Peer-to-peer money transfer app Venmo enables users to buy, sell, and hold cryptocurrencies directly within its platform. Launched in April 2021, this feature mirrors PayPal's crypto integration but comes with notable limitations compared to dedicated crypto exchanges.
👉 Discover top-rated crypto platforms for advanced trading features.
Key Features and Limitations
- Supported Cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH).
- Restrictions: No transfers to external wallets, peer-to-peer trading, or crypto payments.
- Fees: $0.49–$2.49 per transaction + 0.5% market spread.
Buying Crypto on Venmo
Eligibility:
- Verified personal accounts in 49 U.S. states (excludes Hawaii).
- Business accounts are ineligible.
Steps:
- Navigate to the Crypto tab on the app’s home screen.
- Complete identity verification (SSN, address, etc.).
- Enter purchase amount ($1 minimum; $20,000 weekly max).
- Select payment method (debit card, bank account, or Venmo balance).
- Confirm with Buy.
Fees Structure:
| Purchase Amount | Fee |
|----------------|-----|
| $1–$4.99 | $0.49 |
| $5–$24.99 | $0.99 |
| $25–$74.99 | $1.99 |
| $75–$200 | $2.49 |
Holding and Selling Crypto
- Holding: No fees; view real-time market values in the app.
- Selling: Same fees as buying. Proceeds go to your Venmo balance.
Limitations:
- Cannot transfer crypto out of Venmo.
- No staking, rewards, or advanced trading options.
Venmo Credit Card Crypto Rewards
- Earn cash back on purchases.
- Redeem rewards into crypto without transaction fees (0.5% spread still applies).
Price Alerts
Customize push notifications for price changes:
- Go to Settings > Push Notifications.
- Set alerts for specific coins and percentage changes.
FAQs
Q: Can I transfer crypto from Venmo to another wallet?
A: No. Venmo restricts external transfers.
Q: What are the fees for buying $100 of Bitcoin?
A: $2.49 + 0.5% spread (~$3 total).
Q: Is Venmo crypto FDIC-insured?
A: No. Only fiat balances qualify for FDIC coverage.
Q: How do I report unauthorized transactions?
A: Contact Venmo support immediately.
👉 Compare Venmo with full-featured exchanges for lower fees and more flexibility.
Final Thoughts
Venmo offers a simple entry point for crypto beginners but lacks advanced features. For active traders, consider platforms with wallet transfers, staking, and lower fees. Always verify costs and restrictions before transacting.