There is a range of payment methods these days that allow you to send money to friends, family, or pay for things. However, the problem frequently faced by those interested in bitcoin and other cryptocurrencies are how do you buy bitcoin while using Venmo or similar types of digital payments. Today we’re going to explore this popular American payment method and see how easy it can be to buy bitcoin using Venmo.
While often payment processors like Venmo can be less than friendly to those trading cryptocurrencies, there is a great way to avoid the hassles of explaining yourself or finding an exchange that accepts Venmo deposits, which can be extremely difficult. So how can you buy bitcoins with Venmo?
What is Venmo?
Venmo is a mobile app that allows you to transfer money between friends quickly using your mobile devices. Some vendors and merchants also accept Venmo payments, allowing you to buy things with Venmo as well. You can link your bank account or debit card to your Venmo account to transfer funds back and forth, enabling you to move money to other Venmo users without directly using your bank account. Venmo is only available to residents of the United States. Still, even with this restriction, Venmo is extremely popular among American citizens, so it’s not surprising so many Americans wonder how to use Venmo to buy bitcoin given it's low fees and convenience.
Can you buy Bitcoin with Venmo?
While you can't use the app directly to purchase bitcoin, you can use peer-to-peer trading (P2P) to do so instead. While you'd find it incredibly challenging to find an exchange that would accept deposits from Venmo accounts, you will find a range of P2P traders that will allow you to purchase bitcoin with Venmo (or sell crypto if that's your goal). However, you can get some coins in your bitcoin wallet fast with P2P trading.
Staying Safe When Using Venmo to Buy Bitcoin
When using Venmo to buy cryptocurrency, it's crucial to do so in a safe way. If you find someone offering a too good to be true deal online who wants to avoid using a platform that provides escrow, it is highly likely you'll get scammed. Trading with strangers can be safe, but not without the help of a P2P platform like LocalCoinSwap that supports both Venmo as a payment method for trades and supports you in your trading process with escrow protection.
Using escrow on LocalCoinSwap ensures that the bitcoin or other cryptocurrency has been secured before you make payment. If you happen to have a dispute over something during your trade, if the bitcoin is in escrow, you can raise a dispute with the click of a button and a staff member can step in and review the situation. Once the case has been reviewed the bitcoin can be released from escrow to the correct trader. Using escrow keeps you safer, even when trading with payment methods that aren't bitcoin-friendly, like Venmo.
What Do You Need to Buy Bitcoin With Venmo Account?
- An active Venmo account and the venmo app installed
- A bitcoin wallet to store your crypto purchases
- P2P marketplace like LocalCoinSwap for crypto exchange
- Be located in the United States or have a verified venmo accountr
- Have a Venmo balance to trade with Venmo instantly
Is PayPal the Same as Venmo?
While both operated by PayPal, the primary difference between the two is Venmo is targeted at exchanging money between friends and family. It's not designed for business transactions. If you run into trouble, you are unlikely to have much luck when purchasing goods and services with Venmo. Due to this, it's essential to use escrow when buying bitcoin with Venmo. Thankfully, LocalCoinSwap makes it easy to trade safely with the help of the built-in escrow functionality, provided you don't pay before the escrow has been funded, you are unlikely to have issues when using Venmo to buy bitcoin.
PayPal and Venmo are both prevalent payment methods used by people worldwide (at least in the case of PayPal), especially for things like eBay purchases. The problem with PayPal and Venmo for buying cryptocurrency is they are not crypto or bitcoin-friendly services, so it's always best to avoid any mention of cryptocurrency trading or bitcoin when leaving notes on payments.
When is it a Good Idea to Use Venmo to Buy Bitcoin?
If you are looking to buy a smaller amount of bitcoin fast, Venmo may be a suitable choice for you. When it comes to payment methods, a lot of decisions are made based on convenience, and for buyers that already have Venmo accounts, it can be a convenient choice.
While not the most popular payment method around for buying bitcoin, even if you can't find an active trade offer, you can quickly make one yourself on LocalCoinSwap. If you are located outside of the United States, it's usually not ideal to try and use Venmo as it's intended to be restricted to US residents. If you don't have access to Venmo, luckily there's a lot more options out there that make great alternatives to buying BTC with Venmo.
Other Popular Payment Methods
- Regular bank transfer
- Cash deposit
- Wise (formerly TransferWise )
- Cash in person
- Swift international wire transfer
- WeChat Pay
Buying Bitcoin Using Venmo on LocalCoinSwap
Using LocalCoinSwap to buy bitcoin with your Venmo account is quick and easy and thanks to the fast sign up you can start trading instantly. While Venmo is a less commonly accepted payment method (especially on other types of cryptocurrency exchanges), you will likely find trading partners quickly if you make your own trade offer, though you may be surprised by what you see already available.
- Sign up to LocalCoinSwap - Head on over to LocalCoinSwap.com and get registered. All you need is an active email address to get started and you can start looking to purchase bitcoin with your Venmo balance (or using hundreds of other payment choices).
- Find a Trade - You can search for traders that accept Venmo, or any other potential payment methods you may wish to use with the handy search bar. If you can't find a suitable trade offer, an offer with a suitable dollar amount, or would simply prefer to make your own you can do so by clicking "Create Offer" at the top of the page. Making your own trade offer can be completed very quickly by following the prompts.
- Get Started - Thanks to the instant sign up, you can get started on your crypto journey immediately and start exploring the global economy. Begin to buy and sell bitcoin using Venmo and other in-demand payment methods without being limited by an orderbook-based cryptocurrency exchange with their incredibly limited selection of payment methods or getting involved with trading CFDs which are notoriously high risk.
Getting started with LocalCoinSwap is easy. You can start to trade bitcoin or other cryptocurrencies for Venmo and hundreds of other payment methods in minutes, make your first purchase today with the easiest way to trade crypto - P2P!