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Do Services Like PayPal, Venmo or Cash App Let You Withdraw Crypto?

By Evan Jones05/17/2023

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More and more finance apps are offering crypto buying and selling to their users, especially Bitcoin (BTC). These apps offer these digital asset services because they present as business opportunities for the company to capitalize on. As such is the case, not every one of these apps allowed you to withdraw cryptocurrencies you purchased through their platform, at least initially.

As time has passed, more and more of these services have begun allowing users to withdraw crypto and give them the infrastructure to do so.

In this guide, we’ll break down the most popular financial app services, give a brief description, and a definitive answer to whether you can withdraw digital assets from their platform. 

Crypto Withdrawal Policies by Service

Below we’ve noted some of the most popular financial apps and services that offer crypto buying and selling. For each we’ll provide a description of the app and whether you can withdraw your crypto from them.

PayPal

PayPal is one of the oldest financial service apps on this list and one of the most trusted ways to send and receive fiat currencies, and buy goods and services. They added crypto support to the platform, allowing you to buy, sell, and hold it in your PayPal account. 

Coinbase exchange users are likely already aware, but you can certainly withdraw crypto from PayPal. Coinbase has a partnership with PayPal that allows users to connect their PayPal account to their Coinbase one, and subsequently send funds to and from that account, whether crypto or fiat. Crypto can be sent from PayPal to any external wallet too though, not just Coinbase.

Venmo

Venmo is actually owned by PayPal but is only available to US residents. It’s a mobile payment platform that has offered cryptocurrency buying and selling since 2021, but only just introduced cryptocurrency withdrawals in May 2023. Venmo users can now send and receive crypto using their Venmo account. 

Cash App

Cash App is a mobile app available for iOS and Android to residents of the US and United Kingdom, created by Square, the company created by Jack Dorsey. Cash App allows users to easily send funds to each other. Users can connect their bank accounts and even use Cash App for direct deposit purposes. Cash App supports the buying and selling of Bitcoin. They also support the deposit and withdrawal of BTC to and from an external cryptocurrency wallet. 

Wealthsimple

Wealthsimple was launched in 2014, and the financial technology company is focused on providing ways for their users to easily access and manage investments and savings. Users are able to buy and sell stocks across a variety of exchanges in a personal or TFSA account. 

They added Wealthsimple Crypto to their offerings meaning traders can also buy and sell supported digital assets on the platform. They later added support for crypto deposits and withdrawals of all digital assets supported by the platform. Wealthsimple is only available to Canadian residents.

Robinhood

Robinhood is an investment platform mainly focused on allowing their customers to invest in the traditional stock market. Robinhood added a crypto section to their platform during the huge cryptocurrency bubble in 2017, but didn’t initially allow withdrawals or deposits of digital assets. However, you can now withdraw crypto from Robinhood as long as you verify your identity and activate two-factor authentication (2FA). Robinhood is only available to American citizens. 

SoFi

SoFi is a personal finance company based in San Francisco, originally founded back in 2011. SoFi provides a variety of financial services such as investing, banking, and personal loans, focusing on traditional finance. Like Robinhood, they added crypto to the platform during the bubble, but didn’t allow deposits and withdrawals. The company still doesn’t allow crypto deposits or withdrawals despite allowing buying and selling of a variety of digital assets. You’re likely better off choosing another service on this list than SoFi assuming you actually want control over your crypto.

Webull

Webull is a crypto and stocks trading platform that targets newer traders who are looking for a mix of convenience and functionality. Founded in 2017 by Fumi Technology, Webull boasts of a zero-commission model that compares competitively with brokerage platforms mentioned above like Robinhood and Wealthsimple. 

Webull offers investment options for stocks, ETFs, options and more. Webull offers over 20 crypto assets for buying and selling on their platform, with all assets being paired with USD. While Webull did not initially support deposits or withdrawals of any of the cryptocurrencies that you can buy and sell on the platform, they now allow transfers of Bitcoin (BTC), Litecoin (LTC), and Bitcoin Cash (BCH).

Closing Thoughts: More Options Than Ever

The cryptocurrency sector is fast moving. Many of these platforms didn’t offer withdrawals of crypto when they first started offering it for purchase and sale, but they’ve since added support. This is a positive sign for the industry as crypto become more and more mainstream and accessible.

Article tags

cashapp
cryptocurrency
payments
paypal
Evan Jones

Author

Evan entered the crypto scene in 2017, attracted to the many disruptive possibilities that blockchain could have on current world systems. He has a keen interest in decentralized services, payment processing, and viable NFT use cases such as event ticketing. He spends his days writing with his dog Kobe under his feet, if not on his lap.

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