Getting Started with Cryptocurrency on Venmo
If you’re looking to dive into the world of cryptocurrency, Venmo makes it straightforward to buy, hold, and sell digital currencies directly within the app. Here’s how to get started.
Download and Log In
First, open your Venmo app and log into your account. Once you’re in, tap the Crypto tab located at the bottom of your screen. This section is dedicated to all things crypto, providing easy access to functionalities.
Identity Verification
Before you can make any transactions, Venmo requires you to verify your identity. This includes providing your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN). Completing this step ensures compliance with financial regulations and helps protect your account.
Buying, Selling, and Holding Cryptocurrencies
After verification, you’ll have access to buy, sell, and hold various cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. To purchase crypto, simply tap on the cryptocurrency you wish to buy, enter the amount in dollars, and choose your payment method. You can use your Venmo balance, linked bank account, or debit card. Please note that credit cards cannot be used for crypto purchases on Venmo.
Cash Back to Crypto Feature
For Venmo credit card holders, the app offers a feature called Cash Back to Crypto. This allows you to automatically convert your cash back rewards into cryptocurrency. To activate this feature, go to the rewards section in your Venmo credit card settings and toggle on the option to purchase crypto. You can also select which cryptocurrency you would like to purchase with your rewards.
Transaction Limits
Keep in mind that Venmo imposes limits on crypto transactions. You’re allowed up to $20,000 in cryptocurrency purchases per week and up to $50,000 in a 12-month period. Additionally, you can transfer up to $25,000 worth of crypto per week.
By following these steps, you can easily navigate the exciting world of cryptocurrency through Venmo. Enjoy exploring the possibilities!
