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Best Venmo Brokers 2024

Venmo is a mobile payment solution with an integrated social feed. The platform aims to make the transfer of payments between friends, family and businesses as seamless as possible. The app also supports cryptocurrency purchasing, selling, and trading. Find out all you need to know about how the online payment solution works here. We’ll cover daily transfer limits, how to buy Bitcoin, company history, reviews and rewards. Plus, we list the best trading brokers that accept Venmo deposits.

Best Venmo Brokers

Following our tests, the best 1 brokers with Venmo payments are:

  1. ForexTB

Venmo Brokers Comparison

Venmo Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage Visit
ForexTB logo
$250 CFDs, Forex, Indices, Stocks, Commodities, Cryptocurrencies WebTrader, MT4, TradingCentral 1:30 (Retail), 1:400 (Professional) Visit

#1 - ForexTB

Why We Chose ForexTB

Established in 2015, ForexTB (FXTB) is a multi-asset broker offering CFDs on over 300 instruments via its own web-based platform or the popular MetaTrader 4. FXTB offers a choice of four accounts with premium tiers enjoying tighter spreads and zero commissions, though substantial minimum investments climbing to €250k put these out of reach for most day traders.

"ForexTB is geared towards active traders in Europe who can afford the significant minimum deposit to quality for competitive trading conditions. However, there are better brokers with ForexTB still failing to deliver in key areas, notably pricing, research, education and support."

- DayTrading Review Team
  • Instruments: CFDs, Forex, Indices, Stocks, Commodities, Cryptocurrencies
  • Regulator: CySEC
  • Platforms: WebTrader, MT4, TradingCentral
  • Minimum Deposit: $250
  • Minimum Trade: 0.01 Lots
  • Leverage: 1:30 (Retail), 1:400 (Professional)

Pros

  • ForexTB is authorized by the CySEC in Europe, a trusted regulator, though it reached a €270k settlement in 2022 for possible violations.
  • Analytics from Trading Central is included, which offers additional technical tools, analytical reviews, fundamental news, and access to primary sources of information, helping to inform trading decisions.
  • The proprietary platform is simple by design but offers essential features with optimal charting tools, plus a limited version is accessible prior to registration.

Cons

  • ForexTB prices out many retail traders with three of its four accounts requiring minimum deposits of €25k+, making it a poor option for beginners.
  • Customer support can't be relied upon for urgent trading queries with just phone and email channels and wait times of several hours during testing, seriously lagging behind alternatives like XTB.
  • ForexTB offers wider spreads than many competitors, notably low-cost brokers like IC Markets, especially if you opt for the Basic account.
Visit ForexTB

Note, while Venmo is offered at a limited number of brokers, PayPal is a suitable alternative and is available at many leading brands.

What Is Venmo?

Established in 2009 from headquarters in New York by founders Andrew Kortina and Iqram Magdon-Ismail, the Venmo app was developed for fast, safe, and social payments between individuals. In 2012, the company integrated the social network feature and was bought by Braintree Payments for $26.2 million. Just a couple of years later, PayPal acquired Braintree for $800 million. Today, the company is run by CEO Dan Schulman and has a valuation of $38 billion with a user base of 70 million. Venmo’s expected net worth valuation is predicted to rise aligned with PayPal’s share price, with Venmo’s 2021 revenue forecasted at $900 million. The company is traded under the stock symbol PYPL.

Venmo’s explosive growth has largely been driven by millennials who were attracted by the simplicity of its features and the social aspect of the app. The platform is also growing in popularity amongst traders owing to its cryptocurrency buying options.

Venmo is available on both Android (APK) and iOS (iPhone) devices.

Venmo brokers

Trading App

Venmo is a peer-to-peer payment app that lets users pay friends, family, and trusted merchants without large fees. The format is similar to Monzo, Revolut, or CashApp. The clear branding and simple navigation handle at the bottom of each page make the app highly user-friendly on both iPhone or Android devices. So, how does it work and what does it offer?

