Venmo Brokers 2025
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.
In this review, we 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 10 brokers with Venmo payments are:
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1
FOREX.comActive Trader Program With A 15% Reduction In Costs
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.01 Lots1:50NFA, CFTCForex, Stocks, Futures, Futures OptionsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentralWire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN -
2
NinjaTrader
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Stocks, Options, Commodities, Futures, CryptoNinjaTrader Desktop, Web & Mobile, eSignalACH Transfer, Debit Card, Wire Transfer, ChequeUSD -
3
eToro USAInvest $100 and get $10Securities trading offered by eToro USA Securities, Inc. (“the BD”), member of FINRA and SIPC. Cryptocurrency offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk. https://www.daytrading.com/ is not an affiliate and may be compensated if you access certain products or services offered by the MSB and/or the BD.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100$10SEC, FINRAStocks, Options, ETFs, CryptoeToro Trading Platform & CopyTraderACH Transfer, Debit Card, PayPal, Wire TransferUSD -
4
Interactive Brokers
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$1001:50FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFMStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, CryptocurrenciesTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentralCheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit CardUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF -
5
RedMars
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
€2500.01 Lots1:30 (Retail), 1:500 (Pro)CySEC, AFMCFDs, Forex, Stocks, Indices, Commodities, CryptosMT5Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, VisaUSD, EUR -
6
IQCent20% to 200% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$250$0.011:500IFMRRCBinary Options, CFDs, Forex, Indices, Commodities, CryptoOnline Platform, TradingViewCredit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, MastercardUSD, EUR -
7
OANDA USCFDs are not available to residents in the United States.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$00.01 Lots1:50NFA, CFTCForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)OANDA Trade, MT4, TradingView, AutoChartistWire Transfer, Visa, Mastercard, Debit Card, ACH TransferUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD -
8
Plus500 USWelcome Deposit Bonus up to $200Trading with leverage involves risk.
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$1000.0 LotsCFTC, NFAFutures on Forex, Commodities, Cryptos, Indices, Interest RatesWebTrader, AppACH Transfer, Wire Transfer, Debit Card, Mastercard, VisaUSD -
9
UnitedPips40% Deposit Bonus
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$100.01 Lots1:1000IFSACFDs, Forex, Precious Metals, CryptoUniTraderPayPal, Credit Card, Debit Card, Perfect Money, Bitcoin Payments, Ethereum PaymentsUSD -
10
MoomooGet up to 15 free stocks worth up to $2000
Ratings/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5/ 5
$0$01:2SEC, FINRA, MAS, ASIC, SFCStocks, Options, ETFs, ADRs, OTCsDesktop Platform, Mobile AppWire Transfer, ACH TransferUSD, HKD, SGD
Here is a short summary of why we think each broker belongs in this top list:
- FOREX.com - Founded in 1999, FOREX.com is now part of StoneX, a financial services organization serving over one million customers worldwide. Regulated in the US, UK, EU, Australia and beyond, the broker offers thousands of markets, not just forex, and provides excellent pricing on cutting-edge platforms.
- NinjaTrader - NinjaTrader is a US-headquartered and regulated brokerage that specializes in futures trading. There are three pricing plans to suit different needs and budgets, as well as ultra-low margins on popular contracts. The brand's award-winning charting software and trading platform also offers a high-degree of customization and superb technical analysis features.
- eToro USA - eToro is a social investing platform that offers short-term and long-term trading on stocks, ETFs, options and crypto. The broker is well-known for its user-friendly community-centred platform and competitive fees. With FINRA and SIPC oversight and millions of users across the world, eToro is still one of the most respected brands in the industry. eToro securities trading is offered by eToro USA Securities, Inc.
- Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
- RedMars - Launched in 2020, Cyprus-based RedMars offers competitive spreads on more than 300 instruments and leverage up to 1:500. Three accounts are available - Standard, Pro and VIP - serving a range of budgets and experience levels, with a fast and fully digital account opening process.
