Is It Possible to Work With Cryptocurrency Through Venmo?

With its user-friendly interface and widespread adoption in the United States, Venmo has become a popular tool for splitting bills and making online purchases.

If you’re looking for a quick money exchange solution and a convenient online shopping tool, Venmo is definitely worth a look. So, is it easy to open a Venmo account? Does Venmo have a limit? You will learn about this and more in this article.

What Is Venmo?

Venmo, a mobile payments service founded in 2009, has been operated by PayPal since 2013. This P2P platform facilitates money transfers within the United States. The social payments app makes it easier for users and businesses to exchange money.

In addition, Venmo functions as a digital wallet that allows you to accumulate funds in your accounts for future spending.

What Is a Venmo Card

Registration with Venmo is quite simple; before and after account verification, users are subject to certain limits. Thus, the daily transaction amount is limited to $300 before verification, and the weekly transaction amount is limited to $500. After passing verification, users can expect to increase their limits to $5,000.

Venmo provides users with a convenient and reliable way to make payments. Below is a complete guide to using your Venmo card:

• The Venmo Card is a prepaid card. It can be used to make payments. For example, to purchase goods and services both online and in physical stores.

• Applying for a card is easy and simple. The user is required to fill out a simple online form. Then wait for delivery by mail.

• To use a Venmo Card, the user must present it at checkout. And then the user needs to enter a PIN code. 

• There are no fees associated with using the Venmo card. But there are certain restrictions. For example, you can only use the card to purchase goods and services for a certain amount. Therefore, for larger transactions, you may need to use an alternative form of payment.

• The card has many advantages. For example, users can take advantage of a wide range of discounts and promotions. Payments using cards are prompt and secure. In addition, the Venmo Card can be used to pay in any currency. This makes it an ideal choice for international travelers.

Does The User Need to Pay a Monthly Fee For Venmo?

Is there a monthly fee for Venmo? The answer is no. The platform does not charge any fees for its services. A basic Venmo account is free. Users can send and receive money without any additional costs.

But for some operations, a certain fee is charged. For example, payments made through a Mastercard credit card account are subject to a 3% fee.

But when making a payment through a linked bank account or balance, no money is deducted. Additionally, Venmo Express Checkout purchases, international payments, and instant transfers incur additional financial charges.

It is important to note that third-party services may charge fees for their services. For example, when withdrawing or transferring money to or from Venmo. You should always confirm any associated fees with your service provider.

Thanks to its simple interface and social media-like features, the service has become a well-known app for many users.

Is Venmo Good For Cryptocurrencies?

Venmo is widely known for its peer-to-peer payment services and cryptocurrency transactions. However, the service may not be suitable for every user. Venmo charges a fee of around 2% on transactions and supports a limited number of cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), PayPal USD (PYUSD) and Bitcoin Cash (BCH).

Additionally, Venmo lacks cryptocurrency betting features, which may make the platform less attractive to users looking for more advanced cryptocurrency options.

When exchanging USD for cryptocurrencies through Venmo, it is important to consider the fees associated with deposits, transactions, and withdrawals. Trading fees vary widely between exchanges and are typically between 0.1% and 0.5%.

For Venmo users looking for a more affordable trading platform, Kraken is a solid choice known for its competitive trading fees that start at just 0.16%. This rate is often lower than many other exchanges, making Kraken attractive to traders on a budget.

Additionally, Kraken allows you to fund your USD account for free via Venmo ACH transfer, increasing its appeal to budget-conscious investors.

How to Buy Bitcoin Using Venmo

To purchase Bitcoin through Venmo, users can use their Venmo balance, bank account, or debit card. However, it is important to remember that credit cards are not supported for these transactions.

Steps to buy Bitcoin through Venmo:

• Open the app and find the “Crypto” tab.

• Select BTC from the list of cryptocurrencies. The current Bitcoin exchange price is also displayed on this page.

• Click “Buy” at the bottom of the page.

• Enter the USD amount you wish to exchange for BTC and click the “Review” button. This step allows you to check purchase details including bank account, current exchange rate, and transaction fee

• You will then receive a breakdown of the amount of BTC that will be purchased, along with any associated fees. 

• After checking all the details, click the “Buy” button to complete the process of buying Bitcoin through Venmo.

Conclusion

Venmo is a modern financial app for quickly exchanging funds that is great for users who value the social aspect. Venmo offers optimal limits without verification, as well as simple options for verifying your account with the help of your bank to increase limits.

Additionally, the app offers users access to cryptocurrencies, which can be very important for traders on Coinbase or other crypto exchanges.

You can learn more about the financial apps popular in the US and Europe on the Rates website, which is available to users from Helsinki to Toronto. Here you can also analyze currency exchange rates in Ukrainian banking institutions.