Did you know that close to in the US own Bitcoin or another type of cryptocurrency? Plenty of exchanges allow you to purchase crypto, but many people are unaware of how to buy Bitcoin on Venmo.
As long as you can adhere to a few straightforward instructions, buying bitcoin on Venmo is lot simpler than you may imagine.
There are many ways to purchase Bitcoin that can assist you into the world of cryptocurrencies, but if you currently use Venmo, purchasing Bitcoin through Venmo might be the quickest option. As you get paid by friends, family, clients, and tenants, you may rapidly convert your fiat money into bitcoin.
This in-depth article explains how to use your existing Venmo account to purchase Bitcoin and other cryptocurrencies.
How to Buy Bitcoin on Venmo
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It might be a surprise, but you buy using your active Venmo account. So you can find the best cryptocurrencies, purchase them, and hold them while hoping they’ll increase in value.
For the best outcomes, make sure your bank or debit card is connected to your Venmo account. If someone recently paid you through the peer-to-peer payment app, you can use your Venmo balance.
The steps to purchase bitcoin using Venmo are as follows:
- Launch the Venmo application on your smartphone.
- To explore or manage the crypto option, select Menu, then Explore. On Venmo, you’ll find a list of cryptocurrencies you can purchase.
- Choose the cryptocurrency you want to purchase.
- To examine the cost to purchase Bitcoin using Venmo, select the Review button.
- To finish, click the Purchase button.
The amount of your bitcoin payments is kept a secret from other users.
Nevertheless, by default, Venmo transactions including the purchase of Bitcoin are viewable online, along with the description, time stamp, and emojis. Nonetheless, customers have the option to make their Venmo transactions secret.
What Types of Crypto Can You Buy on Venmo?
With a Venmo account, you can purchase Bitcoin, Ethereum, Bitcoin Cash, or Litecoin. On its exchange, Venmo trades the most well-known cryptocurrencies. When purchasing Bitcoin or other cryptocurrencies on its financial platform, Venmo does charge fees.
The amount of money you exchange for bitcoin determines a large portion of the Venmo fees for trading cryptocurrencies. For instance, a transaction fee of 1.5% of the sale amount will be charged for transactions over $1,000. But, you’ll pay a larger 2.5% transaction charge to Venmo if you buy $25 and $100 worth of cryptocurrency.
Should You Choose Venmo to Buy Cryptocurrency?
Absolutely, using Venmo to purchase cryptocurrency is secure. Why select Venmo when there are so many cryptocurrency exchangers available these days?
Having access to your digital wallet and a social payment program through PayPal is good with Venmo.
People of various ages and backgrounds may buy cryptocurrencies with ease using Venmo. With a Venmo account, you can purchase Bitcoin, Ethereum, Bitcoin Cash, or Litecoin.
In addition, there are also other great ways to buy Bitcoin using an ATM with .
The Pros of Buying Bitcoin on Venmo
When purchasing Bitcoin on Venmo as opposed to other exchanges, there are a number of advantages. First off, it is simple to use and offers affordable exchange rates for cryptocurrency purchases.
Here are several benefits of purchasing bitcoin using Venmo.
User-Friendly
As the simplest cryptocurrency exchange to use, Venmo is a key factor in learning how to purchase Bitcoin on it. The ease of use and enjoyment of Venmo’s app and services, including purchasing Bitcoin and other cryptocurrencies, is a top priority.
It’s straightforward to trade crypto if you’re already familiar with using Venmo to send money or pay for things like gas, food, goods, drugs, etc. There are Venmo users familiar with and comfortable using its interface to pay people or transfer funds.
Affordability
One of the least expensive ways to purchase Bitcoin is through Venmo. In comparison to most cryptocurrency exchange sites, the transaction costs for purchasing Bitcoin and Ethereum via the Venmo platform are lower.
Don’t allow the price of a single Bitcoin deter you. On the other hand, you can buy fractional shares of Bitcoins for $1 each. The barrier to entry for expensive securities that cost thousands of dollars is removed. The average person can instead purchase cryptocurrencies based on their financial allocation by purchasing partial shares.
Others will undoubtedly try to dissuade you from investing in cryptocurrencies owing to the hazards involved with having nothing to do with its value. By utilizing Venmo to purchase Bitcoin in smaller amounts, you can reduce some risks.
Given the volatility of cryptocurrencies, it’s a better way to increase your wealth with lower investment risk.
Small Fees
Compared to other cryptocurrency exchanges, Venmo has lower transaction fees when buying Bitcoin. A percentage of the transaction amount is used by Venmo to calculate the transaction fee for bitcoin transactions. When purchasing bitcoin, there are no recurring Venmo transaction fees and no administration costs.
For purchases of cryptocurrency on Venmo under $1,000, investors must pay a 2.5% fee. When purchasing Bitcoin for more than $1,000, however, Venmo will only charge a transaction fee of 1.5 percent. Also, you won’t be charged an administrative fee, which saves you money while investing, unlike other cryptocurrency exchanges.
Cons of Buying Bitcoin on Venmo
Even though it might seem like a brilliant idea to purchase Bitcoin using Venmo, there are some cons to take into account. When attempting to purchase cryptocurrency on your Venmo account, for instance, there are restrictions. This is particularly true if you want to add more currencies to your digital wallet.
Limited Crypto Options
The lack of choices when purchasing cryptocurrencies on Venmo is its biggest disadvantage. Only four different cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, can be bought using Venmo.
It also reduces your ability to generate money if you want to invest in a brand-new cryptocurrency with rapid expansion. For instance, the Venmo platform does not allow you to purchase Dogecoin, Cardano, or Avalanche.
No Transfers Allowed
You can swap your Bitcoin for other cryptocurrencies on some crypto exchanges. Venmo does not, however, allow you to convert your cryptocurrency.
You cannot transfer your cryptocurrency off the Venmo platform either.
Less Secure
Bitcoin may be less safe in Venmo than in other exchanges due to your frequent use. As a result, there is little chance that someone will obtain your Bitcoin or Ethereum using Venmo. Even if you have a sizable amount of cryptocurrency in your Venmo digital wallet, it is still not a risk that is worthwhile taking.
To safeguard your cryptocurrency investments, make sure your Venmo account has two-factor authentication.
How to Buy Bitcoin on Venmo Summary
A great way to begin investing in cryptocurrencies is to learn how to purchase Bitcoin using Venmo. People of all ages and investment backgrounds can easily start purchasing cryptocurrency thanks to the user-friendly interface.
It is quick and simple, and compared to other cryptocurrency exchange platforms, the fees are less expensive.
