Summary: Yes, Venmo does permit its users to buy certain cryptocurrencies, namely Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) directly through their mobile application. However, it's important to note that Venmo is often considered less than ideal as a platform for cryptocurrency investment, primarily due to the high transaction fees and broad spreads.

When purchasing cryptocurrencies via Venmo, users are typically charged up to 3% in transaction fees. This cost is considerably higher when compared to alternative platforms like eToro. They are a regulated platform with a FinCEN license, charges a 0% fee on trading numerous crypto pairs via their dedicated exchange app, making it a more financially attractive option for many cryptocurrency enthusiasts.

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Table of Contents

Can I Buy Bitcoin with Venmo?

Venmo does allow direct acquisition of Bitcoin, Ethereum, Litecoin and Bitcoin Cash.. However, keep in mind Venmo's high transaction fees that start at around 3%, which lessen its economic viability for many. If you are interested in buying Bitcoin or other cryptocurrencies through an alternative broker, it's advised to use a FinCEN-licensed platform. This ensures compliance with U.S. digital asset regulations, offering additional transaction security.

How to Buy Crypto with a Venmo Alternative

The most direct and secure way to invest in cryptocurrencies using a Venmo account is through a cryptocurrency exchange that's licensed by FinCEN. Venmo users can transfer US Dollars via instant transfer to a certified platform for buying and trading crypto assets such as Bitcoin, Ethereum, Dogecoin, Avalanche and more.

Follow our step-by-step guide to get started quickly:

  1. Create an account: Sign up to the eToro US exchange.
  2. Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen to deposit US Dollars (USD) via any available payment method.
  3. Find your Crypto: Once the USD hits your account, find thecrypto or other asset you want to buy on the eToro platform.
  4. Execute your trade: Input the USD amount you want to invest and execute your trade.
Deposit Funds with Venmo.

Is Venmo Crypto-Friendly?

Based in the digital finance sector, Venmo embraces a progressive approach to cryptocurrencies. It allows users to explore digital assets directly through their app, providing a counterbalance to traditional financial systems and allowing portfolio diversification with Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.

Venmo users can engage with crypto markets directly within the app, offering a quick, secure method for cryptocurrency purchases backed by the platform's solid infrastructure. Despite this, users should be aware of the comparatively higher transaction fees charged by Venmo.

Is Venmo a Good Crypto Wallet?

Venmo is not a good choice for a crypto wallet as it has limited functionality in terms of the number of cryptocurrencies supported (Bitcoin, Ethereum, Litecoin, and Bitcoin Cash) and does not offer staking, which is an important feature for many crypto users. It is better suited for peer-to-peer money transfers and not as a comprehensive crypto wallet solution.

About Venmo

Venmo is an American financial services company owned by PayPal. The company offers a mobile app and website that allows users to transfer money to one another. Venmo can be used to pay for goods and services or to split expenses with friends. Venmo is a safe and regulated financial service in the United States. The company is licensed by the New York State Department of Financial Services. It also has a number of security measures in place to protect users' information and prevent fraud.

Users can link their bank account or credit card to their Venmo account. When making a payment, Venmo will automatically deduct the funds from the linked account. They also offer the option to pay with a debit card, but this will incur a fee. Venmo is a convenient way to send and receive money. The app is easy to use and payments are typically processed quickly. Overall, it is a great option for those who need to transfer money to friends or family members.

Venmo App.
Venmo App.

Final Thoughts

In conclusion, while Venmo does provide the option to buy Bitcoin and other cryptocurrencies, its high transaction fees and limited functionality as a crypto wallet can be deterrents for some users. More suitable platforms for buying, selling, and managing cryptocurrencies would be those that are certified by authoritative bodies such as FinCEN.

The eToro US exchange is one such platform, offering an easy, secure, and more cost-effective way to engage with cryptocurrencies. Venmo, on the other hand, shines in its primary role as a platform for peer-to-peer money transfers and casual exploration of the cryptocurrency market.