How to Buy Crypto On Venmo in 2023

Learning how to buy crypto on Venmo is easier than ever. But it still requires a few steps and things to know.

All of these are explained below.

Let’s dive in!

Best Exchanges as Venmo Alternatives in 2023

Here are the best exchanges to consider as Venmo alternatives:

1. Coinbase  – Best for beginners and overall crypto exchange
2. Kraken  – Best for security and advanced trading
3. Crypto.com  – Best for altcoins
4. Gemini  – Best crypto app
5. Binance.US  – Best for staking rewards

Review of our Top 5 Best Sites to Use Instead of Venmo

Check out reviews of some of the best exchanges to buy crypto with debit card.

1. Coinbase Exchange Review

Overview: Coinbase Exchange is a regulated crypto exchange that was founded in 2012 and is headquartered in San Francisco, California. It is one of the most liquid regulated crypto spot exchanges in the world, with deep liquidity for institutions and sophisticated investors.

Tradable coins: Coinbase Exchange offers trading for over 50 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Fees: Coinbase Exchange uses a dynamic fee structure for high-volume trading, which means that the more you trade, the lower your fees will be. The fees for retail traders start at 0.50% for both buy and sell orders, which is higher than some of its competitors. However, Coinbase Exchange offers lower fees for high-volume traders, with fees as low as 0.05% for those who trade more than $10 million per month.

Pros:

• High liquidity
• Regulated exchange
• Easy-to-use APIs
• Dynamic fee structure for high-volume trading

Cons:

• Higher fees compared to some competitors
• Limited selection of cryptocurrencies compared to some competitors

2. Kraken Review

Overview: Kraken is a US-based cryptocurrency exchange that was founded in 2011 and is headquartered in San Francisco, California. It is one of the most secure cryptocurrency exchanges and offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Kraken offers trading for over 70 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

Fees: Kraken uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.16% for both maker and taker orders, which is lower than some of its competitors. Kraken also offers lower fees for high-volume traders, with fees as low as 0.00% for those who trade more than $10 million per month.

Pros:

• High security
• Wide range of trading options
• Low fees compared to some competitors
• High liquidity

Cons:

• Complex user interface
• Slow customer support

3. Crypto.com Review

Overview: Crypto.com is a cryptocurrency exchange that was founded in 2016 and is headquartered in Hong Kong. It is a popular exchange that offers a wide range of crypto credit card products and a large selection of tradable cryptocurrencies.

Tradable coins: Crypto.com offers trading for over 100 cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.

Fees: Crypto.com uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.40% for both maker and taker orders, which is higher than some of its competitors. However, Crypto.com offers lower fees for high-volume traders, with fees as low as 0.10% for those who trade more than $10 million per month.

Pros:

• Large selection of cryptocurrencies
• Crypto credit card products
• Low fees for high-volume traders
• High liquidity

Cons:

• Higher fees compared to some competitors
• Limited availability in some countries

4. Gemini Review

Overview: Gemini is a US-based cryptocurrency exchange that was founded in 2014 and is headquartered in New York City. It is a regulated exchange that offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Gemini offers trading for over 40 cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.

Fees: Gemini uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.35% for both maker and taker orders, which is higher than some of its competitors. However, Gemini offers lower fees for high-volume traders, with fees as low as 0.10% for those who trade more than $500 million per month.

Pros:

• Availability in all 50 US states
• High security
• Staking coins
• Low fees for high-volume traders

Cons:

• Limited selection of cryptocurrencies compared to some competitors
• Higher fees compared to some competitors

5. Binance.US Review

Overview: Binance.US is a US-based cryptocurrency exchange that was founded in 2019 and is headquartered in San Francisco, California. It is a popular exchange that offers a wide range of trading options for both retail and institutional investors.

Tradable coins: Binance.US offers trading for over 50 cryptocurrencies, including Bitcoin, Ethereum, and Ripple.

