How to Easily Buy Crypto with Venmo in 2024

Venmo, yet another giant social payments app that has taken up with the world of digital currency, now allows its users 2022 to conveniently buy and hold different cryptocurrencies right through the use of the Venmo app. The article will explain how to buy crypto with Venmo, the process, the payment methods accepted, and some key things to know before your very first purchase.

How to Buy Cryptocurrency with Venmo

For those who are just new to the cryptocurrency market and want to have their first go at it, Venmo gives you a very simple interface.

Here’s why you might want to buy cryptocurrency with Venmo

1. Easy to use; you can buy cryptos for as little as $1, so you have absolutely nothing to fear.

2. You have no need to make accounts with other services that you might not be familiar with.

3. The interface is very intuitive. It's easy to go through the steps of buying crypto.

4. Easy to check prices, as you're able to set up price alerts.

Things to Remember Before You Buy Cryptocurrency

There are a number of things you're going to want to think about before you actually start putting your money into cryptocurrencies or any investment.

• Do your research: All the cryptocurrencies are not the same. Some will be better in technology, and others will be just fraudulent scams. Make sure that you're picking your poison wisely.

• Set goals: What are your investment goals for the currency? Are you trying to hold onto it for the long term, or are you just going to make a short-term trade? Your risk tolerance will set your cryptocurrency choice.

• Begin small: Like with any other investment, it is not wise for a beginner to be overzealous about the world of cryptocurrency.

How to Buy Crypto with Venmo (Step-by-Step Guide)

• Verify Your Identity: The first step towards purchasing crypto with Venmo is to ensure your identity is fully verified. Through this process, you will submit your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) into the application.

• Access the Crypto Tab: Open your Venmo app and tap on the 'Crypto' tab. The availability and access to this tab may differ by app version. You can also try looking for an investment icon or menu or searching for the term 'crypto.'

• Choose the Cryptocurrency: Venmo only offers a limited set of cryptos. Choose from those that are shown in the Crypto tab, wallet, and those available in the buy and sell section. In addition, you'll also see the amount and prices that these cryptos are currently being offered at.

• Enter the Amount You Want to Purchase: You've chosen the cryptocurrency you want to buy, so type in the dollar amount you want to spend. You can buy crypto starting at $1.

• Review and Confirm: Venmo will display your transaction summary, including how much cryptocurrency you will receive after fees. Take a moment to review everything, and then click to confirm your purchase.

• Select Your Payment Source: A person using Venmo can fund their cryptocurrency purchase from either their Venmo balance, any linked bank, or any debit card. Note, credit cards and Venmo Credit Card are not eligible for purchasing crypto.

• Track Your Crypto: To view the cryptocurrency you have purchased, it will be visible in your Venmo account. You have the freedom to monitor it for progress and even set alerts for changes in price.

Important Considerations

• Fees: Venmo charges fees for buying and selling crypto. Understand the associated fee structure before making a purchase.

• Volatility: Cryptocurrency is famous for its unstable nature. It can randomly change, meaning you might end up losing instead of gaining.

• Security: Though Venmo is a secured platform, one should follow the security hygiene at the user's end. Keep a strong password and set two-factor authentication to your account.

• Regulation: The cryptocurrency market is growing, and so do the regulations. Keep updating yourself with the changing regulations to safeguard your holdings.

Conclusion

Venmo has given a gateway to new investors to jump into cryptocurrency, but then again, this is not a sector that one should approach without proper research. Remember, it is a volatile market, and you might lose your money. You can make a wise decision to buy crypto on Venmo with the above steps and considerations.