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How to buy Bitcoin with Venmo

A quick and easy way to dip your toes into crypto markets

Disclaimer: This page is not financial advice or an endorsement of digital assets, providers or services. Digital assets are volatile and risky, and past performance is no guarantee of future results. Potential regulations or policies can affect their availability and services provided. Talk with a financial professional before making a decision. Finder or the author may own cryptocurrency discussed on this page.

Venmo is a social payment app that lets you send money to individuals and businesses. You can use the app to pay your bills or to split a check with friends. And, as of April 2021, you can use Venmo to buy, track and learn about Bitcoin (BTC) and other crypto assets.

With as little as $1, you can purchase some Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) or Bitcoin Cash (BCH) with the app.

If you are just getting started in crypto, there are numerous articles and videos that you can use to learn about the asset class. Once you’ve made a purchase, you can also use Venmo to track the price of the crypto in your portfolio.

Venmo is owned by PayPal, and cryptocurrency transactions on Venmo are facilitated by PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.

How to buy crypto with Venmo

Follow these steps to buy crypto with Venmo:

  1. Verify your identity.
    You must complete KYC identity verification if you want to buy, hold or sell cryptocurrencies on Venmo. Document reviews usually take up to 48 hours. These are the documents required for the verification on Venmo: Personal details (name, physical address, date of birth and National/Tax ID number), Identification document (US passport, driver’s license, DHS Card or Tribal ID Card) and Proof of physical address (utility bills, bank or credit card statements or current car registration).
  2. Select which crypto you’d like to buy.
    On the bottom of the Venmo app screen is a tab that reads “Crypto”. You’ll find this tab alongside the other tabs – including “Home”, “Cards”, “Pay/Request” and “Me” on the bottom of the screen. Click the “Crypto” tab and then click on the crypto asset you’d like to purchase.
  3. Click the “Buy” button.
    Once you’ve selected the crypto you’d like to purchase, click the large blue “Buy” button 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 completed it, you can proceed with your purchase.
  4. Provide your phone number and submit the confirmation code.
    Venmo will prompt you to enter your phone number. Once you enter it, you’ll receive a confirmation code via SMS shortly thereafter. Enter the code into the box provided and click “Submit code”.
  5. Enter the US dollar amount for your purchase.
    Enter the US dollar amount for your purchase and click “Review”.
  6. Confirm your purchase.
    Venmo will show you a breakdown of how much cryptocurrency you’re about to purchase, along with any fees. If you are okay with the breakdown, click “Buy” to complete your purchase.

Pros and cons of buying crypto on Venmo

Pros

  • Quick and convenient. Venmo makes buying crypto assets relatively painless. In just a few clicks, you can purchase any of four different cryptocurrencies.
  • No need to self-custody. If you prefer not to manage the private keys to your crypto – or self-custody your crypto – and want a third party to manage them for you, Venmo is a convenient option.
  • Enables small purchases. Purchase some crypto with as little as $1.
  • Track your portfolio. Venmo automatically updates your cryptocurrency portfolio so that you can easily track your crypto investments.

Cons

  • You can’t move your crypto. You can’t send your crypto from your Venmo account to a non-custodial wallet or to your wallet on another crypto exchange.
  • Only offers crypto “IOUs”. When you purchase crypto through Venmo, you are technically only purchasing an IOU for the assets. That is, you are trusting that Venmo holds the assets you purchase on its balance sheet.
  • High fees. The fees vary when you purchase crypto through Venmo depending on the dollar amount of the purchase. Fees at all levels of purchases are high compared to most other crypto brokerages and exchanges.
  • Limited selection. Venmo only offers four crypto assets.

Venmo crypto fees and costs

Method of transferTransfer feesTransfer times
Standard electronic withdrawal$01–3 business days
Instant transfer electronic withdrawal1.5% (minimum $0.25 fee, maximum $15 fee)5+ minutes
Method of depositFees
Transfer from bank account$0.00
Receive money in your personal Venmo account from Venmo users$0.00
Receive merchant refund$0.00
Receive money using direct deposit$0.00
Adding money using the “cash a check” feature (payroll and government checks)1.00%
(minimum $5 fee)
Adding money using the “cash a check” feature (all other accepted checks)5.00%
(minimum $5 fee)
Receive payments in your business profile or that identified as for goods and services1.9% + $0.10
Crypto purchase/sale amountFees
$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–$1001.80%
>$10001.50%

Is Venmo safe?

Yes, Venmo is safe to use. Venmo uses data encryption to protect your personal and financial information. With that said, you may want to opt out of not sharing your crypto purchases publicly via the app’s social feature, which broadcasts your transactions to your friends on the app.

If you click on the “Me” tab at the bottom of the app screen and then click on the settings icon in the top right-hand corner of the screen, you’ll be taken to the app’s settings options. If you click on the “Privacy” tab and then click the “Private” option, you can stop your crypto purchases and sales from being broadcast to friends.

Alternative platforms to buy crypto

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Bank transfer, Credit card, Cryptocurrency, Debit card, P2P
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Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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