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Venmo Brokers 2024

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Written By
Jemma Grist
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Written By
Jemma Grist
Jemma is a writer, editor and fact-checker focused on retail trading and investing. Jemma brings a unique perspective to the forex, stock, and cryptocurrency markets and works across several investment websites as a researcher and broker analyst.
» Jemma Grist Profile Page
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Edited By
James Barra
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Edited By
James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
» James Barra Profile Page
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Fact Checked By
Tobias Robinson
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Fact Checked By
Tobias Robinson
Tobias is a partner at DayTrading.com, director of a UK limited company and active trader. He has over 25 years of experience in the financial industry and contributed via CySec to the regulatory response to digital options and CFD trading in Europe. Toby’s expertise and dedication to financial education make him a trusted voice in the industry, including a BBC investigation into digital options.
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Updated
Nov 28, 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.

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:

Click a broker for details
  1. 1
    FOREX.com
    Active Trader Program With A 15% Reduction In Costs
    Ratings
    4.9 / 5
    4 / 5
    4.3 / 5
    4.6 / 5
    4.6 / 5
    4.3 / 5
    4.8 / 5
    4.5 / 5
    3.6 / 5
    3.8 / 5
    $100
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Futures, Futures Options
    MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
    Wire Transfer, Credit Card, Debit Card, Visa, Mastercard, Skrill, Neteller, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, PLN
    Go To FOREX.com
  2. 2
    NinjaTrader
    Ratings
    4.3 / 5
    2.8 / 5
    2.9 / 5
    4.3 / 5
    4.5 / 5
    4 / 5
    4 / 5
    4 / 5
    3 / 5
    3.2 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Stocks, Options, Commodities, Futures, Crypto
    NinjaTrader Desktop, Web & Mobile, eSignal
    ACH Transfer, Debit Card, Wire Transfer, Cheque
    USD
    Go To NinjaTrader
  3. 3
    eToro USA
    Invest $100 and get $10
    Securities 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
    4.3 / 5
    3 / 5
    3.9 / 5
    3.4 / 5
    4 / 5
    3 / 5
    4.3 / 5
    4.5 / 5
    4.3 / 5
    4 / 5
    $100
    $10
    SEC, FINRA
    Stocks, Options, ETFs, Crypto
    eToro Trading Platform & CopyTrader
    ACH Transfer, Debit Card, PayPal, Wire Transfer
    USD
    Go To eToro USA
  4. 4
    Interactive Brokers
    Ratings
    4.5 / 5
    3.5 / 5
    4.6 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5
    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
    Go To Interactive Brokers
  5. 5
    Pocket Option
    50% Deposit Bonus
    Ratings
    2 / 5
    3.5 / 5
    2.5 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3 / 5
    3.5 / 5
    4 / 5
    4.2 / 5
    $50
    $1
    MISA
    Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos
    Web, MT4, MT5
    Wire Transfer, Credit Card, Bitcoin Payments, Volet, Perfect Money, Visa, Mastercard, Debit Card, WebMoney, FasaPay, Ethereum Payments, Maestro, JetonCash, Airtel
    USD
    Go To Pocket Option
  6. 6
    IQCent
    20% to 200% Deposit Bonus
    Ratings
    2.5 / 5
    3.3 / 5
    2.4 / 5
    4.3 / 5
    3.8 / 5
    2.5 / 5
    3 / 5
    2 / 5
    4.3 / 5
    4.1 / 5
    $250
    $0.01
    1:500
    IFMRRC
    Binary Options, CFDs, Forex, Indices, Commodities, Crypto
    Online Platform, TradingView
    Credit Card, Debit Card, Wire Transfer, Bitcoin Payments, Ethereum Payments, Visa, Mastercard
    USD, EUR
    Go To IQCent
  7. 7
    OANDA US
    CFDs are not available to residents in the United States.
    Ratings
    4.5 / 5
    3.5 / 5
    2.8 / 5
    4 / 5
    4.5 / 5
    3.5 / 5
    4.3 / 5
    3.8 / 5
    4.7 / 5
    3.7 / 5
    $0
    0.01 Lots
    1:50
    NFA, CFTC
    Forex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
    OANDA Trade, MT4, TradingView, AutoChartist
    Wire Transfer, Visa, Mastercard, Debit Card, ACH Transfer
    USD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD
    Go To OANDA US
  8. 8
    RedMars
    Ratings
    3.3 / 5
    3.5 / 5
    3.8 / 5
    3.5 / 5
    3.8 / 5
    4 / 5
    2.8 / 5
    3 / 5
    4.7 / 5
    4.6 / 5
    €250
    0.01 Lots
    1:30 (Retail), 1:500 (Pro)
    CySEC, AFM
    CFDs, Forex, Stocks, Indices, Commodities, Cryptos
    MT5
    Credit Card, Wire Transfer, Debit Card, Sticpay, FasaPay, Bitcoin Payments, Trustly, PayPal, Skrill, Neteller, Klarna, Mastercard, Visa
    USD, EUR
    Go To RedMars
  9. 9
    Plus500 US
    Welcome Deposit Bonus up to $200
    Trading with leverage involves risk.
    Ratings
    3.5 / 5
    3.7 / 5
    3.5 / 5
    3.3 / 5
    3.3 / 5
    3.5 / 5
    2.8 / 5
    3.5 / 5
    4.1 / 5
    4.3 / 5
    $100
    0.0 Lots
    CFTC, NFA
    Futures on Forex, Commodities, Cryptos, Indices, Interest Rates
    WebTrader, App
    ACH Transfer, Wire Transfer, Debit Card, Mastercard, Visa
    USD
    Go To Plus500 US
  10. 10
    Moomoo
    Get up to 15 free stocks worth up to $2000
    Ratings
    4.7 / 5
    3.3 / 5
    3 / 5
    3.8 / 5
    3 / 5
    2.8 / 5
    3.8 / 5
    4.4 / 5
    4.6 / 5
    3.3 / 5
    $0
    $0
    1:2
    SEC, FINRA, MAS, ASIC, SFC
    Stocks, Options, ETFs, ADRs, OTCs
    Desktop Platform, Mobile App
    Wire Transfer, ACH Transfer
    USD, HKD, SGD
    Go To Moomoo

