Are you looking for free Venmo alternatives to make seamless transfers in 2024? If yes, then we would like to say, ‘You’re at the right place!’ As the digital payment landscape evolves, finding the right platform that suits your needs is crucial, especially in the crypto world where reliability and security are paramount. With a growing number of options available, it can be overwhelming to choose the best one for your transactions. Though Venmo is a preferred choice when it comes to cryptocurrency transactions, it doesn’t mean it fulfills everyone’s needs. Many people complain about its availability only across the US, while some criticize it for its below-average privacy features. That’s why the search for the best Venmo alternatives on Google is reaching new daily highs. If you’re also one of the many people looking for the best Venmo alternatives, prefer to read this detailed blog post.
This comprehensive guide unravels the 11 best free Venmo alternatives, along with their main features and top reasons why you should consider each.
But before that, let’s know a little about Venmo, a popular option for seamless cryptocurrency transactions.
About Venmo
Venmo, a leading mobile payment platform in America, was founded in 2009. Andrew Kortina and Iqram Magdon-Ismail are the names behind the making of Venmo. Like today’s popular money transaction mobile apps, Venmo is also based on the same format. You need to create an account via a mobile app, which allows the platform to link with your bank account, credit card, or debit card.
Venmo was acquired by Braintree in 2012 for $26.2 million. Its popularity surged when Braintree itself was acquired by PayPal for $800 million. Ultimately, Venmo became part of PayPal. From that year, its popularity started surging. Gradually, Venmo became the preferred choice for cryptocurrency transactions.
It was in 2018 when Venmo received strong negative backlash from FTC and the crypto community. According to the 2018 research of Hang Do Thi Duc, a Germany-based researcher, there were over 200 million public transactions on Venmo in 2017. This research highlighted the alarming privacy concerns on Venmo. Eventually, Venmo and FTC made a settlement, where the leading crypto transaction platform agreed to make security improvements. However, this settlement was of new use (we guess). As of next year, in 2019, another researcher also found millions of transactions on the internet. If you have often or even once used Venmo, you may know that transactions on this platform are public by default. It means anyone can see them, their transaction time, account name, photo, and more. Thus, it put the data of thousands of people at risk.
Since then, people have stopped using Venmo as a popular choice for cryptocurrency transactions.
11+ Best Free Venmo Alternatives for Seamless Cryptocurrency Transactions
1. PayPal
Many experts refer to PayPal as one of the best Venmo alternatives; we couldn’t agree more. With over 400 million users, PayPal is a reliable cryptocurrency transaction app. You can buy, sell, or hold any cryptocurrency, including Bitcoin, ETH, Solana, or XRP.
Features
- Buy, sell, and hold cryptocurrencies
- User-friendly interface
- Integration with PayPal’s payment system
- Secure transactions
- Supports P2P transactions
Availability
Worldwide (limited availability in some regions)
Fees
No fees for funds. However, transaction fees are applied when buying and selling crypto.
Pros & Cons
| Pros | Cons |
| Trusted and widely used platform | Limited to support cryptocurrencies |
| User-friendly | Transaction fees can be high |
| Secure transactions |
2. Cash App
Once regarded as a simple payment app, who would have thought Cash App would become a major cryptocurrency transaction app? However, with the addition of banking features, you can easily buy, sell, or invest in cryptocurrency.
Features
- Buy, sell, or store Bitcoin
- User-friendly interface
- Integration with Cash App’s payment system
- Secure transactions with fraud protection
- Supports P2P transactions
Availability
Worldwide (limited availability in some regions)
Fees
Transaction fees apply for buying and selling Bitcoin
Pros & Cons
| Pros | Cons |
| User friendly | Limited to Bitcoin |
| Secure transactions | Transaction fees can be high |
| Integration with other Cash App features |
3. Coinbase
Coinbase is a leading online cryptocurrency exchange platform and the strongest Venmo alternative. You just need to download the Coinbase app to facilitate seamless cryptocurrency transactions. Also, Coinbase is one of the fewest platforms that allows the community to trade different types of cryptocurrencies. Bitcoin, ETH, Dogecoin, Shibu Inu, and Solana are a few names to add.
Features
- Buy, sell, store, and trade cryptocurrencies
- User-friendly interface for beginners
- Earn cryptocurrency through the easy learning process.
- Secure storage with insurance
- Supports P2P transactions and crypto-to-crypto conversions
Availability
Worldwide (limited availability in some countries)
Fees
No fees for crypto transactions between Coinbase users, higher fees for trading
Pros & Cons
| Pros | Cons |
| User friendly | Higher fees compared to some competitors |
| High security | Limited to availability in certain regions |
| Regulated and trusted |
4. Binance
You may know Binance as the largest cryptocurrency exchange if you’re a veteran crypto enthusiast. The leading platform serves over 185+ users. Founded in 2017 by Changpeng Zhao, Binance quickly became one of the best Venmo alternatives.
Features
- A wide variety of cryptocurrencies supported
- Peer-to-peer (P2P) trading
- Staking and earning options
- Advanced trading features and tools
- Secure and insured wallet services
Availability
Worldwide
Fees
Low trading fees, no fees for deposits
Pros & Cons
| Pros | Cons |
| High Liquidity | Complex for beginners |
| Low fees | Regulatory scrutiny in some countries |
| Comprehensive trading features |
5. BitPay
BitPay was founded in 2011 by Stephen Pair. It is one of the best apps for making crypto transactions. Unlike its competitors, such as Venmo, Coinbase, or Binance, BitPay allows transactions only for Bitcoin and Litecoin.
