Summary: The Venmo app currently offers a feature that allows customers to buy Bitcoin, Ethereum, Litecoin and Bitcoin Cash. That said, they are one of the most expensive ways to buy digital assets in the US with a fee of over 2% to buy or sell on the platform.
This is why we recommend using an alternative & mobile friendly crypto app like Uphold. They are a US-licensed & regulated exchange that offers over 250 cryptocurrencies to stake and trade with zero fees. Venmo users can deposit USD into their platform instantly and for free with their user-friendly Plaid integration.
Top Venmo Crypto Alternative - Uphold
5.0 out of 5.0 by Datawallet.
Uphold is the top alternative to Venmo to buy and sell cryptocurrencies. Their platform offers instant and free USD deposits via Venmo (Plaid) to trade and stake over 250 cryptocurrencies with zero fees. Uphold is FinCEN licensed and trusted by 10 million investors.
Available Assets
250+ Cryptos to Trade and Stake.
Deposit Methods
Plaid Deposit (via Venmo), ACH Transfer, Debit Card, Credit Card, Apple Pay and Google Pay.
US Licensing
Uphold is regulated by the United States Treasury Department regulator, FinCEN.
Can You BuyCrypto with Venmo?
Yes, Venmo allows users to buy BTC, ETH, LTC, and BCH through their popular mobile banking app. However, it's known for having higher fees of over 2% for buying and selling, making it a more expensive platform for digital asset transactions. Additionally, Venmo is typically considered less secure than traditional crypto exchanges, as it lacks the built-in infrastructure that supports advanced security features and dedicated wallet services.
How to Buy Bitcoin and Crypto with Venmo
As outlined above, the best way to buy Cryptocurrencies with a Venmo account is by transferring funds into a regulated exchange in the US. We recommend Uphold that offers instant & free Venmo deposits via their Plaid integration and from all USA-based banks. Their exchange allows you to buy, sell, stake and trade over 250 cryptocurrencies, which is the widest variety out of any platform in the country.
Here is a step-by-step guide to help you get started:
- Create Free Account: Sign up to Uphold and complete your identity verification.
- Fund Account: Connect your Venmo account to complete a bank transfer via Plaid or ACH.
- Find Token: Head to the search bar, type in the crypto you want to buy, then click ‘Trade’.
- Buy Crypto: Input the amount of USD you want to invest and tap ‘Open Trade’.
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Can I use Venmo to buy Crypto on Coinbase?
No, Coinbase does not accept deposits from Venmo accounts in the United States. You can only use a bank account or debit card to buy Bitcoin and other crypto assets on the platform.
Is Venmo Good for Crypto?
While Venmo is a well-known peer-to-peer payment service, it may not be the optimal choice for buying cryptocurrency due to its 2% fee per transaction and limited support for cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
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Bottom Line
In conclusion, Venmo provides a convenient option for users to purchase a limited selection of cryptocurrencies, including BTC, ETH, LTC, and BCH. However, its higher transaction fees and comparatively lower security make it less ideal for serious crypto investors.
Instead, consider using a regulated US exchange like Uphold, which offers a wider variety of digital assets, instant and free Venmo deposits through Plaid integration, and enhanced security features. While Venmo might be sufficient for casual users, those who prioritize cost-effectiveness, security, and versatility should opt for dedicated crypto exchanges.
I'm a cryptocurrency enthusiast with extensive knowledge of the digital asset landscape, blockchain technology, and the associated platforms facilitating crypto transactions. My insights are grounded in hands-on experience, continuous research, and a deep understanding of the evolving crypto market dynamics.
Now, let's dive into the concepts presented in the article:
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Venmo and Cryptocurrency Purchase:
- Venmo, a popular mobile banking app, allows users to buy Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
- However, Venmo is criticized for its high fees, exceeding 2% for both buying and selling.
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Alternative: Uphold - A Mobile-Friendly Crypto App:
- Uphold is recommended as an alternative to Venmo for buying and selling cryptocurrencies.
- Uphold is a US-licensed and regulated exchange offering over 250 cryptocurrencies with zero fees.
- Users can deposit USD instantly and for free via Plaid integration, a user-friendly feature.
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Uphold's Features:
- FinCEN licensed and trusted by 10 million investors.
- Offers 250+ cryptocurrencies for trading and staking.
- Supports various deposit methods: Plaid Deposit (via Venmo), ACH Transfer, Debit Card, Credit Card, Apple Pay, and Google Pay.
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Venmo's Fee Structure and Security Concerns:
- Venmo's fees are highlighted as one of the highest in the US, with a fee of over 2% for transactions.
- Venmo is considered less secure than traditional crypto exchanges due to the absence of advanced security features and dedicated wallet services.
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Buying Cryptocurrency with Venmo on Uphold:
- The article recommends transferring funds from Venmo to a regulated exchange like Uphold for a more cost-effective and secure experience.
- Uphold's step-by-step guide includes creating a free account, funding the account via Venmo using Plaid, searching for the desired crypto, and executing the trade.
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Using Venmo on Other Platforms (e.g., Coinbase):
- Venmo is not accepted on Coinbase for crypto purchases; users are limited to using a bank account or debit card for transactions.
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Venmo's Suitability for Crypto:
- While Venmo is recognized as a peer-to-peer payment service, its higher transaction fees and limited support for cryptocurrencies may not make it the best choice for serious crypto investors.
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Conclusion - Venmo vs. Uphold:
- Venmo offers a convenient option for casual users to buy a limited selection of cryptocurrencies.
- However, Uphold is recommended for users prioritizing cost-effectiveness, security, and versatility, offering a wider variety of digital assets and enhanced security features.
This comprehensive overview emphasizes the importance of considering factors like fees, security, and variety of assets when choosing a platform for cryptocurrency transactions.
