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What are the fees associated with using Venmo for cryptocurrency transactions?

avatarNoun_AdjectiveDec 25, 2021 · 3 years ago3 answers

Can you provide a detailed explanation of the fees associated with using Venmo for cryptocurrency transactions? I would like to know the specific costs involved before using Venmo for buying or selling cryptocurrencies.

What are the fees associated with using Venmo for cryptocurrency transactions?

3 answers

  • avatarDec 25, 2021 · 3 years ago
    When using Venmo for cryptocurrency transactions, there are a few fees to keep in mind. First, Venmo charges a transaction fee of 1.5% for buying or selling cryptocurrencies. This fee is calculated based on the total transaction amount. Additionally, there might be network fees associated with the specific cryptocurrency you are trading. These network fees are determined by the blockchain network and can vary depending on the current network congestion. It's important to consider these fees when using Venmo for cryptocurrency transactions to ensure you are aware of the total cost involved.
  • avatarDec 25, 2021 · 3 years ago
    Venmo charges a transaction fee of 1.5% for cryptocurrency transactions. This fee is deducted from the total transaction amount. In addition to the transaction fee, there might be network fees associated with the specific cryptocurrency you are trading. These network fees are paid to miners to process and validate transactions on the blockchain network. The amount of network fees can vary depending on the current network congestion and the cryptocurrency you are trading. It's always a good idea to check the current fees before making any cryptocurrency transactions on Venmo.
  • avatarDec 25, 2021 · 3 years ago
    When it comes to fees associated with using Venmo for cryptocurrency transactions, it's important to note that Venmo itself does not charge any fees. However, there might be network fees associated with the specific cryptocurrency you are trading. These network fees are determined by the blockchain network and are paid to miners to process transactions. The amount of network fees can vary depending on the current network congestion and the cryptocurrency you are trading. It's always a good idea to check the current network fees before making any cryptocurrency transactions on Venmo or any other platform.