Looking for a good Cash App review to help you decide if the ultra-popular money app is right for you?
You’re in the right place!
In this Cash App review we’ll discuss:
- The Features of Cash App
- How it Works
- How to Use It
- Things You Can Do
If you happen to be a new user, we would highly recommend taking a look at our Cash App referral code guide.
This Cash App review will help you determine if Cash App is right for you.
How Does Cash App Work?
Cash App is a peer-to-peer money transfer service that allows users to send and receive funds using their phone, through an app.
There are no fees for transferring or withdrawing from your account.
This makes Cash App especially appealing to people who are looking for a fee-free way to send money internationally.
Cash App is available in the United States, Canada, and Australia.
The app itself can be downloaded from the Apple Store or Google Play store.
This article will cover how Cash App works as well as some of the features that make it an attractive choice among peer-to-peer payment services like Venmo, Square Up, Paypal, etc.
To start using Cash App you must download the free app from your respective phone’s marketplace and create an account by inputting basic information such as email address or mobile number (this option allows users anonymity).
You may also choose to link your existing social media accounts so friends can easily find you.
Sending money with Cash App is simple and straightforward.
First, Cash App requires you to add, either by manually entering the amount or scanning a QR code (which Cash App provides), a dollar amount to send.
From here you are prompted to choose how you would like to pay that dollar amount.
Cash App offers money options of Cash, Bank, or Gift Card.
Cash is the app’s way of saying an immediate transfer from your Cash balance while bank transfers take up to three days for funds to clear.
Receiving money with Cash App is also straightforward and very user-friendly!
You can either initiate a payment from someone else or just have them handle the whole thing from their end; either way is pretty simple to do.
To initiate a payment from someone, Cash App will ask you to provide the dollar amount they owe, Cash option (in this case it is required), and Cashtag (this is like a nickname for the user; basically a username).
All you have to do now?
Tap “Request” and you’re good to go!
If you would rather have your friend enter the Cashtag on their end, they just follow the process for sending money (above).
Banking with Cash App
The banking features with Cash App are pretty great!
Not only are they functional (thank goodness), but they’re also easy-to-use for even the least tech-savvy of us.
What are some banking functions they have available?
Here are a few:
- Sending & receiving money
- Direct deposit
- Tax refund deposit
- Get your paycheck early
- Get a Cash Card (Cash App debit card)
- Connect other bank accounts to make transfers
We’ll go into more detail on all of these features further below.
Investing with Cash App
The investing features within Cash App are some of the most unique features that really draw people in.
Plus, a bonus!
They’re SUPER easy to use and very user-friendly.
Investment options with Cash App include:
- Mutual funds
While they may not have the largest selection of individual stock options to invest in, they do have a lot of options when it comes to purchasing, managing, and selling them.
This makes Cash App investing perfect for beginner investors or those who desire a more hands-off experience without paying a ton of fees for a broker to take over.
We’ll go more into detail with these features further below as well.
How to Use Cash App?
Sending & receiving money on Cash App is easy.
To send funds, the sender will input their mobile number or email address and then choose a dollar amount to transfer as well as who they want it sent to (name of contact).
After that, the recipient will be notified and can either accept or reject the request.
When accepting, both parties are required to enter their PIN code to complete the transaction.
If someone needs help using Cash App there’s an “Account” button in which they can access customer support by phone call or online chat session with company representatives.
You might also want to take a look at how to get free money on Cash App.
Who Should Use Cash App?
Cash App is great for so many people!
Specifically, it works great for people who:
- Send & receive money often (for business or personal reasons)
- Enjoy purchasing stocks
- Want to invest in mutual funds, bonds, or Bitcoin
- Like to use a debit card for simple daily purchases and ATM withdrawals
Cash App could also be a great option if you’re looking for a better alternative to big banks.
Cash App was designed with convenience and ease of use in mind rather than unnecessary fees and long wait times.
What Features Does Cash App Have?
Once you get through the initial process of signing up with the Cash App referral code and getting your referral bonuses squared away, there are many features available to you to continue using this awesome app.
Here are a few different ways to use Cash App.
Seamless, Simple Sign-Up
It’s SO simple to sign up for Cash App, most times the process is finished before you even realize it’s done.
Some of the sign-up steps include:
- Enter Cash Tag (username)
- Agree to Terms & Conditions
- Create PIN Code (4-digit verification code, only used for security purposes like logging into your Cash App account or making payments)
- Provide Social Security Number (used for tax reporting, required by law)
This isn’t an exhaustive list, but it really is this easy!
This quick sign-up process is a huge benefit to the app all by itself, the myriad of other benefits notwithstanding.
Send & Receive Money
Cash App’s main user function is to facilitate the transfer of money.
You can send or receive money from anyone, donate to a cause, or even send money as a tip to professionals after receiving a great product or service.
Whatever the reason for the transfer, you can process it quickly & easily with Cash App with just a few taps.
Cash App Direct Deposit Review
Cash App offers direct deposit!
This means you can get your paycheck automatically deposited right into your Cash App account.
And remember, your Cash Card connects too.
So your funds can be available pretty instantaneously for you to use for boosts, bills, regular purchases, or whatever you may need.
