Venmo, with over 70 million users, is a trusted app that has revolutionized the way people handle their money. It is now accepted as a form of payment by over 2 million establishments. In the spring of 2021, Venmo expanded its services to include cryptocurrency. Buying cryptocurrency on Venmo is convenient and accessible, with options limited to just four popular currencies: Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), and Bitcoin Cash (BCH). To purchase crypto on Venmo, you need to create a personal account and provide necessary identification. You can buy, sell, and hold cryptocurrency on the app. The process is straightforward: open the menu, select “Crypto,” choose the desired crypto, enter the amount in dollars, review the fees, and then proceed with the purchase. Venmo’s fees are transparent, ranging from 1.5% to 2.3% for both buying and selling, with a minimum fee of $0.50. Venmo is an excellent platform for beginners looking to invest in digital currency due to its simplicity and the trust associated with its affiliation with PayPal. However, for more advanced trading features, other platforms like Coinbase might be preferred. Overall, Venmo provides a secure and affordable option for buying cryptocurrency, especially for newcomers to the digital currency market.
