Summary: The Venmo app currently offers a feature that allows customers to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash. That said, they are one of the most expensive ways to buy digital assets in the US with a fee of over 2% to buy or sell on the platform.
This is why we recommend using an alternative & mobile friendly crypto app like Uphold. They are a US-licensed & regulated exchange that offers over 250 cryptocurrencies to stake and trade with zero fees. Venmo users can deposit USD into their platform instantly and for free with their user-friendly Plaid integration.
Can You Buy Crypto with Venmo?
Yes, Venmo allows users to buy BTC, ETH, LTC, and BCH through their popular mobile banking app. However, it's known for having higher fees of over 2% for buying and selling, making it a more expensive platform for digital asset transactions. Additionally, Venmo is typically considered less secure than traditional crypto exchanges, as it lacks the built-in infrastructure that supports advanced security features and dedicated wallet services.
How to Buy Bitcoin and Crypto with Venmo
As outlined above, the best way to buy Cryptocurrencies with a Venmo account is by transferring funds into a regulated exchange in the US. We recommend Uphold that offers instant & free Venmo deposits via their Plaid integration and from all USA-based banks. Their exchange allows you to buy, sell, stake and trade over 250 cryptocurrencies, which is the widest variety out of any platform in the country.
Here is a step-by-step guide to help you get started:
- Create Free Account: Sign up to Uphold and complete your identity verification.
- Fund Account: Connect your Venmo account to complete a bank transfer via Plaid or ACH.
- Find Token: Head to the search bar, type in the crypto you want to buy, then click ‘Trade’.
- Buy Crypto: Input the amount of USD you want to invest and tap ‘Open Trade’.
Can I use Venmo to buy Crypto on Coinbase?
No, Coinbase does not accept deposits from Venmo accounts in the United States. You can only use a bank account or debit card to buy Bitcoin and other crypto assets on the platform.
Is Venmo Good for Crypto?
While Venmo is a well-known peer-to-peer payment service, it may not be the optimal choice for buying cryptocurrency due to its 2% fee per transaction and limited support for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
In conclusion, Venmo provides a convenient option for users to purchase a limited selection of cryptocurrencies, including BTC, ETH, LTC, and BCH. However, its higher transaction fees and comparatively lower security make it less ideal for serious crypto investors.
Instead, consider using a regulated US exchange like Uphold, which offers a wider variety of digital assets, instant and free Venmo deposits through Plaid integration, and enhanced security features. While Venmo might be sufficient for casual users, those who prioritize cost-effectiveness, security, and versatility should opt for dedicated crypto exchanges.