Bitcoin buying can be a hassle free process with custodial wallet Cash App. One can store Bitcoin within the application. It facilitates the transfer of Bitcoin to any crypto wallet. It functions like PayPal which is also helpful in buying Bitcoin.
Those who want to purchase any other cryptocurrencies have to look at exchanges. Buying Bitcoin through this app requires certain steps to be fulfilled which are discussed below.
Steps for Buying Bitcoin with Cash App
1. Download the Cash App and create an account
The first step is to create a Cash App account. For this, a person has to download the application. Complete the enrollment process which needs to set up username and password. After setting it, connect the account with the savings account. Once the bank account is linked with the app purchases can be made.
2. For Purchasing go to Buy Bitcoin option
To buy a Bitcoin tap USD on the Cash App home screen. From the pop-up menu select buy Bitcoin option. After that purchase details have to be added for finalizing the process. Add PIN and confirm the transaction.
3. Transaction fees
The Fees vary for each transaction as it depends on the size of the purchase. The app includes a spread which means that one has to pay slightly more than the market value of Bitcoin and while selling a person needs to sell it slightly less than the market value. Additional fees are also applicable for withdrawals with advance settlements.
Cash App Provides Facilities for Buying Bitcoin
1. Custom orders
This facility helps to buy and sell Bitcoin automatically at a selected price. The custom price can be set as required. Set the buy price below the current price and buy when its price dips.
Similarly, anyone can capture the gains by setting the price above the current price and capturing it once the price rises.
2. Auto invest
This option needs to set the schedule. Select a frequency which may be daily, weekly, or every two weeks. Select a present amount and enter a custom amount. There is a $10 minimum for auto investing. Set the amount and schedule it will auto-invest in Bitcoin.
3. Order types
There are several order types which include standard order, custom order, auto invest, buying Bitcoin, selling, etc. Make selections as needed.
Storing Bitcoin on Cash App
Since this app works as a custodial wallet hence Bitcoin is stored within the application. However, storing Bitcoin in a separate wallet is always a safer option as the wallets that store the cryptocurrency are the common target for hackers because all the data of users are stored in one place.
Cash App provides ease to Bitcoin investors. It facilitates easy buying, and selling of this cryptocurrency. The features of this app are very helpful. But before trading Bitcoin one must invest time with proper market research as it has risk factors.