Venmo Trustpilot reviews in 2021, are generally positive. Rated 4.3/5 on the Google Play app store, and it’s not hard to see why. In general, it is a safe app that is free to use and offers a payment solution with the bonus of a crypto platform. Read on for more details about Venmo security.

Crypto On Venmo

The app is designed for those new to cryptocurrency trading. Clients can buy, sell and hold digital currencies in the in-built Venmo wallet from just $1. Currently, only 4 coins are supported; Bitcoin, Ethereum, Litecoin, or Bitcoin Cash.

Users can hold digital currency within a Venmo app, and transfer to other accounts internally or to external wallets. Note, that there is a $20,000 crypto purchase weekly limit and a $50,000 annual limit. The app does not support crypto as a funding source for payments or to pay or send money. Peer-to-peer crypto transactions are not supported, these must be converted back to USD for transfer.

Venmo charges a spread on the market price of the US Dollar and the crypto asset. Any additional fees will be disclosed before clients complete a transaction. Remember, crypto transactions are irreversible but assets can be sold if no longer required.

Venmo also offers in-app educational content, YouTube video postings, and news articles within the crypto section of the app.

Fees

Venmo’s pricing structure is flexible and accommodating, putting it ahead of many competitors. Accounts are free to set up and there are no monthly charges.

Spending Or Sending Money

Users will be charged a 3% transfer fee when sending or receiving money using a credit card. But online purchases and transfers made using your Venmo balance, debit card or via your bank are free.

Buying Or Selling Crypto

There are fees when buying or selling cryptocurrencies e.g Bitcoin and Litecoin. $0.50 is the minimum charge on purchases between $1,000 – $24.99. For larger purchases, a percentage fee will be taken, up to 2.3%.

Adding Funds To An Account

For most payment options, it is free to deposit. This includes direct deposits, receiving a merchant refund, transferring from a bank account and when receiving funds from other Venmo users. When using checks, there is a 5% fee for non-government checks and 1% is charged on those that are government-backed. The minimum fee is $5.

Credit cards incur a 3 per cent fee. Third-party charges may however apply for all funding methods. A $400 withdrawal limit per day is applicable with the Venmo MasterCard debit card. A joint bank account may be used to deposit funds. You cannot currently link a PayPal or Zelle cash app account to Venmo. No details are provided on processing times however card payments often provide instant account transfer funding and withdrawals. Bank wire transfers are generally subject to a 1-3 business day pending time. Note that brokers may have their own deposit and withdrawal charges.

Account holders can also explore a range of free additional features including real-time alerts and yearly account statements.

Speed

Venmo offers a Standard and Instant transfer option. A Standard transfer will take between 1-3 business days and does not carry a fee. The Instant transfer feature will make a direct deposit within 30 minutes and has a fee of 1% up to $10. All transfers are reviewed which can sometimes extend transfer times. Trading brokers may also have their own processing times.

If a user has selected a Standard transfer it cannot be upgraded to an Instant transfer. If you would like to cancel a transfer, contact the Venmo customer support team.

Customer Service

The support team can be reached online via the Venmo website or you can call on their telephone number – (855) 812-4430. Alternatively, Venmo runs popular YouTube, Twitter and LinkedIn accounts which host a wealth of information and can help with questions. Other options include:

Security

Traders should feel assured of the safety protocols implemented by Venmo.

As a member of the PayPal family, transactions are protected with the trusted monitoring and encryption technology. Users’ financial information is hidden and cannot be shared during a payment transfer. Plaid powers the app behind the scenes to protect users’ data through third-party securities reviews, 2-factor authentication (2FA) implementation, cloud infrastructure, and robust monitoring. Active accounts are 3d secure.

Venmo is a money transfer business regulated by the United States Treasury Department. Under this authorisation, customers may be required to comply with identity verification requirements under the Know Your Customer (KYC) compliance, to complete account set up. This may include providing proof of residency with zip code and providing a copy of a personal ID such as a driving license. Note your max transfer limit will be $299.99 until your identity is confirmed.

