Summary: Cash App only allows users to buy and sell Bitcoin (BTC) for a steep 2% fixed charge. Due to this constrained selection and price structure, it is one of the most expensive and risky ways to purchase digital assets in the USA. However, Cash App customers can use US-based cryptocurrency exchange with a FinCEN license to buy and hold digital currencies.
After evaluating the top-performing trading platforms in the US, our team has determined that eToro is the best option for Cash App users. It is a trusted digital asset exchange in the US and allows free and immediate USD deposits for trading over 25 cryptocurrencies.
- Free and instant USD deposits with bank transfer (ACH), credit/debit cards and more.
- Trade over 25 crypto assets with industry-leading fees and spreads.
- eToro USA LLC is registered and regulated with FinCEN.
Cryptocurrency is offered by eToro USA LLC (“the MSB”) (NMLS: 1769299) and is not FDIC or SIPC insured. Investing involves risk.
Can I buy Bitcoin with Cash App?
Yes, you can buy Bitcoin with Cash App, but it does not support any other cryptocurrency and the fees to purchase BTC on the application are extremely high compared to exchanges. Cash App users must register with an authorized cryptocurrency trading platform in the US to securely buy digital currencies. To guarantee legal compliance in the nation, using a digital asset exchange licensed by FinCEN is crucial.
How to Buy Bitcoin or Crypto with Cash App
As outlined above, the best way for Cash App users to securely invest in crypto assets is through eToro. US investors have a variety of ways to fund their accounts with USD through the exchange, including bank transfers, debit and credit cards, PayPal, ACH transfers, and more.
You can get started immediately by following these steps:
- Registration: Join the eToro platform and confirm your identity.
- Deposit Money: Transfer USD by clicking the 'Deposit Funds' option on your screen.
- Locate Crypto: Go to the search bar, select the token you want, and then hit ‘Trade’.
- Start Your Trade: Enter the desired purchase amount and select ‘Open Trade’.
Cash App Cryptocurrency Policy
Cash App has a crypto-friendly stance and offers a simple method of buying cryptocurrency. Unfortunately, the payment provider only provides access to Bitcoin, hence we recommend using a digital asset exchange regulated with FinCEN to invest in other tokens like Ethereum or Cardano.
About Cash App
Cash App, developed by Square Inc., is a mobile payment service that allows users to send, receive, and request money through a simple and user-friendly interface. Launched in 2013, the app has expanded its services to include features such as the Cash Card, which is a customizable debit card, direct deposits, and the ability to buy and sell Bitcoin and stocks.
With its robust security measures, Cash App has established itself as a popular alternative to traditional banking, appealing to a broad audience seeking convenience in financial transactions. Cash App’s integration of peer-to-peer payments, cryptocurrency, and stock trading within one platform makes it a one-stop solution for modern-day personal finance needs.
To sum up, Cash App is a fantastic tool for sending money to relatives and friends, but it has some restrictions on cryptocurrency investment. Therefore, Cash App does allow users to transfer money to secure, regulated digital asset trading platforms to invest in crypto. Cash App customers should use eToro, which enables free and immediate USD deposits and has low-cost trading fees.