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How to invest in bitcoin on cashapp

how to invest in bitcoin on cashapp

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.

How To Invest in Bitcoin Cash – Choose a Broker

Over the last decade, the cryptocurrency industry has added hundreds of investment platforms to its realm. These are some of the best brokers in the current market that allow you to invest in Bitcoin Cash:

  • eToro – Overall Best Broker to Invest in Bitcoin Cash
  • Coinbase – Best Broker for Beginners to Invest in Bitcoin Cash
  • Binance – Best Crypto Broker for Asset Diversification
  • OKEx – Best Broker to Invest in Bitcoin Cash via a Crypto Deposit
  • Webull – Invest in Bitcoin Cash From Just $1 (US Only)

To help you make the right choice, we will explore each of these Bitcoin Cash brokers in detail further down this guide.

Cash App Makes it Easy to buy Bitcoin, but Only Bitcoin

Cash App has a number of great features that make finance less frustrating. Being able to pay bills, send and receive money, and invest in stocks and crypto all from one single account is convenient and simple. But Cash App does have a few drawbacks to consider as well. Your funds aren’t FDIC-insured like a bank and you won’t have access to as many investment options as a traditional broker. Nor will you have any choices among cryptocurrencies — it’s Bitcoin or bust on the Cash App.

If convenience and simplicity are important to you when it comes to finance, buying Bitcoin on Cash App makes a lot of sense. But if you want to become a serious crypto investor and expand beyond the world of Bitcoin, you’d probably do better with an account at brokers like Webull and Robinhood or crypto exchanges like Coinbase.

Few important things before you start investing in Bitcoin:

  1. Bitcoin is an excellent investment in today’s day. With the adoption of Bitcoin increasing across the globe, prices are continuously surging.
  2. You can buy Bitcoin in the fraction as well. Ex: 0.1 Bitcoin or even 0.005 Bitcoin.
  3. It will take time to learn about all the aspects of Bitcoin. For starters, you need to buy Bitcoin and hold it in a wallet which I have recommended above.
  4. You are responsible for the safety of your Bitcoin. You should read my earlier guide on things not to do after investing in Bitcoin. This will stop you from making rookie mistakes that many are making after buying Bitcoin.
  5. Only buy from an exchange that is trusted and recommended by reliable resources. I take pride in my recommendations as I understand that even a single dollar is hard-earned money by the user.
  6. Just remember, you are putting your money into Bitcoin. Even if the price reaches a great level, you shouldn’t miss out on doing what you are supposed to do. Treat your Bitcoin investment like any other investment and be wise with your money.

FAQ’s related to investing in Bitcoin:

I hope this guide helps you clear your doubts about investing in Bitcoin. In the coming days, I will share more tips and ideas about Bitcoin investment.

For now, if you have any questions, it’s a good time to ask and clarify using the comment section below. You can also ask questions and start a discussion in our Bitcoin and Cryptocurrency forum.

You can subscribe to our updates on inbox.

Where to Buy Bitcoin Cash – Full Broker Reviews

Out of the countless crypto brokers available online, each platform comes with a specific set of strengths and weaknesses. For the untrained eye of a beginner investor, it can be an overwhelming task to find a Bitcoin Cash investment site that best fits your needs.

To save you from spending countless hours scouring the internet, we have done the legwork to find out the best brokerage platforms for investing in Bitcoin Cash.

1. eToro – Overall Best Broker to Invest in Bitcoin Cash

With over a decade of experience in the investment sector, eToro has evolved to become one of the best crypto brokers on the internet. This platform caters to more than 20 million users across the world, including traders and investors of different experience levels. In fact, eToro is one of the few platforms that is intuitive enough to adapt to the needs of newbies. Even if you are a complete beginner, you can get started with your Bitcoin Cash investment in under 10 minutes, right from setting up your account to making your first purchase.

One aspect that sets apart eToro from its competitors is that the broker is regulated by not one, but four of the most reputable financial authorities in the world. The platform comes under the umbrella of the FCA in the UK, ASIC in Australia, CySEC in Cyprus, and the SEC in the US. In other words, you will receive a high standard of investor protection when making purchases of Bitcoin Cash. eToro also makes it possible for you to create a basket of diversified crypto investments – as this platform supports not only Bitcoin Cash but also 30+ other digital assets.