However, scammers have on a number of occasions been able to bypass the company’s security measures. Account holders have reported thefts of up to $3,000. After gaining access to a Venmo account, scammers can easily transfer funds into a bank account. As a general rule, anything that poses as free money should be avoided. Venmo also does not offer a buyer or seller protection plan which may leave users vulnerable.

There are a number of simple things users can do to help protect themselves:

How To Get Started & Deposit With Venmo

Get started with Venmo in just a few simple steps:

  1. Download the Venmo app
  2. Sign-up and verify your identity
  3. Add a credit or debit card
  4. Find your friends or broker
  5. Send and receive money

There are three ways to fund your account, also known as your funding source: using your Venmo balance, a credit/debit card or a US bank account. Venmo does let you add multiple cards (up to four), including prepaid or gift cards from American Express. Venmo does not accept users under the age of 18.

Limits

When you have created your Venmo account, the p2p maximum transfer limit is $299.99 per week. Once your identity has been verified, your rolling weekly (7 days) transfer limit is $4,999.99 whilst your sending limit is $2,999.99 (¢3,000.00). Payments for goods and services are limited to 30 transactions per day, up to $2,000.

Note, online brokers may also have their own deposit and withdrawal limits. Check terms and conditions before making a payment.

Offers

The company runs a rewards scheme called Venmo offers, which provides cashback on purchases. To register your interest, head to the Offers section of the app. It’s generally quick and easy to sign-up and get started accumulating reward points. Keep an eye on the latest bonus offers when opening a live account. Referral invitation links are often published, usually with a free $5 reward added to live accounts.

Pros Of Trading With Venmo

Venmo is hugely popular with some of the app’s best features including:

Cons Of Trading With Venmo

Whilst Venmo has a lot to offer, there are some drawbacks to the platform:

Venmo Vs Competitors

How does Venmo compare vs Zelle, PayPal or other cash apps? Zelle moves money directly between bank accounts using email addresses or phone numbers. Both platforms are free, with some exceptions, and neither are offered beyond the US. The key difference is that Zelle does not have the social element to its platform.

In the UK, Monzo and Revolut are Venmo’s closest competitors. Whilst both are great mobile banking options, neither quite offer the social aspect that Venmo does. However, they also aren’t tarnished with the same security concerns.

Is Venmo Good For Day Trading?

Venmo is a popular social mobile payment platform and it’s not hard to see why. Users can make quick and easy transfers whilst engaging with the interactive social feed.

The biggest limitation of the app is that currently, it is not available outside of the US. It would be good to see it expand globally, much like PayPal has. The other key drawback is the security concerns. Multiple users have reported scams with some losing thousands of dollars. Whilst there are precautions you can take, the impetus must be placed on the company to improve in this area. Venmo is particularly interesting in respect to cryptocurrencies and it will be interesting to see where the company takes this feature, especially for active traders.

FAQ

Is It Free To Deposit To My Trading Account Using Venmo?

Venmo does not charge to send or receive money. There is however a 3% fee on transfers made by credit card. It is free to open an account and there are no monthly charges. Trading brokers may also have their own transfer charges though deposits are typically free at big brands.

How Do You Transfer Venmo Money To A Trading Account?

To make a Venmo transfer, you will need to download the mobile app, verify your details and add a funding source to the account. Once you’ve registered, follow the in-app instructions to make a deposit or transfer.

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

If you are experiencing any issues with your Venmo account, contact the customer support team. They can help with a range of issues, including 403, 404 and 406 error messages, if it keeps crashing or declining, your account settings are incompatible, or your bank can’t be added.

Is Venmo Available To International Traders?

Like Zelle, Venmo is available to US citizens only. Users must have a US-registered bank account and phone number to use its services. Venmo does not work in the UK and international transfers are not permitted. Equivalent cash, or money apps, do exist in England however, Monzo and Revolut are good alternatives.