This is why we think these brokers are the best in this category:

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. Pocket Option - Established in 2017, Pocket Option is a binary options broker offering high/low contracts on forex, stocks, indices, commodities and cryptocurrencies. With over 100,000 active users and a global reach, the platform continues to prove popular with budding traders.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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

Venmo Brokers Comparison
Broker Minimum Deposit Instruments Platforms Leverage
FOREX.com logo
$100 Forex, Stocks, Futures, Futures Options MT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral 1:50
NinjaTrader logo
$0 Forex, Stocks, Options, Commodities, Futures, Crypto NinjaTrader Desktop, Web & Mobile, eSignal 1:50
eToro USA logo
$100 Stocks, Options, ETFs, Crypto eToro Trading Platform & CopyTrader -
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral 1:50
Pocket Option logo
$50 Binary Options, Currencies, Commodities, Stocks, Indices, Cryptos Web, MT4, MT5 -
IQCent logo
$250 Binary Options, CFDs, Forex, Indices, Commodities, Crypto Online Platform, TradingView 1:500
OANDA US logo
$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
RedMars logo
€250 CFDs, Forex, Stocks, Indices, Commodities, Cryptos MT5 1:30 (Retail), 1:500 (Pro)
Plus500 US logo
$100 Futures on Forex, Commodities, Cryptos, Indices, Interest Rates WebTrader, App -
Moomoo logo
$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 OfferActive Trader Program With A 15% Reduction In Costs
Demo AccountYes
InstrumentsForex, Stocks, Futures, Futures Options
RegulatorNFA, CFTC
PlatformsMT4, MT5, TradingView, eSignal, AutoChartist, TradingCentral
Minimum Deposit$100
Minimum Trade0.01 Lots
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, PLN

Pros

  • With over 20 years of experience, excellent regulatory oversight, and multiple accolades including runner-up in our 'Best Forex Broker' awards, FOREX.com boasts a global reputation as a trusted brokerage.
  • 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.
  • There’s a wealth of educational resources including tutorials, webinars, and a stacked YouTube channel to help you get educated in the financial markets.

