How do I buy cryptocurrencies in the Venmo app?
To buy cryptocurrencies in the Venmo app, follow these steps:
- Tap the ☰
- Tap “Explore” next to Crypto or “Manage” next to Crypto Balance
- 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 the Buy button to complete the purchase
What payment methods can be used to buy cryptocurrency?
You can use your Venmo balance, your bank account, or your debit card to buy cryptocurrencies 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 cryptocurrency on Venmo?
You are limited to $20,000 in cryptocurrency purchases per week. There is also a limit of $50,000 in cryptocurrency purchases in a 12-month period.
Is there an exchange rate when buying cryptocurrency on Venmo?
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 crypto fees are from the spread (or margin) between the market price we receive from our trading service provider (Paxos) and the exchange rate between US dollars and 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 may 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.
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 that the purchase was not successful.