Benefits of using Cash App for direct deposit include:
- The fee for direct deposit is FREE!
- Daily limits for deposits to Cash App accounts, so your money is available as soon as possible
- Cash App will send you notifications to let you know when funds are received into your Cash account
- Once you have set up Cash Account, Cash Card, and direct deposit access, making transfers is simple
- Get your tax refund deposited quicker (and automatically)
Get Your Money Early
You can receive your money earlier than expected with the Cash App!
Need your paycheck a few days early?
Looking for your tax return as soon as possible?
You can receive these and other direct deposits up to 2 days early just by using your Cash App routing and account number to process the deposit.
Use the Cash App Debit Card (Cash App Card Review)
The Cash Card is a customized debit card that works just like a normal debit card from a bank in the sense that you can pay for purchases online and in stores.
The card is a Visa, so it’s accepted nearly anywhere.
You can even add it to your electronic wallets such as Google Pay or Apple Pay as well.
Friends may send each other money for free when splitting bills from restaurants, bars, etc.,
If one friend owes another person you can request that they send you the money.
This makes it super simple to split bills for events so everyone involved can chip in.
Cash App Investing Review
Cash App is such an exciting option for investing!
Especially for beginners 🙂
There are so many options and so much flexibility, you’ll feel capable and in control.
You can invest in stocks, bonds, mutual funds, and even Bitcoin with Cash App.
You are able to start with as little as $1.
Let’s dig a little deeper into each of these sections of investing for more info.
Purchase & Manage Bitcoin Investments
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You can convert dollars into Bitcoin using Cash App!
You can purchase entire Bitcoins or partials, manage your account, and get all of the information you may need.
It’s a great way to get started with cryptocurrency if you’re not sure about the process yet.
You can also invest in stocks with the Cash App, and you don’t need much money to get started.
In fact, you can start with just $1.
There are also tools available so you can see how your stocks are doing and adjust your strategy based on your success.
No matter your level of fluency when it comes to trading stocks, you can invest safely and easily with just a few taps in your Cash App.
The app even allows you to invest in stocks in fractions of a share, which is a great feature.
For example, if a full portion of stock costs $20, you could purchase a half share for $10.
Extremely Low Fees & Minimums
Cash App has very little in the way of fees when it comes to its investment platform.
There are no fees for transferring money out of Cash App or for selling your investments.
That alone is a big deal.
What’s more, though, Cash App charges only $1 per trade for buying and selling investment stocks, but the first five trades per month are free!
They also don’t require high minimum deposits like many other apps and platforms do.
You can start investing with Cash App for as little as $1: very reasonable and accessible to everyone.
This goes for both their stocks and their Bitcoin investment options.
Automatic Investing Schedules
You can set up automatic investing schedules with Cash App!
This is a great way to make sure you’re staying on track with your investments.
You can choose the amount of time between every investment deposit.
For example, if you want to invest $100 every Monday, Wednesday & Friday, Cash App will do that for you!
Seriously, how cool is that?
By making consistent deposits into your Cash App account, you’ll be able to build up your portfolio faster and easier than ever before.
How Good is Cash App for Investing Though?
Is Cash App really a good option for investing though?
To answer that question, it’s important to take a look at Cash App versus other options out there.
Cash App is very user-friendly and has low fees, so it certainly does have its perks!
That goes without saying.
Also, they’re known for being especially generous with new users who are trying the app for the first time.
That means you can get started with Cash App without much worry about any hidden costs or fees until you really know what you’re doing here.
There are some downsides as well that aren’t mentioned as often when people talk Cash App investing reviews.
The fact of the matter is that Cash App doesn’t allow advanced trading features.
It’s a good option for beginners, but it isn’t necessarily the best option out there for people who have been investing for a while.
Want to get really involved in something like Options Trading or learning how to download free stock trading software?
Cash App just won’t help you there.
Also, Cash App doesn’t offer the kinds of investment portfolios that other platforms do.
So the answer is both yes and no.
It depends on what you’re looking to get out of an investment platform.
Save Money with Discounts
When you get a Cash Card, you gain access to something called Boosts.
These are boosted offers from both online and in-store retailers.
The discounts are exclusive to Cash Card holders, and it just takes a few quick taps in the Cash App to set them up so you save at places you want to spend.
These discounts process instantly when you select the offers on your Cash App home page.
Review of Cash App: FAQs
Is Cash App Trustworthy?
Yes it is! Cash App has a public rating of A+, but Cash App has also been operating since 2012, which is a bit longer than some other apps and platforms out there today.
Is Cash App Safe to Use?
Cash App is very safe to use because it uses bank-level security, including 256-bit encryption protocols. Cash App also doesn’t store any information about your accounts on one central server. It stores all account data distributed across multiple servers, so hackers have no place to get banking info from the Cash App website. This makes it much more difficult for them to steal or access your personal information.
Alternatives to Cash App
Robinhood is Cash App’s biggest competitor in terms of investing because Cash App and Robinhood both offer free trades, but Cash App offers more advanced features like access to stocks while Robinhood only offers access to stocks and ETFs. In terms of the money transfer aspects, Venmo and PayPal are similar.