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Review: Venmo app for cryptocurrency

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Venmo Cryptocurrency Exchange
Fiat currencies
1
Supported assets
4
This 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.

Summary

Get started with cryptocurrency for as little as $1 with your existing Venmo account.

  • Good for dipping your toes into cryptocurrency without needing to sign up to an exchange.
  • Not so good for the limited range of cryptocurrencies, fees and restrictions on what you can do with your coins.

Check out our full list of pros and cons or read on.

In this guide

  • Review
  • Details
    • Product details
  • Ask a question

Details

Product details

Product Name Venmo Cryptocurrency Exchange
Fiat Currencies USD
Cryptocurrencies BTC, ETH, BCH, LTC
Deposit Methods Debit card
Bank transfer (Direct Deposit)
Trading Fee 1.5-2.3% ($25 and above);
$0.50 (
Deposit Fees $0-$5
Withdrawal Fees Standard: $0.00
Instant transfer: 1% (minimum $0.25 fee, maximum $10 fee)

There are many diverse ways to purchase Bitcoin, and with the launch of Crypto on Venmo, you can add one more option to the list. The socially-focused Venmo is a peer-to-peer payment service that is focused on easily sending money to family and friends.

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

What fiat and cryptocurrencies are supported

Currently, Venmo offers the purchase of four cryptocurrencies. There is always the possibility that more will be added in the future. Cryptocurrencies that are included:

  • Bitcoin (BTC). Released in 2009 as the original cryptocurrency, utilizing a Proof of Work consensus algorithm. Discover the fundamentals of Bitcoin in our guide.
  • Ether (ETH). Released in 2015 as the native token to the Ethereum network, which is used to construct decentralized applications and home to the world of DeFi. Explore our deep-dive guide to learn more on Ethereum.
  • Bitcoin Cash (BCH). Released in 2017 as a hard-fork from Bitcoin and often thought of as “digital cash” to Bitcoin’s “digital gold.” Learn more about why this cryptocurrency was developed.
  • Litecoin (LTC). Released in 2011, Litecoin was focused on addressing the speed of blockchain transactions. Uncover this cryptocurrency’s strengths and differences from Bitcoin.

Which payments methods are accepted?

  • Bank account
  • Debit card
  • Credit card

Fees

Venmo charges a minimum fee on all cryptocurrency transactions, although this amount can cost more depending on market conditions.

Buy or sell amountFeeFee estimates
$1 – $24.99$0.50$0.50
$25 – $1002.30%$0.575 – $2.30
$100.01 – $2002%$2 – $4
$200.01 – $1,0001.80%$3.60 – $18
$1000.01+1.50%$15+

Accurate as of 27 April, 2021.

How to buy Bitcoin with Venmo

Buy or sell cryptocurrencies on Venmo through the app or by accessing your Venmo account online. If you don’t have an account, you’ll need to create one. Here’s how to do it:

  1. Set up a Venmo account using your email address. An account authorization code is sent to your chosen mobile number and is required to verify your account.
  2. Connect contacts. Contacts can be added via your social media platforms or via your phone contact list.
  3. Connect payment methods. Within Payment methods connect either a bank account, debit card or credit card.
  4. Once a payment method is connected, choose Explore next to the Crypto tab.
  5. Select the cryptocurrency you would like to purchase. Options currently are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. If you would like to purchase other altcoins, you’ll need to compare alternative ways to buy.
  6. Choose the amount. Enter the dollar amount for the purchase and select Review.
  7. Review. Look over the breakdown that appears on the next screen which will show you how much cryptocurrency you’re buying alongside the associated fees.
  8. Complete the purchase by hitting the Buy button.

After purchasing your cryptocurrency through Venmo you will be able to see your cryptocurrency balance in your account. Venmo holds the cryptocurrency and your private keys for you.

There’s no way to transfer out of the application. If you would like more control over your stored cryptocurrency and your private keys, you will need to use a different method to buy cryptocurrency.

How to sell cryptocurrency on Venmo

Venmo doesn’t allow you to import and export cryptocurrency private keys, like with a hardware wallet. You can only sell cryptocurrency you purchased through Venmo. Sell cryptocurrency:

  1. Choose the menu and select Manage.
  2. Select the cryptocurrency that you would like to sell.
  3. Venmo will display the price for your selected cryptocurrency. Enter the amount of the cryptocurrency that you would like to sell.
  4. Complete the sale by hitting the Sell button.
  5. The cryptocurrency will then be transferred back into USD and added to your Venmo account balance for you to continue using for purchases or to transfer back to your bank account.

Compare other ways to buy and sell cryptocurrency

Venmo doesn’t let you transfer your cryptocurrency out of the app, or to another wallet. This means you won’t be able to use cryptocurrency for payments, send it to friends, or move it on to an exchange if you want to start trading regularly.

As such, you may want to consider one of the other methods below to purchase Bitcoin and cryptocurrency.

