Can I Buy Crypto with Cash App?

Yes, U.S. residents can easily buy Bitcoin using Cash App by instantly depositing funds into their account. Cash App supports automatic investments, allows you to convert spare change into Bitcoin with "Round Ups," and facilitates rapid transactions through the Lightning Network.

Unfortunately, there are no opportunities to invest in other digital assets like Tether, Solana, Ethereum, or BNB Coin. As a leading peer-to-peer payment option, Cash App is accepted on American crypto exchanges registered with the Financial Crimes Enforcement Network (FinCEN).

How to Buy Bitcoin with Cash App

Purchasing Bitcoin and other cryptocurrencies using Cash App is simple. Users can quickly deposit funds into cryptocurrency exchanges regulated by the Financial Crimes Enforcement Network (FinCEN).

Kraken is a crypto platform registered as a Money Services Business (MSB) with FinCEN (Reg #31000270997766). It supports USD deposits from Cash App and offers access to over 400 cryptocurrencies.

Follow these clear steps to buy Bitcoin using Cash App and Kraken:

1. Sign Up: Visit Kraken’s official website to create an account. Complete the mandatory identity verification (KYC) requirements to comply with U.S. regulations.
2. Deposit Funds: From your Cash App, transfer funds to your linked bank account. Then, deposit these funds into Kraken by selecting “Deposit,” choosing the bank transfer option, and following the instructions provided.
3. Choose Bitcoin: After your deposit clears, head to the trading interface and select Bitcoin from their offerings.
4. Complete Your Purchase: Enter the amount you’d like to invest, confirm your transaction details, and finalize your Bitcoin purchase.

Will Cash App Support Other Cryptocurrencies?

As of now, Cash App exclusively supports Bitcoin and has not announced plans to add other cryptocurrencies to its platform. This focus aligns with the vision of Jack Dorsey, CEO of Block, Inc., who has consistently emphasized Bitcoin's role as the primary digital currency. Jack has stated that Cash App's mission is to help Bitcoin become the native currency of the internet.

While this approach may limit options for users interested in a broader range of digital assets, it allows Cash App to provide a streamlined experience for Bitcoin transactions. For those seeking to invest in other cryptocurrencies, alternative platforms such as Coinbase or Binance.US offer a wider selection.

Alternative Crypto Exchanges For Cash App

Those seeking additional cryptocurrencies can transfer funds from Cash App to regulated crypto exchanges. Here are trustworthy platforms to consider:

• Binance.US: Binance.US offers American traders access to 150 cryptocurrencies. Investors enjoy low trading fees starting at just 0.1%, extensive liquidity, and advanced trading features.
• Coinbase: This San Francisco-based exchange is fully registered with FinCEN and supports over 250 cryptocurrencies. Coinbase delivers an intuitive trading platform, comprehensive security measures, staking rewards, and fees of 0.6% per transaction.
• Gemini: Regulated by the New York State Department of Financial Services (NYDFS), Gemini emphasizes robust security and compliance measures, offering access to over 100 digital assets. Users pay standard trading fees of approximately 1.49%.

Cryptocurrency Exchange Fees

For investors buying Bitcoin through Cash App or using it to fund crypto exchange accounts, understanding applicable fees clearly is essential. Here are the typical charges associated with these transactions:

• Deposits: Depositing funds from Cash App into your linked bank account is free, and transferring money from your bank into regulated crypto exchanges like Binance.US, Coinbase, or Gemini typically doesn't incur fees either when using ACH bank transfers.
• Withdrawals: Transferring U.S. dollars from crypto exchanges back to your bank account generally involves no charge.
• Trading Fees: Crypto exchanges vary in their trading fee structures. For instance, Kraken charges a 0.16% maker fee and a 0.26% taker fee. Coinbase applies fees typically between 0.5% and 1.5% per transaction, while Gemini's standard rate is 1.49%.

Before initiating Bitcoin purchases using funds moved from Cash App, investors should carefully review the fee breakdown on their selected cryptocurrency exchange.

About Cash App

Cash App is a mobile-based financial platform developed by Block, Inc. (formerly Square, Inc.) that enables users to send and receive money, manage banking features, invest in stocks, and buy or sell Bitcoin, all from a single app. 

Launched in 2013, it offers services like direct deposit, a customizable Visa debit card (Cash Card), and savings tools with no monthly fees or minimum balance requirements. Cash App also provides commission-free stock trading and supports Bitcoin transactions, though it does not currently offer other cryptocurrencies. 

Final Thoughts

Cash App provides a user-friendly entry point into Bitcoin investing, making crypto accessible even with small amounts. However, its exclusive focus on Bitcoin limits options for investors looking to explore additional cryptocurrencies.

To broaden your portfolio beyond Bitcoin, it’s wise to consider regulated exchanges like Coinbase, Kraken, or Binance.US, each offering a wider range of crypto assets and transparent fee structures.