How much does Venmo charge to buy Bitcoin?
Venmo is a popular mobile app that lets users send and receive money from friends and family. It’s also possible to use Venmo to buy Bitcoin. But how much does Venmo charge for this service?
The answer depends on the amount of Bitcoin you want to purchase. If you’re buying less than $100 worth of Bitcoin, Venmo charges a flat fee of 3.75%. However, if you’re buying more than $100 worth of Bitcoin, the fee jumps up to 6.9%.
That’s not all: there are also other fees associated with using Venmo to buy Bitcoin. For example, Coinbase (the company that processes transactions for Venmo) charges a 1% processing fee on all purchases made through the platform. So in total, if you’re buying $200 worth of Bitcoin through Venmo, you’ll end up paying around $14 in fees - which is certainly not cheap!
So is it worth it to use Venmo to buy Bitcoin? In most cases, probably not - especially when compared with other services like Coinbase which have lower transaction fees. However, there may be some situations where it makes sense to use this option - for example if your friend happens to be selling Bitcoins through their own personal account onVenMo.
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