Cryptocurrency has become an increasingly popular asset class, and platforms like Venmo are making it more accessible to everyday users. With Venmo’s integrated crypto features, you can buy, sell, and hold digital currencies directly within the app. But how does holding crypto on Venmo actually work? What tools are available to track your investments, and are there any hidden costs?
This guide breaks down everything you need to know about holding cryptocurrency on Venmo—from tracking value and understanding returns to managing purchase prices and preparing for tax responsibilities.
Is There a Cost to Hold Crypto on Venmo?
One of the most common questions new users have is whether there are fees associated with simply holding cryptocurrency. The good news is: Venmo does not charge any fees for holding crypto.
Unlike some platforms that impose storage or wallet maintenance fees, Venmo allows you to keep your digital assets in your account at no extra cost. This makes it a convenient option for both short-term traders and long-term holders who want to monitor their crypto without incurring ongoing charges.
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Keep in mind, however, that while holding is free, buying and selling crypto on Venmo does involve transaction fees. These fees are based on the size of the trade and may vary depending on market conditions. For full details, refer to Venmo’s official fee schedule.
How to Track Your Crypto’s Current Value
Once you’ve purchased cryptocurrency on Venmo, staying informed about its market value is simple and intuitive.
Step-by-Step: Viewing Your Crypto Worth
- Open the Crypto tab in your Venmo app
- Select the cryptocurrency you’d like to view (e.g., Bitcoin, Ethereum)
- Watch as the current price updates every few seconds
The app doesn’t just show real-time pricing—it also provides historical data through an interactive line graph. By default, you’ll see a 24-hour price trend, but you can switch between different timeframes:
- 1 week
- 1 month
- 6 months
- 1 year
- Full historical chart
Tapping on the graph reveals precise price points at specific times, helping you analyze performance trends and make informed decisions.
Additionally, your transaction history with that particular cryptocurrency is displayed below the chart, giving you a complete picture of your activity.
Understanding “Total Return” on Venmo
When reviewing your crypto portfolio in the app, you may notice a metric labeled “Total Return.” This figure represents the overall gain or loss of your investment based on current market prices.
How Total Return Is Calculated
Venmo computes Total Return by comparing:
- The original purchase price of your crypto (including applicable fees)
- The current selling price available on the platform
For example, if you bought $100 worth of Bitcoin and its value has risen to $130, your Total Return would reflect a $30 gain (before any potential future transaction fees upon sale).
Important Note: While Total Return gives you a useful snapshot of performance, it is not intended for tax reporting purposes. Always consult official records or tax software for accurate capital gains calculations.
Can You Manually Record a Purchase Price?
Yes—Venmo allows users to manually enter a Purchase Price for their crypto transactions.
Why Enter a Purchase Price?
The Purchase Price includes the amount you paid for the cryptocurrency plus any associated fees. Entering this information helps improve the accuracy of your Total Return calculation.
While Venmo will automatically use the market price at the time of purchase if no custom price is entered, adding your own ensures consistency—especially if you're tracking investments across multiple platforms.
Key Limitations to Know
- Optional Feature: You’re not required to enter a purchase price.
- User Responsibility: Venmo does not verify or correct user-entered data. You are fully responsible for its accuracy.
- Platform Bound: Purchase Price entries only apply to transactions made within Venmo. If you transfer crypto from an external wallet or exchange, Venmo won’t track those origins.
Remember: Even with manually entered data, Total Return and Purchase Price are not used for tax reporting. You must maintain separate records for off-platform holdings and disposals.
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Frequently Asked Questions (FAQ)
Q: Are there any monthly fees for keeping crypto on Venmo?
No, Venmo does not charge monthly or storage fees for holding cryptocurrency. You can keep your digital assets in your account indefinitely at no cost.
Q: Does Venmo provide tax documents for crypto transactions?
Venmo may issue IRS Form 1099-MISC or other tax forms if you meet certain thresholds for crypto earnings or proceeds from sales. However, the “Total Return” and purchase price features in the app should not be used for tax filing—always rely on official tax documents or exported transaction history.
Q: Can I transfer my crypto from Venmo to another wallet?
Currently, Venmo does not support outbound transfers of cryptocurrency. You can buy, sell, and hold digital assets within the app, but you cannot send them to external wallets or other platforms.
Q: How often is the crypto price updated in the app?
The displayed price updates approximately every few seconds while you’re viewing the Crypto tab, ensuring near real-time accuracy.
Q: What happens if I receive crypto as a gift on Venmo?
If someone sends you cryptocurrency via Venmo, you can accept it into your account. The platform will use the market price at the time of receipt unless you choose to manually enter a different purchase price for tracking purposes.
Q: Is my crypto insured on Venmo?
Venmo states that eligible funds in your account are protected under FDIC insurance for up to $250,000—but this applies only to U.S. dollars, not cryptocurrency. Crypto holdings are not FDIC insured, so they carry standard market and platform risks.
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By understanding how Venmo handles crypto storage, pricing, and performance tracking, you can make smarter decisions about managing your digital assets. While the platform offers convenience and real-time insights, remember that it's best suited for casual investors rather than advanced traders needing full control over their wallets.
Whether you're just starting out or expanding your portfolio, using tools that simplify monitoring and management can significantly enhance your experience in the evolving world of digital finance.