Redeeem added support for Money transfers (beta) to make it easier to buy, sell and trade bitcoin with friends using mobile banking apps like Venmo, PayPal, Zelle, Skrill, Cash App, and more coming soon.

Released in beta, money transfers will make it easier to introduce friends to bitcoin using a variety of popular banking apps. We recommend trading money transfers only from friends you know and trust, and people in your same country. And just like the rest of our trading experience, there will be no chat rooms!

You can click any seller's username to view their reputation and history on the platform — such as trade volume, volume, refunds, quality, and whether or not the user has verified their identity through our know your customer (KYC) process using Persona or Civic mobile apps.

Currently, apps like PayPal allow select customers to buy bitcoin directly from their desktop website (not the mobile app), but they have weekly cryptocurrency purchase limits around $10,000 per week, and fees can be in excess of 4-5% in some states. The maximum dollar amount for purchases over a 12-month period is $50,000 on PayPal. Policies vary for other apps.

For a list of banks supported by Zelle, click here. The list includes Bank of America, Ally, Capital One, Wells Fargo, Citi. Also included as a Zelle partners is BNY Mellon, the country's oldest bank, who made headlines this week for announcing they would start holding cryptocurrencies for clients.

Buy bitcoin with Venmo (1-5% fee)

  1. Go to Money transfers and choose "Venmo" brand
  2. Click "Create Offer" at the top of the Venmo offers page
  3. Choose your amount and rate (recommend 1-5%) then submit
  4. Wait for a buyer to accept your offer or notify a friend to sign-on
  5. Buyer buys the money transfer (money is held in escrow)
  6. Seller has a few hours to send Venmo transfer and confirm
  7. Buyer releases bitcoin or reports an issue

Sell bitcoin for Venmo (1-5% take)

  1. Go to Money transfers and choose "Venmo" brand
  2. Buy available Venmo offers on the "Buy Venmo" section
  3. Wait for seller to send Venmo transfer and confirm
  4. Buyer releases bitcoin or reports an issue

Fees for money transfers are only 1%, charged to the buyer of the bitcoin (receiver of the money transfer), compared to 3% for gift card products. Money transfers will work very similar to gift cards in the way refunds and disputes work, but we expect even less fraud. By default, we require the IP address of the buyer to match the IP address of the seller. You must deposit a minimum of 0.0001 BTC ($4.70) to trade gift cards or money transfers on Redeeem.

Activate RedeeemBot for latest trade notifications on money transfers. We do not currently send text message alerts through SMS, only the Telegram bot.

Start a chat with support if you have any questions about the new money transfers brands, and please report any bugs or confusing parts of the flow and you could earn small BTC bounties.