Venmo is also a popular method for securely buying and selling Bitcoin instantly.
On the Venmo payment processor platform, users can link a bank account, or card as a funding method to send money to other people.
One thing the world at large is still not clear on, is how to go about acquiring Bitcoins for themselves.
Sure, there are many ways advertised and a good number of cryptocurrency exchange services have garnered public attention and yet a clear approach on the matter still seems lacking.
In this article, I’ll be talking about how to go about buying Bitcoins with Venmo and aim to guide you on the best ways to do so as well.
How to buy Bitcoin with Venmo
To keep the whole process of buying BTC with Venmo, I’m going to guide you with the popular LocalCryptos P2P marketplace.
So how do you buy Bitcoin with Venmo?
- Visit LocalCryptos platform
- Create and verify your account (If you don’t have one)
- Browse for trusted and reliable vendors
- Select Venmo as payment method
- Open trade with the vendor and complete the terms
- Receive Bitcoins directly into account wallet.
3 ways to buy Bitcoin with Venmo
If you want to buy Bitcoin cryptocurrency using Venmo, then you have to find a reputable P2P (Peer-to-Peer) marketplace that will let you do it easily.
LocalCryptos launched in 2015, was known as LocalEthereum. It was initially built a P2P platform for buying Ethereum (ETH) only.
The platform later rebranded – adding Bitcoin (BTC) and Litecoin (LTC), as well as some other established crypto-coins.
This is a non-custodial peer-to-peer exchange. This means you do not have to deposit your crypto directly on the platform to sell.
Also, you are not required to verify your identity to use LocalCryptos. Compared to Paxful, LocalCryptos has fewer payment methods, even though it continues to expand aggressively.
Sellers pay a 0.25% trading fee while buyers pay a 0.75% trading fee.
- 60+ payment methods
- Trade BTC, ETH, and LTC
- No KYC verification
- Lower exchange fee
- High security than other P2Ps
- Few supported cryptocurrencies
- Vendors can be scammed.
LocalBitcoins is a P2P (Person-to-Person) Bitcoin marketplace that specializes in connecting buyers and sellers, while serving as an escrow in the transactions.
LocalBitcoins gives vendors the ability to create offers in all currencies including Google Pay wallet.
- Available in every country of the world
- A diverse selection of buyers and sellers
- Supports many payment methods
- Buyers get their bitcoins fast
- Lack of cryptocurrency diversity
- Both sellers and buyers can be scammed.
Binance is one of the best exchanges for experienced traders who are looking for a premier cryptocurrency marketplace to perform real-time trades.
It supports over 166+ cryptocurrencies available, both beginners and advanced investors have a myriad of tools and pairs available to them within the platform.
Binance accepts deposits in over 50+ currencies including USD, EUR, JPY, KRW, GBP, AUD, RUB, NGN and many more.
- Trustworthy management
- High volume exchange
- Low transaction fees
- A large number of crypto pairs
- Global support.
- Few payment options
These are my straight up answers to some of the frequently asked questions about how someone can buy Bitcoins with Venmo app.
What is Venmo?
Venmo was introduced in 2019, and acquired by PayPal in 2013 for $800 million. It’s a popular peer-to-peer social payment platform for sending and receiving money online.
Transactions goes through a centralized Venmo network, where users can instantly pay their friends by opening the app and finding their friends’ profiles.
The Venmo app is available on both iOS and Android platforms.
Is Venmo internationally supported?
No, Venmo is only available for the United States of American citizens. An alternative to Venmo is PayPal. You can also use your bank account, or debit to purchase BTC.
How can I transfer money into Venmo?
Putting money into Venmo payment method app is quite simple. So just go ahead and follow the guide below…
In the Venmo app:
- Tap the ‘☰’ icon at the top of the app
- Tap ‘Manage Balance’
- Tap ‘Add Money’
- Enter the amount you want to transfer
- Tap ‘Done’
- Confirm the bank account you’d like to transfer money from
- Tap ‘Next’
- Review the transfer information and estimated arrival date
- Then tap ‘Add Money’.
Over to you
If you follow through to this extent of this guide, you will be able to purchase your desired amount of Bitcoin via the Venmo payment app.
Do not leave your Bitcoin investment in an exchange crypto wallet, where you bought to avoid risking it all to cyber theft and loss by misplacement.
To maintain a little bit of anonymity in your Bitcoin transactions, you can as well make use of the best reliable VPNs (Virtual Private Networks) to hide your footprints.