Cash App is it legit?
The Cash App is a payment service company that allows users to transfer money between each other. It was initially released on the App Stores in 2013. The main function of the app is for people to send, receive and store money within the US and UK. Unlike other money transfer apps such as Paypal it is primarily for domestic US and not made for international transfers. After receiving money in the system users are then able to transfer the money to their regular bank accounts. Cash app is similar to Venmo in that users can also request money from others sending them messages to a phone number or email. To start with Unverified accounts can only send $250 a week or receive $1k a month. Once verified with ID though the weekly send limit is raised to $7500 a week and the receiving limit is removed. The company makes money on withdrawals for users, instant transfers to a bank account charge a 1.5% fee.
Since starting as just a transfer app Cash App has broadened it’s scope to do other things. In 2018 they added a service to allow users to buy Crypto and send it between each other using the app. This feature of the app is only allowed to adult users though. In 2020 they capability to trade stocks was added for users from the United States. Interestingly users are able to buy fractional shares of companies for as low as $1. With the similar rules as crypto with feature is only available for adult users.
Cash app has caught some flack for users being scammed using their platform. For example tech support scams or selling fraudulent items. However this is not the fault of the app itself and is the users. All other money transfer services including cash get used for bad purposes, so it is not fair to blame the issues of the users on the parent company. Is cash app legit? Our answer is a resounding and confident yes.
