How to Buy Bitcoin with Cash App: Step-by-Step Instructions
- Go to the Android or Apple app store and download the Cash App for your mobile device.
- Then, set up your Cash account.
- Enter the code sent to you and confirm your phone number or email address.
- Select if you want to use your account for business or personal matters. If you want to send money only to friends and family, select “Personal.” If you want to send money to goods or services, select “Business.” After you have registered, link your bank account.
- Before you can buy Bitcoin (BTC), Cash App will have to deposit money into your account. This may require additional identification steps.
- Open your Cash App.
- Tap “Cash & BTC” or the dollar amount featured at the top of your screen.
- Swipe left or tap the BTC symbol in the upper right corner.
- Tap “Buy,” and adjust the price slider or swipe up to enter the sum you want to buy.
- Tap “Buy BTC.”
- Type in your Cash pin or identify yourself via Touch ID.
- Tap “Confirm.”
Are There Any Fees for Buying Bitcoin?
Cash App does not apply a supplementary percentage or fixed fee. The price of BTC is calculated by averaging the market prices featured on major exchanges, inclusive of a margin or speed.
The margin may be different to buy Bitcoin (BTC) from Cash App and to sell Bitcoin (BTC) to the app. The price and margin may also vary from the values featured on other exchanges, trading platforms, or marketplaces.
Fees for deposits and transfers
Cash app has no fees applied to debit accounts transactions, but it applies a 3% fee to credit card transfers for the sender. Personal use accounts do not incur any fees for sending, requesting or receiving money personal payments from a debit card or a bank account or for a standard deposit.
Using the instant deposit option will add a fee of 1.5% of the amount deposited to your bank account.
If you receive a payment on a business account, the business has to pay a fee of 2.75% of the sum that is being transferred to you.
Withdrawing Bitcoin to Your External Wallet
As we all know, it is not safe to leave your crypto fund on any online platform, and it is best practice to transfer your funds to a safe, external Bitcoin wallet.
Follow the steps presented below to move your Bitcoin to an external wallet:
- Open your Cash App;
- Tap the profile icon in the left part of the screen;
- Scroll to “Funds;”
- Tap on “Bitcoin;”
- You will have to verify your identity before withdrawing;
- After you have passed this step, tap on “Transfer Out;”
- Tap “Confirm;”
- Use the “Use Wallet Address” at the bottom of your screen or scan the QR code from your external wallet;
- Tap “Confirm.”
After the withdrawal from Cash App has been processed, your Bitcoin (BTC) will be deposited into your external wallet. Bitcoin transfers can take up to several hours to be completed, so be patient.