1 - 3 of 4
Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
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Bank transfer, Debit card, PayPal, Wire transfer

6

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Get $15 when you sign up and buy $100 of crypto. T&Cs apply.
Disclaimer: eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.

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Coinbase Digital Currency Exchange
Bank transfer (ACH), Debit card, PayPal, Wire transfer, Apple Pay, Google Pay

23

239

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Gemini Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Debit card, PayPal, Apple Pay, Google Pay, SWIFT

7

141

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In a nutshell

Pros

  • Easy to use. Buy cryptocurrencies with the Venmo app or through the website in a few clicks.
  • Track your portfolio. Venmo automatically updates your cryptocurrency portfolio so your daily total adjusts for price fluctuations.
  • Share transactions with friends. Users can share cryptocurrency transactions to demystify the cryptocurrency process and raise awareness.
  • Instant transactions. Buy and sell cryptocurrencies almost instantaneously.
  • Small transactions. Purchase cryptocurrency for as little as $1.

Cons

  • You don’t control your private keys. Venmo does not provide the option to transfer cryptocurrencies out of the app and into an external wallet.
  • Fees. To complete the purchase or sale of cryptocurrencies there will be a fee based on the order total.
  • Limited options. Venmo currently only offers the purchase of Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
  • No external purchases. Venmo does not allow you to use your cryptocurrencies for the payment of goods or services. The cryptocurrency can only be held on the app as a speculative investment.

Verdict

Venmo provides yet another way to easily purchase a select group of cryptocurrencies. But is it the best service out there? With the transactional fees and restrictions on usage, there are more cost-effective and user-friendly options available.

Instead of funding a Venmo account with a debit card, the same process could be used to purchase cryptocurrencies directly through exchanges that would also offer you the flexibility and security of holding your own private keys.

Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.

Name Product Deposit methods Fiat currencies Cryptocurrencies Offer Disclaimer Link
eToro Cryptocurrency Trading
eToro Cryptocurrency Trading
Bank transfer, Credit card, Debit card, Neteller, Skrill

18

78

Disclaimer: Cryptoasset investing is highly volatile and unregulated in the UK and some EU countries. No consumer protection. Tax on profits may apply.

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Binance Cryptocurrency Exchange (Not available to US users)
Bank transfer, Cryptocurrency

1

369

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KuCoin Cryptocurrency Exchange
KuCoin Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal, P2P

50

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Bybit Cryptocurrency Exchange
Bybit Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, P2P

73

279

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Gate.io Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card

8

1607

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Kraken Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, Apple Pay, Google Pay, SWIFT

8

222

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OKX Cryptocurrency Exchange
Bank transfer, Cryptocurrency, iDEAL, PayPal, POLi, SEPA, Faster Payments (FPS)

35

338

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Uphold
Uphold
Bank transfer (ACH), Credit card, Debit card, Apple Pay, Google Pay

27

237

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Paybis Cryptocurrency Exchange
Bank transfer, Credit card, Debit card, Neteller

42

357

US residents: Restricted in the following states - NY, CT, NM, WA, HI, AL, VT, FL, AK, NV.

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Bitstamp Cryptocurrency Exchange
Bank transfer, Credit card, Cryptocurrency, Debit card, SEPA, Faster Payments (FPS)

3

79

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Coinmama Cryptocurrency Marketplace
Credit card, Fedwire, SEPA, Google Pay, SWIFT, Bank card

6

16

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Gemini Cryptocurrency Exchange
Bank transfer (ACH), Cryptocurrency, Debit card, PayPal, Apple Pay, Google Pay, SWIFT

7

141

Capital at risk

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Crypto.com App
Bank transfer, Credit card, Cryptocurrency, Debit card, PayPal, Wire transfer, Apple Pay, Google Pay, SWIFT

31

318

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Bybit Cryptocurrency Exchange

Bybit Cryptocurrency Exchange logo
  • Offers leverage and derivative trading
  • Supports EUR, GBP and CHF
  • Licensed to operate in all European countries
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Disclaimer: Highly volatile investment product. Your capital is at risk.

Kraken Cryptocurrency Exchange

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  • Low fees for active traders
  • Pleasant UI for new traders
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KuCoin Cryptocurrency Exchange

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  • Supports AUD
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Binance Cryptocurrency Exchange (Not available to US users)

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  • Supports over 300 crypto assets
  • Binance Pay enables users spend their crypto
  • Binance P2P supports multiple African fiat currencies
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Binance Cryptocurrency Exchange (Not available to US users)

Binance Cryptocurrency Exchange (Not available to US users) logo
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  • Binance Pay works with Credencial Payments to support crypto payments
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Bybit Cryptocurrency Exchange

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  • Supports leverage and derivative trading
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  • Low-to-non-existent trading fees
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Disclaimer: Highly volatile investment product. Your capital is at risk.

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James Finder

Editor

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