Fees: Binance.US uses a maker-taker fee schedule, which means that fees are based on whether you are adding liquidity to the market (maker) or taking liquidity from the market (taker). The fees for retail traders start at 0.10% for both maker and taker orders, which is lower than some of its competitors. Binance.US also offers lower fees for high-volume traders, with fees as low as 0.02% for those who trade more than $150 million per month.

Pros:

• Low fees compared to some competitors
• Availability in the US
• High liquidity

Cons:

• Limited selection of cryptocurrencies compared to some competitors
• Limited availability in some US states

Disclaimer: Investing in cryptocurrencies carries significant risk. Values are highly volatile. Never invest more than you can afford to lose. This site does not provide financial advice. Act based on your own research and consult with a financial professional before making decisions. Don’t invest unless you’re prepared to lose all the money you invest.

Why Trust Us

You can count on us because we’re seasoned professionals with many years of experience in the cryptocurrency world. We’ve tried and tested all the popular cryptocurrencies and trading platforms, giving us a deep understanding of how things work.

We’ve been through the ups and downs of the cryptocurrency market, and we’ve learned a lot along the way. Our knowledge covers everything from analyzing the markets to keeping your investments safe and using different cryptocurrencies as financial tools. Our goal is to make cryptocurrency trading easier for you.

Buying Crypto On Venmo: Pros and Cons

If you want to buy crypto with Venmo, you can do that in a matter of minutes. But before you do, check out the pros and cons of using this approach.

Pros:

• The whole process is simple
• Venmo is a reputable and secure company
• It is a popular payment method
• It allows you to manage your fiat and crypto in one place

Cons:

• Limited selection of cryptocurrencies
• High fees
• You might not truly own your crypto holdings

You need to know everything about the Venmo crypto connection to make a successful transaction. I will start with the basics and gradually explain the more complex elements as I go.

Buying Crypto On Venmo: Step-by-Step Guide

If you want to buy crypto with Venmo, you need to know how. The whole process is simple and takes a few minutes. All you have to do is follow these steps.

1. Create an account

First, you’ll need to set up an account on Venmo. This involves signing up with your basic information. Make sure you complete identity verification as well.

2. Click on the Crypto tab

In your Venmo app, find the “Crypto” section. Just click on it, and you will see all the features, available cryptocurrencies, and more.

3. Select the crypto you want to buy

In the Crypto section, pick the type of cryptocurrency you want to buy. For example, consider Bitcoin or Ethereum. Venmo supports a few of the most popular tokens.

4. Enter the amount in USD

Enter the amount of money you want to spend on this transaction. You have to enter in USD. Then move on to the next step.

5. Check the details

Take a good look at all the information. Now you can see how many coins you will get and the transaction fees. Proceed to the next step.

6. Tap Buy

All you have to do now is click ‘’buy’’ and the coins are yours. All of these cryptocurrency transactions are instant.

Keep in mind that you can use a Venmo balance, bank account, or debit card (Visa, MasterCard, etc.) to buy crypto on Venmo.

Safety and security: keeping your Venmo account safe

It is crucial to keep your account and your crypto on Venmo. Always use personal devices to access your account.

Two-factor authentication  (2FA) is extremely important as well. This authentication is like having a secret code on top of your password. It’s essential because it makes it much harder for anyone to get into your account without your permission.

Use hardware wallets as well. Unlike software wallets, which are connected to the internet and vulnerable to online threats, hardware wallets are not.

They store your crypto offline, making it nearly impossible for cybercriminals to access it. This extra level of security offers peace of mind for your investments.

Update your passwords regularly. It’s a basic but crucial step to keep your accounts secure. Ensure your passwords are strong, unique, and not easy to guess. Do not use personal names or dates as passwords!

Online phishing scams are common nowadays. These can be used to deceive you into revealing your sensitive information about Venmo’s Bitcoin balance or send you fraudulent links.

Stay vigilant and double-check every request or message you receive. Being cautious and verifying the authenticity of sources can help you steer clear of phishing attempts and scams that could compromise your cryptocurrency assets.

Venmo Crypto Fees

When using Venmo for buying cryptocurrencies, it’s important to understand the exchange fees. These are fees associated with converting your dollars into the cryptocurrency of your choice.

