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How to Buy Bitcoin With Venmo
Last updated 13th Dec 2022
Venmo and Bitcoin are helping revolutionize how we deal with money, brand purchases, and facilitate transactions.
Today we volition be looking at how to buy Bitcoin on Venmo as well as everything yous need to know along the fashion.
Top Bitcoin Brokers That Accept Venmo
Many cryptocurrency brokers accept Venmo payments to buy Bitcoin. See below for a listing of brokers:
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What Is a Venmo Bitcoin Broker?
A Bitcoin broker is a digital service that performs Bitcoin trades for you. Venmo is a mobile payment platform through which you transfer money. Many Bitcoin brokers will accept Venmo every bit a way to deposit funds.
What Crypto Platforms Have Venmo?
Many different Bitcoin platforms have Venmo as a payment method. These include:
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P2P Marketplaces
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P2P Lending Platforms
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Bitcoin Exchanges
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Bitcoin Brokers
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Bitcoin Robots
How to Buy Bitcoin With Venmo
If you are looking to purchase Bitcoin online with Venmo, follow these steps:
Step 1: Find an exchange
The first matter you need to exercise is observe a cryptocurrency exchange. Sometimes called a digital currency commutation, a crypto exchange is a business organisation that lets you trade cryptocurrency for other assets, including alternative digital currencies or convention currencies (dollars, euros, etc.).
Some of the almost popular international exchanges include:
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Bitfinex
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Bitstamp
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Crypto.com
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Coinbase Pro
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Gemini
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Kraken
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OKCoin
If yous are looking for a Peer-to-Peer (P2P) substitution, you lot tin utilize:
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Bisq
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BitQuick
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Local Bitcoins
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Paxful
And if you are looking for a reliable cryptocurrency exchange in North America, you can utilise:
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bitFlyer
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Bittrex
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Coinmama
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Paxos (itBit)
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River Fiscal
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Swan Bitcoin
Footstep 2: Sign upward and fund a purchase
Once yous have found an exchange that suits your cryptocurrency requirements, y’all demand to sign up and follow the relevant instructions to add your payment method. In this case, you would add your Venmo account.
Stride 3: Make a buy
Consummate your purchase and enjoy your cryptocurrency!
Step 4: Alternatively, buy your Bitcoins directly through Venmo
Likewise equally using a cryptocurrency exchange, you can besides purchase Bitcoins straight through Venmo. This tin be done by following these steps:
-
Select
the ☰ icon -
Select
“Explore” next to “Crypto”. Alternatively, you tin select “Manage” adjacent to “Crypto Balance”. -
Select
your Bitcoin currency. Venmo will show the electric current price too every bit an option to buy. -
Enter
your dollar amount for your Bitcoin purchase, then select “Review”.
How to Deposit and Withdraw via Venmo
Deposit
Hither are a few quick steps you tin can follow to deposit coin via Venmo:
Footstep ane: Create an business relationship on Venmo
If you lot do not have a Venmo account, create 1 via your Facebook account or email accost.
Step ii: Detect a broker that accepts Venmo payments
Find a broker that accepts Venmo payments, then open up an business relationship with them.
Step three: Choose the Venmo option
Go to your account page on the broker, then cull the Venmo choice on the “add money” or eolith screen.
Step 4: Link your Venmo account with your broker account
You will then be asked to link your Venmo account with your broker account.
Step five: Fix the corporeality of Bitcoin yous want
Select the amount of Bitcoin you lot want and choose Venmo every bit the payment method.
Withdraw
The withdrawal process is similar to the deposit process. But perform the steps above when clicking “Withdraw”. If your Bitcoin broker accepts Venmo, y’all will be able to utilize Venmo to make a withdrawal, even if you used an alternative payment method when making your deposit.
What Should I Look for in a Venmo Bitcoin Broker?
When searching for a Venmo Bitcoin broker, you lot should expect for some key features. These include:
Competitive Transaction Fees:
Transaction fees vary from brokerage to brokerage. Look for reasonable transaction fees when choosing a Venmo Bitcoin banker.
Speed:
Whatever good Venmo banker should permit yous make your Bitcoin purchases in less than a few minutes. Ideally, your transactions should be instantaneous.
Usability:
Trustworthy Venmo brokers make information technology piece of cake for you to purchase Bitcoin. Stay away from any brokers that complicate the process and wait for one that offers a convenient interface, quality app, and minimal fuss.
