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Venmo is a social payment app that lets you send money to individuals and businesses. You can use the app to pay your bills or to split a check with friends as well as to buy, sell, transfer and learn about bitcoin (BTC) and other crypto assets.
With as little as $1, you can purchase some bitcoin (BTC), ether (ETH), litecoin (LTC) or bitcoin cash (BCH) with the app.
If you are just getting started with Bitcoin or crypto more broadly, there are numerous articles and videos that you can use to learn about the asset class. Once you’ve made a purchase, you can also use Venmo to track the price of the crypto in your portfolio.
Venmo is owned by PayPal, and cryptocurrency transactions on Venmo are facilitated by PayPal’s partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services.
Follow these steps to buy crypto with Venmo:
Pros
Cons
| Method of transfer | Transfer fees | Transfer times |
|---|---|---|
| Standard electronic withdrawal | $0 | 1–3 business days |
| Instant transfer electronic withdrawal | 1.5% (minimum $0.25 fee, maximum $15 fee) | 5+ minutes |
| Method of deposit | Fees |
|---|---|
| Transfer from bank account | $0.00 |
| Receive money in your personal Venmo account from Venmo users | $0.00 |
| Receive merchant refund | $0.00 |
| Receive money using direct deposit | $0.00 |
| Adding money using the “cash a check” feature (payroll and government checks) | 1.00% (minimum $5 fee) |
| Adding money using the “cash a check” feature (all other accepted checks) | 5.00% (minimum $5 fee) |
| Receive payments in your business profile or that identified as for goods and services | 1.9% + $0.10 |
| Crypto purchase/sale amount | Fees |
|---|---|
| $1.00–$4.99 | $0.49 |
| $5.00–$24.99 | $0.99 |
| $25.00–$74.99 | $1.99 |
| $75.00–$200.00 | $2.49 |
| $200.01–$100 | 1.80% |
| >$1000 | 1.50% |
Yes, Venmo is safe to use. Venmo uses data encryption to protect your personal and financial information. With that said, you may want to opt out of not sharing your crypto purchases publicly via the app’s social feature, which broadcasts your transactions to your friends on the app.
If you click on the “Me” tab at the bottom of the app screen and then click on the settings icon in the top right-hand corner of the screen, you’ll be taken to the app’s settings options. If you click on the “Privacy” tab and then click the “Private” option, you can stop your crypto purchases and sales from being broadcast to friends.
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