Venmo Crypto Review: Pros & Cons and How It Works – Phroogal (2024)

Venmo crypto review quick take: The app allows you to buy, hold, transfer, and sell crypto right within Venmo.

What is Venmo Crypto?

Venmo is a digital wallet that makes it easier for you to send money to others. With the Venmo app, you can request money or pay others quickly. You link a funding source such as your bank account, debit card, or credit card to transfer money.

Venmo crypto allows you to buy and sell cryptocurrencies using the same mobile app. However, you cannot pay others using crypto the same way you send money using Venmo.

Venmo is a service offered by Paypal, Inc.

What is Cryptocurrency?

Venmo defines cryptocurrency as “a digital or virtual currency that is created by Cryptography. It is not physical and not issued by a central authority. It utilizes a decentralized network and works through a distributed ledger technology known as a Blockchain.”

How does Venmo Crypto work?

Venmo Crypto helps you make cryptocurrency purchases through the mobile app.

• Buy, sell, transfer, and hold four crypto coins: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
• Learn about the crypto space as you invest as little as $1.
• Share your crypto purchases on your Venmo feed.

It’s crucial to understand crypto trading is volatile. The prices can rise and fall quickly. As a result, you may lose all of your original investments. Invest in your risk tolerance and comfort level.

How to Buy Crypto on Venmo

1. Tap the Crypto icon on the bottom of the app screen.
2. Select your preferredcryptocurrency. You’ll see the current price along with an option to buy.
3. Enter the dollar amount for your purchase andtap “Review.”
4. View the crypto purchase breakdown, including the total amount and fees.
5. Tap the Buy button to complete.

Features & Benefits

Venmo Crypto can help you with:

• Trading: Instantly buy and sell or hold four crypto assets.
• Portfolio tracking: Automatic updates to view your daily totals
• Education: Learn with in-app articles and videos.
• Social: Share your crypto holdings through the social media platform.

Minimum Requirements

• Verified Venmo accounts can buy, sell, and hold cryptocurrency with their profile.
• To verify your identity, Venmo uses a National Database to obtain a positive match of legal name, address, date of birth, and SSN/ITIN.

Fees

Venmo Fees: $0 to signup, $0 monthly fees

Crypto Fees: When you buy or sell cryptocurrency, Venmo will:

• Disclose the applicable exchange rate and any transaction fees charged for the trade.
• The exchange rate includes a spread that Venmo earns on each purchase and sale. This spread is the difference between the market price received from Venmo’s trading service provider, Paxos and the exchange rate between the US dollar and the crypto asset.

Who is it best for?

Venmo Crypto is best for existing Venmo app users who are new to Bitcoin and want to dip their toes and learn along the way.

Venmo Crypto Review

Venmo Crypto is a legitimate service for buying cryptocurrencies. In our Venmo Crypto review, we learned it’s a good option for those new to digital assets. If you’re an avid user of the Venmo app, you’ll enjoy the simplicity and ease of use when making crypto trades.

However, it may not be the best crypto platform for those seeking to make Bitcoin or altcoins a part of their investment portfolio.

Pros

• Buy crypto starting at $1
• User-friendly interface
• Easy accessibility for new Bitcoin buyers
• Use Venmo balance, link bank account, and debit card

Cons

• Higher fees compared to alternatives
• You cannot transfer coins to another crypto wallet

Additional Information

Venmo Purchase Protection does not cover cryptocurrency purchases. However, cryptocurrency purchases are protected if an unauthorized activity takes place. You cannot use a credit card or a Venmo credit card to make coin purchases.

How to Start a Venmo Crypto Account

The time needed: 2 minutes.

Step-by-step to buy and sell crypto

1. Get started
   • Create an account
   • Or log in to your Venmo account and tap the Crypto icon.
2. Submit your application
   • Complete the signup process and verify your account.
3. Link an external bank account or debit card
   • Make your first purchase of crypto for $1.

If you’re looking for an alternative, Webull Crypto and Robinhood Crypto are suitable for newbies. Need more options? Read the 5 best crypto apps for beginners.