Cons

  • Funding options are limited compared to leading alternatives like IC Markets and don’t include many popular e-wallets, notably UnionPay and POLi.
  • Demo accounts are frustratingly time-limited to 90 days, which doesn’t give you enough time to test day trading strategies effectively.
  • FOREX.com's MT4 platform offers approximately 600 instruments, significantly fewer than the over 5,500 available on its non-MetaTrader platforms.
Visit FOREX.com
FOREX.com Review

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."

Tobias Robinson, Reviewer

NinjaTrader Quick Facts

Demo AccountYes
InstrumentsForex, Stocks, Options, Commodities, Futures, Crypto
RegulatorNFA, CFTC
PlatformsNinjaTrader Desktop, Web & Mobile, eSignal
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:50
Account CurrenciesUSD

Pros

  • Low fees are offered, with $50 day trading margins & commissions from $.09 per micro contract
  • NinjaTrader is a widely respected and award-winning futures broker and is heavily authorized by the NFA and CFTC
  • You can get thousands of add-ons and applications from developers in 150+ countries

Cons

  • Non forex and futures trading requires signing up with partner brokers
  • There is a withdrawal fee on some funding methods
  • The premium platform tools come with an extra charge
Visit NinjaTrader
NinjaTrader Review

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."

Jemma Grist, Reviewer

eToro USA Quick Facts

Bonus OfferInvest $100 and get $10
Demo AccountYes
InstrumentsStocks, Options, ETFs, Crypto
RegulatorSEC, FINRA
PlatformseToro Trading Platform & CopyTrader
Minimum Deposit$100
Minimum Trade$10
Account CurrenciesUSD

Pros

  • A free demo account means new users and prospective day traders can try the broker risk-free
  • 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

Cons

  • There's no MetaTrader 4 platform integration for traders who are accustomed to using third-party charting tools
  • There's a narrower range of day trading instruments available compared to competitors, with only stocks, ETFs and cryptos
  • The proprietary terminal doesn't support trading bots and there are no additional stock market analysis tools
Visit eToro USA
eToro USA Review

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."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, eSignal, TradingCentral
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • The new IBKR Desktop platform takes the best of TWS while adding bespoke tools like Option Lattice and Screeners with MultiSort to create a genuinely impressive trading experience for day traders at every level.
  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.
  • 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.

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.
  • 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.
  • 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.
Visit Interactive Brokers
Interactive Brokers Review

Pocket Option

"Pocket Option excels for its easy-to-use web platform which provides a best-in-class user experience for short-term binary traders. The $50 minimum deposit is also accessible for beginners while opening an account is really easy. Looking at the negatives, Pocket Option still trails alternatives in its market offering and regulatory credentials."

Jemma Grist, Reviewer

Pocket Option Quick Facts

Bonus Offer50% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, Currencies, Commodities, Stocks, Indices, Cryptos
RegulatorMISA
PlatformsWeb, MT4, MT5
Minimum Deposit$50
Minimum Trade$1
Account CurrenciesUSD

Pros

  • The web platform shines for its straightforward design and usability that will appeal to beginners looking to speculate on popular financial markets in a few clicks
  • The MetaTrader platforms offer integrated analysis with helpful technical summaries for short-term traders
  • Well-funded traders who deposit $1000+ can qualify for a 2%+ payout boost, more tradable assets and exclusive perks

Cons

  • The MISA is a weak regulator with limited investor protection for retail traders
  • The maximum binary contract length of 4 hours is restrictive for longer-term trading strategies. Alternatives like Videforex offer binaries up to 1 month
  • You need to deposit $1000 to access the extended list of 250+ assets, otherwise just 130+ assets are available
Visit Pocket Option
Pocket Option Review

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. "

Jemma Grist, Reviewer

IQCent Quick Facts

Bonus Offer20% to 200% Deposit Bonus
Demo AccountYes
InstrumentsBinary Options, CFDs, Forex, Indices, Commodities, Crypto
RegulatorIFMRRC
PlatformsOnline Platform, TradingView
Minimum Deposit$250
Minimum Trade$0.01
Leverage1:500
Account CurrenciesUSD, EUR

