Can I Buy Crypto with Cash App?
Yes, Cash App allows its users to purchase Bitcoin only through their popular mobile app. However, it is not the most recommended option for buying BTC as it does not offer the same level of security, privacy, and features as dedicated cryptocurrency exchanges or wallets.
Additionally, the fees for buying and selling crypto on Cash App are significantly higher than alternative platforms available in the US. At time of writing, Cash App currently charges a 2% fee per trade on BTC, which is 10x the industry average.
Best Crypto Alternative to Cash App
Our recommended alternative to Cash App is Uphold because users can 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:
- Create Free Account: Sign up to Uphold and complete your identity verification.
- Fund Account: Connect your Cash App account to complete a bank transfer via Plaid or ACH.
- Find Token: Head to the search bar, type in the crypto you want to buy, then click ‘Trade’.
- Buy Crypto: Input the amount of USD you want to invest and tap ‘Open Trade’.
Is Cash App a Good Bitcoin Wallet?
Cash App can be used as a basic Bitcoin wallet, allowing users to buy and sell BTC only. However, it is important to note that Cash App is not a dedicated cryptocurrency wallet and does not offer the same level of security as a hardware or software wallet.
If you're looking to hold a large amount of Bitcoin for a long time, it may be safer to use a dedicated cryptocurrency wallet. But if you just want to buy and sell small amounts of cryptocurrency for everyday use, Cash App can be a good option.
Will Cash App Offer other Cryptos?
It is unlikely that Cash App will offer a wide range of cryptocurrencies as their CEO and founder Jack Dorsey is a known Bitcoin maximalist. This means that he is a strong advocate for Bitcoin and may not be interested in expanding into other cryptocurrencies.
To summarize, the Cash App is a convenient platform for buying and selling Bitcoin, but it falls short when compared to other dedicated cryptocurrency exchanges. It's limited offerings, high fees, and lack of security make it an inferior choice for those looking to invest in cryptocurrencies. If you're looking for a better option to buy and trade crypto, we recommend Uphold.
The platform offers a wider range of cryptocurrencies, zero fees, and is trusted by millions of users. Whether you're a casual buyer or a seasoned investor, Uphold is a great alternative to Cash App for all your crypto needs.