How to Buy Bitcoin with Venmo
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:
P2P Marketplaces
P2P Lending Platforms
How to buy Bitcoin with Venmo
If you are looking to purchase Bitcoin online with Venmo, follow these steps:
1. Find an exchange
The first thing you need to do is find a cryptocurrency exchange. Sometimes called a digital currency exchange, a crypto exchange is a business that lets you trade cryptocurrency for other assets, including alternative digital currencies or convention currencies (dollars, euros, etc.).
Some of the most popular international exchanges include:
If you are looking for a Peer-to-Peer (P2P) exchange, you can use:
Bisq
BitQuick
Paxful
And if you are looking for a reliable cryptocurrency exchange in North America, you can use:
2. Sign up and fund a purchase
Once you have found an exchange that suits your cryptocurrency requirements, you need to sign up and follow the relevant instructions to add your payment method. In this case, you would add your Venmo account.
3. Make a purchase
Complete your purchase and enjoy your cryptocurrency!
4. Alternatively, buy your Bitcoins directly through Venmo
As well as using a cryptocurrency exchange, you can also purchase Bitcoins directly through Venmo. This can be done by following these steps:
Select the ☰ icon
Select “Explore” next to “Crypto”. Alternatively, you can select “Manage” next to “Crypto Balance”.
Select your Bitcoin currency. Venmo will show the current price as well as an option to buy.
Enter your dollar amount for your Bitcoin purchase, then select “Review”.
How to deposit and withdraw via Venmo
Deposit
Here are a few quick steps you can follow to deposit money via Venmo:
If you do not have a Venmo account, create one via your Facebook account or email address.
Find a broker that accepts Venmo payments, then open an account with them.
Go to your account page on the broker, then choose the Venmo option on the “add money” or deposit screen.
You will then be asked to link your Venmo account with your broker account.
Select the amount of Bitcoin you want and choose Venmo as the payment method.
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
Cons
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: You can purchase Bitcoin with an American Express card. Simply follow the deposit procedure on your Bitcoin broker, then select the American Express payment method.
Credit or Debit Card: You can also buy Bitcoin with your credit card or debit card. Just provide your card details when purchasing through a Bitcoin broker and you’re set.
Other ways to buy Bitcoin
There are many more ways to buy Bitcoin online, check out these guides to learn more:
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?
