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How to buy Bitcoin with Venmo
This informative guide will help you understand the benefits and drawbacks of using Venmo to fund your cryptocurrency account, and the best brokers and exchanges to use.
Where can you buy Bitcoin with Venmo?
We’ve put together a list of top-rated brokers that accept Venmo below. They have all been reviewed and approved by our team of cryptocurrency experts, so you can be confident in whichever option you choose. If you’re not ready to do that yet, scroll down to keep reading.
What is a Venmo Bitcoin broker?
A broker is a service that executes your Bitcoin trades for you. Venmo is a mobile payment service that lets you transfer money via a mobile app. In this guide we’re concentrating on brokers that accept Venmo as a payment method or means to deposit funds.
How to deposit and withdraw via Venmo
Here are some basic guidelines on how to deposit money using Venmo. Every platform will be slightly different, but in general it goes like this:
- If you don’t have a Venmo account yet, open one by either connecting via Facebook or your email address.
- Open an account with a broker that accepts Venmo as a form of payment, then verify it.
- Go to your broker’s website, and select the Venmo option on the “Add money” screen.
- After that, you’ll be prompted to link your Venmo account to your brokerage account.
- Type in the amount of Bitcoin you want and select Venmo as the payment method.
You can simply perform the deposit process (detailed above) in reverse by clicking “Withdraw” instead. If your Bitcoin broker accepts Venmo for transactions, you can also use Venmo to execute a withdrawal even if you used a different method to make your deposit.
What should I look for in a Venmo Bitcoin broker?
You want to find a broker with the best features and lowest fees that also accepts Venmo. Here are some of the key traits to look for:
- Competitive transaction fees. The fees vary depending on the service you use to make trades. Our guides will help you find the most reasonable transaction fees.
- Speed. Your broker should enable you to make purchases within minutes. Ideally, you want your transactions to be carried out instantly.
- Ease of use. The best brokers make it easy to get Bitcoin. Don’t waste time with brokers that make it complicated, and instead focus on platforms that offer a clean, simple to use interface and have a quality app as well.
- A strong reputation. Use other people’s experiences to guide you. Look for a broker with lots of positive reviews so that you know their actions match up to their words.
- A verifiable track record. The broker you choose should have a track record over a number of years.
Should I buy BTC with Venmo?
- Fast. Transactions often happen within a matter of minutes, and in some cases can even happen instantly.
- Ease of use. Once you’ve linked your Venmo account to a broker, it’s a very simple process to get Bitcoin from there.
- Will soon offer direct purchases and sales of Bitcoin. It was reported in the summer of 2020 that Venmo (and its parent company PayPal) will soon offer direct Bitcoin purchases and sales, expanding the platform’s presence beyond its link to existing brokers such as Coinbase.
Yes, you one of the benefits of Venmo is that you can stay anonymous when you use it.
Not necessarily. Online brokers and exchanges usually allow you to store your coins in your account without the need to transfer to a personal wallet. However, some services will require you to enter an existing wallet address where the coins will be sent.
For a higher level of security, consider moving any coins you’re not planning on selling or trading in the near future to an external wallet – ideally a hardware wallet.
They usually take just a few minutes. In some cases, it can be done even faster.
In some places, yes. If that’s a high priority for you, research the different Bitcoin services that accept Venmo to see if they offer instant transactions.
The fees associated fall in the middle of the spectrum. You can expect fees somewhere between 2% and 4% depending on the broker or exchange. You’ll want to ensure you’re getting a competitive rate before paying any money to a brokerage.
No, not at the moment. However, PayPal and Venmo are reportedly planning to offer direct crypto transactions in the near future, at which point you will be able to hold cryptocurrency in your Venmo account.
Yes, Coinbase accepts Venmo as a method of payment.
Yes you can, including Ethereum. Venmo isn’t yet widely accepted by Bitcoin brokers, though, so you may have to go through a peer-to-peer exchange to find a wider variety of cryptos that you can get using Venmo.
If you’re already a Venmo user, you will find Venmo to be a relatively easy way to get your hands on Bitcoin. That said, the process will become considerably simpler once Venmo becomes a method for direct purchases and sales of Bitcoin, rather than as a payment method linked to separate crypto exchanges.
Pro: There’s no ID required to set up your Bitcoin trading account on a peer-to-peer exchange, which is ideal if you want to remain anonymous.
Con: Certain peer-to-peer crypto exchanges are highly vulnerable to scams.
Relatively easy. Venmo is accepted at numerous peer-to-peer exchanges around the world, especially in major financial hubs.
If you already use Venmo, then using it for Bitcoin can make sense. That said, beginners should consider wading in slowly, making smaller moves when they’re just starting out.
That depends on your goals. If you’re looking for a quick profit, it is possible to get Bitcoin with Venmo at a reasonable price, realise a small price gain in a few days, then cash out. On the other hand if your goal is to invest in Bitcoin’s long-term potential, then holding it for the long term makes more sense.
Fact-checking & references
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