Cryptocurrency is no longer just for tech-savvy investors or hardcore traders. With mainstream financial apps integrating digital assets, buying crypto has become more accessible than ever. One such platform leading this shift is Venmo, the popular peer-to-peer payment app owned by PayPal. As Venmo steps into the crypto arena, users are asking: How do you buy crypto on Venmo? Is it worth it? And what are the risks and benefits?
This guide walks you through everything you need to know about purchasing cryptocurrency on Venmo — from setup and supported coins to fees, limits, and whether it’s the right choice for your investment goals.
Getting Started: How to Buy Crypto on Venmo
Buying cryptocurrency on Venmo is designed to be simple, even for beginners. The app aims to demystify digital assets with built-in educational content and a streamlined interface. Here’s how to get started:
Step 1: Create and Verify Your Account
To trade crypto, you must have a verified individual Venmo account. Business profiles are not eligible. Start by downloading the Venmo app and signing up with your name, email, and phone number. Complete identity verification by submitting required personal information.
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Step 2: Access the Crypto Section
Once verified, open the app menu (top-right corner) and select “Crypto”. You’ll be taken to a dedicated section where you can view real-time prices, explore available cryptocurrencies, and begin trading.
Step 3: Fund Your Purchase
You can buy crypto using:
- Balance in your Venmo account
- Linked bank account
- Debit or credit card
Note: Using a credit card may incur additional fees and is treated as a cash advance by some issuers.
Step 4: Store and Monitor Your Assets
Venmo acts as a non-custodial wallet, meaning it stores your crypto on your behalf. While convenient, this also means you don’t have direct control over private keys — an important consideration for security-conscious investors.
What Cryptocurrencies Does Venmo Support?
Venmo supports a limited but well-known selection of digital assets:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bitcoin Cash (BCH)
While this list is smaller than platforms like Robinhood or Coinbase, it covers major players in the market. Notably, Dogecoin (DOGE) is not currently supported — a notable gap given its popularity and cultural significance.
For users seeking broader options or meme coins, Venmo may feel restrictive. However, for those focused on established cryptocurrencies, the selection remains solid.
Understanding Venmo’s Crypto Fees
Every trade on Venmo comes with a fee — there’s no free trading here. The platform uses a tiered fee structure based on transaction size:
- $0.50 minimum fee for small purchases
- 2.3% fee for transactions between $25 and $100
- 1.5% fee for transactions over $1,000
These fees are higher than those on platforms like Robinhood, where crypto trading is free. They’re also generally above industry averages for dedicated exchanges.
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That said, Venmo’s ease of use and integration with everyday payments may justify the premium for casual investors.
Weekly and Annual Purchase Limits
Venmo imposes trading limits to promote responsible investing and comply with regulatory standards:
- $20,000 per week
- $50,000 per year
These caps suggest Venmo is targeting retail investors, not institutional traders. If you're planning large-scale investments, you may quickly hit these ceilings and need to consider other platforms.
Can You Transfer Crypto In or Out of Venmo?
One of the biggest limitations of Venmo’s crypto offering is the lack of transfer functionality.
You cannot:
- Transfer crypto into your Venmo wallet from external wallets or exchanges
- Send crypto out to another wallet or exchange
- Transfer crypto between Venmo users
This means your assets are locked within the app. While this simplifies the experience for new users, it reduces flexibility and prevents participation in decentralized finance (DeFi), NFT markets, or cold storage strategies.
For long-term holders or active traders, this limitation could be a dealbreaker.
Why Venmo Entered the Crypto Space
Venmo didn’t enter crypto lightly. A 2020 survey revealed that over 30% of its users were already investing in stocks and digital assets, with 20% starting during the pandemic. Recognizing this trend, Venmo partnered with Paxos, a regulated blockchain infrastructure firm, to launch a compliant, user-friendly trading experience.
The goal? To bring crypto to the mainstream by embedding it into an app people already use daily for social payments and shopping.
Is Buying Crypto on Venmo Right for You?
✅ Pros:
- User-friendly interface: Ideal for beginners
- Integrated experience: Buy, hold, and track crypto alongside your balance
- Educational resources: In-app guides help users understand blockchain basics
- Low entry point: Start with just $1
❌ Cons:
- Higher fees compared to dedicated exchanges
- No external transfers limit utility
- Limited coin selection, excluding Dogecoin and newer altcoins
- Not suitable for advanced traders or long-term cold storage
👉 See how top traders manage their portfolios across platforms.
If you're looking to dabble in crypto without complexity, Venmo is a solid starting point. But if you want full control, lower fees, or access to a wider ecosystem, consider using a specialized exchange.
Frequently Asked Questions (FAQ)
Q: Can I buy Dogecoin on Venmo?
A: No, Venmo does not currently support Dogecoin. Supported cryptocurrencies include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash only.
Q: Is Venmo’s crypto wallet secure?
A: Venmo uses encryption and secure servers to protect your assets. However, since it’s a hosted wallet, you don’t control the private keys — which increases counterparty risk compared to self-custody wallets.
Q: Are there any hidden fees when buying crypto on Venmo?
A: No hidden fees — all charges are disclosed at checkout. The fee depends on transaction size and ranges from 1.5% to 2.3%, with a $0.50 minimum.
Q: Can I sell my crypto on Venmo?
A: Yes, you can sell your cryptocurrency at any time. Proceeds are deposited into your Venmo balance and can be used for payments or transferred to your bank account.
Q: Do I own the crypto I buy on Venmo?
A: Yes, you own the assets, but they are held in a custodial wallet managed by Venmo. You cannot move them outside the app.
Q: Is crypto trading on Venmo available to everyone?
A: No — only verified individual accounts in eligible U.S. states can trade crypto. Business accounts and unverified users are excluded.
Final Thoughts
Venmo’s foray into cryptocurrency marks a significant step toward mass adoption. By integrating trading into a familiar social finance app, it lowers the barrier to entry for millions of users.
However, its limitations — including high fees, no transfers, and a narrow coin selection — make it best suited for beginners or casual investors who want to explore crypto without diving too deep.
For those ready to take full control of their digital assets, pairing Venmo with a more robust platform may be the ideal strategy.
Whether you're testing the waters or building a diversified portfolio, understanding your options is the first step toward smart investing in 2025 and beyond.