By James Davis
Several popular FinTech firms now allow users to conduct crypto transactions. Among them is Venmo. Through its platform, you can buy a number of digital currencies, including Bitcoin. In this guide, we will teach you how to buy BTC with Venmo. Keep reading to learn more.
Venmo Explored
Created in 2009, Venmo is a well-known mobile payment service facilitating peer-to-peer money transfers in the United States. It is owned by payment processing giant PayPal. Venmo also provides a secure digital wallet, allowing users to store fiat and crypto assets.
As of January 2024, you can buy Bitcoin, Ethereum, Bitcoin Cash, and Litecoin using Venmo. The platform recently announced it would add PayPal stablecoin PYUSD to its offerings.
How to Buy Bitcoin Using Venmo
As a Venmo customer, you can use your fiat balance, debit card, or bank account to buy Bitcoin. It is worth mentioning that you cannot use your credit card to buy any digital currencies with Venmo. Also, you can only spend $20,000 on crypto weekly and $50,000 yearly.
Here is how to purchase BTC With Venmo:
Step 1: Download the Venmo mobile app and go to the “Crypto” section.
Step 2: Choose “Bitcoin” from the list of digital currencies. You will then see BTC’s current price.
Step 3: Hit the “Buy” button at the bottom of the homepage.
Step 4: Enter the amount of USD you want to spend on Bitcoin and tap “Review.”
Step 5: Now confirm if the details of the transaction are accurate before you finalize the transaction.
Step 6: After confirming the transaction details, press “Buy” to complete your BTC purchase with Venmo.
Note that this transaction is irreversible. So, to get your US dollars back, you need to sell the Bitcoin. Also, Venmo doesn’t compensate users for losses resulting from price fluctuations.
Once you purchase Bitcoin using Venmo, you can easily monitor the coin’s price within the app. The app allows you to switch timeframes from 7 days to six months and even a year.
Venmo Fees for Buying Bitcoin
The fees charged on Venmo depend on the transaction amount. When you click “Review” while buying Bitcoin, the app usually displays the expected transaction fee, which ranges from 0.5% to 2%.
Besides Venmo’s fees, you are likely to incur additional charges from your bank if you use a debit card to buy Bitcoin. So, it is crucial that you understand the fee policy of your debit card issuer before proceeding to make a BTC purchase.
Who is Allowed to Buy BTC on Venmo?
Venmo has adopted certain requirements that users must meet to buy Bitcoin within the app. They include:
- A user must be over 18.
- To access Venmo, the user must not be a resident of Hawaii.
- All users must have at least a debit card or bank account for funding their Venmo accounts.
- The phone number you use to register a Venmo account must not be linked with any other Venmo account.
- All users need to verify their identity before buying Bitcoin on Venmo. The verification process involves providing an Individual Taxpayer Identification Number or Social Security Number.
Crypto Price Alerts in the Venmo App
To stay updated on BTC’s price movements, you can activate crypto price alerts within the Venmo app to receive push notifications regularly. So, how do you set up price alerts in Venmo? Simple! Go to the “Crypto” section and select BTC from the list. Now, use the price Alerts toggle to active price alerts. Venmo will send push notifications after every hour.
Is Venmo Safe?
Venmo takes security matters seriously. The platform lets users log out of their accounts on stolen or lost phones, enable 2FA (two-factor authentication), and create PINs (Personal Identification Numbers).
Even though Venmo adopts stringent security measures, the risk of security breaches will always be there. So, it is your duty to ensure that you create a strong password, never share your login details, and only transact with trusted businesses and individuals.