How to Buy Crypto with Venmo
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Summary: While Venmo offers basic cryptocurrency buying options, users looking for a more extensive selection, lower fees and better security may prefer using a dedicated digital asset exchange. Finding a platform that is regulated by FinCEN is recommended.
Kraken is registered with FinCEN, provides access to over 280 digital currencies and offers advanced trading options and enhanced security measures. This makes it a great alternative for those seeking to expand their crypto investments beyond what Venmo offers.
Top Crypto Platform for Venmo
Kraken is the best option for Venmo users with its regulatory compliance, free USD deposits, and wide range of over 280 cryptocurrencies for trading on spot and futures.
Licenses
Registered with the U.S. Financial Crimes Enforcement Network (FinCEN).
Available Assets
280+ Cryptocurrencies to Trade and Stake.
Deposit Methods
ACH Transfer, Venmo, Plaid, Credit Card, Debit Card, Zelle and more.
Can I Buy Bitcoin with Venmo?
Yes, Venmo supports buying Bitcoin and other cryptocurrencies directly in the app. However, it's better to use a regulated U.S. crypto exchange for a wider asset selection and lower fees. These platforms follow FinCEN regulations, offering better security and trading options. You can easily transfer funds from Venmo to one of these exchanges to access a broader range of digital assets.
How to Buy Crypto with Venmo
Venmo users can purchase digital assets by transferring funds to regulated exchanges that comply with FinCEN guidelines. Kraken is our recommended platform as it is registered with FinCEN (No. 31000270997766) and has transparent proof-of-reserves. It offers access to over 280 cryptocurrencies for spot and futures with 5x leverage.
Follow these steps to buy crypto with Venmo through Kraken:
- Register: Visit the Kraken website and create an account using your email. Complete the identity verification process to meet KYC requirements.
- Transfer Funds: Add funds by transferring US Dollars from your Venmo account.
- Select Asset: Once your funds are in Kraken, explore their extensive list of digital currencies.
- Execute Trade: Choose the coin you want to buy, specify the amount in USD, review the transaction details, and confirm your purchase.
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What are the Fees?
When buying crypto through Venmo, it's essential to understand the fees involved to manage costs effectively. These fees can include charges for buying, selling, and transferring funds. Venmo charges a fee for crypto transactions ranging between 1.5% and 2.3%, depending on the transaction amount.
For those seeking lower fees, using a digital asset exchange like Kraken may be more affordable. It offers competitive trading fees starting from 0.16%, which is lower than Venmo's rates. Additionally, the platform supports free USD deposits through Venmo.
About Venmo
Venmo is a mobile payment service owned by PayPal that lets users send and receive money instantly via a smartphone app. It's commonly used for splitting bills, paying friends, and online purchases. Users can link bank accounts or cards and spend with the Venmo Debit Card. Venmo also offers a "Pay with Venmo" option for easy checkout on partner websites.
Bottom Line
In conclusion, while Venmo offers a convenient way to buy cryptocurrencies, users seeking lower fees, a wider range of assets, and enhanced security should consider using a regulated digital asset exchange. With its competitive fees, extensive asset options, and compliance with FinCEN guidelines, Kraken provides a more comprehensive platform for serious investors.
Written by
Tony Kreng
Lead Editor
Tony Kreng, who holds an MBA in Business & Finance, brings over a decade of experience as a financial analyst. At Datawallet, he serves as the lead content editor and fact-checker, dedicated to maintaining the accuracy and trustworthiness of our insights.
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