Moreover, this broker permits you to buy and sell BCH coins on a spread-only basis. In order to fund your Bitcoin Cash investments, eToro gives you access to multiple, convenient payment types – including debit/credit cards, and e-wallets like PayPal and Skrill. Investors can also make transfers via a bank wire, however, you might have to wait a couple of days for your money to arrive. Processing deposits will cost you just 0.5% in exchange fee at eToro. If you are a US customer, this deposit fee is waivered.

We particularly like eToro for investing in Bitcoin Cash because the broker allows you to buy this digital asset from a minimum stake of $25. Moreover, you will also have access to stocks, commodities, forex, indices, and ETFs to complete your investment portfolio. To make things even easier, eToro also provides in-house custodial storage for your BCH coins. In other words, you will not have to move your crypto tokens to a private wallet for safekeeping, and can easily sell them from your eToro account at the click of a button.

Another aspect to note about eToro is that it makes it incredibly easy for beginners to invest in Bitcoin Cash with the help of passive trading tools. For example, one of its top features allows you to mirror the moves of another eToro trader – meaning, all their investments will be replicated in your account. You can also have the eToro team manage your crypto portfolio. These options give you the opportunity to tap into the crypto market even if you are a complete novice.

Pros

Cons

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

2. Coinbase – Best Way to Invest in Bitcoin Cash for Beginners

Among cryptocurrency exchanges, Coinbase comes out ahead as one of the beginner-friendly options for first-time investors. The platform has a simple interface that caters to easy Bitcoin Cash investments without compromising on the necessary aspects of safety. You can get started on this site by completing the KYC process, which will require you to provide a copy of your ID. In order to complete the account setup, you can make a deposit via your bank account without having to pay any additional fees.

When it comes to commissions, Coinbase is a bit more expensive in comparison to the rest of the market. Investing in Bitcoin Cash via this exchange will cost you a standard commission of 1.49% – once while making the purchase, and again when cashing out. In addition, if you choose to pay for your BCH tokens via a debit/credit card, this will incur a commission of 3.99%. Albeit, Coinbase still has a large client base on a global scale, owing to its high standards for your account and asset security.

Coinbase allows you to add more layers of security by initializing two-factor authentication for your account, along with device whitelisting. The platform also stores 98% of its clients’ digital assets in secure cold wallets. This popular crypto exchange is also regulated in the US and has built a reputation by serving over 68 million clients. In addition, the company has grown to become a publicly-listed firm on the NASDAQ exchange.

Pros

Cons

at eToro, #1 Broker in the Crypto Space

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

3. Binance – Best Place to Invest in Bitcoin Cash for Asset Diversity

Binance is another cryptocurrency exchange that supports a wide range of digital assets, including Bitcoin Cash. The platform is beginner-friendly and offers top-notch security for your investments. However, which coins you will have access to and the fees associated with the process can vary widely based on your location. For instance, those residing in the US will be able to invest in BCH using a debit/credit card at a 0.5% fee. However, if you are based elsewhere, the same transaction can cost you as much as 4%.

That being said, Binance continues to be one of the preferred platforms for cryptocurrency investing because the site makes it convenient for you to store your Bitcoin Cash. You can always choose to leave your BCH tokens on the exchange, which will allow you to benefit from its secure storage facility, protected by two-factor authentication and IP/device whitelisting. Furthermore, the vast bulk of your digital coins will be held in cold wallets. If required, you will also have the option to withdraw your assets to external private storage.

Binance also gives you the unique choice of moving your cryptocurrencies into the Binance Savings Account. On Bitcoin Cash, you will be able to receive an APY of 0.82% per year, which is relatively low when compared to the interest offered on other digital assets. However, this can be another reason to consider building a diversified investment portfolio. When trading digital tokens via Binance, there will be a commission rate of just 0.10% per purchase. If crypto derivatives are permitted in your country, then Binance also allows you to benefit from leveraged markets.

