount of crypto, a wallet is a more secure option.
Enter the dollar amount of your purchase and select “Review.” You’ll get the chance to double-check how much crypto you’re purchasing, plus any fees that will be added. If you need help, this support page outlines the steps. The investing information provided on this page is for educational purposes only.