Venmo, a widely used peer-to-peer payments app, introduced cryptocurrency trading in 2021. While it offers limited crypto options, its user-friendly interface makes it accessible for beginners. Below is a detailed guide to navigating Venmo’s crypto features, including fees, security, and step-by-step instructions.
How to Buy Crypto on Venmo
Step 1: Verify Your Identity
Venmo requires identity verification to comply with financial regulations. Provide:
- Full name and address
- Social Security Number
- Government-issued photo ID (e.g., driver’s license)
- Proof of address (e.g., utility bill)
Step 2: Select a Cryptocurrency
Venmo supports five cryptocurrencies:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
- PayPal USD (PYUSD) (no purchase fees)
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Step 3: Enter Purchase Amount
- Minimum: $1
- Weekly limit: $20,000
- Annual limit: $50,000
Step 4: Choose Payment Method
Fund purchases via:
- Venmo balance
- Linked debit card
- Bank account
Step 5: Confirm Transaction
Review fees and click “Buy” to complete. Crypto will appear in your Venmo wallet.
Venmo Crypto Fees Explained
Purchase Fees
Venmo charges a flat fee + 0.50% spread:
| Purchase Amount | Flat Fee | Spread Fee |
|----------------|----------|------------|
| $1–$4.99 | $0.49 | 0.50% |
| $5–$24.99 | $0.99 | 0.50% |
| $25–$74.99 | $1.99 | 0.50% |
| $75–$200 | $2.49 | 0.50% |
| $200+ | 1.50%–1.80% | 0.50% |
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Other Fees
- External wallet transfers: Network fees apply (paid in crypto).
- Internal transfers: Free between Venmo/PayPal accounts.
Storing and Managing Crypto on Venmo
- Custodian: Paxos Trust Company secures holdings.
- External transfers: Supported to third-party wallets.
- No storage fees: View balances and history in the app.
Selling Crypto on Venmo
- Navigate to “Crypto” tab.
- Select asset and amount.
- Confirm sale (same fees as buying).
- Proceeds deposit to Venmo balance.
Limitations and Risks
- No staking/rewards: Unlike exchanges like Coinbase.
- Not FDIC-insured: Use hardware wallets for long-term storage.
FAQ
1. Is Venmo good for buying crypto?
While convenient, fees are higher than dedicated exchanges. Consider platforms like OKX for lower costs.
2. Can I transfer crypto out of Venmo?
Yes, but network fees apply. Save external wallet addresses for repeated transfers.
3. What are Venmo’s selling fees?
Identical to purchase fees: flat rate + 0.50% spread.
4. How do I sell crypto on Venmo?
Go to “Crypto” > Select asset > Enter amount > Confirm.
For more crypto guides, visit GOBankingRates.