The top two categories are adjusted monthly, based on where consumers are spending the most. Currently, Venmo cardholders can earn monthly cash back across eight different spending categories, with up to 3% back on their top eligible spending category, then 2% and 1% back on the second highest and all other purchases, respectively. The cash-back feature, meanwhile, could help drive sign-ups for the Venmo Credit Card, by interlinking it with the cryptocurrency functionality. In partnership with Paxos Trust Company, a regulated provider of cryptocurrency products and services, Venmo’s more than 76 million users are now able to access cryptocurrency from within the Venmo app. Venmo had first introduced the ability for customers to buy, hold and sell cryptocurrency in April of this year, as part of a larger investment in cryptocurrency led by parent company, PayPal. Instead, a cryptocurrency conversion spread is built into each monthly transaction.Ĭardholders will be able to purchase Bitcoin, Ethereum, Litecoin and Bitcoin Cash through the new “Cash Back to Crypto” option, rolling out now to the Venmo app. Unlike when buying cryptocurrency directly, these automated purchases will have no transaction fees associated with them - a feature Venmo says is not a promotion, but how the system will work long term. You can try to sell again when you see fit.PayPal-owned Venmo is expanding its support for cryptocurrency with today’s launch of a new feature that will allow users to automatically buy cryptocurrency using the cash back they earned from their Venmo credit card purchases. If the sale fails, we’ll notify you that the purchase was not successful and your crypto balance will not change. It’s possible for your sale of crypto to take longer to process and it may not always be successful. Will my crypto be sold instantly every time? More information is available in the User Agreement. Venmo uses the highest-in-first-out ("HIFO") method to calculate gains and losses when you sell crypto. Cr yptocurren cy sales are subject to review and could be delayed or stopped if there’s an issue. The money you receive from selling crypto is typically available in your Venmo account right away. How long does it take to receive money from selling c ryptocurrency? We recommend speaking to a financial advisor. Venmo is unable to offer financial advice. I lost money on my c ryptocurrency purchase. If your crypto sale has been pending for longer than expected, please contact our Support team. You can see the estimated release date in your Venmo app. If this happens, the funds will either be released to your Venmo account i n up to seven days or you will receive a follow-up email from our team. Like other Venmo transactions, the proceeds from the sale of crypto can be held for review. From there, you can use the funds to make payments or purchases, or you can transfer the funds out of Venmo. When you sell your crypto, the proceeds will go to your Venmo account. Where does the money go when I sell my c ryptocurrency? ![]() ![]() More information on pricing and fees can be found on the Venmo Fees pa ge. Venmo is not responsible for any fees that may be charged to you by your bank. If you use a linked bank account or debit card as a funding source to buy c rypto a ssets, your bank may charge you its own fees, including overdraft fees or insufficient fund fees, if applicable. By using Venmo’s c rypto services, you agree to pay all applicable exchange rates (including spread) and fees. We will not separately calculate or disclose the spread we earn on each transaction. The exchange rate may include an estimated spread of one-half of one percent (0.50%), provided, however, that the actual spread may be higher or lower based on market conditions. At the time you buy or sell c rypto assets, we will disclose to you the applicable exchange rate and the amount of fees that you will be charged for that transaction. Venmo’ s c rypto fees are from the spread (or margin) between the market price we receive from our trading service provider ( Paxos ) and the exchange rate between US dollars and the c rypto asset displayed to the user, and a transaction fee when buying or selling c rypto assets. You can tap Sell and enter the amount of crypto you want to sell.Īre there fees when selling cryptocurrency on Venmo? ![]() The Venmo app will display historical prices for your selected cryptocurrency. Are you looking to sell some of the crypto you have on Venmo? This article will help.Īfter you’ve bought crypto on Venmo, you can sell that crypto in the Venmo app:
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