Compare the 3 best forex brokers that accept Venmo in 2024

This guide explains how to find the best Venmo forex brokers. Follow our simple walkthrough to make your first deposit.
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Updated: May 25, 2023
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Trade your favourite markets with our top-rated broker, Plus500.

4.5/5

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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What you’ll learn:

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  • The best Venmo forex broker for your budget
  • How to sign up and link Venmo to your forex account
  • How much Venmo deposits cost and how safe each broker is

What are the best Venmo forex brokers?

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The best forex broker that accepts Venmo is Plus500 .

Here are some more Venmo forex brokers with low fees, top security, and fast execution speeds:

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1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
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.

2
Min. Deposit
$ 10
Best offer
User Score
9.9
Join the Social Trading revolution. Connect with other traders, discuss trading strategies, and use our patented CopyTrader
eToro is the world’s leading social trading platform, offering a wide array of tools to invest in the capital markets
Largest number of currency pairs to trade
Start Trading
Payment Methods:
Bank Transfer, Credit Card, Debit Card, PayPal, Wire Transfer
Full Regulations:
CySEC, FCA

eToro offers real assets only, no CFD products. Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency 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 and/or the BD.

3
Min. Deposit
$ 0
Best offer
User Score
9.0
Open a free account in minutes
Go global with fee-free foreign exchange
Finance tracking made simple
Start Trading
Payment Methods:
Credit Card, Debit Card
Full Regulations:

How to trade currencies with a Venmo forex broker

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It takes about 10 minutes to sign up for an account with a forex broker. Venmo is a simple way to deposit the money to fund a trading account. Here’s how to get started. 

Step 1. Sign up with Plus500

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We recommend Plus500 as the best Venmo forex broker.

Create an account by supplying your email address, along with some contact details, and ID verification.

1
Min. Deposit
$ 100
Best offer
User Score
10
Trade +2000 CFDs on Shares, Forex, Indices, Crypto, Options, Commodities & more
Unlimited risk-free Demo Account
0 commissions & attractive spreads
Start Trading
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. Go to the payment page on your broker’s website or app

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This is normally situated in the menu bar or sidebar navigation. Look for a ‘deposit’ or ‘bank’ button.

Step 3. Select Venmo as your preferred payment method

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Find Venmo from the drop down list of ways to transfer money. Select it to set Venmo as your default deposit and withdrawal method.

Step 4. Enter the amount you want to deposit into your forex trading account

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Decide how much you want to start with. You may be asked to log in or approve the transaction by Venmo before it goes through.

Step 5. Trade your first currency

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Search for a currency pair, such as USD/GBP or GBP/EUR, enter how much you want to spend, and execute the trade.

Find broker & start trading

Quick answers to key questions

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What is a Venmo forex broker?

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A forex broker lets you trade one foreign currency for another to take advantage of price movements of different currencies. A Venmo forex broker is a trading platform that lets you make deposits and fund your account with Venmo. 

What are the fees and commissions when using Venmo brokers?

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It depends on the broker. The difference between a broker’s buy and sell price for each currency is the main cost of trading. This cost (known as the ‘spread’) is the same regardless of how you decide to fund your account.

There may be additional fees for depositing or withdrawing funds to your Venmo account. Venmo fees can vary and are likely to be higher than using a direct bank transfer.

Spend some time researching online brokers to avoid any surprising hidden costs.

Is it safe to trade forex with Venmo?

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As long as you pick the right platform, yes. Regulated brokers provide investor protection in accordance with local financial regulations. All of our recommended brokers are regulated, but you can check by searching for its registration number with the local regulator.

The best Venmo forex brokers also offer robust encryption features that protect your data and keep forex traders secure. 

Do I need to provide ID when trading forex with a Venmo broker?

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Yes, you will need to provide identification when using a forex broker that accepts Venmo. A verification process is standard procedure for all the best brokers, as they have to comply with KYC financial regulations.

The verification process may include anything from some basic financial and personal information to a photo ID. 

Can I use MetaTrader 4 with forex brokers that accept Venmo?

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Yes. MT4 is a piece of trading software that’s popular with forex traders and available with most brokers. You can download the MetaTrader software and link it to any of your broker accounts.

The same applies to MetaTrader 5, which is simply the latest version of the software.

Do many forex brokers accept Venmo?

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Yes, you can make Venmo deposits with most forex brokers. Digital wallets like Venmo are generally accepted and you just need to search for the Venmo logo on your payments screen to make a deposit this way.

Pros and cons of using Venmo to deposit funds

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When deciding if you should start trading forex with a Venmo broker, consider these potential benefits and drawbacks:

Pros

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  • Fast. Transactions often happen within a few minutes. So if you already have a Venmo account, you can start trading forex online almost immediately.
  • Easy to use. Once you’ve linked your Venmo account to your broker, trading forex with Venmo becomes a simple process, requiring only a few quick steps.

Cons

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What to look for when trading forex with Venmo brokers

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If the forex brokers you’re considering accept Venmo, you can move on and look for other qualities that can make those online forex brokers more attractive. Consider these factors when choosing a broker that accepts Venmo for online forex trading.  

  • Reasonable price spreads. A broker that offers reasonable price spreads can save you a lot of money over time, especially if you trade forex online frequently.
  • Variety of forex trading options. Some of the most popular forex trading options are futures, contracts for difference (CFDs), and spread betting. Look for a broker that offers numerous different trading options if that’s a priority for you. 
  • Number of currency pairs. Some of the most commonly traded currencies on forex exchanges are the British pound (GBP), US dollar (USD), and the euro (EUR), but there are many more currencies that forex brokers may offer. Look for a trading platform that offers a large number of currencies and pairs.
  • Security. A high level of security is essential. Don’t let your financial or personal data become vulnerable or compromised.
  • Great customer service. The best brokers offer fast, helpful, and responsive customer service, sometimes even on a 24/7 basis. That’s a big plus for beginner forex traders who may have more questions when you’re just starting out at online forex trading.
Find broker & sign up

FAQs

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What currencies can I trade with Venmo?
Are there limits to how much I can trade with Venmo?
What is forex trading?
How can I keep up with the foreign exchange market?
What currency pairs do Venmo brokers offer?
What charges are usually applied with a currency exchange?
What’s the best way for a beginner to learn about forex trading?
What is Venmo?
Who regulates forex brokers in the UK?
Who regulates forex brokers in the United States?
Who regulates forex brokers in the rest of the world?
Is trading forex with Venmo recommended for beginners?
OK, I’m ready to choose a broker


Sources & references
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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.