Good Reputation:
You lot should always choose a Venmo broker that has enough of positive reviews from other people. This is the all-time fashion to find a broker you tin trust.
First-class Track Record:
A broker should too have a solid track record that spans several years.
Should I buy Bitcoin using Venmo?
Pros
Fast: Transactions happen very chop-chop. Sometimes they even happen instantly.
Like shooting fish in a barrel to Use: Once you link your Venmo business relationship to your chosen broker, the process of paying for Bitcoin is straightforward.
Direct Purchases for Bitcoin: In 2020, Venmo (and PayPal) announced that yous would presently exist able to purchase and sell Bitcoin directly from the app. From 2021, you tin now buy Bitcoin via Venmo directly.
Cons
Not Suitable for Big Purchases: When Venmo was beginning introduced, it was designed to transport small amounts of money to people y’all knew directly. As such, it still has a long way to go to exist the number one source for large fiscal transactions.
Not Accepted by Every Bitcoin Banker: Compared to payment platforms like Apple Pay, Venmo does not accept a robust ID organization which means some Bitcoin brokers will non take Venmo as a payment method.
Is Using Venmo the All-time Way to Buy Bitcoin?
While Venmo offers a fast and convenient style to purchase Bitcoin cheers to existence able to purchase cryptocurrency directly through the app, we recommend purchasing Bitcoin with a credit or debit bill of fare if your card supports “3D Secure”. When you use this payment method, you do not have to pre-fund your account – you tin can but purchase Bitcoin instantly.
What Are the Culling Payment Methods to Buy Bitcoin With?
There are numerous alternative methods to purchase Bitcoin. These include:
Apple Pay:
You can apply Apple Pay to buy Bitcoin. But select the Apple Pay pick during your deposit process. You lot tin also purchase Bitcoins with Apple tree Pay if you use the Exodus Wallet on iOS. As well every bit, there are many more mobile apps to purchase crypto with including BTC.
American Express:
You can buy Bitcoin with an American Limited carte du jour. Simply follow the deposit procedure on your Bitcoin broker, then select the American Express payment method.
Credit /Debit Carte du jour:
You can also buy Bitcoin with your credit card or debit card. But provide your card details when purchasing through a Bitcoin broker and you’re fix.
Final Thoughts on Using Venmo to Buy Bitcoin
In summary, Venmo is a quick and convenient way to purchase Bitcoin. It can be used to buy cryptocurrency from diverse platforms. However, you should carry in mind that non all brokers will accept Venmo. In our opinion, the safest way to buy Bitcoin is through a credit or debit card that supports “3D Secure” payments, as y’all won’t demand to add together funds to your broker account.
FAQs
Can I buy Bitcoin with Venmo anonymously?
Yes, Venmo offers complete anonymity when you lot purchase Bitcoin through its service.
How fast is buying Bitcoin with Venmo?
When you lot purchase Bitcoin through Venmo, the transaction should happen within a few minutes, sometimes instantaneously.
Exercise I need a Bitcoin wallet?
Not necessarily. Some brokers volition let you deposit funds directly into your account. However, others will require a Bitcoin wallet address before you can buy Bitcoin on their platform.
Are at that place depression fees when using Venmo to purchase Bitcoin?
You can expect fees somewhere around two% to 4% depending on the cryptocurrency broker you choose. E’er compare fees before selecting a broker, as you’ll want to detect the best deal for you.
Can I hold cryptocurrency in my Venmo account?
Yes, you lot can now buy and hold cryptocurrency in your Venmo account.
Tin I purchase other cryptocurrencies using Venmo?
Yes, yous can buy other cryptocurrencies using Venmo, including Ethereum. However, many brokers volition not accept Venmo as a payment method, so you lot may demand to go through peer-to-peer exchanges.
Tin can I buy Bitcoin with Venmo instantly?
Yes, yous can purchase Bitcoin with Venmo instantly with certain brokerages. You can also buy Bitcoin direct through the Venmo app.
Is Venmo the easiest way to buy Bitcoin?
Venmo is a relatively easy way to purchase Bitcoin, particularly since introducing the direct Bitcoin buy option through the Venmo app.
Does Coinbase accept Venmo?
Yes, Coinbase accepts Venmo payments for Bitcoin.
Here are some more ways to buy Bitcoin
Khashayar Abbasi
Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different utilize cases of cryptocurrencies. He has a available’s degree in International Relations and has been a author in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.
Source: https://www.banklesstimes.com/cryptocurrency/bitcoin/buy/with-venmo/