Be sure to check the fee structure, as it can vary from one platform to another and can impact the overall cost of your transaction.

These transaction fees vary and depend on numerous factors, as you can see in the table.

Transaction fees

Making successful crypto transactions on Venmo: useful tips

Now that you know how to buy Bitcoins with Venmo and stay protected, you should check out these tips that can make transactions more successful.

Observe the market

Successful cryptocurrency transactions involve keeping an eye on the market. Cryptocurrency prices can be volatile, so watch for favorable exchange rates.

Timing your purchase when the rates are in your favor can help you get more value for your money.

Explore the idea behind the coin

Resist the urge to make impulsive cryptocurrency purchases. Take the time to conduct thorough research on the specific cryptocurrency you’re interested in.

Understand its technology, use case, and market trends. Informed decisions are often more profitable.

Consider alternative payment methods

For larger cryptocurrency purchases, consider using alternative payment methods. Credit cards, bank transfers, or wire transfers might be more cost-effective for substantial investments. Assess the fees associated with each method and choose what works best for you.

Be mindful of taxes

Cryptocurrency transactions can have tax implications. To ensure a smooth tax season, keep detailed records of your transactions, including the dates, amounts, and purposes. This will help you report your cryptocurrency holdings accurately and avoid potential issues with tax authorities.

What To Do Once You Have Bought Cryptocurrency?

Once you’ve bought crypto, it’s essential to secure it. Avoid leaving too much of it or holding it for too long on an online eWallet.

Consider moving your tokens to a cold wallet, which is a secure, offline storage option. Cold wallets provide an extra layer of protection against online threats. For this, you need to learn how to send Bitcoin on Venmo to another wallet.

Your crypto can be more than just a digital asset. You can use it for various purposes, including “holding” it as a long-term investment, making purchases with it, exploring investment opportunities, participating in staking for rewards, or engaging in trading for profit.

Understanding these options can help you make informed decisions.

Diversification is a smart strategy. Make sure your crypto portfolio includes at least five different coins. Spreading your investments across various cryptocurrencies can help manage risk and potentially increase your chances of success.

The cryptocurrency market is highly dynamic. Staying informed about market trends and regulatory changes is crucial. Keep an eye on the latest news, market developments, and any shifts in regulations.

Why are Cryptocurrencies Popular?

Cryptocurrencies have been increasing in popularity for a long time. This is a trend that is probably going to last for decades. The reasons are simple if you know which benefits cryptocurrencies offer.

Some of these benefits include extremely low fees, anonymity, fast transactions, and the ability to make money if the value of that crypto goes up. All of these benefits are available to people from most parts of the globe.

Due to this, many payment providers have started allowing their users to buy crypto directly on their websites. Venmo is one of them.

Buying crypto with Venmo is easy and convenient. Venmo’s integration with cryptocurrency has made it accessible to a broader audience, simplifying the purchase process.

What Is Venmo?

Venmo  is a widely used mobile payment app that allows people to send and receive money from friends and family with ease. It’s often used for splitting bills, sharing expenses, and making small transactions.

Venmo is owned by PayPal and provides a social aspect where users can leave comments and emojis on their transactions, making it popular for its user-friendly and social payment features.

It’s crucial to remember how buying and using cryptocurrencies work, as well as the potential risks involved. Being informed and cautious will help you make the most of this financial opportunity.

Connection between Venmo and crypto

Cryptocurrencies have a significant role in modern society. They offer freedom and versatility that no fiat currency can match. Some even offer low volatility such as Tether.

A while back you could buy Bitcoin with Venmo at many exchanges. Today, you can do the same thing. Only now, you can also buy:

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin

One of the best things here is the ability to transfer cryptocurrencies. Learning how to send Bitcoin on Venmo or some other crypto is a simple process that takes a couple of minutes.

Final Word

Now you know how to buy crypto on Venmo and how to secure it. Remember that your money is at stake and always educate yourself before making any transaction.

Use the tips and guidelines provided here to make those transactions even more secure and less risky.

Frequently Asked Questions