Pros

Cons

at eToro, #1 Broker in the Crypto Space

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

4. OKEx – Invest in Bitcoin Cash via a Crypto Deposit

If you didn’t know this already, investing in Bitcoin Cash does not always require you to pay for the purchase using fiat currencies. Instead, if you already possess other cryptocurrencies, you can easily swap them in exchange for BCH tokens. This can get you relatively lower fees, and sometimes even allows you to completely bypass the KYC process. For those who favor this method – OKEx is a perfectly viable option.

This platform makes it possible for you to invest in Bitcoin Cash at a 0.10% commission per slide. You will be able to exchange this digital asset for Bitcoin, or for stablecoins such as USDC, USDT, and USDK. Although there are only a handful of markets for Bitcoin Cash, you can deposit virtually any supported cryptocurrency, use it to purchase Bitcoin first, and then swap your BTC for BCH.

In addition, OKEx also has crypto derivatives such as futures, and leveraged products at your disposal. OKEx has held its position in the cryptocurrency market since 2014 and now caters to more than 20 million clients internationally. In terms of storage, the platform has in-house custodial wallets and a mobile app that allows you to easily access your Bitcoin Cash from within the exchange. Similar to Binance, OKEx has designed other products such as crypto savings account and loans.

Pros

Cons

at eToro,#1 Broker in the Crypto Space

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

5. Webull – Invest in Bitcoin Cash From Just $1 (US Only)

Webull caught our eye by providing an extremely low minimum deposit requirement for US clients. In fact, this trading site allows you to invest in Bitcoin Cash with just $1, making it possible for you to buy a small fraction of the digital asset, and still gain exposure to the market. This is not only the case for BCH tokens, but also for all the other cryptocurrencies supported on the platform – which includes Bitcoin, Ethereum, Stellar, Cardano, Dash, and more.

As a 0%-commission exchange, Webull charges you no direct fees when investing in Bitcoin Cash. However, that doesn’t mean that Webull is absolutely free to use. The platform makes its money from charging you a spread, which is the difference between the buy and sell price of this digital asset. Unfortunately, this starts at a hefty 1% – which is on the higher end of the scale for cryptocurrencies.

However, investors will find that Webull requires no minimum deposit from your end, making it an even more attractive option for those on a tight budget. But you might want to stick to ACH transfers on this platform, as a bank wire transaction will cost you $8 in fees. Lastly, Webull also facilitates Bitcoin Cash investments via its website and native mobile app, adding convenience to the process. The Webull app itself can be downloaded free of charge from Google Play and App Store.

Pros

Cons

at eToro, #1 Broker in the Crypto Space

Cryptoassets are highly volatile unregulated investment products. No EU investor protection. 67% of retail investor accounts lose money when trading CFDs with this provider.

Buying Bitcoin on iPhone & Android: Things To Keep In Mind

That’s it. You’re done. Simple, right? There are a couple of caveats, however: you will need funds in your account to purchase Bitcoin, obvs, and you will also need to enter information about your geographical location.

I’d also recommend that you DO NOT spend ALL your money and/or savings on Bitcoin. You want to start small, only use what you can afford to lose, and build up slowly.

Dropping $10,000 on Bitcoin in one go is NOT advisable. Unless you’re Jeff Bezos. For the average Joe, people like you and me, you’re best spending small amounts often. This way you build up a nice collection of Bitcoin without financially ruining yourself.

I’d recommend using the reoccurring BTC buy option in the Cash app. This way you can make small, consistent BTC buys which will help you quickly – but safely – accumulate BTC over the course of, say, six months to a year.

You will see ups and downs, but by dripping cash into BTC, you avoid getting taken to the cleaners by massive fluctuations. This is how most index funds work and they’re great as well – slow and steady with less risk.

And remember, the price of Bitcoin fluctuates. Massively. What you own today might be worth less tomorrow. But by next week or next month, it could be worth 5X what you paid for it. Such is the magic of crypto investing.

Richard Goodwin

Richard Goodwin has been working as a tech journalist for over 10 years. He is the editor and owner of KnowYourMobile.

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