Peer-to-peer money transfer app Venmo allows you to buy, sell and hold cryptocurrencies in its app. The feature launched in April 2021, following a similar move by its parent company PayPal.
While it’s a convenient way to buy and sell crypto, especially in small amounts, it lacks the functionality other major crypto exchanges offer. For example, users can’t transfer crypto from the app into their own crypto wallets. You also can’t trade coins with other users or use your crypto assets to make payments on the app. This makes it a so-so choice compared to more feature-rich exchanges.
Like PayPal, Venmo allows purchases of four different currencies: Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Its pricing structure is similar, too: Fees amount to $2.49 on a $200 purchase, plus an estimated 0.5% trading cost based on the coin’s exchange rate, a moderately expensive rate when compared with other platforms.
Here’s what to know about buying and selling cryptocurrency with the…
This article was written by Dalia Ramirez and originally published on www.nerdwallet.com