Venmo has revolutionized the financial industry through its advanced applicability in diverse sectors, including crypto trading. It provides users with fast, secure, and absolute control over their fiat and crypto assets, allowing them to purchase any digital currency whenever they want to. In this post, you will learn the best way to buy Bitcoin and crypto with Venmo.
Can I Buy Bitcoin and Crypto With Venmo?
Yes, you can buy Bitcoin and other cryptocurrencies with your Venmo account. Venmo supports crypto purchases directly on the app and can also be used as a payment method for buying digital currencies on several crypto exchange platforms. On the app, simply locate the cryptocurrency section and click “Buy” to start the purchase.
Alternatively, you can use Venmo as a payment method on supported exchanges like Binance. Venmo is incorporated as a peer-to-peer payment method in Binance, so you can leverage this feature to buy BTC, ETH, and other crypto assets. Unlike the direct buy from Venmo, this option is cost-effective, fast, and secure thanks to Binance’s anti-scam protocols on its P2P trades.
How to Buy Bitcoin and Crypto Using Venmo on Binance
Peer-to-peer trading on Binance is swift, especially when you select Venmo as your preferred payment method. Hence, follow the steps below to buy Bitcoin and crypto with Venmo on Binance:
- Create and verify a Binance account and head to the P2P option in the “Trade” section.
- Select BTC or any other cryptocurrencies you want to buy, and set your preferred currency.
- Tap the Payment Method option and choose Venmo. You can search for it in the search box attached to the Payment Method page for easier access.
- Browse the list of Sellers and select one that fits all the following criteria: high completion percentage, most reasonable price, and supports Venmo transfers.
- Indicate the amount of crypto you want to buy on Binance and transfer the exact cost to the provided account details through your Venmo app. The crypto will be released into your Binance account once the seller receives an alert of your payment.
This process usually takes about 5 minutes to complete if you adhere strictly to the steps. Ensure you send the funds only to the specific account, and confirm the transfer on Binance to notify the seller of your payment.
Fees When Buying Bitcoin and Crypto With Venmo
The extra fees attached to crypto purchases via the Venmo app depend on the amount of crypto you want to buy. For purchases less than $200, you could pay fees up to 1.25% and about 1.5% for those above $200. On the other hand, there are no extra fees attached when you buy Bitcoin and crypto using Venmo on Binance P2P. Sellers, however, usually set their rates slightly higher than the market price to cover the spread and make a profit.
About Venmo
Venmo is a leading digital wallet and payment platform currently owned by PayPal. It is popular in the US and is used to transfer funds, pay for goods and services, and now, to buy Bitcoin and crypto. Venmo’s integration of cryptocurrency trading makes it an ideal platform for users seeking a versatile payment platform to control both fiat and digital currencies. Although many traders prefer exchanges with lower fees and higher liquidity, Venmo is also a great place to buy, sell, and hold cryptocurrencies for long periods.
Bottom Line
Using Venmo for crypto purchases is a convenient and secure option, whether buying via Venmo’s in-app crypto feature or on the Binance crypto exchange. However, if you’re looking for a cheaper option, you can use Venmo as a payment method on Binance P2P. Follow the guide above to buy Bitcoin, Ethereum, Solana, and any other cryptocurrency with Venmo whenever you want on Binance.
