How to Buy Bitcoin with Cash App

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A step-by-step guide to buying Bitcoin on the Cash App, including fee guidelines, an auto-investing feature, and security tips to help empower users to invest in cryptocurrency.
Cash App, a multifunctional financial application, offers various options, including money transfers, investment options, and cryptocurrency purchases. Acting as a comprehensive financial tool, Cash App provides users with the ability to process transactions, invest in assets, and explore digital currencies such as Bitcoin. The application aims to simplify financial tasks and help users navigate the modern financial environment.

What is Cash App?​

Cash App, created by Block Inc (formerly Square Inc), is a peer-to-peer (P2P) mobile payment service that offers stored-value services similar to deposit accounts. This innovative platform allows users to access financial services without the standard fees that come with traditional banks.
As a non-bank financial solution, Cash App allows individuals to send and receive money, pay bills, file taxes, and invest in stocks, all with the convenience of a debit card. Cash App has a significant user base of 51 million people and creates an alternative to buying and selling Bitcoin on crypto exchanges.
The ability to make cryptocurrency transactions limited to Bitcoin only has allowed Cash App to establish itself as one of the well-known mobile payment apps available in the United Kingdom and the United States. Starting in 2023, Cash App users can conveniently track their Bitcoin transactions to streamline tax reporting with the TaxBit integration, simplifying the tax calculation process for BTC assets.

Buy Bitcoin with Cash App​

Before you begin the process of buying Bitcoin through Cash App, there are a few preliminary steps you need to take to ensure a smooth experience. First, install the Cash App and create an account. Then, link your Cash App account to your checking or bank account. Once this link is established, you can make Bitcoin purchases. Additional security verification may be required to enable the investment features of the Cash App, including buying Bitcoin.
It is important to remember that Cash App only allows transactions in Bitcoin, and its investment balances are not insured by the Federal Deposit Insurance Corporation (FDIC) or the Financial Services Compensation Scheme (FSCS). However, the Securities Investor Protection Corporation (SIPC) has limited coverage for fiat investment balances.

Steps to buy Bitcoin on Cash App:

• Launch Cash App and log into your account;
• Make sure you have enough funds in your Cash App account. You can fund your account using a linked debit or credit card or by receiving direct deposits;
• Click on the “Investing” section located at the bottom of the screen;

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• Find the “Buy Bitcoin” option and tap it to continue;
• Enter the amount of Bitcoin you want to purchase or use the slider to select a specific amount;
• Enter your PIN and view the transaction details, including the current BTC price and any applicable fees;
• Click the Buy button to confirm your instant purchase of Bitcoin.

Automatically invest bitcoins in cash app​

The Auto Invest feature can be used in the Cash App to schedule recurring Bitcoin purchases based on your preferences. By making it easier to accumulate BTC over time, this feature eliminates the need for manual transactions. It allows users to consistently allocate a portion of their paycheck to Bitcoin and spread out their Bitcoin purchases to mitigate price fluctuations.

Steps to set up the Auto Invest on Cash app:

• Open the “Investing in Bitcoin” screen and click “Buy”;
• click on the drop-down menu that says "Change Order Type";
• select the frequency - daily, weekly or every two weeks - and click "Done";
• select a preset amount or customize it by clicking "..." and entering the desired amount;
• Click Next, keeping in mind that the minimum amount for Auto Invest purchases is $10;
• Confirm your selection to set up automatic investments.

Cash App Fees for Buying Bitcoin​

Cash App may charge a fee for Bitcoin transactions depending on the size of the transaction, and the current average market price of Bitcoin will be applied to the purchase. The app also includes a spread, which means you pay a little more than the market value for the Bitcoin, or sell it a little below the market value.
Margins may differ when buying Bitcoin with Cash App compared to selling it. Margins and prices may also differ from what is advertised on other trading platforms.
During Bitcoin transactions, Cash App will charge two types of fees: one is a service fee, and the other is an additional fee based on price volatility on exchanges in the United States. The fees will appear in the transaction confirmation before it is completed. So, if there is a disagreement with the final price, there is an option not to proceed.

Who can buy Bitcoin with Cash App?​

To buy Bitcoin on the Cash App, users must meet certain requirements. To use the app, users must be at least 18 years old and above the age of majority in their country of residence. They must also be individuals, not businesses or other organizations, and use the service for personal purposes only. The Cash App is available in the UK and the US, and all 50 US states can access the platform to buy Bitcoin.
However, complete anonymity is not always achievable. Some transfers in government or digital currencies may require users to provide personal information such as their name, phone number, address, taxpayer identification number, date of birth, email address, government identification number, and bank account details. In addition, users may also be asked to disclose information about the source of their money and employment.

Get Bitcoin with Cash App via Bitcoin Boost​

Another way to get Bitcoin in the Cash App is to earn it. The Bitcoin Boost feature allows users to accumulate Bitcoin with every Cash Card transaction. Once Bitcoin Boost is selected and the Cash Card is purchased, the Bitcoin earned is automatically added to the customer's Bitcoin balance.
Steps to implement Bitcoin Boost Cash App:

• open the "Money Card" tab on the main screen;
• Click Save with Boost, select Boost and click to add Boost.

Cash App does not charge a fee for Bitcoin Boost. To see the Bitcoin earnings associated with transactions, go to the Activity tab and tap the relevant bank card transaction.

Security and protection measures offered by the Cash App​

Cash App is PCI Data Security Standard (PCI-DSS) Level 1 compliant, the highest security standard for merchants accepting payments. This means your data is protected and encrypted.
While Cash App provides a convenient way to buy Bitcoin, it is important to prioritize security. Consider implementing two-factor authentication (2FA) and using a strong and unique password for your account to protect your Bitcoin wallet and transactions.
By enabling two-factor authentication, requiring a PIN for cash transfers, and activating account activity alerts, you can increase the security of your Cash App account. If your card is lost or stolen, you can deactivate it to prevent fraudulent payments. Also, avoid sharing sensitive information with anyone and be wary of possible cryptocurrency purchase scams.

Disadvantages of Buying Bitcoins via Cash App​

While Cash App provides an alternative platform for buying Bitcoin, there are some drawbacks to consider. First, if you are an investor interested in diversifying your crypto portfolio beyond Bitcoin, Cash App is not for you as it only offers the ability to buy Bitcoin and does not support other cryptocurrencies. Unlike traditional brokers, Cash App’s investment options are limited.
It is also important to note that Cash App Bitcoin and investment balances, unlike traditional banks, are not FDIC or FSCS insured. This means that your funds stored in the app are not protected in the same way as in a bank account. However, in some cases, investment balances may be covered by SIPC. Additionally, in the US, Cash Card offers your account benefits under FDIC coverage, securing up to $250,000 in your Cash App account balance.
Thus, for investors looking for a wider range of investment options and the security of FDIC insurance, specialized crypto exchanges may be more suitable.