How to Buy Crypto with Venmo

Can I Buy Crypto with Venmo?

Yes, you can purchase Bitcoin, Ethereum, Litecoin, and Bitcoin Cash using Venmo's popular mobile payment service. Be aware, though, that Venmo charges transaction fees typically over 2%, which makes it a more expensive option for buying cryptocurrency. Additionally, while Venmo is user-friendly, it might not offer the same security and specialized wallet features as dedicated cryptocurrency trading platforms in the USA. This could make it a riskier option for handling digital assets.

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How to Buy Crypto with Venmo

For those interested in using Venmo to purchase cryptocurrency, consider Kraken as a secure and efficient option. Compliant with FinCEN's strict regulations, Kraken serves over 10 million investors worldwide and allows direct USD deposits from Venmo without any fees. The platform offers a wide variety of over 200 crypto assets, including both major cryptocurrencies and altcoins, with trading fees starting as low as 0.1%.

Here’s a quick start guide to using Kraken with your Venmo account:

1. Account Creation: Sign up by visiting the Kraken website.
2. Venmo Deposit: Connect your Venmo for instant and free USD deposits via ACH transfer.
3. Select Cryptocurrency: Browse through Kraken’s extensive cryptocurrency offerings.
4. Complete Transaction: Choose your investment, select the desired crypto, and complete your purchase.

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What are the Fees?

When converting USD to cryptocurrencies via Venmo, it's important to understand the fees involved, including charges for deposits, transactions, and withdrawals. Trading fees vary significantly across different exchanges, typically ranging from 0.1% to 0.5%.

For those using Venmo and seeking a more affordable trading platform, Kraken is a solid choice, recognized for its competitive trading fees starting at just 0.16%. This rate is often lower than many others, appealing to budget-minded traders. Moreover, Kraken allows for free USD deposits using Venmo’s ACH transfer, enhancing its appeal to cost-aware investors.

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Is Venmo Good for Crypto?

Venmo is well-known for its peer-to-peer payment services and does offer cryptocurrency transactions. However, it may not be the ideal choice for everyone. The platform charges a transaction fee of about 2% and provides support for a limited selection of cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), PayPal USD (PYUSD), and Bitcoin Cash (BCH). Additionally, Venmo lacks cryptocurrency staking features, which could reduce its appeal for users looking for more advanced crypto functionalities.

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Bottom Line

In conclusion, while Venmo offers a convenient way to purchase select cryptocurrencies, its higher transaction fees and limited security features make it less suitable for serious crypto investors. For a more cost-effective and robust trading experience, consider using Kraken. Kraken not only supports a much wider range of cryptocurrencies but also provides useful features like staking and zero-fee USD deposits from Venmo.