Cash App, a popular mobile payment service developed by Square (founded by Twitter CEO Jack Dorsey), lets people transfer money to each other. The app has been around for several years and recently expanded its services to offer free stock trading. The platform's popularity has grown in recent years, but not everyone uses it to buy stocks quite yet. This guide will get you up to speed and help you buy stocks on the Cash app.
About Cash App Invest
Square's Cash App Invest feature is a great option for investors looking for a free and convenient way to trade stocks. The platform caters mostly to investors with zero to minimal knowledge of stocks.
The front page of the Cash App Invest lets you see commonly traded stocks over the past 30 days, a great option if you need help picking stocks.
One of the more unique features of Cash App that separates itself from legacy banks is the ability to buy and sell fractional shares. For example, let's say you have $500 in your app balance to invest. You can buy 0.15 shares of Amazon (NASDAQ: AMZN) or around 0.6 shares of Tesla (NASDAQ: TSLA).
Buying Stocks on Cash App
If you have just signed up for a Cash App account, here is a step-by-step guide to get started.
Download the Cash App
You can access the stock trading platform through the investing tab. Once there, check out stocks in your watchlist along with the most traded monthly stocks and biggest daily movers. Download Cash App here.
Go to the Invest Tab
Decide which company you want to buy in Cash App’s curated list. You can also explore the tab on your own if you have a stock watchlist.
Pick a Company
Tap on the company’s name to open a new page to see the stock’s daily performance and look at the stock chart. Investors should consider fundamentals such as revenue and earnings growth for long-term investments. Day traders should look at technical indicators and other factors to assess a company.
Pick an Amount and Buy
Once you are ready to buy, simply click on the “Buy” button and input how much money you want to invest in the stock.
Complete Registration
Before you can make the purchase, the app will ask to confirm a few pieces of regulatory and legal information and to make sure you're a U.S. resident, aged 18 or older.
Confirm Your Trade
Once complete, confirm the details of the trade. Click the “Confirm” button to finalize the transaction. The shares will appear in your account shortly after.
Cash App Alternatives to Buy Stock
Despite a surge in popularity throughout 2020 and into 2021, Cash App is still a very young platform with minimal value-added features. If all that matters to you is free trading, Cash App is a great platform for your investment needs.
If you want more out of your broker without compromising free trading, you can tap into a few alternative options.
- Best For:Active and Global TradersVIEW PROS & CONS:Securely through Interactive Brokers’ website
- Best For:Global Broker for Short SellingVIEW PROS & CONS:securely through TradeZero's website
Stocks Available on Cash App
Not all stocks are available on Cash App but they do have a nice selection and they break out the categories for you to easily find stocks. You will find many of the top stocks within the NASDAQ and NYSE markets. Investors can buy companies in various industries:
- Banking & Finance
- Business Services
- Energy
- ETFs
- Food & Drink
- Health
- Media & Entertainment
- Shopping
- Sports & Gaming
- Technology
- Tourism
- Transportation
Buying Bitcoin on Cash App
Buying Bitcoin is similar to buying stocks on the app. You still go over to the investing tab but you toggle over to "Bitcoin" instead.
From there, you have a buy, sell or send Bitcoin option. Here's what to do from there:
- Select "buy."
- Choose a frequency.
- Select the dollar amount.
- Order.
You'll have then added Bitcoin to your Cash App portfolio. As of this writing, the only cryptocurrency you can purchase on Cash App is Bitcoin.
Cash App Alternatives to Buy Bitcoin
Take a look at some other exchanges where you can buy Bitcoin and other cryptocurrencies.
Decide Whether Cash App is Right for You
Cash App Investing accounts are FREE to open, require no minimum balance to maintain and charge no commission fees except for potential fees imposed by the SEC. You can set up automatic stock or crypto buys to happen every day, every week or every two weeks. The Cash app offers a good introduction to investing and can help users like you achieve your long-term financial goals.
Head over to Cash App to get started.
Frequently Asked Questions
Does Cash App require a bank account?
Cash App verifies you through a phone number or email address.
What is the maximum amount you can send on Cash App?
Cash App allows you to send up to $2,500 in one day and up to $7,500 in one week.
Is Cash app a safe place to store your money?
Yes. The money you put into the Cash app is insured by the FDIC.
About Luke Jacobi
Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.