Cash App

Written By
Deniz Saat
Reviewed By

Cash App is arguably the easiest platform to use for buying Bitcoin. Learn how to purchase Bitcoin and take advantage of all the Cash App features with this review.

Overview

Bitcoin only purchases

Easy to use

Best for beginners

Shopping discounts and other features with the Cash App debit card

Overall Rating
  • Features
  • Ease of Use
  • Payment Options
  • Fees
  • Security

Jump to Section

Who Are They?FeaturesCurrencies SupportedPayment MethodsSupported CountriesFees and Buying LimitsCustomer Reviews
Is 
Cash App
 Safe? 
ProsConsFAQ

Who are they?

Cash App is a subsidiary company of Square that was founded in March of 2015 as Square Cash. Cash App is based in San Francisco and was first launched as a peer-to-peer payment platform. In January of 2018, Cash App made it available for users to buy Bitcoin. Since then, Cash App has continued to add features that allow users to perform all of their banking and financial needs without having to use any third-party platforms for other services.

Features

The Cash App wishes to empower everyone who has access to a smart phone and WiFi by “banking the unbanked”. The main user base consists of those who are in the Millennial and Generation Z cohort. By using Cash App, a user will not need to rely on any third-party services to meet their financial needs.

  • Intuitive interface: The Cash App interface is one of the most user friendly apps on the current market. A user is able to access all features within a few clicks of each other. The UI and UX teams of Cash App should be very proud of their work.
  • Security: Cash App is PCI Data Security Standard (PCI-DSS) Level 1 compliant and all payment information is encrypted.
  • Instant deposits, purchases, and withdrawals: Cash App is an excellent platform for purchasing Bitcoin quickly. On most Bitcoin exchanges, the user is required to wait 3-7 business days before purchasing or withdrawing their Bitcoin. With Cash App, one is able to perform the whole process of depositing funds, purchasing Bitcoin, and then withdrawing the purchased Bitcoin to a personal wallet within a few minutes.
  • Recurring purchases: Users may set up recurring purchases for Bitcoin on a daily, weekly, or bi-weekly basis to dollar cost average their position. The minimum amount required is $10 USD.
  • Purchase fractional shares: Users are able to purchase whole and partial shares of publicly traded companies.
  • Peer-to-peer payments: Users are able to transfer funds (USD, GBP, and Bitcoin) to other Cash App users instantly.
  • Debit card and Direct deposit: Once a user’s debit card is activated, Cash App provides an account and routing number to receive direct deposits.

Shopping discounts: Discounts are provided for those who have received and activated their Cash App debit cards. Various discounts may include: 10% off groceries, 10-15% off participating food chains, and other services.

Cryptocurrencies

  • Bitcoin (BTC)

Fiat Currencies

  • United States Dollar (USD)
  • British Pound (GBP)

Payment Methods

  • Bank Account
  • Debit Card
  • Credit Card (Visa, MasterCard, American Express, and Discover)

Supported Countries

  • United States
  • United Kingdom

Fees and Buying Limits

  • 3% fee for using a credit card (cannot purchase Bitcoin with a credit card)
  • Bitcoin fees vary from 0.76% - 3%. Fees are lower with higher purchases.
  • There are no fees for transferring funds to another user or withdrawing to a bank account.
  • Cash App allows a user to send up to $250 within a 7-day period and withdraw $1,000 within any 30-day period without KYC/AML.
  • Increasing limits requires your full name, date of birth, and the last 4 digits of your social security.
  • Send: $7,500 per week and $17,500 per month
  • Receive: Unlimited
  • Add Cash: $7,500 per week
  • Cash Out (withdraw): $25,000 per week
  • The above limits are subject to be higher for certain users

Customer Reviews

“Given its simplicity and the backing of a reputable brand (Square), Cash App is worth trying. If you have the need to send cash from a credit card to another person or business, Cash App can certainly perform the task without any issues.” Review

“When compared to other person-to-person payment networks, Cash App works very similarly. The fees are quite reasonable, though you can find other options with no such costs. Still, they might not be as safe and secure as the Cash App. Therefore, we think that this is a great app to use when you want to shop online or make payments online without using your actual debit or credit card.” Review

“If you’re looking for a simple peer-to-peer payment app with no debit card fees, Cash App is worth considering. But with opaque fees, a focus on Bitcoin and multiple customer complaints, you may want to compare top mobile payment apps first.” Review



Is 

Cash App

 safe? 

Cash App is the subsidiary of Square, which was founded and launched by Jack Dorsey in 2009 as a financial services app for businesses. Dorsey also founded Twitter and continues to run the company as CEO. He is widely known in the tech industry and continues to work with the top talent in cyber security. With the backing and credibility of a number of investors and venture capitalists from Silicon Valley, Cash App is on the cutting edge of security for its users.

  • PCI Data Security Standard Level 1 compliant (the highest level of data compliance in the payment industry)
  • Cash App encrypts all financial transactions
  • 2-factor authentication including biometrics for signing in
  • Accounts are actively monitored for fraudulent activity
  • Millions (and growing) of transactions are executed every year

Make sure to never give out your password or any personal information connected to your Cash App account.

Pros of 

Cash App

  • Easy to use
  • Bitcoin transactions
  • Auto dollar cost average (DCA) feature to buy Bitcoin automatically on specific days of the week/month
  • Highest level of security compliance for users
  • Shopping discount features
  • Stocks are available for purchasing
  • Send and receive payments instantly
  • Direct deposit option for cardholders

Cons of 

Cash App

  • Fees are not competitive
  • Limited availability for international users

FAQ

1. Who can use Cash App?

Any individual with a smartphone residing in the US and UK.

2. Can I use Cash App on my desktop?

Yes. However, many of the features on the app are not available on the desktop version.

3. Does Cash App support margin trading?

No. Cash App only allows users to purchase Bitcoin with a linked bank account or debit card.

4. Can I send Bitcoin from the app?

Yes. Users will be able to initiate a transfer instantly after they purchase Bitcoin.

5. How long does it take for my Bitcoin to be withdrawn?

This could be anywhere from 10-40 minutes (possibly longer), depending on the volume of transactions across the network. The first network confirmation will usually occur within the 5-10 minute range on normal days.

WRITTEN BY
Deniz Saat
Deniz Saat is an IT services specialist and technical writer.
REVIEWED BY

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