Can I buy Cryptocurrency with Venmo?
Yes. Venmo currently offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH) directly through their mobile app. That said, they are one of the worst platforms to invest in cryptocurrency in the world due to their high fees and wide spreads.
When buying Crypto with Venmo, users can expect to pay up to 3% in fees per transaction. This is considerably higher than alternative platforms like eToro, which charges 0% fees to trade more crypto pairs on their dedicated exchange app.
How to buy Crypto with a Venmo Alternative
The best alternative to Venmo in the United States to invest in cryptocurrencies, as well as stocks, ETFs, commodities, and more is eToro USA. Their platform offers fast and cheap USD deposits via bank transfer, debit card/credit card or PayPal to trade a variety of digital assets with no fees.
You can get started with this simple guide:
- Create an account: Sign up to the eToro US exchange.
- Deposit funds: Select the 'Deposit Funds' button on the bottom of your screen to deposit US Dollars (USD) via any available payment method.
- Find your Crypto: Once the USD hits your account, find the Crypto or other asset you want to buy on the eToro platform.
- Execute your trade: Input the USD amount you want to invest and execute your trade.
Is Venmo Crypto-Friendly?
Yes, Venmo is a crypto-friendly financial platform in the United States because they offer direct cryptocurrency trading through its mobile app. That said, they do only support 4 cryptocurrencies, which highlights that they haven't fully opened their arms to the digital asset ecosystem.
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.
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.
To summarize, Venmo is a convenient option for transferring money to friends and family, but it may not be the best choice for those looking to invest in cryptocurrency. Venmo only supports four cryptocurrencies - Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, and charges up to 3% in transaction fees.
As a result, eToro is a better option for those looking to trade a wider variety of digital assets with zero fees. Additionally, eToro is a highly regulated and trusted platform with millions of users and licenses from top financial organizations.