Best Venmo Brokers 2025

Understanding Venmo: A Simple Payment App with Social Features

Venmo is an easy-to-use mobile app that lets you send and receive money, sort of like passing a digital note among friends, family, or businesses. Think of it as your wallet with a social media component. Beyond just money transfers, Venmo also lets you buy, sell, and trade cryptocurrencies like Bitcoin.

In this simplified guide, we’ll cover the basics of Venmo, including how to use it for trading, its transfer limits, and other features. We’ll also consider some of the brokers where you can use Venmo to deposit funds. Remember, while Venmo isn’t compatible with many brokers, PayPal can be a good substitute.

Choosing the Best Trading Brokers for Venmo Users

Here’s what we do to find the top brokers that accept Venmo deposits:

• We scan through 500 online brokers to see which ones allow Venmo payments.
• We make sure they let you deposit and withdraw using Venmo.
• We rank them based on over 100 different factors.

What Is Venmo?

Venmo started back in 2009, founded by Andrew Kortina and Iqram Magdon-Ismail in New York. It’s all about speeding up payments between people and even adds a social twist. The app’s popularity soared, leading Braintree Payments to buy it in 2012, followed by PayPal swooping in for Braintree in 2014. Now, under CEO Dan Schulman, Venmo is worth $38 billion with over 70 million users.

Good news for those who like trading cryptocurrencies: Venmo is also gaining fans for its crypto capabilities. Android and iOS users can both enjoy Venmo’s features.

The Venmo Trading App

Imagine Venmo as a digital wallet that allows easy transactions with your close circle and even merchants, all without high fees. If you’ve used apps like CashApp, you’ll find Venmo quite similar.

So, what makes it stand out?

• Social feed: Split payments and share them within groups.
• Easy navigation: Switch between your money transactions, friends, and Venmo products smoothly.
• Cards: Manage your Venmo debit and credit cards, and enjoy offers and rewards.
• Crypto: Dive into cryptocurrencies with options to hold, buy, and follow trends.
• Personal feed: Track your money activities and settings in one place.

The app enjoys a favorable reputation, scoring 4.1 out of 5 on Google Play. It’s praised for being a free, safe, and crypto-friendly payment solution.

The Crypto Element in Venmo

For beginners in cryptocurrency, Venmo is a good choice. You can trade four digital currencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—starting with as little as $1. However, there are limits: $20,000 per week or $50,000 per year.

Keep in mind, though, that you can’t use crypto to pay others directly. You need to convert it back to US dollars first. Venmo charges a little extra (known as a spread) on top of the market value when you trade crypto, but everything is clearly outlined before you hit ‘confirm.’

Venmo educates users with in-app tutorials, video content, and articles on crypto topics.

Fees

Venmo is generous with its low-cost setup, especially when compared to others:

Sending or Spending Money

– There’s a 3% fee when using a credit card for transfers. Otherwise, it’s zero cost using your Venmo balance, debit card, or a linked bank account.

Buying or Selling Crypto

– Buying or selling cryptocurrencies like Bitcoin comes with small transaction fees, starting at $0.49.

Adding Funds

– Most ways to add funds are free, like direct bank transfers. There are small charges for using checks, especially non-government ones, and a 3% fee when using credit cards.

You’re allowed to withdraw up to $400 per day using the Venmo MasterCard debit.

Transfer Speed

Venmo offers two transfer options: Standard and Instant. Standard takes 1-3 business days without any charges, while Instant makes it super quick, under 30 minutes, but costs a small fee. You can’t upgrade a Standard to Instant once it’s set.

Customer Service

Need help? You can reach Venmo’s support easily:

• Call (855) 812-4430
• Email: support@venmo.com
• In-app chat: Available most times daily

They’re also active on social media platforms like YouTube, Twitter, and LinkedIn.

Security

Venmo assures customers through tight safety measures from encryption technology to identity verification. While some scammers have sneaked past its defenses, sticking to known contacts and keeping your account private can help.

Overall security is tight, thanks to its association with PayPal, but users should remain cautious.

Getting Started with Venmo

Starting with Venmo? Here’s all you need to do:

1. Download the app
2. Sign up and verify who you are
3. Add your debit or credit card
4. Look for friends or supported brokers
5. Start sending and receiving money

You can fund your Venmo using your balance, a card, or your US bank account.

Limitations

Here’s a quick look at Venmo’s limits:

– Initial transfer cap at $299.99 per week.
– Once verified, you can transfer up to $4,999.99 weekly.
– Goods and services payments are capped at 30 per day, up to $2,000.

Remember that each broker you use might have its own limits too.

Offers

Grab some cashback with Venmo’s offers program. Simply sign up in the app to start earning points and exploring bonus offers. You might even see referral links for extra rewards like a free $5.

Why Use Venmo for Trading?

Let’s see why Venmo could be a good choice:

• Easy payment splitting with friends
• Interactive chats for collaborated payments
• No need for the recipient to have a Venmo account
• No extra fees for sending or receiving money
• Chance to automate regular payments
• Cashback offers on certain buys

Venmo’s Drawbacks

Yet, Venmo does have some limitations:

• Users must be at least 18 years old
• Only works for US residents
• Limits on payment amounts weekly
• Mostly for personal rather than business transactions
• No international support

Venmo vs. Competitors

Looking into alternatives like Zelle? Zelle instantly transfers money using just phone numbers or emails, minus the social stuff Venmo offers. Both apps are free but limited to the US.

UK alternatives like Monzo and Revolut offer digital banking but miss Venmo’s social vibe and sometimes share fewer security complaints.

Is Venmo Good for Trading?

Venmo remains a favorite for its simplicity and social connectivity. However, it’s US-based only and has some security hiccups that need addressing. For trading, especially in crypto, it’s becoming a go-to option, holding promise for future updates.

FAQ

Is It Free to Use Venmo for My Trading Account Deposits?

Yes, Venmo is free for sending and receiving money unless you’re using a credit card, where a 3% fee applies. Signing up is free with no ongoing charges, but broker fees may still occur.

How Do You Move Money from Venmo to a Trading Account?

To transfer with Venmo, download their app, verify your identity, and add a funding source. Follow in-app guides to transfer money to your trading account.

Why Isn’t My Venmo Deposit Working with My Broker?

If you’re having trouble, contact Venmo support. They can assist with error messages or connection issues related to your account or bank setup.

Can International Traders Use Venmo?

No, Venmo is limited to US citizens and requires a US phone and bank account. For international traders, similar apps like Monzo or Revolut in the UK offer alternatives.