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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
Some 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. Some Bitcoin brokers may accept Venmo as a way to deposit funds.
What Crypto Platforms Accept Venmo?
Only peer-to-peer (P2P) platforms accept Venmo at the moment. You can choose a major exchange with an inbuilt P2P platform, such as Binance or KuCoin, if you want access to regular exchange features and other services after making your purchase. The alternative is to opt for a fully P2P platform like Paxful or LocalBitcoins.
Best P2P Platforms that Accept Venmo
P2P platforms enable buyers and sellers to interact directly. Sellers can set their own prices, limits, and accepted payment methods. Buyers can browse the different sellers available and choose which one they prefer. Here are the top P2P platforms:
| Provider | Fee | Get Started |
| 🥇 eToro | None | Start with eToro now |
| 🥈 Binance | None | Start with Binance now |
| 🥉KuCoin | None | Start with KuCoin now |
Some P2P platforms don’t require identity verification or a bank account, making them more accessible. However, this also means there may be people on there who might attempt to scam other users. This is why it is important to select a reliable platform and always hold your funds in escrow until you receive your BTC.
Binance – The Best Choice for Additional Features
Binance P2P takes the top spot as it offers so much to traders and investors. If you choose to transfer your Bitcoin to your Binance exchange wallet, you will be able to trade it with a variety of advanced tools, margin, derivatives, and trading bots.
You’ll also have the option to earn a passive income on your crypto through various products in the Binance Earn section. Finally, there is a wealth of educational materials to help you get to grips with all kinds of crypto activities.
How to Buy Bitcoin With Venmo on a Crypto Platform
If you are looking to purchase Bitcoin online with Venmo, follow these steps:
Step 1: Find an Exchange
Venmo is currently only accepted by P2P platforms such as those mentioned above. Choose one that best meets your needs.
Step 2: Sign Up and Find a Seller
Complete the registration process, which may or may not involve verifying your identity, depending on the platform. Search the Bitcoin ads for a seller that accepts Venmo.
Step 3: Make a Purchase
Once you’ve found a Bitcoin ad you’re interested in, follow the instructions to send a Venmo payment to the seller. Your funds will be held in escrow for security, and you shouldn’t release them until you receive your BTC.
How to Buy Bitcoin Directly on Venmo
Here are some simple steps you can follow to buy BTC in the Venmo app.
Step 1: Create an Account on Venmo
If you do not have a Venmo account, create one via your Facebook account or email address.
Step 2: Go to the Crypto Page
Select the ☰ icon and then select “Explore” next to “Crypto”. Alternatively, you can select “Manage” next to “Crypto Balance”.
Step 3: Buy Bitcoin
Select Bitcoin. Venmo will show the current price as well as an option to buy. Enter the dollar amount for your Bitcoin purchase, then select “Review”.
Withdraw
Once you hold Bitcoin in your Venmo account, you will be able to sell it and withdraw the fiat to your bank account. An alternative is to withdraw your BTC to another wallet address, such as a crypto exchange or secure storage.
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. Thankfully, most P2P platforms don’t charge transaction fees, but you should compare the prices being offered by different sellers.
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?
- 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.
- 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 most 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. You’ll also have a lot more platforms to choose from.
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 Bitcoin with Apple Pay if you use the Exodus Wallet on iOS. Additionally, there are many more mobile apps to buy crypto with including BTC.
American Express: You can purchase Bitcoin with an American Express card. Simply follow the deposit procedure on your Bitcoin broker, then select American Express as the payment method.
Credit/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 all set.
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 a handful of platforms. However, you should bear in mind that most brokers don’t 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.
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FAQs
Can I buy Bitcoin with Venmo anonymously?
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 Bitcoin wallet?
Venmo will provide a wallet you can use to store BTC when you purchase through the app. It’s up to you whether to transfer it to another wallet. However, you will need a Bitcoin wallet before you can buy on a P2P platform.
Are there low fees when using Venmo to buy Bitcoin?
When buying BTC directly on Venmo, there will be a spread applied as well as a transaction fee. This fee is only 1.5% for large purchases but rises to as high as 49% if you only want to purchase $1 of BTC. If you use a P2P platform, there likely won’t be any fees, but the seller will decide the price.
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 also buy Ethereum, Bitcoin Cash, and Litecoin directly on Venmo, as well as other cryptocurrencies if you use a P2P exchange.
Can I buy Bitcoin with Venmo instantly?
Yes, you can purchase Bitcoin with Venmo instantly on the app. Exchanging fiat for crypto on a P2P platform may take a few minutes or more.
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?
No. Coinbase doesn’t accept Venmo, though it does accept PayPal in certain countries.
Here are some more ways to buy Bitcoin
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