The market of payment systems is full of various applications, and it’s not always clear which one will be optimal for working with cryptocurrencies. You need to study each system in detail in order to understand its pros and cons.
In this article, we will explore the Venmo system and see how to buy Bitcoin and other crypto with Venmo.
What Is Venmo?
Venmo is a mobile payment provider owned by PayPal. You can send money to other people through the Venmo app, and also make transactions with cryptocurrencies.
Additionally, with Venmo you can buy Bitcoin and other crypto. Not so long ago, the application began to allow users to sell, send and withdraw digital assets. Venmo doesn’t have a Bitcoin wallet address, therefore you can’t receive it on Venmo. Transactions with crypto can be done with the help of third-party crypto exchanges and payment gateways such as Paxful and Roboforex, so you can get your coins there. In this case, the transactions take less than an hour.
You can also buy Bitcoin quickly and in the most convenient way on Cryptomus P2P. In addition to the very first crypto, you can buy 20 other types of cryptocurrencies there.
A Guide On How To Buy Crypto With Venmo
You can’t buy Bitcoin on Venmo itself because it doesn’t support cryptocurrency in general. It is caused by the possible legal risks that may arise from a misunderstanding of how to regulate digital assets. What is more, this unregulated aspect doesn't guarantee security from scammers.
If you are interested in buying Bitcoin with Venmo, the most beneficial way to do this is using P2P platforms. Here is a step-by-step algorithm on how to utilize them if we have a deal with Venmo.
Step 1: Create an account on Venmo
Download the Venmo app or go to the system's website. You need to create an account there — Venmo service will require your e-mail, phone number and ID. After confirming your account, you can start using it. At the same stage, link your bank account to Venmo’s and top it up.
Step 2: Choose the crypto exchange
Before buying crypto with Venmo choose a reliable exchange that supports this system. You will also need to create an account there. Then link your Venmo account to your crypto exchange one.
It is profitable to buy cryptocurrency through a crypto exchange or a P2P platform because there are low fees, which amount to 0.5%. On Cryptomus P2P they are even lower — 0.1%.
Let’s see at the example of US dollars how are fees calculated while working with Venmo. That will be the fee for different purchase amount.
| Purchase amount | Fee | |
|---|---|---|
| $1.00 - $4.99 | Fee $0.49. | |
| $5.00 - $24.99 | Fee $0.99. | |
| 25.00 - $ 74.99 | Fee $1.99. | |
| $75.00 - $200.00 | Fee $2.49. | |
| $200.01 - $1,000.00 | Fee 1.80%. | |
| >$1,000.00 | Fee 1.50%. |
Step 3: Study the offers
It's time to look for the most profitable sellers’ offers on the chosenP2P platform. You need to pay attention to the fact whether the seller accepts Venmo as payment. It is also important to check the seller's rating — you should buy crypto via Venmo only if the seller seems reliable.
Step 4: Confirm the order
After you have selected an offer, you have 5 minutes to confirm your willingness to buy Bitcoins. During this time, you can change the number of coins you want to buy or edit other data. After that, the application is sent to the seller, who must review it within 90 minutes.
Step 5: Make a deal
If the seller accepts your request, then you can discuss your deal in more detail. After that, you need to make a payment. The seller must check it within 24 hours whether the money has been reached. After confirmation, the Bitcoins will appear in your wallet. If one of you has not received funds to your account, you need to contact the Venmo and exchange support service.
What Other Transactions Can Be Made Using Venmo?
In addition to buying, you can sell, send and withdraw crypto from Venmo. It also can be done using a P2P platform. Each of these processes has its own specifics, so look at each of them in more detail.
How To Sell Bitcoin With Venmo?
Firstly, select a crypto exchange and create an account. After linking the Venmo account and the crypto broker, you have to create an ad for the sale of Bitcoin or other cryptocurrency. Here you need to specify the number of coins being sold, their price and information about your Venmo account. After that, you will have to wait for requests from buyers and make a deal.
How To Send Bitcoin With Venmo?
If you have a crypto wallet, you can send Bitcoin from Venmo easily. Firstly, you need to send funds from your Venmo account to your cryptocurrency wallet — for example, on Binance platform. If you plan to transfer funds to another person, you will need the recipient's wallet address here. Finally, to send it, it is enough to enter his data and the amount of Bitcoins that you want to send.
How To Withdraw Bitcoin From Venmo?
You can withdraw Bitcoin from Venmo using a digital wallet or the crypto exchange. On these platforms you can store and exchange cryptocurrencies for other ones or for fiat money. As a rule, the withdrawal option is located on the main screen. However, this may vary depending on the platform you choose.
Tips For Successful Buying, Sale, Sending And Withdrawal Bitcoin With Venmo
If you decide to make transactions with Bitcoin using Venmo, try to do it in the most profitable and secure way. Here are some tips to consider:
Keep an eye on the exchange rates. Bitcoin is characterized by volatility, so before buying it, you need to study the relevant market situation. It will help you understand when it will be the most profitable moment for this;
Choose the crypto exchange carefully. Consider factors such as fees, transaction speed, and the number of offers of crypto sales. It is advisable to choose reliable sellers with a high rating;
Insure your funds. Many exchanges offer insurance policies that protect your assets in case of hacking or other security breaches;
Protect your account. Make every effort to ensure the safety of your funds: use strong passwords and enable two-factor authentication.
Venmo is a convenient way to buy Bitcoin using third-party crypto exchange services. Before making the transactions, you have to remember the Bitcoin purchasing limits which are $20,000 per week and $50,000 per year.
We recommend using Cryptomus to make transactions with cryptocurrency. The platform is multifunctional: you can buy and sell your crypto at P2P exchange, and send and withdraw your funds using the cryptocurrency wallet. Anyway, consider your needs and preferences to make a final decision.
Thank you for reading! Hopefully, this article has helped you understand what Venmo is and how to buy Bitcoin using this system.
