How to buy Bitcoin with Venmo in 2024

This introductory guide explains how to buy Bitcoin with Venmo. Follow our simple three step guide to make your first purchase.
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Updated: Jan 29, 2024
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Trade your favourite markets with our top-rated broker, Plus500.

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CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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Firstly, the most important question to answer is: can I buy Bitcoin with Venmo?

Yes, you can buy and store Bitcoin on Venmo. You can also use Venmo to fund a trading account and buy Bitcoin that way.

How to buy Bitcoin with Venmo – a step-by-step guide

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It takes about 15 minutes to buy BTC with Venmo. Have a copy of your photo ID to hand and follow this guide to get started.

Step 1. Sign up with Plus500

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We recommend Plus500 as the best platform to use to buy BTC with Venmo.

1
Min. Deposit
$ 100
Best offer
User Score
10
CFDs on BTC, ETH, LTC, NEO, XRP, IOTA, EOS, BAB, ADA, TRX, XMR
No need to open a crypto exchange account or use a special wallet
Regulated Broker – FCA, ASIC, CySEC (license number 250/14)
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Payment Methods:
American Express, Apple Pay, Bank Transfer, Credit Card, Debit Card, Discover, Google Pay, Mastercard, PayPal, SEPA, Trustly, Visa, , skrill
Full Regulations:
ASIC, FCA, FSA, MAS, cysec-250-14-regulator, isa-regulator

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

Step 2. Create an account

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You need an account before you can buy anything. Sign up with your contact details and a form of ID for verification.

Step 3. Make a deposit via Venmo

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Enter how much you want to deposit and select Venmo as your payment method from the list of options.

Step 4. Use the search box to find Bitcoin

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Use the search box on the home page to search for Bitcoin and the currency you want to pay in (such as GBP).

Step 5. Make your purchase

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Enter how much Bitcoin you want to buy, check the details and process the transaction. Once the payment goes through, your new Bitcoin will show up in your exchange account.

Top Bitcoin platforms that accept Venmo

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1. Plus500. Best for international CFD trading*

From 2%

Fees

$100

Minimum deposit

3,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Can get a free demo account A great mobile platform Well regulated in multiple jurisdictions Wide variety of CFDs to trade Several good risk management tools
No support on trading information and education Website isn’t brilliantly designed to help users find answers to their questions No MetaTrader trading platform compatibility

Overview

We love Plus500 because it is one of the industry’s most transparent and reliable brokers. Its fees are clear and you’ll know exactly what you will be paying before you make a trade. Its technology driven platform gives access to over 2800 instruments, including CFDs on stocks, forex, commodities, and cryptocurrencies among several others.

Plus500 has something for all types of traders, no matter what level of experience. It’s zero commission and tight spreads make it a top choice for day traders and its trading academy is packed with educational content, perfect for beginners just starting. 

For accurate instrument availability, visit plus500.com.

The fees: There are no commission fees on any trades with Plus500 and it makes it money through the Bid/Ask spread. Spread starts from 0.01% or 0.9 pips and varies depending on the instrument. Additional fees include overnight funding which is dependant on trade size and guaranteed stop orders, which add a minimum of 10% to the spread. There is an inactivity charge of £10 per month for accounts not logged in for three months. 

*Based on a comparison of 60+ leading brokers and trading platforms.

Highlights

Visit Plus500 Plus500 Review

CFD service. 82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

2. eToro. Best for beginners, copy-trading & demo-account

1%

Fees

$100

Minimum deposit

4,000

No. assets

Yes

Demo/virtual account

Pros & Cons

Great for beginners, simple to set up and get started Competitive, industry-leading commissions Popular ‘Copy Portfolios’ function lets you follow top traders Excellent customer service, with live chat support provided
Comparatively high fees for withdrawals and account inactivity Does not integrate with the MetaTrader platform High spreads on some assets

Overview

We love eToro because it makes it simple to trade crypto at home or on the go. If you’ve never bought cryptocurrency before, then eToro makes it simple to buy 75+ of the leading coins, including the likes of Bitcoin, Ethereum, and Dogecoin. Every crypto trade comes with a flat 1% fee, which makes it one of the cheapest crypto brokers on the market to boot.

As well as being a broker that offers lots of investor protection, eToro offers a very social trading experience. You can easily see what’s trending on the crypto market every day, browse the latest technical analysis about every one of those tokens, and copy other people’s trade suggestions from your desktop or the eToro app.

The fees: You will be charged a 1% fee every time you buy or sell crypto. The charge is included in the market price that’s displayed on eToro. CFD trades may be charged an overnight or weekend fee if you leave the position open.

Highlights

Visit eToro eToro Review

Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk, and content is provided for educational purposes only, does not imply a recommendation, and is not a guarantee of future performance. Invezz.com is not an affiliate and may be compensated if you access certain products or services offered by the MSB.

3. Public. Best for sharing beginner trading ideas

public.com logo

...

Fees

...

