How To Buy & Transfer Crypto Using Venmo

The following guide will walk you through:

• Signing up for Venmo
• Buying cryptocurrency using Venmo
• Transferring crypto from Venmo to your cryptocurrency wallet

Sign Up for Venmo

To sign up for Venmo, follow these steps:

1. Download the Venmo App:

   
   

   Get the Venmo app from the App Store (for iOS devices) or Google Play Store (for Android devices). Unfortunately, Venmo does not have a Windows app.

   
   

2. Choose Your Sign-up Method:

   
   

   Sign up for Venmo using your phone number or email address. If you choose to use a phone number, you must provide a valid US phone number.

   
   

3. Create a Secure Password:

   
   

   Set a strong password between 8 and 20 characters long, including at least one number or symbol (!()@#$%).

   
   

4. Verify Your Phone Number:

   
   

   Enter the verification code sent to your phone number via text message (from the five-digit number 86753).

   
   

5. Complete Your Profile:

   
   

   Fill out your profile information, including your name and email address (if you choose to use email sign-up).

   
   

6. Review and Accept Terms:

   
   

   Read and agree to Venmo’s terms and conditions.

   
   

7. Start Receiving Payments:

   
   

   Once you’ve completed the sign-up process, you’ll be able to receive payments.

   
   

Alternative Option: Using a Virtual Number

If you don’t have a personal phone number or prefer not to share it, you can use a virtual number to sign up for Venmo. This option is available through services like Burner, TextNow, DialerHQ, Ringover, Calilio, Dialpad, RingCentral, and Openphone. These providers offer temporary phone numbers for inbound text messages, which can be used to verify your Venmo account.

Important Notes

• Venmo is a service of PayPal, Inc., a licensed provider of money transfer services (NMLS ID: 910457).
• All money transmission is provided by PayPal, Inc. under PayPal, Inc.'s licenses.
• Verify your phone number and email address to ensure secure transactions and to avoid any issues with receiving payments.

Buy Crypto on Venmo

According to Venmo’s official announcements and FAQs, you can buy cryptocurrency directly from the Venmo app. Here’s a step-by-step guide:

1. Verify your identity:

   
   

   To buy crypto on Venmo, you must verify your identity with Venmo, including providing a Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).

   
   

2. Access the Crypto tab:

   
   

   Open the Venmo app and navigate to the “Crypto” tab at the bottom of the menu.

   
   

3. Select your preferred cryptocurrency:

   
   

   Choose the cryptocurrency you want to buy, such as USDT or Bitcoin (BTC).

   
   

4. Set the exchange price:

   
   

   The current exchange price of the selected cryptocurrency will be displayed on the page.

   
   

5. Click “Buy”:

   
   

   Confirm your purchase by clicking the “Buy” button.

   
   

Important Notes:

• Venmo offers PayPal’s stablecoin, PayPal USD (PYUSD), in addition to other cryptocurrencies.
• Cryptocurrency transactions are only available for personal Venmo profiles in the US (except in Hawaii, Texas, and New York).
• You can learn more about fees and how they are calculated in Venmo’s Cryptocurrency Terms and Conditions.
• Venmo does not currently support buying, selling, or holding crypto in Hawaii, Texas, and New York.

Transfer Crypto from Venmo

Eligibility:

Venmo customers in the US (except Texas and New York) with verified identities can buy, sell, and hold cryptocurrency with their Personal Venmo profiles.

Transfer Options:

You can transfer crypto to:

• Other Venmo users
• PayPal users

• External crypto wallets and exchanges

  
  

Process:

1.  Navigate to the Crypto tab in the Venmo app

2.  View your coins and tap the Transfer arrows

3.  Choose to Send crypto

4.  Enter the recipient’s wallet address (for external wallets and exchanges) or select a Venmo user

5. Confirm the transfer

Fees: There are no fees to buy or sell PYUSD on Venmo, and you can transfer crypto to other Venmo and PayPal accounts without fees. However, your bank may charge its own fees for linked bank account or debit card transactions.

Limits: You are limited to $20,000 in cryptocurrency purchases per week and $50,000 in cryptocurrency purchases in a 12-month period. Additionally, you are limited to $25,000 per week in crypto transfers.

Important Notes:

• Crypto transactions are only supported on personal Venmo accounts, not business, charity, or teen accounts.
• Venmo is partnering with Paxos to enable crypto transfers, which will roll out starting in May.
• For more information on Venmo’s cryptocurrency features and terms, refer to their FAQ or Cryptocurrency Terms and Conditions.