Buying Bitcoin on Cash App is easy. All you need to do is make sure that you have a device for the Cash App and then you’re ready to buy Bitcoin. Here is what you have to do:
- Go to Google Play or the Apple App Store and search for Cash App. Download it once you find it.
- Then, enter your email address or your phone number to sign up.
- Add a debit card or your bank account to your Cash App account.
- Enter your first and last name.
- Select a Cashtag. This is your username, which is going to be unique, and you need it in order to be able to receive funds. Besides, you can also get a referral code here. The referral code can be given to a friend or family member, so you can receive a bonus when they sign up using it.
- Enter your address details.
- You must add funds to your Cash App account, or else you will not be able to purchase Bitcoin. So, go to the home screen and choose Add Cash, after which you can select how much you want to add. Then, you need to confirm your name, social security number, birth date, and home address. You are ready to add funds to your balance once you load all these details.
- Go to the home screen and choose the suitable Bitcoin option from under Deposits & Transfers. Afterward, select the “Enable Withdrawals and Deposits” option. Cash App will now ask for some extra information. This includes your email address, as well as your reasons for purchasing bitcoin. It will also ask you some questions about the income you earn and your employment. Next, you’ll have to scan both sides of a state ID or your driver’s license in order to verify your identity. In the end, you should take a photo of your face. Make sure you’re in a well-lit area and take a clear picture. All you have to do afterward is wait. It can take up to 48 hours to process the I.D. for verification. Until this is done, you will see a “verification in progress” message.
- Once the verification is finished, go to the “Investing” section. This will allow you to choose stocks or Bitcoin. Obviously, choose Bitcoin, after which a price chart of the recent performance will pop up. A BUY button will be there as well.
- Tap on “Buy” and you will be able to pay the amount for the bitcoins at once, or you can set up recurring purchases. After selecting an amount, you should tap “Next” and then “Confirm”.
- When you reach the confirmation screen, there will be an order overview. Look over it and tap confirm if everything is okay.
- Select “Done” when it’s processed. Now you can go to the Home tab and see your Bitcoin amount. In order to deposit or withdraw Bitcoin, you will have a user’s wallet address displayed. You can withdraw the money to a personal wallet or directly to the address provided by us, and you don’t have to trust a third party with your Bitcoin. This will make sure you are the one in control of your Bitcoin.
Are There Fees for Buying Bitcoin on Cash App?
You should be aware that a fee will be charged when buying or selling Bitcoin on Cash App. This fee will appear on the confirmation of the trade before you’re done with the transaction. This way, if you don’t agree with the fee, you can simply choose to not proceed. During transactions with Bitcoin, Cash App will charge two types of fees: one of them is the service fee, and the other one is an additional fee based on the price volatility across exchanges in the U.S.