How to Buy Crypto with Cash App

Summary: Cash App currently only offers users the ability to buy and sell Bitcoin (BTC) through their mobile banking platform. The company has announced no plans to support other crypto assets in the future, which makes it an extremely limited platform to get investment exposure to cryptocurrencies.

We recommend an alternative platform like Uphold that is licensed & regulated in the USA and supports direct deposits via Cash App through their Plaid integration. Uphold currently supports over 250 cryptocurrencies and crypto staking so users can earn interest on their crypto holdings.

Can I Buy Crypto with Cash App?

Yes, Cash App provides the functionality for users to buy Bitcoin exclusively through its widely-used mobile app. Nevertheless, it is not considered the optimal platform for purchasing BTC due to its comparatively lower security standards, limited privacy measures, and lack of features that dedicated crypto exchanges or wallets typically offer.

Moreover, the fees associated with crypto transactions on Cash App considerably outweigh those of other platforms available in the US, posing a potential financial drawback. As of now, Cash App levies a 2% fee per Bitcoin trade, a cost that is substantially above, about tenfold, the industry average.

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How to Buy Bitcoin and Crypto with Cash App

The best alternative to buy Bitcoin and Crypto with Cash App is Uphold, because they allow users to easily deposit USD from their Cash App accounts to the platform via Plaid to trade & stake over 250 crypto assets. The exchange charges zero fees, is licensed by FinCEN in the USA and is trusted by over 10 million retail and institutional investors.

Here is a step-by-step guide to help you get started:

1. Create Free Account: Sign up to Uphold and complete your identity verification.
2. Fund Account: Connect your Cash App account to complete a bank transfer via Plaid or ACH.
3. Find Token: Head to the search bar, type in the crypto you want to buy, then click ‘Trade’.
4. Buy Crypto: Input the amount of USD you want to invest and tap ‘Open Trade’.

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Is Cash App a Good Bitcoin Wallet?

Cash App does provide a rudimentary Bitcoin wallet service, facilitating the purchase and sale of Bitcoin exclusively. However, it's crucial to understand that Cash App doesn't operate as a dedicated cryptocurrency wallet, and its security measures may not match the robustness of hardware or software wallets.

If you intend to store a substantial amount of Bitcoin for an extended period, a dedicated cryptocurrency wallet might offer a safer alternative. On the other hand, for casual transactions involving smaller quantities of cryptocurrency, Cash App can be a suitable choice.

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Will Cash App Offer other Cryptos?

Given that Cash App's CEO and founder, Jack Dorsey, is a staunch Bitcoin maximalist, it seems improbable that the platform will broaden its crypto offerings. Dorsey's advocacy for Bitcoin suggests a preference towards this single cryptocurrency, reducing the likelihood of incorporating additional digital currencies into the app's functionality.

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Bottom Line

In conclusion, while Cash App does allow users to buy and sell Bitcoin, it is not the most recommended option due to its high fees and limited options. We suggest using Uphold, a licensed and regulated platform in the USA that supports direct deposits from Cash App and offers over 250 cryptocurrencies, as a better alternative.

While Cash App can be used as a basic Bitcoin wallet, it is important to note that it does not offer the same level of security as dedicated cryptocurrency wallets. Finally, it is unlikely that Cash App will offer a wide range of cryptocurrencies in the future, given the founder's advocacy for Bitcoin, so investors need to seek an alternative platform to get broader exposure to the market.