#10 of 115 in the US ranking · Broker / app
Venmo Review (October 2026): Fees, US States and Licenses
Best for: Existing Venmo users
7.0/10
By Vahe Hakobyan Verified Medium confidence No affiliate links
- Taker fee— Not verified
- US states— Not verified
- New YorkYes
- Coins7
- CustodyCustodial
- App Store4.9 ★ · 15M
Our verdict
Venmo, owned by PayPal, lets US customers buy, sell, hold and transfer Bitcoin, Ether, Litecoin, Bitcoin Cash, Solana, Chainlink and PYUSD inside its payments app. Crypto services are provided by PayPal Digital, Inc., doing business as Venmo Digital, with custody and trading by Paxos Trust Company, N.A. Fees range from 2.20% to 1.50% by order size, and purchases are capped at $20,000 per week.
Pros
- Free crypto transfers to other Venmo and PayPal accounts
- External wallet transfers supported for a network fee
- No fee to buy or sell PYUSD
Cons
- Fees of 1.50% to 2.20% on most trades
- Purchase caps: $20,000 weekly, $50,000 per 12 months
- Small selection: six cryptocurrencies plus PYUSD
Venmo fees
- Maker / taker
- — Not verified
- Simple buy
- 2.20% for $1.00-$74.99, 2.00% for $75-$200, 1.80% for $200.01-$1,000 and 1.50% above $1,000; no fee for PYUSD
- Volume tiers
- The tiers apply to buying and selling. Venmo's fee page does not describe the spread.
- ACH deposit
- — Not verified
- Wire deposit
- — Not verified
- Card purchase
- — Not verified
- USD withdrawal
- Standard bank transfer free; Instant Transfer 1.75% (minimum $0.25, maximum $25)
- Crypto withdrawal
- Network fee, paid in the crypto sent; $0 to other Venmo or PayPal accounts
- Other fees
- 0% crypto transaction fee when auto-purchasing with Venmo Credit Card cash back
- Minimum deposit
- $1
Is Venmo available in my state?
US Venmo customers can buy, sell, hold and transfer six cryptocurrencies plus PYUSD; from May 19, 2026 crypto services are provided by PayPal Digital, Inc., doing business as Venmo Digital.
The list of states this platform serves is not verified yet.
Venmo says crypto is 'only available in the US and limited in certain states' without naming them on the pages checked. A September 25, 2026 FinanceFeeds article reports Hawaii as the only excluded state; this was not confirmed on Venmo's own pages.
- New York
- Yes
- ID check (KYC)
- Yes
- Withdraw crypto
- Yes
- Funding
- Venmo balance, Venmo Credit Card cash back (auto-purchase), Crypto
Is Venmo regulated?
- NMLS 2610315
- BitLicense + NY trust
- Bank charter
- NASDAQ: PYPL (parent PayPal Holdings)
- US operator
- PayPal Digital, Inc., doing business as Venmo Digital (crypto services since May 19, 2026)
- Parent company
- PayPal Holdings, Inc. (NASDAQ: PYPL)
- State licenses
- Venmo Digital (PayPal Digital, Inc.) is chartered by NYDFS as a limited purpose trust company; NYDFS also lists PayPal, Inc. with virtual currency and money transmitter licenses.
- New York license
- Both
- Bank charter
- New York limited purpose trust company (PayPal Digital, Inc.)
- Other
- All custody of and trading in cryptocurrency is performed by Paxos Trust Company, N.A.
- Founded
- 2009
- Headquarters
- — Not verified
How secure is Venmo?
- Proof of reserves
- — Not verified
- Audits
- — Not verified
- Insurance
- — Not verified
Incidents since 2019
- 2021otherThe CFPB opened an investigation in 2021 into Venmo's unauthorized funds transfers and collections processes, per Wikipedia.
Crypto held on a platform is not covered by FDIC or SIPC insurance.
What you can do on Venmo
- Spot
- Tax documents
Purchases are limited to $20,000 per week and $50,000 per 12 months; crypto transfers to $25,000 per week. Price alerts are available. Venmo sends a yearly transaction history and gains and losses statement.
- Apps
- iOS, Android
- Support
- Help center
Venmo FAQ
Can New York residents use Venmo?
Yes. Venmo accepts New York residents.
What are Venmo's fees?
Simple buy: 2.20% for $1.00-$74.99, 2.00% for $75-$200, 1.80% for $200.01-$1,000 and 1.50% above $1,000; no fee for PYUSD.
Is Venmo regulated in the US?
US customers are served by PayPal Digital, Inc., doing business as Venmo Digital (crypto services since May 19, 2026). Registrations and licenses on record: NMLS 2610315, BitLicense + NY trust, Bank charter, NASDAQ: PYPL (parent PayPal Holdings).
Can I withdraw crypto from Venmo to my own wallet?
Yes. Venmo lets US users send crypto to an external wallet.
Does Venmo require ID verification?
Yes. Venmo verifies your identity before you can trade.
How many cryptocurrencies can I trade on Venmo?
About 7 cryptocurrencies are available to US users, per Venmo's official asset list.
Alternatives to Venmo
Robinhood#2 · Commission-free crypto with transfers8.0
E*TRADE from Morgan Stanley#4 · Existing E*TRADE clients7.6
tastytrade#6 · Active multi-asset traders7.3
Not financial advice. Crypto prices are volatile and you can lose everything you put in. World-Crypt earns nothing from the platforms reviewed here.