![]() ![]() Cardano and Polkadot are only two of many popular coins that are missing. Just four coins can be used with Venmo, and these are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. Having that choice available would be convenient. You can earn income on your crypto holdings if you lend them out. There are numerous other crypto platforms (almost all the major exchanges + a lot of lending and loans specialized providers like Nexo, Blockfi etc) that provide lending services. The ability to earn crypto using Venmo has been disabled. But there isn’t one since you didn’t buy actual coins, you essentially just made a bet through Venmo on the crypto price (if it goes up, you can sell it for more fiat. However, there should be an option of sending out your crypto. Some folks can simply leave their crypto where they purchased it. You are essentially betting on the price of crypto when you buy it on Venmo – you don’t own the actual coins. You have two options, keep it or sell it. You cannot transfer crypto purchased on Venmo off the service. These drawbacks are discussed below: You can’t move your crypto Despite the benefits, there are a few drawbacks that make using a crypto exchange preferable. The fact that it’s easy to use does not make it a recommended method of acquiring crypto. Here’s Why You Shouldn’t Buy Crypto On the Venmo Platform Since Venmo was not intended to handle big sums of money, it needs additional tweaking before it can be used for larger purposes.Unlike other payment services, Venmo does not offer any security against fraudulent transactions. ![]() While Venmo deposits are accepted by a select few of the best exchanges, the vast majority of Bitcoin brokers and crypto exchanges do not offer it as a way of payment.It is easy to connect Venmo with other exchanges and load fiat currency onto them.Venmo features an in-app Bitcoin buy (but there are limitations + it is not an actual crypto that you’re buying).Some features found on crypto exchanges will be unavailable to you if you decide to use Venmo as your go-to crypto platform. Venmo has a small set of coins available to buy on their platform: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Venmo does not charge fees for storing cryptos, but like other exchanges, you may owe capital gains tax if and when you sell your coins. To better understand, here is the table of fees: Crypto purchase or sale amountīank fees, such as those for overdrafts or insufficient funds, may apply if you use a connected bank account or debit card to purchase crypto. The cost will change with the total quantity being bought or sold. When you make a purchase or sale using Venmo, you will be charged a fee. While some platforms offer over 100 cryptos, the Venmo app allows you to choose from four different kinds of crypto, and those are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Finally, press on the “ Review” after you put the amount in USD that you want to spend on Bitcoin.In addition to the current price, Venmo will also include an option to buy. Choose “ Explore” beside the “ Crypto” option or choose “ Manage” beside the “ Crypto Balance” option.Hence we recommend you buy real coins on crypto-focused platforms. These are essentially IOUs issued by Venmo to represent the actual coins. BUT BEAR IN MIND: these are not real coins that you can send out of the Venmo platform. Finally, purchase your Bitcoin using Venmo as a payment method.īitcoins may be bought directly through Venmo without going to a crypto exchange. Also, P2P exchanges have Venmo as a payment option – the most known are LocalBitcoins, Paxful, etc.Īfter selecting a suitable crypto exchange, the next step is to join up and follow the required steps to add a Venmo account as a payment option on your exchange account. Some of the more popular exchanges that do support Venmo are Gemini, Coinbase Pro, Bitfinex, Bitstamp,, etc. To begin, you must find a crypto exchange that allows buying Bitcoin with Venmo. You can buy Bitcoin directly on the Venmo platform or use Venmo as a payment method on some crypto exchange (recommended way of doing it). To buy Bitcoin with Venmo, follow the steps in the text below: Buying Bitcoin with Venmo – a step-by-step guide ![]() You may start using Venmo immediately after downloading the app and linking your bank account. If you want to buy Bitcoin but don’t have another payment method at your disposal to do it securely or don’t care about your privacy, Venmo is the best option.
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