- IQCent - IQCent is an offshore binary options and CFD broker based in the Marshall Islands. The brand continues to offer a range of unique account types with bonuses and perks, including payout boosts, TradeBacks and free rollovers. With 100+ assets, around-the-clock trading and 98% payouts, the firm is popular with aspiring short-term traders.
- OANDA US - OANDA is a popular brand offering exceptional execution, low deposit requirements and advanced charting and trading platform features. The top-rated brand has over 25 years of experience and is regulated by trusted agencies, including the NFA/CFTC. Around the clock support is available for short-term traders, alongside flexible contract sizes and automated trade executions.
- Plus500 US - Plus500 is a well-established broker that entered the US market in 2021. Authorized by the CFTC and NFA, it provides futures trading on forex, indices, commodities, cryptocurrencies, and interest rates. With a 10-minute sign-up, a manageable $100 minimum deposit, and a straightforward web platform, Plus500 continues to strengthen its offering for traders in the US.
- UnitedPips - Operating since 2016 and based in Saint Lucia, UnitedPips is a non-dealing desk broker serving clients in over 137 countries. It specializes in CFD trading across around 80+ assets with high leverage up to 1:1000.
- Moomoo - Moomoo is an SEC-regulated app-based investment platform that offers a straightforward and affordable way to invest in Chinese, Hong Kong, Singaporean, Australian and US stocks, ETFs and other assets. Margin trading is available and the brand offers a zero-deposit account as well as several bonuses.
Venmo Brokers Comparison
| Broker | Minimum Deposit | Instruments | Platforms | Leverage |
|---|---|---|---|---|
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$100 | Forex, Stocks, Futures, Futures Options | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral | 1:50 |
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$0 | Forex, Stocks, Options, Commodities, Futures, Crypto | NinjaTrader Desktop, Web & Mobile, eSignal | 1:50 |
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$100 | Stocks, Options, ETFs, Crypto | eToro Trading Platform & CopyTrader | - |
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$0 | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral | 1:50 |
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€250 | CFDs, Forex, Stocks, Indices, Commodities, Cryptos | MT5 | 1:30 (Retail), 1:500 (Pro) |
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$250 | Binary Options, CFDs, Forex, Indices, Commodities, Crypto | Online Platform, TradingView | 1:500 |
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$0 | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) | OANDA Trade, MT4, TradingView, AutoChartist | 1:50 |
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$100 | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates | WebTrader, App | - |
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$10 | CFDs, Forex, Precious Metals, Crypto | UniTrader | 1:1000 |
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$0 | Stocks, Options, ETFs, ADRs, OTCs | Desktop Platform, Mobile App | 1:2 |
FOREX.com
"FOREX.com remains a best-in-class brokerage for active forex traders of all experience levels, with over 80 currency pairs, tight spreads from 0.0 pips and low commissions. The powerful charting platforms collectively offer over 100 technical indicators, as well as extensive research tools."
Christian Harris, Reviewer
FOREX.com Quick Facts
| Bonus Offer | Active Trader Program With A 15% Reduction In Costs |
|---|---|
| Demo Account | Yes |
| Instruments | Forex, Stocks, Futures, Futures Options |
| Regulator | NFA, CFTC |
| Platforms | MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral |
| Minimum Deposit | $100 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN |
Pros
- FOREX.com offers industry-leading forex pricing starting from 0.0 pips, alongside competitive cashback rebates of up to 15% for serious day traders.
- The in-house Web Trader continues to shine as one of the best-designed platforms for aspiring day traders with a slick design and over 80 technical indicators for market analysis.
- Alongside a choice of leading platforms, FOREX.com offers a superb suite of supplementary tools including Trading Central research, SMART Signals pattern scanner, trading signals, and strategy builders.
Cons
- There’s no negative balance protection for US clients, so you may find yourself owing more money than your initial deposit into your account.
- Despite increasing its range of instruments, FOREX.com's product portfolio is still limited to forex and CFDs, so there are no options to invest in real stocks, real ETFs or real cryptocurrencies.
- FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
NinjaTrader
"NinjaTrader continues to meet the demands of active futures traders looking for low fees and premium analysis tools. The platform hosts top-rate charting features including hundreds of indicators and 10+ chart types."
NinjaTrader Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Stocks, Options, Commodities, Futures, Crypto |
| Regulator | NFA, CFTC |
| Platforms | NinjaTrader Desktop, Web & Mobile, eSignal |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD |
Pros
- NinjaTrader continues to deliver comprehensive charting software for active day traders with bespoke technical indicators and widgets
- Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
- Traders can get free platform access and trade simulation capabilities in the unlimited demo
Cons
- The premium platform tools come with an extra charge
- There is a withdrawal fee on some funding methods
- Non forex and futures trading requires signing up with partner brokers
eToro USA
"eToro remains a top pick for traders looking for leading social investing and copy trading services. With a low deposit, zero commissions and an intuitive platform, the broker will meet the needs of newer day traders."
eToro USA Quick Facts
| Bonus Offer | Invest $100 and get $10 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, Crypto |
| Regulator | SEC, FINRA |
| Platforms | eToro Trading Platform & CopyTrader |
| Minimum Deposit | $100 |
| Minimum Trade | $10 |
| Account Currencies | USD |
Pros
- The low minimum deposit and straightforward account opening process means beginners can get started quickly
- Investors can access Smart Portfolios for a more hands-off approach, covering a range of sectors and markets such as renewable energy and artificial intelligence
- A free demo account means new users and prospective day traders can try the broker risk-free
Cons
- The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
- There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
- Average fees may cut into the profit margins of day traders
Interactive Brokers
"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."
Interactive Brokers Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies |
| Regulator | FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM |
| Platforms | Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral |
| Minimum Deposit | $0 |
| Minimum Trade | $100 |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF |
Pros
- There's a vast library of free or paid third-party research subscriptions catering to all types of traders, plus you can enjoy commission reimbursements from IBKR if you subscribe to Toggle AI.
- The TWS platform has clearly been built for intermediate and advanced traders and comes with over 100 order types and a reliable real-time market data feed that rarely goes offline.
- IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
Cons
- IBKR provides a wide range of research tools, but their distribution across trading platforms and the web-based 'Account Management' page lacks consistency, leading to a confusing user experience.
- You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
- Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
RedMars
"RedMars is the best fit for experienced day traders familiar with the MetaTrader 5 platform and based in the EU, where the broker is authorized by the CySEC. However, the threadbare education and research tools make it unsuitable for beginners."
RedMars Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | CFDs, Forex, Stocks, Indices, Commodities, Cryptos |
| Regulator | CySEC, AFM |
| Platforms | MT5 |
| Minimum Deposit | €250 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:30 (Retail), 1:500 (Pro) |
| Account Currencies | USD, EUR |
Pros
- The broker is one of a limited number of firms to offer an account specially designed for VIPs with premium support and invites to exclusive events
- The broker supports a range of flexible payment methods, including wire transfers, credit cards, e-wallets, and notably cryptocurrencies
- Getting started on RedMars is incredibly easy - you can be up and running in just a few minutes based on tests
Cons
- With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
- The no-frills trading environment offers little beyond the basics, with no Islamic account, PAMM account or copy trading.
- RedMars falls short for newer traders, with little in the way of education, no beginner-friendly platform, a steep minimum deposit, and inadequate support during testing
IQCent
"IQCent will appeal to day traders looking for a straightforward binary options and CFD trading platform with low fees, a range of accounts, and copy trading. Getting started takes less than 1 minute and a $250 deposit. "
IQCent Quick Facts
| Bonus Offer | 20% to 200% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | Binary Options, CFDs, Forex, Indices, Commodities, Crypto |
| Regulator | IFMRRC |
| Platforms | Online Platform, TradingView |
| Minimum Deposit | $250 |
| Minimum Trade | $0.01 |
| Leverage | 1:500 |
| Account Currencies | USD, EUR |
Pros
- The broker's 24/7 customer support is fast and reliable, responding within 1 minute during tests
- Keen traders can take part in trading contests with cash prizes
- IQCent is one of the few binary options brokers that also offers a copy trading service for hands-off traders
Cons
- There's no automated trading support for algo traders
- IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
- The market analysis is very basic with limited technical summaries and insights from analysts
OANDA US
"OANDA remains an excellent broker for US day traders seeking a user-friendly platform with premium analysis tools and a straightforward joining process. OANDA is also heavily regulated with a very high trust score."
