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.
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 those Venmo forex brokers: 

Rank
Broker
Special Offer
Min Deposit
Spreads From
Rating
Max Leverage
Regulations
Support
Start Trading
1
EUR/USD from 0.5 pips
$200
1 PIPs
30:1
CySEC, FCA
1
Spreads From 1 PIPs
Max Leverage 30:1
Min Deposit $200
2
Lifetime demo account
$250
0.25 PIPs
400:1
CFTC
2
Spreads From 0.25 PIPs
Max Leverage 400:1
Min Deposit $250
3
No commissions
$100
0.7 PIPs
30:1
NFA, CFTC, FCA, FSA, IIROC, CIMA, FFA Japan, MAS, SFC of Hong Kong
3
Spreads From 0.7 PIPs
Max Leverage 30:1
Min Deposit $100
4
Rapid Forex Transactions
$10
0.8 PIPs
500:1
4
Spreads From 0.8 PIPs
Max Leverage 500:1
Min Deposit $10
5
0% Commission &
Eco Accounts
$10
0.7 PIPs
500:1
5
Spreads From 0.7 PIPs
Max Leverage 500:1
Min Deposit $10

What is a Venmo forex broker?

A Venmo forex broker is simply a broker that allows you to trade forex with Venmo. 

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. Venmo forex brokers combine the two.

Pros and cons of trading forex with Venmo

When deciding if you should trade forex online with Venmo, consider these benefits and drawbacks:

Pros

  • Fast. Venmo forex purchases 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

  • Not designed for large forex trades. Venmo was originally designed as a fast and easy way to send smaller amounts of money to people you know and trust. As a result, it may not be ideally suited to fund large forex trades with certain brokers. 
  • Not universally accepted. Venmo lacks the robust ID system connected to payment platforms such as Apple Pay and Google Pay. As a result, some forex brokers won’t accept Venmo as a method of payment.

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 in an FX broker that accepts 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 Venmo forex 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 Venmo forex 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 Venmo forex broker that offers a large number of currencies and trading pairs.
  • Security. A high level of security is essential when choosing a Venmo forex broker to handle your online forex trades. Don’t let your financial or personal data become vulnerable or compromised.
  • Great customer service. The best Venmo forex 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 forex trading with Venmo secure?

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

Do I need to provide ID when using a Venmo forex 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 Venmo forex brokers in the UK?
Who regulates Venmo forex brokers in the United States?
Who regulates Venmo forex brokers in the rest of the world?
Is trading forex with Venmo recommended for beginners?
Written by: Jonah Keri
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 investments for Invezz and about emerging technologies for private clients.