Buying bitcoins with Venmo was not possible a few years back, with increasing crypto adoption, users can easily buy bitcoins and other cryptocurrencies directly from the Venmo App. I wrote down a quick guide on how you can buy crypto on venmo and also covered some alternate ways.
Venmo is definitely an easy way to buy crypto but there some limitations which I covered in the later part of the article.
How to Buy Crypto on Venmo
The process to buy crypto on Venmo is dead easy.
- Sign up on Venmo and complete the verification process
- Login to the app and then choose ‘Crypto’ from the menu
- You will see a list of crypto including bitcoin (There 4 options currently)
- Enter the $ amount and you will be shown the Crypto equivalent you will receive
- You can either sell this crypto for profit or store it in the wallet
Other Ways to Buy Bitcoin with Venmo
LocalBitcoins is arguably the most popular and widely used peer-to-peer platform for Bitcoin. This platform is based out of Finland and specializes in over the counter transactions or trades in a variety of payment methods. As Localbitcoins is a P2P market place, there are sellers offering Venmo as a payment method.
The process to buy bitcoins with Venmo on Localbitcoins is easy, head to the official website and create an account. Once the account is activated, login and then proceed to choose ‘bitcoin’ and select ‘Venmo’ as the payment method. If you are lucky, you will get a list of sellers offering Bitcoin with Venmo.
Check for the seller history and then proceed with the order. Thanks to the built in escrow system, the chances of farud is close to zero. I found the price of bitcoin to be 5-10% higher when compared to normal exchanges. Other than that the experience was pretty smooth.
You may think of Paxful as a newer but smaller version of LocalBitcoins. It was created with the intention of improving upon the problems in the cryptocurrency giant and even introduce new features altogether.
Building upon the model already built by LocalBitcoins, Paxful allows for exclusive trading, buying and selling in Bitcoins. Also, similar to LocalBitcoins and even other exchanges, Paxful currently severely faces a shortage of traders willing to accept Venmo as a form of payment.
This is again due to the fact that transactions on Venmo are unsafe in nature and it has been proven to be prone to frauds and scams as detailed earlier. In fact, a few years ago social microblogging and hugely popular website Reddit received an influx of complaints issued by users and centering around the fact that there was an increasing number of scams happening on Venmo. This further discouraged sellers and traders to deem Venmo as an acceptable form of payment.
However, recently, the people behind Venmo came forward to address this issue and it was revealed that Venmo was working on better verification procedures and strengthening their security. This may, therefore, lead to an increase in the number of traders currently available for accepting Venmo as payment.
Log on to the Paxful.com website and select the tab that says Buy Bitcoin. Now depending on whether or not you have already registered for the service, you need to create an account on the website.
The registration process is fairly simple and once you have done that, you need to select your currency, your preferred mode of payment, which is obviously Venmo in this case and then further click on the search button.
You will see a search results page where you need to look for your ideal seller and once you have found a seller you can trust, simply click on the Buy Now button after selecting the desired amount for the purchase. Finally, all you have to do is wait for the coins to be released from the seller’s account straight into your Bitcoin wallet.
For those looking to buy Bitcoins with Venmo, LocalCryptos offers a great platform with reasonable fees and a good UI.
This peer-to-peer marketplace allows buyers and sellers to transfer their crypto for most payment methods securely. There are multiple deposit methods, and this could be a great introduction to newcomers to get ahead and invest in digital assets.
How Can You Buy Bitcoins on Localcryptos Using Venmo
LocalCryptos offers a search box where you can choose the cryptocurrency, region, and payment method, which is Venmo in this case.
Once you have selected your search criteria, run this search to get a list of possible trades.
Read through the terms and conditions, and choose a trade that fits your bill. Engage in it and pay the seller so that he transfers the Bitcoins to your wallet.
Features of LocalCryptos
LocalCryptos is quite popular due to some great features
- It has a great, easy-to-use UI
- It is great for newcomers and experienced traders alike
- 24/7 customer support
- Comprehensive list of deposit and withdrawal options
- Multiple payment options are supported.
Buying Bitcoins on Venmo: What I didn’t like
Limited Crypto Choices
If you are someone who wants exposure to the up and coming crypto tokens, then venmo is definitely not for you. The cryptocurrencies available are limited to four: BTC, Bitcoin Cash, Ethereum and Litecoin. I personally like to have exposure to coins of other ecosystems because some of them deem to be quality investment options.
Cannot Transfer to Other Wallets
I am someone who likes moving around cryptos to lend, stake and sometimes even mint NFTs and Venmo doesn’t allow you to that, atleast not for now. If you are okay buying and HODLing crtpto then it will not make a difference but if you are like me, then be prepared to be dissapointed.
Not a full fledged Crypto Platform
Crypto is evolving as a finacial instrument, while buying and selling is one way of making money, you can earn passive income with staking, lending, yeild farming etc. Venmo is very limited in terms of these features. When compared to other exchanges like Binance, Gemini, FTA – Venmo doesn’t offer any add-on services. This does makes sense because Venmo is not an exchange, it is primarily a wallet with crypto buying as a feature.
I have a lot more to add but I think this is enough to get you started with buying crypto on Venmo. I would look into other platforms unless you are hell bent on using Venmo. Full fledged exchanges provide more options, easier payment methods and some add-on services. Do check the FAQ section below, it might have answers to some of your questions.
FAQs on Buying Crypto with Venmo
Can you buy Ethereum on Venmo?
Yes, Ethereum is one among four cryptocurrencies available on Venmo. Do note that you cannot send ETH from your Venmo wallet to other exchanges or wallets like Metamask.
Can you buy crypto on Venmo under 18?
No, you must be 18 years old to have a fully verified account and buy crypto on Venmo. You can try other peer-to-peer platforms that allow you to buy bitcoins using Venmo as a payment method.
Can you use Venmo on Coinbase?
Coinbase doesn’t offer Venmo as a payment method to buy crypto, you can look into all the accepted payment methods on Coinbase here.
Anish loves reading, researching, and writing about crypto and blockchain. He started his crypto journey early in 2017, what started as a fad is now a full-time hobby. He curates guides after thorough research on platforms and is responsible for the most in-depth guides on the site. You will find him walking his dog (not Doge) when he is from his Laptop.