Features
- Send and receive cryptocurrency payments
- Convert crypto to fiat currency
- Prepaid Visa card for spending crypto
- Integration with major wallets and platforms
- Secure and fast transactions
Availability
Worldwide
Fees
No fees for sending and receiving crypto payments, fees for conversion to fiat
Pros & Cons
| Pros | Cons |
| Easy to use | Fees for fiat conversion |
| No fees for crypto payments | Limited to supported cryptocurrencies |
| Wide acceptance with BitPay Card |
6. Kraken
Kraken is one of the best Venmo alternatives. Similar to Coinbase and Binance, it is an online cryptocurrency platform where you can sell or buy various assets. These may include ETH, Bitcoin, Litecoin, Shiba Inu, Dogecoin, Solana, etc. You can start investing in Kraken with just $10.
Features
- Buy, sell, and trade a wide range of cryptocurrencies
- Advanced trading features and tools
- High liquidity and low fees
- Secure storage with Insurance
- Supports P2P transfers
Availability
Worldwide
Fees
Low trading fees, no fees for crypto transfers
Pros & Cons
| Pros | Cons |
| High liquidity | Complex for beginners |
| Low fees | Limited customer support |
| Comprehensive trading features |
7. Gemini
Gemini is often considered one of the safest exchanges for cryptocurrency transactions. You can buy, sell, or trade over 70 cryptocurrencies. However, the US Dollar is the only fiat currency you can use on Gemini.
Features
- Buy, sell, and store cryptocurrencies
- Secure and regulated platform
- User-friendly interface
- Supports P2P transactions
- Insurance coverage for digital assets
Availability
Worldwide
Fees
No fees for crypto transfers between Gemini users, higher trading fees
Pros & Cons
| Pros | Cons |
| High security | Higher trading fees |
| User friendly | Limited availability in some regions |
| Regulated and trusted |
8. Robinhood
Many might know Robinhood as a popular app solely used for making cryptocurrency and stock investments. But it is more than that. On Robinhood, you can access over 75,000 free ATMs in Allpoint and MoneyPass networks. Moreover, this app allows you to trade seven cryptocurrencies, including Bitcoin, ETH, Litecoin, Bitcoin Cash, Dogecoin, Bitcoin SV, and Ethereum Classic.
Features
- Buy, sell, and store cryptocurrencies
- No commission fees for trades
- User-friendly mobile app
- Integration with stock trading
- Real-time market data
Availability
US only
Fees
No commission fees, but potential hidden costs in bid-ask spreads
Pros & Cons
| Pros | Cons |
| No trading fees | Limited to supported cryptocurrencies |
| User-friendly | Limited customer support |
| Integration with stock trading |
9. Revolut
Here comes Revolut, another one of the best Venmo alternatives. With over 40 million customers, Revolut offers a flexible setup for smooth cryptocurrency transactions. The platform was founded in 2015 by Vlad Yatsenko and Nikolay Storonsky.
Features
- Buy, sell, and hold cryptocurrency
- Integration with Revolut’s banking features
- User-friendly mobile app
- Instant exchange between fiat and crypto
- Supports P2P transactions
Availability
Europe, the US, and other selected regions
Pros & Cons
| Pros | Cons |
| User friendly | Limited to supported cryptocurrencies |
| Integration with banking features | Trading fees can be high |
| Instant exchange |
10. CEX.IO
CEX.IO is another renowned cryptocurrency exchange platform. It was founded in 2013. In its initial days, the platform faced hard competition from its competitors, who also came to the forefront during the same time. Thus, it took several years for CEX.IO to become popular among the crypto community for its trading options.
Features
- Buy, sell, and trade cryptocurrencies
- Crypto-to-crypto and fiat-to-fiat transactions
- User-friendly interface
- Secure storage with insurance
- Supports P2P transactions
Availability
Worldwide
Fees
No fees for crypto transfers between CEX.IO users; trading fees apply
Pros & Cons
| Pros | Cons |
| User friendly | Trading fees can be higher |
| Secure platform | Limited customer support |
| Wide range of services |
11. Bitstamp
If you’re a crypto enthusiast (for real), the word ‘Bitstamp’ wouldn’t be strange to you. Founded in 2011, Bitstamp is the world’s longest-standing cryptocurrency exchange. Initially, it was specially made for the European crypto community.
Features
- Buy, sell, and trade cryptocurrencies
- Advanced trading features and tools
- High liquidity and low fees
- Secure storage with insurance
- Supports P2P transactions
Availability
Worldwide
Fees
Low trading fees, no fees for crypto transfers
Pros & Cons
| Pros | Cons |
| High liquidity | Limited customer support |
| Low fees | Complex for beginners |
| Secure platform |
Conclusion: Which is the Best Venmo Alternative?
Venmo is a popular option for making cryptocurrency transactions. However, its availability is limited to the US, and rising privacy concerns have made crypto enthusiasts looking for the best Venmo alternatives. According to expert viewpoints and social media narratives, PayPal is often regarded as the best Venmo alternative. That’s why the debate of PayPal vs Venmo is trending on the internet.
Coming back to the topic,
With a user-friendly interface, P2P transactions, and availability in all nations, PayPal is undoubtedly the best Venmo alternative. However, this answer is based mainly on the unanimous viewpoint of experts and other renowned analysts. Choosing the best Venmo alternative may also depend on your needs and requirements. So, first, assess your demands and then select a reliable alternative. That would be your best Venmo alternative.
For more interesting and educational crypto-related blog posts, stay tuned to us!
