Platform Review:



Square, led by CEO and Twitter Co-Founder, Jack Dorsey, launched its Cash App mobile payments system in 2013 to US customers. Users of the mobile app assign themselves a unique username, called a “Cashtag”, and can use Cash App for general financial services, including:

  • Sending and receiving payments
  • Setting up direct deposits
  • A debit Cash Card with “Boosts” discounts that rewards users with cash or Bitcoin each time they make a transaction.
  • The ability to buy fractional shares of stocks and Bitcoin.

The recent addition of Bitcoin rewards on the Cash Card was the result of Cash App’s 2020 Q3 earnings report, which showed they brought in $1.63 billion in Bitcoin revenue stemming from the app’s Bitcoin buy feature. This represents an increase by more than 1000% over 2019’s Q3 revenue.

Compared with other payment services like PayPal, which recently rolled out crypto buys and sells to its mainstream user base, Cash App is more geared toward the millennial user who is both tech savvy and keen to embrace digital currency technologies. The artwork on Cash App’s homepage reflects this; the imagery appeals to this audience segment and stands out from PayPal’s homepage, which has the look and feel of more mainstream financial and tech platforms like Google Pay or Facebook.

  • Available to: US Residents
  • Suitable for: Beginners
  • Cryptocurrencies for purchase: Bitcoin
  • Fiat currencies available: USD
  • Fees: Up to 1.76% on Bitcoin purchases, 2.75% charged to businesses per transaction
  • Exchange token: N/A
  • Main Features: Payment service, direct deposit, Cash Card (debit), Bitcoin “cash back” rewards, ATM withdrawals, stock and Bitcoin buys.
Core Features

Originally created to compete with Venmo, Cash App has developed unique features that attract cryptocurrency users as well as those in search of a quick and easy mobile payments service.


Cash App enables peer-to-peer payments with 3 easy options:

  1. Each user creates a $cashtag that can be used for sending and receiving payments.
  2. A QR code is available for scanning when making transactions.
  3. A user can also use their phone number.

Through the use of the Cash Card debit card, users can also make online and point-of-sale (POS) payments at any retailer that accepts Visa.

Cash Card

Cash App’s “Cash Card” is a zero fee Visa debit card that you can use to pay at retail establishments and while shopping online. Instead of being connected to a bank, however, Cash Card is directly connected to your Cash App account and is good to use anywhere where Visa is accepted.

Boost function - Bitcoin & cash back rewards

“Boosts” are similar to credit card cash back incentives that pay out when users transact at partner establishments. With the Cash Card, you can choose one company at a time to receive your cash-back or Bitcoin-back payments. To access the Boost feature, follow these steps:

  1. Open your Cash App
  2. Click “Card Balance”
  3. Click “Boost”
  4. Choose which retailer you want have your Boost activated on (1 at a time is the limit)
  5. Use your Cash Card for transactions at the selected retailer to get an instant discount

While you can only select one retailer for activation at a time, there are no limits to how many times you swap out another retailer to ‘boost’. Retailers can include Starbucks, McDonalds, USPS, Shake Shack, and many more. Check with this updated Cash App Boost list to see the current participants in the Cash App Boost program.

ATM Withdrawals

Cash App’s Cash Card can be used at any ATM for withdrawals. Each transaction is charged $2.00 by Cash App (other bank ATM fees may also be charged). If any customer receives monthly direct deposits into their Cash App account of $300 or more, all ATM fees (by CashApp and banks) are instantly reimbursed.  

Maximum ATM withdrawal amounts are:

  • $250 per transaction
  • $250 per day
  • $1000 per week
  • $1250 per month
Direct Deposits

Cash App works with Lincoln Savings Bank to provide a direct deposit feature for paychecks and tax returns. They also offer a program where you can receive your direct deposit up to 2 days earlier than with conventional banks for a small fee, similar to PayPal’s instant transfer feature.. 

Users setting up direct deposit will receive a Cash App routing number and account number so they can provide that information to their employer or the IRS to initiate direct deposits. (Note: Cash App monies are not FDIC insured).

Zero Fee Stock Investing
  • For single stock buys and sells, Cash App users must first sign up to Investing LLC, Cash App’s broker-dealer. Once signed up, users can purchase fractionalized portions of stocks and exchange traded funds (ETFs) starting at $1.00. 
  • Financial advisory or portfolio management is not available at Cash App; users are solely responsible for the stock purchases they make. 
  • There are zero fees for stock buys on Cash App and there’s no account minimum for participation.
  • Cash App users can invest in stocks and ETFs, but not mutual funds or bonds.
Bitcoin Investing

Bitcoin buys and sells using the Cash App are carried out at a mid-market rate which is determined by exchange prices. The fees will be listed on the trade confirmation at the time of your transaction. The 2 types of Bitcoin fees are:

  • A service fee per transaction (determined by market activity)
  • Price volatility fee across US exchanges (disclosed at each transaction)

Tax reporting is available for your Bitcoin transactions on Cash App. Users who sold Bitcoin during the tax year will receive a 1099-B by February 15th of the following year. The 1099-B is available for users to download in their Cash App account.


The Cash App website includes a very well developed FAQ and help center, which includes security protocols that users can take to secure their Cash App accounts.

Also included is a nice introduction to Bitcoin for those new to cryptocurrencies, with appealing graphics, a storytelling format, and easy to understand details about Satoshi Nakamoto and how Bitcoin came into existence.

