Venmo, owned by PayPal, has entered the crypto trading arena, competing with platforms like Cash App and Robinhood. This guide covers everything you need to know about buying cryptocurrencies on Venmo, including supported coins, fees, limits, and key considerations.
Getting Started with Crypto on Venmo
1. Set Up a Venmo Account
- Download the Venmo app and sign up for an account.
- Provide personal details (name, email, phone number).
- Ensure your account is verified—crypto trading is only available for individual accounts, not business profiles.
2. Navigate to the Crypto Section
- Open the Venmo app and select the "Crypto" tab from the menu (top-right corner).
- You’ll see a list of supported cryptocurrencies.
3. Fund Your Purchase
- Use your Venmo balance, linked bank account, or credit/debit card to buy crypto.
- Venmo allows purchases as small as $1.
4. Store or Sell Crypto
- Venmo acts as a built-in wallet—you can hold your crypto or sell it later.
- Note: Crypto transfers (in/out) are not supported—you can’t move coins to/from external wallets.
Supported Cryptocurrencies on Venmo
Venmo currently supports:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
👉 Compare Venmo’s crypto options with other platforms
(Robinhood offers Dogecoin; Cash App only supports Bitcoin.)
Venmo’s Crypto Trading Fees
Venmo charges a sliding fee scale based on transaction size:
| Transaction Amount | Fee (%) | Minimum Fee |
|---|---|---|
| $25–$100 | 2.3% | $0.50 |
| $100–$1,000 | 1.9% | $0.50 |
| Over $1,000 | 1.5% | $0.50 |
Example: Buying $50 of BTC costs ~$1.15 (2.3%).
(Cash App has lower fees; Robinhood offers free crypto trades.)
Purchase Limits
- Weekly Limit: $20,000
- Annual Limit: $50,000
These limits suggest Venmo targets small investors rather than large-scale traders.
Key Considerations
- No Transfers: You can’t send/receive crypto to/from other wallets.
- Volatility Warning: Venmo educates users on crypto risks via in-app guides.
- Social Sharing: Users can share crypto trades with friends in the app.
FAQs About Venmo Crypto
Q: Can I buy Dogecoin on Venmo?
A: No—only BTC, ETH, LTC, and BCH are supported.
Q: Are Venmo’s crypto fees high?
A: Yes (1.5%–2.3%), but they’re competitive with other non-exchange apps.
Q: Can I transfer crypto out of Venmo?
A: No. Crypto bought on Venmo must stay in your Venmo wallet.
👉 Explore alternatives for lower fees
Final Verdict: Should You Use Venmo for Crypto?
Pros:
- Simple for beginners.
- Low minimum purchase ($1).
Cons:
- High fees compared to exchanges.
- No transfers or external wallet support.
Best For: Casual investors who want convenience over flexibility.
(For active traders, consider dedicated crypto exchanges.)