Bitcoin has become so popular that Venmo, a payment gateway, has added crypto-buying features so users can buy bitcoin on Venmo. Venmo allows consumers to acquire Bitcoin without the involvement of a third party.
Venmo operates differently than other Bitcoin buying and selling services. This alternative technique may appear beneficial to some, but not to others.
If you have a Venmo account, you can buy bitcoin in around two steps. The good news is that you can do all of this using the Venmo mobile app.
Remember, though, that purchasing bitcoin via Venmo has a few restrictions that might keep you from using it.
First, let’s see how you can buy bitcoin on Venmo, and then we will see its good and bad things.
Venmo is a mobile payment service owned by PayPal that allows users to send and receive money from friends and family electronically. It’s often used for splitting bills, paying rent, or sharing expenses in a convenient and quick manner. Users can link their bank accounts, debit cards, or credit cards to their Venmo accounts to transfer funds. Additionally, Venmo includes social features where users can share payment activities and interact with each other through comments and emojis. Read more.
A step-by-step guide to buy bitcoin on Venmo.
Create a Venmo account.
To create an account, you will have to download the Venmo app, and after that, you will have to create an account by entering your mobile number. To create an account, you must have a valid USA mobile number; otherwise, you cannot buy Bitcoin on Venmo because Venmo is only available to UAS citizens.
Complete KYC to buy bitcoin on Venmo.
To buy, sell, or hold any kind of cryptocurrency, you will have to complete KYC; without this, you cannot do any kind of crypto activity. For KYC, you need the following documents:.
Personal details (name, physical address, date of birth, and national or tax ID number), proof of identity (US passport, driver’s license, DHS card, or tribal ID card), and proof of address (utility bills, bank or credit card statements, or current car registration). It can take two days to verify your documents.
Fund your Venmo wallet to buy bitcoin.
You can fund it later, but if you have already funded your account, then it will be easier to buy bitcoin on Venmo.
Only Venmo users who have been approved for a Venmo Mastercard Debit Card have the option to add money from a verified bank account or a linked debit card directly to their Venmo balance.
You can also add money with a bank account transfer, but it typically takes 3-5 business days to reach your Venmo balance, and the funds from that transfer won’t be available until it completes.
Now you are ready to buy bitcoin on Venmo.
Now you are ready to buy bitcoin. You can buy bitcoin for at least one dollar. Apart from Bitcoin, you can also buy PayPal USDT, Ethereum, and Bitcoin Cash. The maximum limit for crypto purchases is $20,000 per week and $50,000 in a 12-month period.
Fees when buying cryptocurrency on Venmo?
Venmo charges a fee for buying and selling cryptocurrencies, except for PayPal USD. Fee charges vary depending on the amount of crypto purchased. Apart from this, your bank may also charge a fee for depositing funds on Venmo.
It is important to remember that the crypto price spread on Venmo is approximately 0.5%. This implies that purchasing Bitcoin will cost you 0.5% more than the going rate, and selling it would result in a 0.5% decrease in value. Find all the fees here.
Buy and Sell Amount
$1.00 – $4.99
$5.00 – $24.99
$25.00 – $74.99
$75.00 – $200.00
$200.01 – $1000.00
Fee charged on cryptocurrency
Selling crypto on Venmo.
Selling Bitcoin on Venmo is as easy as buying. But keep in mind that you will get 0.5% less than the market price. Apart from this, you may also have to go through tax document verification. This verification process is necessary to comply with regulatory requirements and ensure that your transactions are legitimate. Before engaging in any crypto transactions on Venmo, it is advisable to thoroughly research and understand the fees, spread, and tax implications involved.
Why use Venmo to buy bitcoin?
It is simple and user-friendly.
Best for American citizens.
You can buy bitcoin for a minimum of one dollar.
You directly sell bitcoin for some profit.
Available other cryptos like ETH, BCH, and PYUSD
Why not use Venmo to buy bitcoin?
Very high fees.
Only available for American citizens.
There are not many features for crypto traders.
If you’re new to cryptocurrency and just want to see how it works, you can buy Bitcoin on Venmo. But if you want to do more than just crypto, we wouldn’t recommend buying Bitcoin on Venmo.
The platform has high fees, low security measures, and limited availability for non-American citizens. Therefore, it is advisable to consider alternative platforms if you are looking to engage in more extensive crypto trading activities.
If you are a non-American citizen, then stay away from Venmo.
You should also know that Venmo is a product of PayPal, for which almost all the terms and conditions of PayPal are applicable. Which also says that Venmo can freeze your funds at any time if you buy PYUSD, this risk increases further.
It is not so bad that you can try it once. That’s why thousands of people are using it. Are you using Venmo, or have you tried to buy Bitcoin on Venmo? If so, what was your experience?