  • ATM fee: $2.00 per transaction is charged by Cash App and there may be other bank charges for using the ATM. But all fees are waived for those who direct deposit at least $300 monthly into their Cash App account.
  • Merchant fees: For accepting Cash App payments, a fee of 2.75% per transaction is charged to the business. 
  • Expedited transfer fee: 1.0-1.5% is charged for instant transfers from Cash App to a user’s bank account (wait time for regular transfers is 2-3 days).
  • Credit card payments – Users that want to use Cash App and a connected Visa credit card to make personal payments can do so for a fee of 3% per transaction.
  • Stock buy and sell fees: Zero fees
  • Bitcoin buy and sell fees: No fee schedule is published for Bitcoin at this time. Their supporting documentation states that Cash App will charge a service fee per Bitcoin transaction (determined by market activity) and a volatility fee (determined by US exchange prices). 

At this time there is no account inactivity fee as you would have at a traditional bank or PayPal.

Funding Options

To fund your Cash App account you have multiple options:

  • Deposit up to $10,000 in Bitcoin in any 7-day period
  • Direct deposit from your employer or otherwise, or for a tax refund through their partner bank
  • Link any Visa debit card to your Cash App account
  • Peer-to-peer payments
  • Hook up your eligible bank account to fund payments through Plaid.

Currencies available for funding a Cash App account are USD and Bitcoin.

Withdrawals & Wallet Transfers


Users can transfer funds from Cash App to their bank account, a process that takes up to 3 days. The option for immediate transfer is available for an extra fee of 0.1 to 0.15%.

ATM withdrawal limits with Cash Card or enabled prepaid Visa credit cards are:

  • $250 per transaction and per day
  • $1000 per week
  • $1250 per month


Cash App users with a balance of 0.0001 Bitcoin or more can withdraw their crypto to an external wallet, a process that takes about 30-40 minutes

Withdrawal limits for cash and Bitcoin:

$2000 per 24-hour period

$5000 per 7-day period

$10,000 per 30 day period


Restricted accounts

All new users will automatically be put into a restricted account that disqualifies them from making payments to other Cash App customers. Otherwise all other services are available. 

Unrestricted accounts

After linking an external US bank account and initiating a transfer from your Cash App balance to another Cash App customer, you are brought to the upgrade feature to apply for an Unrestricted Account. You’ll be prompted to provide additional information to verify your identity.

Users may also be asked for additional information if they request to raise the per transaction limits, such as full name verification, date of birth, and the last 4 digits of their tax I.D. number.

Commerce Services

For merchants, Cash App processes transactions on their behalf, charging 2.75% per transaction and depositing the funds into the merchant’s Cash App account. 

Also available is mobile check capture, enabling small businesses to use electronic images of their customers’ personal checks to process them as business transactions. Fees for check captures are not documented, but more information about the process is available in the Mobile Check Capture Terms of Use.

User Experience

Cash App provides a modern, unique experience that is tailored for a mobile ready, tech savvy audience. The app loads quickly and provides an aesthetic and cutting edge graphical presentation. In Google Play, Cash App has received over 275,000 reviews, averaging 4 stars. The primary complaint is problems around customer support.


Navigating Cash App results in a sleek, fast, and easy-to-comprehend experience with helpful support documentation along the way to explain features and guide the users.

Customer Support

Support mechanisms are well designed and multi faceted on Cash App. They have a full automated support search feature that will also connect you to human support if needed. 

Cash App also provides a Twitter channel dedicated to support that we tested; a knowledgeable rep replied within a few minutes. The CashSupport Twitter service is open from 6am to 6pm seven days a week. 

While we noticed a number of negative reviews regarding customer service, many of the complaints were minor (i.e., a $4 discrepancy). The App Store reviews for Cash App were positive overall. 


Cash App provides multiple security features, including:

  • Security Locks
  • PIN entry, Touch ID, or Face ID verification 
  • Encryption
  • PCI-DSS level 1 certification meaning your data is protected
  • Offline coin storage for Bitcoin balances
  • Pause card spending for if you lose the card
  • Push, email, and text notifications alert you of any account usage
  • Fraud Protection
  • Protections from unauthorized charges
  • Cash App has very few downage reports, and mostly are for scheduled maintenance.
  • The app is easy and quick to use for payments. 
  • Cash App has Square behind it, which is a publicly traded financial services and web development company founded in 2009. Square CEO, Jack Dorsey, is also Co-Founder of Twitter and is highly regarded within the crypto community (like Gemini’s Winklevoss twins and Kraken’s Jesse Powell).
  • Cash App provides a helpful status page that separates out the different services clearly so you can quickly check on systems that may be affecting you.
  • A security page is available on the homepage with detailed info, unlike PayPal which provides very limited details on security procedures.
  • Exact Bitcoin purchase fees are not published.

No hacks have been reported.


When offering banking services like payments, direct deposits and debit cards, the lack of phone agent support seems to bother a lot of people, as per reviews in the Google Play App Store. However, Cash App’s Twitter support is responsive and Cash App provides a very thorough FAQ and customer support experience. 

The verification experience on Cash App is very different from crypto exchanges like Coinbase and, and very little information is required to get going in making payments and buying Bitcoin. 

External withdrawals are quick and cheap, with disclosures about the process easy to understand for the beginner. The process of buying Bitcoin is more streamlined here compared with PayPal or Coinbase.

The lack of a desktop version may deter traders from using Cash App, especially since crypto exchanges all offer desktop and mobile. But this easy and fun to use mobile application appears to target the millennial, who primarily turns to digital services for their banking and has no problem incorporating digital assets into their banking environment.

What CashApp Doesn't Offer
  • No stop payments
  • FDIC insurance on cash not available as it is at Gemini and Coinbase.
  • Desktop version is not available for Cash App (most platforms for payments and exchanging or buying crypto offer both mobile and desktop, like Kraken and PayPal).