OANDA US Quick Facts
| Demo Account | Yes |
|---|---|
| Instruments | Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA) |
| Regulator | NFA, CFTC |
| Platforms | OANDA Trade, MT4, TradingView, AutoChartist |
| Minimum Deposit | $0 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:50 |
| Account Currencies | USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD |
Pros
- OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC
- Beginners can get started easily with $0 minimum initial deposit
- The proprietary OANDA web platform continues to deliver a highly competitive charting environment, including 65+ technical indicators powered by TradingView
Cons
- It's a shame that customer support is not available on weekends
- There's only a small range of payment methods available, with no e-wallets supported
- The range of day trading markets is limited to forex and cryptos only
Plus500 US
"Plus500 US stands out as an excellent choice for beginners, offering a very user-friendly platform, low day trading margins, and access to the Futures Academy to enhance trading skills."
Michael MacKenzie, Reviewer
Plus500 US Quick Facts
| Bonus Offer | Welcome Deposit Bonus up to $200 |
|---|---|
| Demo Account | Yes |
| Instruments | Futures on Forex, Commodities, Cryptos, Indices, Interest Rates |
| Regulator | CFTC, NFA |
| Platforms | WebTrader, App |
| Minimum Deposit | $100 |
| Minimum Trade | 0.0 Lots |
| Account Currencies | USD |
Pros
- The Futures Academy is an excellent resource for new traders with engaging videos and easy-to-follow articles, while the unlimited demo account is great for testing strategies
- Plus500 US excels for its low fees with very competitive day trading margins and no inactivity fees, live data fees, routing fees, or platform fees
- The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
Cons
- Although support response times were fast during tests, there is no telephone assistance
- While Plus500 US continues to broaden its investment offering, it's currently restricted to around 50+ futures with no stocks
- Despite competitive pricing, Plus500 US lacks a discount program for high-volume day traders, a scheme found at brokers like Interactive Brokers
UnitedPips
"UnitedPips is ideal for traders seeking leveraged trading opportunities, the security of fixed spreads, and the flexibility to deposit, withdraw, and trade cryptocurrencies - all in one sleek TradingView-powered platform."
UnitedPips Quick Facts
| Bonus Offer | 40% Deposit Bonus |
|---|---|
| Demo Account | Yes |
| Instruments | CFDs, Forex, Precious Metals, Crypto |
| Regulator | IFSA |
| Platforms | UniTrader |
| Minimum Deposit | $10 |
| Minimum Trade | 0.01 Lots |
| Leverage | 1:1000 |
| Account Currencies | USD |
Pros
- UnitedPips offers impressive leverage up to 1:1000 with zero swap fees or commissions, which can enhance potential returns for day traders and swing traders looking to control prominent positions with less capital.
- UnitedPips’ platform performs well, with an intuitive design that will appeal to beginners, while the TradingView integration delivers powerful charting tools without overwhelming users, making it straightforward to execute trades efficiently.
- Although being handed off mid-chat due to shift changes during testing was frustrating, customer support is generally good with quick, helpful responses, and 24/7 support via phone and email for regional teams is a definite advantage.
Cons
- UnitedPips lacks comprehensive research, while the educational content for beginner traders is woeful. Compared to brokers like eToro, which offers tutorials, webinars, and advanced courses, UnitedPips offers minimal resources to help new traders understand key concepts.
- UnitedPips' selection of tradable instruments is still minimal, comprising a bare minimum selection of forex, metals and crypto. There are no equities, indices or ETFs, which may be a drawback for experienced traders looking for diverse opportunities.
