Are you thinking to buy or sell Bitcoin on Cash App? Do you know what are Cash App Bitcoin fees? Does Cash App even charge a fee on bitcoin? If these are the questions in your mind you are at the right place.
Cash App is a very famous online payment platform that also allows users to not only purchase stocks but you can also buy and sell Bitcoin on Cash App.
In this article, I will explain the latest fee structure announced by Cash App and the Cash App Bitcoin fees that you will be subjected to if you make any trade.
Let’s dive in…
Does Cash App Charge A Fee On Bitcoin?
Yes, Cash App has started to charge a fee on Bitcoin. It is a recent thing. Earlier buying and selling of Bitcoin on Cash App was completely free, this free trading of cryptocurrency has made the platform very popular.
However, Cash App has changed this recently and has announced a different Cash App Bitcoin fees structure.
According to Cash App:
“Cash App may charge a fee when you buy or sell bitcoin. If so, the fee will be listed on the trade confirmation before you complete a transaction.”
This provides a solid answer to “Does Cash App charge a fee on Bitcoin?”. Now, let’s see, what are the Cash App Bitcoin fees?
What Are The Cash App Bitcoin Fees?
Cash App charges up to 1.76% on Bitcoin purchases. These charges may vary depending on the volume of purchase too. Cash App has not been very clear about the fees so far.
Cash App was not charging a fee on Bitcoin purchases as recently as September. As Cash App’s Bitcoin Fees page was clearly stated on March 8, 2019
“You are not charged a conversion fee, or any other fees, to buy or sell Bitcoin through the Cash App.”
So if you are purchasing Bitcoin on Cash App for $100 then the Cash App Bitcoin fees are $1.76 and you will end up paying $101.76 to make the purchase.
What Are The Types Of Cash App Bitcoin Fees?
Understanding what types of fees you will be paying on Cash App will help you better if you want to switch to any other platform. So let’s see what are the different types of Bitcoin Fees on Cash App.
Cash App explains that they will be charging two different types of Bitcoin fees
1- Service Fee
2- Additional Fee
According to Cash App’s official website;
“Cash App charges two kinds of fees for bitcoin transactions: a service fee for each transaction and, depending on market activity, an additional fee determined by price volatility across U.S. exchanges.”
Cash App Bitcoin Fees Vs Coinbase Fees
So if you are thinking to compare Cash App Bitcoin Fees with other platforms that offer cryptocurrency trading then Coinbase is the most popular platform to start with.
Coinbase is an American leading crypto exchange. It charges a higher fee if you are making smaller purchases, but Cash App has lower fees for smaller transactions.
However, Coinbase charges less, if you are making bigger transactions. This means Cash App is a better option if you are just starting with crypto trading or you only want to make smaller transactions.
This is the comparison of Cash App Bitcoin Fees and Coinbase Bitcoin fees (estimated)
|Amount Of Bitcoin||Cash App||Coinbase|
How To Buy Bitcoin on Cash App?
If you are new to Cash App and you want to buy bitcoin, just follow these steps
- Launch Cash App
- Tap on the Bitcoin icon
- Select “Buy Bitcoin”
- Enter the amount for which you want to buy Bitcoin
- Check the fees that you will have to pay
- Confirm the purchase
Is Cash App A Good Place To Buy Bitcoin?
Now that you know Cash App Bitcoin fees, you might be thinking is Cash App worth it? Well, Cash App is just another platform, and like any other platform, it is neither a good place nor a bad place.
It has some plus points and it also has some negative aspects. You can send Bitcoin on Cash App to your friends and family for free. There is no fee to send bitcoins on Cash App at all.
If you are making small purchases, you will have to pay fewer fees as compared to other popular platforms. However, you need to be careful about Cash App Bitcoin scams.
Is Cash App Bitcoin Fee High?
Cash App now charges up to a 1.76% fee if you make purchases of Bitcoin, this fee may vary with the amount of transaction. Cash App also charges an additional fee depending on the U.S exchange.
If you add up these Cash App Bitcoin fees, they may add up to a bigger number, and the percentage will increase if you are making larger transactions. So Cash App Bitcoin fee is high for bigger purchases and low for smaller purchases.
Bitcoin purchases on Cash App were free earlier but now Cash App has started charging a fee on Bitcoin purchases. Sending bitcoin on Cash App to other users is still free.
If you want to purchase Bitcoin you can also try other platforms like Coinbase and compare the Cash App Bitcoin fees with it.
I hope this article was helpful and you have got the answers that you were looking for, If you have any questions related to Cash App Bitcoin fees, leave them in the comments below.