Venmo and Bitcoin are helping revolutionize how we deal with money, make purchases, and facilitate transactions. Today we will be looking at how you can buy Bitcoin on Venmo as well as everything you need to know about both these digital services.
Top Bitcoin Brokers that accept Venmo
Many cryptocurrency brokers accept Venmo payments to purchase Bitcoin. See below for a list of brokers:
What is a Venmo Bitcoin broker?
A broker is a digital service that performs Bitcoin trades for you. Venmo is a mobile payment platform through which you transfer money. Many brokers will accept Venmo as a way to deposit funds.
What crypto platforms accept Venmo?
Many different cryptocurrency platforms accept Venmo. These include:
- P2P Marketplaces
- P2P Lending Platforms
- Exchanges
- Brokers
- Auto Trading Services
How to buy Bitcoin with Venmo
If you are looking to purchase Bitcoin online with Venmo, follow these steps:
- 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:
And if you are looking for a reliable cryptocurrency exchange in North America, you can use:
- 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.
- Make a purchase
Complete your purchase and enjoy your cryptocurrency!
- 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
- 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. As of 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 method 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 or debit card. Just provide your card details when purchasing through a Bitcoin broker and you’re set.
Conclusion
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 anonymously with Venmo?
Yes, Venmo offers complete anonymity when you purchase Bitcoin through its service.
How fast is buying Bitcoin with Venmo?
When you purchase Bitcoin through Venmo, the transaction should happen within a few minutes, sometimes instantaneously.
Do I need a crypto wallet?
Not necessarily. Some brokers will let you deposit funds directly into your account. However, others will require a crypto wallet address before you can purchase Bitcoin on their platform.
Are there low fees when using Venmo to buy Bitcoin?
You can expect fees somewhere around 2% to 4% depending on the cryptocurrency broker you choose. Always compare fees before selecting a broker, as you’ll want to find the best deal for you.
Can I hold cryptocurrency in my Venmo account?
Yes, you can now buy and hold cryptocurrency in your Venmo account.
Can I buy other cryptocurrencies using Venmo?
Yes, you can buy other cryptocurrencies using Venmo, including Ethereum. However, many brokers will not accept Venmo as a payment method, so you may need to go through peer-to-peer exchanges.
Can I buy Bitcoin with Venmo instantly?
Yes, you can purchase Bitcoin with Venmo instantly with certain brokerages. You can also buy Bitcoin directly through the Venmo app.
Is Venmo the easiest way to buy Bitcoin?
Venmo is a relatively easy way to purchase Bitcoin, particularly since introducing the direct Bitcoin purchase option through the Venmo app.
Does Coinbase accept Venmo?
Yes, Coinbase accepts Venmo payments for Bitcoin.