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How To Buy Bitcoin With Venmo

Last updated 16th Aug 2022
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Venmo and Bitcoin are helping revolutionize how we deal with money, make purchases, and facilitate transactions.

Today we will be looking at how to buy Bitcoin on Venmo as well as everything you need to know along the way.

Top Bitcoin Brokers That Accept Venmo

Many cryptocurrency brokers accept Venmo payments to buy Bitcoin. See below for a list of brokers:

What Is a Venmo Bitcoin Broker?

A Bitcoin broker is a digital service that performs Bitcoin trades for you. Venmo is a mobile payment platform through which you transfer money. Many Bitcoin brokers will accept Venmo as a way to deposit funds.

What Crypto Platforms Accept Venmo?

Many different Bitcoin platforms accept Venmo as a payment method. These include:

How to Buy Bitcoin With Venmo

If you are looking to purchase Bitcoin online with Venmo, follow these steps:

Step 1: Find an exchange
Step 2: Sign up and fund a purchase
Step 3: Make a purchase
Step 4: Alternatively, buy your Bitcoins directly through Venmo

How to Deposit and Withdraw via Venmo

Deposit

Here are a few quick steps you can follow to deposit money via Venmo:

Step 1: Create an account on Venmo
Step 2: Find a broker that accepts Venmo payments
Step 3: Choose the Venmo option
Step 4: Link your Venmo account with your broker account
Step 5: Set the amount of Bitcoin you want

Withdraw

The withdrawal process is similar to the deposit process. Simply perform the steps above when clicking “Withdraw”. If your Bitcoin broker accepts Venmo, you will be able to use Venmo to make a withdrawal, even if you used an alternative payment method when making your deposit.

What Should I Look for in a Venmo Bitcoin Broker?

When searching for a Venmo Bitcoin broker, you should look for some key features. These include:

Competitive Transaction Fees:

  • Transaction fees vary from brokerage to brokerage. Look for reasonable transaction fees when choosing a Venmo Bitcoin broker.

Speed:

  • Any good Venmo broker should let you make your Bitcoin purchases in less than a few minutes. Ideally, your transactions should be instantaneous.

Usability:

  • Trustworthy Venmo brokers make it easy for you to purchase Bitcoin. Stay away from any brokers that complicate the process and look for one that offers a user-friendly interface, quality app, and minimal fuss.

Good Reputation:

  • You should always choose a Venmo broker that has plenty of positive reviews from other people. This is the best way to find a broker you can trust.

Excellent Track Record:

  • A broker should also have a solid track record that spans several years.

Should I buy Bitcoin using Venmo?

Pros

Fast: Transactions happen very quickly. Sometimes they even happen instantly.
Easy to Use: Once you link your Venmo account to your chosen broker, the process of paying for Bitcoin is straightforward.
Direct Purchases for Bitcoin: In 2020, Venmo (and PayPal) announced that you would soon be able to purchase and sell Bitcoin directly from the app. From 2021, you can now buy Bitcoin via Venmo directly.

Cons

Not Suitable for Large Purchases: When Venmo was first introduced, it was designed to send small amounts of money to people you knew directly. As such, it still has a long way to go to be the number one source for large financial transactions.
Not Accepted by Every Bitcoin Broker: Compared to payment platforms like Apple Pay, Venmo does not have a robust ID system which means some Bitcoin brokers will not accept Venmo as a payment method.

Is Using Venmo the Best Way to Buy Bitcoin?

While Venmo offers a fast and convenient way to purchase Bitcoin thanks to being able to buy cryptocurrency directly through the app, we recommend purchasing Bitcoin with a credit or debit card if your card supports “3D Secure”. When you use this payment method, you do not have to pre-fund your account – you can simply purchase Bitcoin instantly.

What Are the Alternative Payment Methods to Buy Bitcoin With?

There are numerous alternative methods to purchase Bitcoin. These include:

Apple Pay:

  • You can use Apple Pay to buy Bitcoin. Simply select the Apple Pay option during your deposit process. You can also purchase Bitcoins with Apple Pay if you use the Exodus Wallet on iOS.

American Express:

Credit / Debit Card:

Other Ways to Buy Bitcoin:

  • There are many more ways to buy Bitcoin online.

Final Thoughts on Using Venmo to Buy Bitcoin

In summary, Venmo is a quick and convenient way to purchase Bitcoin. It can be used to buy cryptocurrency from various platforms. However, you should bear in mind that not all brokers will 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.

FAQs

Can I buy Bitcoin with Venmo anonymously?
How fast is buying Bitcoin with Venmo?
Do I need a Bitcoin wallet?
Are there low fees when using Venmo to buy Bitcoin?
Can I hold cryptocurrency in my Venmo account?
Can I buy other cryptocurrencies using Venmo?
Can I buy Bitcoin with Venmo instantly?
Is Venmo the easiest way to buy Bitcoin?
Does Coinbase accept Venmo?
Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.