Why you should buy crypto with Venmo

Quick

When using a Venmo account to receive money, most transactions take only a few minutes to deposit the money.

Safe

Both buyers and sellers can feel secure using Venmo. As long as the network you're using is safe, all information sent between your device and Venmo's servers is safe and encrypted.

Support

Email, live chat, call center, social media support, forum support, and self-service support are all available from Venmo customer service team.

Privacy

Venmo safeguards your bank or credit card information by encrypting it.

Why is Venmo an excellent way to buy crypto

Venmo is a well-known service that allows users worldwide to make transactions using their bank account or credit card information without revealing personal information like their name or address.

Thanks to this, anyone who has access to an online payment system like Venmo can obtain Bitcoin anonymously. It also adds security because sensitive financial information is not required.

Buying crypto with Venmo: Step-by-step guide

1. First, you'll need a Venmo account. If you don't already have one, go to their website and setup one with your credit card or bank account and an email address.
2. Go to the home screen (the "Payments" screen in the app) and select the "Purchase Bitcoin and more" banner near the top of the page to purchase some BTC on the Venmo website.
3. On the Venmo app, choose the cryptocurrency you wish to obtain.
4. Furthermore, Venmo has provided resources for learning about cryptocurrency and a list of the associated risks.
5. To complete your purchase, you'll need available funds, a linked debit card, or a linked bank account. It is possible to spend as little as $1 per week or as much as $100,000. Like many other cryptocurrency exchanges, Venmo charges fees to buy and sell cryptocurrency, depending on the amount purchased.
6. Below the purchase option on Venmo, you'll find a brief description of the asset you're buying. Before moving forward, you must confirm some information and agree to Venmo Terms and Conditions.
7. To buy Bitcoin, enter your desired amount. The Bitcoin price fluctuates depending on when you purchase it. The exchange rate includes a spread until you buy or sell, and it refreshes frequently. Select “Next” to move on to the next screen.
8. The bank account or credit/debit card connected to your Venmo account appears. You can also add more cards or bank accounts at this time.
9. The account will be updated after the purchase to reflect the amount of cryptocurrency purchased and its current value.
10. Move back to the home page and look under "Crypto" for your Bitcoin purchase, which you can purchase and sell.

Where can you buy crypto with Venmo online?

Buying crypto with Venmo using Coinbase

Coinbase, a cryptocurrency network, announced in April 2021 that customers in the United States of America would purchase cryptocurrency with Venmo-linked cards. To use the feature, log in to Coinbase, choose the cryptocurrency you want to purchase, tap "add payment option" in the Coinbase app and choose Venmo. You can link a debit card or a bank account to your Venmo account once you've logged in.

Buying crypto with Venmo using eToro

eToro is one of the few platforms that integrate various payment processors, making it simple to purchase Bitcoin using Venmo.

To purchase Bitcoin on eToro with Venmo, log into your account, click "Deposit Funds," choose "Venmo" as your preferred payment method, and enter an amount. Once your funds have been deposited, you can purchase Bitcoin.

Buying crypto with Venmo using Xcoins

Xcoins is an exchange that focuses on matching lenders to buyers. First, the buyer visits the website to "lend" some Bitcoin. Then, following a quick ID verification process, you will be asked to deposit the USD equivalent of the amount you wish to borrow and Venmo processing fees and a fixed amount that will serve as the loan's interest rate.

Buying crypto with Venmo using Paxful

On Paxful's peer-to-peer marketplace, you can now obtain Bitcoin with Venmo instantly. The process of buying Bitcoin on Paxful is quite simple. First and foremost, the buyer should open an account.

Select Venmo as a method of payment and the amount you want to spend. Select a vendor that sells Bitcoin using Venmo. You can choose the best vendor for you manually, or Paxful can do it for you.

You'll be directed to an online chat with the seller once the trade has commenced, where you can complete the transaction. The seller's Bitcoin will be placed in escrow, and they will be released into your account once you've marked that you've sent your payment.

Buying crypto with Venmo using Local Bitcoin

You can purchase Bitcoin by directly connecting with other sellers.

Every seller on Local Bitcoin sets their exchange rate and payment method, and you can look for those who accept Venmo.

1. First, visit the website and set up an account.
2. Once you are signed in, visit the main page to browse advertisements. Choose the amount you want to buy, set your location, and choose Venmo as your payment method in the search box. A list of people who accept the Venmo method will show up with the number of coins you want to buy.
3. Choose a buyer based on the number of trades, reputation, and response time from the list.
4. Click "purchase" to proceed with the trade. The process will take you to a page with the transaction details.
5. Send a message to the seller, click the button to accept the terms, and send a trade request if you agree.

Until your payment is confirmed, your Bitcoin will be held in escrow. After making your payment, click the "I've Paid" button. Your Bitcoin will then be released from escrow and delivered to your wallet.

Alternatives ways to buy Bitcoin

Сurrency ATMs

These work similarly to regular ATMs, except that you can use them to obtain and sell Bitcoin.

Exchange-traded funds

ProShares, a financial firm, launched the first Bitcoin ETF in October 2021. However, the fund (ticker: BITO) does not invest directly in Bitcoin; instead, it invests in Bitcoin futures contracts.

Peer-to-peer Bitcoin owners

Peer-to-peer tools like Bisq, and Bitquick allow you to buy Bitcoin directly from other Bitcoin owners, similar to how you would buy items on Craigslist. When purchasing Bitcoin from individuals, proceed with extreme caution.

FAQ

Can I buy crypto with Venmo with no ID?

Yes, you can do the deal if you find a private trade partner who accepts Venmo without requiring you to show your ID.

Is Venmo good for buying crypto?

Anyone with a Venmo account can purchase, sell, and hold cryptocurrency. You can also use crypto at checkout for select purchases, but it's generally a bad idea to use any cryptocurrency as a form of payment. Instead, experts advise obtaining and holding crypto for the long term, just like other long-term investments.

Can you withdraw crypto from Venmo

Users can now withdraw cryptocurrencies to third-party wallets through Venmo Holdings.

How much does it cost to buy crypto on Venmo

Start with little purchases if you're new to buying and selling cryptocurrency. With Venmo, you can obtain Bitcoin and other cryptocurrencies securely for as little as $1. In addition, because the crypto market is active 24 hours a day, you can buy or sell at any time.