- Unlike brokers such as IG, UnitedPips is an offshore broker not regulated by any 'green tier' financial authorities, raising concerns for traders seeking assurance and protection under well-established regulatory frameworks.
Moomoo
"Moomoo remains an excellent choice for new and intermediate stock traders who want to build a diverse investment portfolio. What really stands out is the broker's user-friendly app and the low trading fees."
Moomoo Quick Facts
| Bonus Offer | Get up to 15 free stocks worth up to $2000 |
|---|---|
| Demo Account | Yes |
| Instruments | Stocks, Options, ETFs, ADRs, OTCs |
| Regulator | SEC, FINRA, MAS, ASIC, SFC |
| Platforms | Desktop Platform, Mobile App |
| Minimum Deposit | $0 |
| Minimum Trade | $0 |
| Leverage | 1:2 |
| Account Currencies | USD, HKD, SGD |
Pros
- There is no minimum deposit requirement making the broker accessible for beginners
- Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients
- Moomoo's analytics and insights are impressive and detailed compared to other brands
Cons
- There is no phone or live chat support - common options at most other brokers
- There is no negative balance protection, which is a common safety feature at top-tier-regulated brokers
- It's a shame that there is no 2 factor authentication (2FA), despite the other security features on offer
Note, while Venmo is offered at a limited number of brokers, PayPal is a suitable alternative and is available at many leading brands.
How Did We Choose The Best Venmo Brokers?
To identify the top Venmo brokers, we:
- Pinpointed which firms accept Venmo payments from our 500-strong library of online brokers
- Ensured that they support Venmo deposits and withdrawals for day trading
- Sorted them by their ranking, drawing on over 100+ data points and insights from our first-hand tests
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 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.
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?
- Social feed – Split and share payments within peer-to-peer groups
- Navigation – Seamless ability to toggle between social feed, personal profile, and Venmo products
- Cards – Venmo credit and debit cardholders can manage cards in one easy-to-find page. Rewards and offers are also available
- Crypto – Explore the world of digital currency, view trends in real-time, hold 4 different cryptocurrencies
- Personal Feed – Complete view of wallet with activity, balance, and transactions. Manage personal settings and custom feeds
Venmo Trustpilot reviews are generally positive. It’s rated 4.1/5 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. $0.49 is the minimum charge on purchases between $5.00 – $24.99. For larger purchases, a percentage fee will be taken, up to 1.8%.
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 1.75% up to $25. 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:
- Email – support@venmo.com
- Chatbot – Bottom right of the webpage
- Mobile app chat – Available Monday to Friday 7 AM to 1 AM (ET) and Saturday to Sunday 9 AM to 11 PM (ET)
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.
However, scammers have on a number of occasions been able to bypass the company’s security measures. 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:
- Only exchange funds with names or brokers you trust
- Don’t store large sums of money in your online account
- Set your account settings to private and opt-out of Venmo’s public social feed
How To Get Started & Deposit With Venmo
Get started with Venmo in just a few simple steps:
- Download the Venmo app
- Sign-up and verify your identity
- Add a credit or debit card
- Find your friends or a supported broker
- 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:
- Straightforward to split payments between people
- Interactive community chat to discuss payments with users
- Payments can be made to those that don’t have the Venmo app
- Payments are free to make – Venmo doesn’t charge users to send or receive money
- There is a ‘trust’ feature that enables auto-payment for recurring expenses such as rent
- There is a rewards system that allows users to earn cashback on selected purchases
Cons Of Trading With Venmo
Whilst Venmo has a lot to offer, there are some drawbacks to the platform:
- You must be at least 18 years of age to use the service
- You must have a mobile phone registered in the US
- Payments are capped at $4,999.99 per week for both sending and receiving
- Payments are primarily available for personal use. Limited business payments are integrated into the platform
- Both the sender and receiver have to live in the US which means that international payments are not possible
- The Venmo groups feature is no longer available at the login stage
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.