Pros

  • There's an accessible $0.01 minimum stake for new day traders with a small budget
  • The proprietary terminal offers TradingView-powered charts which deliver dozens of technical indicators and studies
  • CFD trading fees are competitive based on tests, including 0.7 pips on major forex pairs such as EUR/USD

Cons

  • IQCent trails binary brokers like Quotex with its narrow investment offering of around 100 assets with no stocks
  • The broker is not overseen by a respected regulator, though this is common among binary options firms
  • IQCent charges a punitive $10 monthly inactivity fee if you fail to place at least 1 trade per month
Visit IQCent
IQCent Review

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."

Jemma Grist, Reviewer

OANDA US Quick Facts

Demo AccountYes
InstrumentsForex, Crypto with Paxos (Cryptocurrencies are offered through Paxos. Paxos is a separate legal entity from OANDA)
RegulatorNFA, CFTC
PlatformsOANDA Trade, MT4, TradingView, AutoChartist
Minimum Deposit$0
Minimum Trade0.01 Lots
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF, HKD, SGD

Pros

  • Beginners can get started easily with $0 minimum initial deposit
  • Day traders can enjoy fast and reliable order execution
  • OANDA is a reliable, trustworthy and secure brand with authorization from tier-one regulators including the CFTC

Cons

  • It's a shame that customer support is not available on weekends
  • The range of day trading markets is limited to forex and cryptos only
  • There's only a small range of payment methods available, with no e-wallets supported
Visit OANDA US
OANDA US Review

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."

Christian Harris, Reviewer

RedMars Quick Facts

Demo AccountYes
InstrumentsCFDs, Forex, Stocks, Indices, Commodities, Cryptos
RegulatorCySEC, AFM
PlatformsMT5
Minimum Deposit€250
Minimum Trade0.01 Lots
Leverage1:30 (Retail), 1:500 (Pro)
Account CurrenciesUSD, EUR

Pros

  • 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
  • RedMars offers one of the best platforms for day trading, MT5, hosting 21 timeframes, dozens of analytical tools, flexible templates and algo trading

Cons

  • 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
  • With just 300 instruments, RedMars offers a narrow trading environment, particularly compared to category leaders like BlackBull Markets which offers 26,000 assets
Visit RedMars
RedMars Review

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 OfferWelcome Deposit Bonus up to $200
Demo AccountYes
InstrumentsFutures on Forex, Commodities, Cryptos, Indices, Interest Rates
RegulatorCFTC, NFA
PlatformsWebTrader, App
Minimum Deposit$100
Minimum Trade0.0 Lots
Account CurrenciesUSD

Pros

  • Plus500 is a publicly traded company with a good reputation, over 24 million traders, and a sponsor of the Chicago Bulls, instilling a sense of trust
  • The trading app provides a terrific user experience with a modern design, a clean layout and mobile-optimized charts
  • 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

Cons

  • Plus500 US does not offer social trading capabilities, a feature available at alternatives like eToro US which could strengthen its offering for aspiring traders
  • 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
Visit Plus500 US
Plus500 US Review

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."

Jemma Grist, Reviewer

Moomoo Quick Facts

Bonus OfferGet up to 15 free stocks worth up to $2000
Demo AccountYes
InstrumentsStocks, Options, ETFs, ADRs, OTCs
RegulatorSEC, FINRA, MAS, ASIC, SFC
PlatformsDesktop Platform, Mobile App
Minimum Deposit$0
Minimum Trade$0
Leverage1:2
Account CurrenciesUSD, HKD, SGD

Pros

  • Moomoo's analytics and insights are impressive and detailed compared to other brands
  • The broker offers access to extended pre-market trading hours
  • Moomoo is a Member of FINRA and the Securities Investor Protection Corporation (SIPC), adding another level of security for prospective clients

Cons

  • 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
  • There is no phone or live chat support - common options at most other brokers
Visit Moomoo
Moomoo Review

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.

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 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:

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:

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 a supported 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:

  • 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.