Many crypto exchanges support Venmo for depositing funds that can be used to buy Bitcoin. You can also buy, sell, and hold cryptocurrencies directly on Venmo itself, although not as many as you can with a dedicated crypto exchange.
Since it is possible to fund Venmo using debit cards, credit cards, prepaid cards, and bank transfers, buying Bitcoin with Venmo is a popular way to get around restrictions imposed by banks on crypto purchases.
Read on for a detailed guide to using Venmo to buy Bitcoin.
Unsure about what exchange to use?
Where to buy Bitcoin with Venmo
First time buying?
How to buy Bitcoin with Venmo
Step 1: Choose an exchange with Venmo support
Some crypto exchanges support Venmo as a method for depositing funds. Those listed on this page have all been verified as supporting Venmo deposits.
You can use Finty to compare the features of different exchanges, such as their spread, trading fees, withdrawal charges for fiat currencies, and fees for depositing funds with Venmo.
Step 2: Complete the authentication process
Different exchanges require different documents as proof of identification. You can usually confirm your identity with an image of your driver’s license, passport, or other government-issued photo ID.
Step 3: Decide how much to buy
Given that Bitcoin is a volatile commodity, be careful when investing in it. It’s important that you allocate an amount that you can afford to lose if the cryptocurrency starts to slide.
Step 4: Deposit funds into your exchange wallet
Select Venmo as a mode of depositing funds. If you are logged into your Venmo account on the device or browser you are using, you’ll be prompted to log in. You can initiate the transfer from your Venmo account.
Step 5: Configure an order
At most exchanges, you can place three types of orders: instant buy (buys Bitcoin at the next available price), trigger order (buy or sell when Bitcoin hits a certain price in the future), and recurring order (buy more Bitcoin periodically).
Step 6: Buy
The final step is to fill out the order form and make a purchase.
Still not sure?
Pros and cons
Pros
- Fast. Deposits made via Venmo are cleared very quickly.
- Convenient. Buying Bitcoin with Venmo is very simple, especially if you can connect your Venmo account with your exchange wallet.
- You can buy Bitcoin directly on Venmo (but there are limitations).
Cons
- Lack of support. Although several top exchanges support Venmo deposits, many Bitcoin brokers and crypto exchanges do not support funds deposited via Venmo
- Transaction limits. Venmo was not designed for larger transactions and requires some adjustment to facilitate them.
- No fraud protection. Venmo has no fraud protection.
Extra help
FAQs
How long does it take for funds to transfer using Venmo?
It usually takes 30 minutes or less for funds to show up in your exchange account if you make an instant transfer via Venmo.
Can I buy Bitcoin with Venmo anonymously?
No, because Venmo requires ID proof.
Can I buy other cryptocurrencies with Venmo?
Yes, you can buy other cryptocurrencies with Venmo. Simply select the cryptocurrency you want to buy on the order form and make a purchase.
