Venmo & Cryptocurrency: A Beginner's Guide to Buying Crypto

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The world of cryptocurrency just became more accessible. Venmo, the widely-used peer-to-peer payment app, now allows users to buy Bitcoin, Ethereum, Litecoin, and Bitcoin Cash directly within its platform. This guide covers everything you need to know about Venmo cryptocurrency support, benefits, limitations, and alternatives.

Venmo Cryptocurrency Support: What You Need to Know

Until recently, buying crypto with Venmo wasn’t an option. However, the platform has introduced cryptocurrency support for all users. Venmo and cryptocurrencies share a common trait—both facilitate peer-to-peer transactions, eliminating intermediaries for faster, cost-effective payments.

👉 Start trading crypto on Venmo today

Supported Cryptocurrencies:

• Bitcoin (BTC)
• Ethereum (ETH)
• Litecoin (LTC)
• Bitcoin Cash (BCH)

You can buy, sell, and hold these cryptocurrencies within the app, but they cannot be used to pay for Venmo transactions—even if stored in your wallet.

How to Buy and Sell Cryptocurrency on Venmo

Buying Cryptocurrency

1. Open the Venmo app and go to Account Settings.
2. Select Crypto > Explore.
3. Choose your preferred cryptocurrency (BTC, ETH, LTC, or BCH).
4. View the current price and tap Buy.

👉 Learn how to build a crypto wallet on Venmo

Selling Cryptocurrency

1. Navigate to Account Settings > $ in Crypto.
2. Tap Manage next to your desired cryptocurrency.
3. Select Sell and confirm the transaction.

Pro Tip: Venmo displays fees upfront before confirming purchases or sales.

Benefits of Using Venmo for Cryptocurrency

• Low Minimum Investment: Buy crypto with as little as $1.
• User-Friendly Interface: Simple tap-to-buy functionality.
• Security Protection: Venmo covers losses due to security breaches.
• Hassle-Free Trading: No external wallet transfers required.

Limitations:

• Weekly purchase limit: $20,000
• Annual purchase cap: $50,000

Alternatives to Venmo for Cryptocurrency

Venmo isn’t the only platform offering crypto purchases:

| Platform | Supported Cryptocurrencies | Minimum Purchase | Transferability |
|----------------|---------------------------|------------------|-----------------|
| PayPal | BTC, ETH, LTC, BCH | $1 | Limited |
| Paxful | Multiple | Varies | Yes |

👉 Compare crypto platforms

Venmo Cryptocurrency Limitations

• No Transfers: Cryptocurrency cannot be moved in or out of Venmo.
• No Peer-to-Peer Crypto Payments: You can't send crypto to other Venmo users.

• Trading Fees:

  • Minimum fee: $0.50
  • Maximum fee: $25 (or 1.5%–2.3% for larger amounts)

FAQ Section

Q: Can I withdraw cryptocurrency from Venmo?
A: No. Venmo currently restricts transfers in or out of the platform.

Q: What cryptocurrencies does Venmo support?
A: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

Q: Are there purchase limits on Venmo crypto?
A: Yes—$20,000 weekly and $50,000 annually.

Q: Can I use Venmo crypto for payments?
A: No, but you can sell crypto and use the cash balance for Venmo transactions.

Final Thoughts

Venmo’s integration of cryptocurrency provides a seamless entry point for beginners. While it has limitations—like no transfers or payment usage—its ease of use and security make it a viable option for casual investors. As adoption grows, expect Venmo to expand its crypto features.

Ready to dive in? Start with just $1 and explore the world of crypto today!

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