Are you looking to buy crypto on Venmo? Check out this page for some helpful info.
How do I buy crypto in the Venmo app?
- Go to the Crypto tab
- Select your preferred cryptocurrency - you’ll see the current price along with an option to buy
- Enter the dollar amount for your purchase and hit Review
- Your app will show you a breakdown of how much of the cryptocurrency you’re about to buy, along with any fees
- Tap Buy to complete the purchase
What payment methods can be used to buy crypto?
You can use your Venmo balance, your bank account, or your debit card to buy crypto on Venmo. At this time, you cannot use a credit card or your Venmo Credit Card to make these purchases.
What limits exist for buying crypto on Venmo?
You are limited to $20,000 in crypto purchases per week. There is also a limit of $50,000 in crypto purchases in a 12-month period.
Why is there an exchange rate for cryptocurrency?
Since crypto is digital money, you're essentially swapping one currency for another when you buy and sell it. The exchange rate tells you how much crypto or dollars you'll get in the swap and refreshes often because the value of crypto is constantly changing.
Are there fees when buying cryptocurrency on Venmo?
Venmo’s fees for buying and selling crypto (except for PYUSD) are from the spread (or margin) between the market price we receive from our service provider and the price of the crypto asset displayed to the user, and a transaction fee when buying or selling crypto assets. At the time you buy or sell crypto assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction.
The exchange rate will include an estimated spread of one-half of one percent (0.50%), provided, however, that the actual spread may be higher or lower based on market conditions. We will not separately calculate or disclose the spread we earn on each transaction. By using Venmo’s crypto services, you agree to pay all applicable exchange rates (including spread) and fees.
If you use a linked bank account or debit card as a funding source to buy crypto assets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable. Venmo is not responsible for any fees that may be charged to you by your bank.
For PayPal USD (PYUSD) only, the spread does not apply and there are no fees to buy or sell PYUSD on Venmo.
More information on pricing and fees can be found on the Venmo Fees page.
When I click to 'Buy' crypto, will I be getting the current price displayed on the app?
Yes. The market value of the cryptocurrency displayed when you click Buy will be the price you pay. That price will update every few seconds to reflect any change to the market value.
Once I click 'Buy', can I stop or reverse the transaction? Will you give me a refund?
Once purchased, crypto bought using Venmo cannot be reversed. You must sell your crypto assets to receive US dollars back. Venmo will not cover any money lost due to price fluctuations.
Will my crypto be bought instantly every time?
It’s possible for your purchase of crypto to take longer to process and it may not always be successful. If the purchase fails, we’ll notify you that the purchase was not successful.