Minimum deposit

...

No. assets

No

Demo/virtual account

Pros & Cons

Commission free stock and ETF investing Share and compare your portfolio on a social trading platform Trade crypto, fractional shares, and alternative investments
You can't trade on margin or use leverage No forex, options, funds, metals, or bonds

Overview

We love Public because it’s a social platform where you can share trading tips and get ideas from other people. Public offers 9,000+ financial instruments, including cryptocurrencies and stocks from around the world.

Alongside a community of other investors all sharing their ideas, Public offers real time news and information so that you can see the full picture before you invest. And the assets don’t just include your run-of-the-mill assets; you can make alternative investments in things like handbags and comic books as well.

The fees: Cryptocurrency trades are charged a 2.5% fee per transaction. 

Highlights

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Cryptocurrency execution and custody services are provided by Apex Crypto LLC (NMLS ID 1828849) through a software licensing agreement between Apex Crypto LLC and Public Crypto LLC. Crypto trading on Public platforms is served by Public Crypto LLC and offered through APEX Crypto. Please ensure that you fully understand the risks involved before trading.

Quick answers to key questions

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Can I buy crypto with Venmo?

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Yes, you aren’t limited to buying Bitcoin alone. The only limit is which coins are available on the exchange you’ve chosen. Most crypto exchanges that support Venmo as a payment method offer 50+ cryptocurrencies and many offer hundreds more.

Is Venmo safe?

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Yes, it’s completely safe to use Venmo. The only risk to look out for is to make sure you sign up to a regulated Venmo Bitcoin broker when buying Bitcoin. Using an unregulated broker platform can put your money at risk.

How to buy crypto on the Venmo app

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1. How to buy crypto in the Venmo app

There are several cryptocurrencies available on the Venmo app and you can buy any of them by following the instructions in the step-by-step guide below. 

2. Download Venmo and create an account

Before you start you’ll need to download the Venmo app and create an account. Just visit the app store on your mobile device and follow the instructions to register. 

3. Visit the crypto tab

Once your account has been created tap on the Crypto tab. Now you can select your preferred cryptocurrency. You’ll see its currency price along with an option to buy. 

4. Buy crypto on Venmo

If you’re happy with the price enter the dollar amount for your purchase and tap review. The app will then show you a breakdown of your order along with any fees. When you’ve checked the details, hit buy and you will complete your purchase.

How much does it cost to buy Bitcoin via Venmo?

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It costs $0.49 on the smallest transactions, up to $2.49 for purchases up to $200. After that, fees are charged as a percentage of the transaction, up to 1.5% for the largest trades.

As a result, Venmo is one of the more expensive ways to buy Bitcoin, especially for the smallest amounts. In percentage terms, you could be paying 10% or more in fees for a small Bitcoin purchase.

Can I store Bitcoin in my Venmo account?

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Yes, you can store Bitcoin on Venmo. Bitcoin is one of four cryptocurrencies that you can hold in a Venmo account, alongside Ethereum, Litecoin, and Bitcoin Cash.

Why don’t more crypto platforms support Venmo?

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Digital wallets and payment services like Venmo often charge a fee to merchants that want to accept payments through their platform. As a result, many brokers choose not to accept payments from Venmo and force you to use an alternative.

Should I buy Bitcoin using Venmo?

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If you already manage your money through Venmo then it’s a simple way to buy and store Bitcoin as well. You can easily buy crypto from the app and store it safely, alongside your other funds.

However, the fees for buying crypto on Venmo are much higher than using a crypto broker. And if you do want to use Venmo to deposit money onto a broker, it can be difficult to find one that accepts it.

Here is a quick summary of the pros and cons of using Venmo to buy Bitcoin.

Pros

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  • Very low minimum trade sizes so you can start with just $1
  • Buy and store Bitcoin in your Venmo digital wallet
  • Competitive fees if you purchase large amounts

Cons

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Is there an alternative to buying cryptocurrency with Venmo?

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There are plenty of alternatives, whether you want to pay through an online payment provider or go down a more traditional route. Here are some of the different ways to pay for your Bitcoin purchase.

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FAQs

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Can I buy Bitcoin with Venmo on Coinbase?
Can I buy Bitcoin with Venmo on Cash App?
How do I fund my crypto account with Venmo?
Can I buy Bitcoin with Venmo instantly?
Can I buy Bitcoin with Venmo anonymously?
Are there low fees for using Venmo?
Can I get other cryptos using Venmo?
Is Venmo the easiest way to get Bitcoin?
What’s the biggest pro and con of using a peer-to-peer exchange?
How easy is it to find a peer-to-peer exchange that accepts Venmo?
Is Venmo recommended for beginners?
Is using Venmo a more viable strategy if you plan to hold Bitcoin for the long term?
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Risk disclaimer
James Knight
Editor of Education
James is the Editor of Education for Invezz, where he covers topics from across the financial world, from the stock market, to cryptocurrency, to macroeconomic markets.... read more.