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Cash App Review

Cash App – Is It Good?

Developed by Square, Cash App is aiming to become a globally used fiat payment app like Venmo or Paypal, as well as Bitcoin buying, selling and trading. And with the added bonus of a Visa card, it seems like it could be almost a perfect replacement for your boring bank account.

However, with over 90% of the thousand reviews it currently has in TrustPilot being negative, you may start to get some second thoughts about using Cash App. The fees are also hard to find and you can only do domestic payments.

So how good is Cash App? Is Cash App trustworthy? Are there a lot of bad reviews because of issues in the platform or simply because of a loud minority? And, most importantly, how does it stack up against other platforms?

What does Cash App provide?

When it was established in 2015 with the name of “Square Cash”, the platform was only another option for people to send fiat payments to each other using a unique username instead of a regular bank account number. 

The platform was developed by Square, Inc., a company founded by American entrepreneur Jim McKelvey and bitcoin maximalist co-founder and CEO of Twitter, Jack Dorsey. It was quickly overshadowed by the most popular option, Venmo, which has provided a similar service since 2009, so not a lot of people used Square Cash. That is until January of 2018, when the platform expanded to support Bitcoin trading.

So far, Cash App has been gaining popularity among young people who want to consolidate their banking account and their crypto into one place. The $5 reward also seems to be helping. Just like Uber or AirBnb, sharing your own referral code to another person will give both of you five dollars, assuming the new person starts using the app and not only downloads it.

As you would expect from the co-founder of Twitter, Cash App is very friendly and simple to use. You simply download the app from Google Play or the App Store, enter your phone number or email and create a unique username called a “$Cashtag”. Then you link the app to your debit card information or your bank account and you’re good to go. Sending, receiving and refunding payments is as simple as tapping the right button.

Canceling payments? Well that’s the biggest issue. You can’t cancel a payment in most cases. Cash App could allow you to cancel a payment for fraud and other reasons but you would have to contact them directly. That’s where the bad reviews come into play. It seems that canceling a payment can be extremely hard or even impossible, with most people blaming the app and customer service for their discontent on the app.

If you’ve been using Bitcoin for a while however, you should be pretty used to double-checking a long strand of numbers and letters every single time you send money, so it shouldn’t be too much of a problem for you.

Such a simple and friendly platform is becoming a great way for more and more people to adopt Bitcoin and use it on a day-to-day basis. You can purchase Bitcoin directly in the app with your Cash App balance and send Bitcoin payments to other users.

Using Bitcoin in Cash App has become so popular that according to News BTC, Cash App is “absorbing” 10% of Bitcoin supply daily, and that number is increasing. Cash App is definitely a great way for people to buy and sell Bitcoin and use it just as they’ve been using fiat in apps for years.

Supported Countries

Square App is currently available in most countries, bitcoin purchases appear only in the USA currently. If you open up an account in the United States, both the app and the card will only work in the United States. You can open multiple accounts, each with a different email and identity verification information.

Cash App Rates and Buying Limits

Cash App isn’t very clear on its fees. It displays its fees all over the website, divided in pages dedicated to ATMs, Bitcoin and more. However, after some digging we were able to find the exact fees Cash App is currently using:

Cash App fee: 0-3%

Cash App charges no fees when sending money and will only charge a 1.5% fee if you want an instant deposit to your bank account instead of waiting for up to 3 days. Cash app will also charge a 3% fee when using a credit card. Compared to PayPal’s 5% fee for receiving payments, this is still quite below it.

When buying or selling Bitcoin, Cash App also charges no fees, however it may charge an unspecified exchange rate based on the size of your transaction and volatility.

New accounts will have a $250 limit on money sent for the first week and a $1,000 of money received for the first month. Once your account is verified your limit increases to $2,500 a week for sending payments. There’ll be no limits on the amount you can receive.

Cash App Pros

  • Simple and easy to use: The simplicity and friendliness of the platform, while also remaining visually attractive cannot be underestimated.
  • Friendly referral program: Cash App has a simple referral program that rewards you with $5 every time you refer someone to the app.
  • Mobile app: As the name suggest, the app is the strongest part of the platform, being surprisingly friendly and simple.
  • Not only for crypto: With Cash App you can send payments even to your “unconverted” friends who aren’t into Bitcoin… yet.
  • Physical card: You can use the Visa card that comes with your Cash App account anywhere in the US

CEX.IO Cons

  • Lack of public fees: Cash App isn’t very upfront on its fees, especially when buying and selling Bitcoin, which can be quite inconvenient and even worrisome.
  • No international payments: If you’re looking to send money anywhere outside of the US (or even using the Visa card) you should keep looking for another option.
  • Not for experienced Bitcoin traders: With no trading view, no alt-coins and a lack of constant fees, an experienced Bitcoin trader may want to look elsewhere.

Go to Cash App

Is Cash App Good for Bitcoin?

Cash App may be the app that’s doing the most to help people adopt Bitcoin on a day-to-day basis. It is quite literally like if someone took PayPal or Venmo, removed most fees and added an option for Bitcoin. It really does a lot to remove the mysticism and shadiness of Bitcoin and give it to the people in the easiest and friendliest way possible.

However, the lack of constant fees when buying Bitcoin makes it very inconsistent for experienced traders. You also can’t take advantage of the lack of fees to send or receive payments from all over the world and there are lots of people complaining about bad customer service and shady fees.

Cash App is great for beginners and even for an experienced Bitcoin trader who wants an easy way to trade with other people. We can only hope Cash App keeps improving and embracing what Bitcoin can really be used for.