Compare the best brokers to trade forex with Venmo

Looking for a convenient way to trade forex? You can now use Venmo with many different forex brokers.
By: Jonah Keri
Jonah Keri
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He… read more.
Updated: Jul 1, 2021
Tip: our preferred broker is, eToro: visit & create account

Venmo is a fast and convenient way to trade forex, especially for people who already use Venmo to make everyday purchases. In this guide, we’ll take you through the best forex brokers that you can use to trade forex online with Venmo, and why you might want to use them. 

Here are the best forex brokers that accept Venmo

When searching for the best forex brokers that accept Venmo as a payment method, consider multiple factors, including ease of use, fees, and security. We’ve compiled a list of the top online forex brokers that accept Venmo as a method of payment, and the top qualities offered by each of them: 

1
Min. Deposit
$50
Exclusive promotion
user-score
10
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
Description:
eToro is a multi-asset investment platform with more than 2000 assets, including FX, stocks, ETF’s, indices and commodities. eToro offers a wide range of currency pairs and other trading instruments. eToro users can connect with, learn from, and copy or get copied by other users.
Payment Methods
Bank Transfer, Wire Transfer
Full regulations list:
CySEC, FCA
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.
2
Min. Deposit
$10
Exclusive promotion
user-score
9.3
55+ currency pairs available
Trade on a trusted platform
24/7 support via live chats, email or phone call
Start Trading
Description:
LonghornFX is a true ECN STP broker dedicated to delivering a superior trading experience to traders no matter their level of experience. Their services are based on transparency, innovation and efficiency, ensuring an unparalleled trading experience for all.
Payment Methods
Bitcoin, Credit Card, Debit Card, Visa
Full regulations list:
LonghornFX offers high-leverage trading on a wide variety of assets. Trading with leverage carries a degree of risk which may result in losing more than your investments. Clients should practise risk management to protect themselves from losing more than they can afford when trading with leverage.
3
Min. Deposit
$10
Exclusive promotion
user-score
8.7
Can fund with BTC
64 global companies including Netflix and Amazon
Free deposits and withdrawals
Start Trading
Description:
EagleFX is an online digital asset, Forex and CFD broker providing traders across the globe with cutting edge technology to trade the world’s markets. Our focus has been to change the way people trade Digital Assets and Forex. We are driven to provide traders with incredibly low-cost pricing across all Digital assets, FX, stocks, indices, commodities and futures along with industry-leading 24/7 live customer support.
Payment Methods
Bitcoin, Credit Card, Debit Card, Wire Transfer
Full regulations list:
EagleFX offers leveraged trading on a range of assets within its platform. CFD and Spot Forex trading do carry a degree of risk which may result in you losing more than your initial investment. Please ensure you fully understand the risks involved with leveraged trading and ensure this is not detrimental to your personal or institution's financial well being.

What is a Venmo forex broker?

A forex broker is a service that allows you to trade one foreign currency for another, and Venmo is a mobile payment service that lets you transfer funds through a mobile app. A Venmo forex broker is simply a broker that allows you to trade forex while funding your account with deposits from Venmo. 

Pros and cons

When deciding if you should use Venmo to make your deposits, consider these benefits and drawbacks:

Pros

  • 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

What are the fees and commissions when using Venmo to trade currencies?

The fees and commissions that come with trading forex with Venmo are usually low, with transactions generally costing only a couple of pounds at most. 

Just watch out for wide price spreads; Forex brokers take their biggest cut in the form of the spread offered between the bid and ask prices of the currency pair that you want to trade. Look for forex brokers that offer smaller price spreads when trading forex online.

What to look for when trading forex with Venmo

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.

Is it safe to trade currencies with Venmo?

Trading forex with Venmo is usually secure. That said, do your research to ensure that the broker that you select offers the highest levels of security. Our guides highlight some of the forex brokers that get the highest marks for security.

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

Most likely, yes. Forex brokers tend to follow KYC (Know Your Customer) guidelines. That means you may be asked to provide certain pieces of personal and financial information, as well as some form of identification.

How to fund your currency trading account with Venmo

Different forex brokers may have slightly different procedures for making trades. On the plus side, most forex brokers follow a similar general framework of steps when it comes to the funding process. If you’ve already set up your Venmo account, you can start trading forex online by following these steps:

  1. Find the payments page on your forex broker’s website or app.
  2. Select Venmo as your preferred payment option.
  3. Enter your Venmo account information.
  4. Enter the amount you want to deposit into your forex trading account.
  5. Click confirm.

FAQs

What currencies can I trade with Venmo?
Are there limits to how much I can trade with Venmo?
What other payment methods can I use when trading forex?
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?

Fact-checking & references

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Jonah Keri
Financial Writer
Jonah Keri is a trader and analyst who spent 11 years at Investor's Business Daily covering the markets. He now writes about stocks, cryptocurrencies, and other… read more.