Cash App Review: Is It Legit?


GOBanking Rates Score

Quick take: Cash App is a fast and convenient way to send and receive money, make purchases, bank and even invest, all from a user’s smartphone. For people looking for a peer-to-peer mobile payment service to add to their financial profile, Cash App may be a perfect fit.

  • Costs
  • Reputation
  • Ease of use
  • Security

How did we calculate this?


  • Users can instantly send money to almost anyone
  • Comes with the ability to design a personal debit card
  • Faster access to direct deposit funds
  • Opportunity to invest in stocks and Bitcoin

The inconvenients

  • Transaction limits on payment card usage
  • Cash app balance is not FDIC insured without Cash Card
  • ATM withdrawals incur a $2 fee
  • Users cannot cancel Cash App to Cash App payments

Cash App Overview

Cash App is one of many peer-to-peer payment services available, but it stands out for several reasons. It provides users with a unique identifier called $Cashtag, which automatically creates a shareable URL to make private and secure payments, offers a customizable debit card, and even offers the ability to file taxes and invest through the app.

Cash App Features

Cash App got a GOBankingRates score of 4.8 out of 5. Here’s how the app was rated.


Cash App Cash cards can be used at any ATM for a $2 fee. However, customers who have at least $300 of their paycheck deposited into their Cash App account each month will be instantly refunded ATM fees. Once free ATM withdrawals have been successfully activated, each subsequent qualifying deposit adds an additional 31 days of ATM fee refunds.

Opening a Cash App Investing account is free. No minimum balance is required and there are no commission fees. Although Cash App Investing does not charge any fees for transactions, users may incur regulatory and government fees from agencies such as the Securities and Exchange Commission. All fees are disclosed before transactions are confirmed, and the fees are listed in the transaction confirmation message.


Is Cash app legit? According to the company’s letter to shareholders in the fourth quarter of 2021, Cash App generated $518 million in gross profit and grew 37% year-over-year. The Cash Card has evolved significantly, with over 13 million Cash Cards active as of December 2021. Overall, in 2021 Cash App generated $2.07 billion in gross profit, up 69% from a year to year.

Cash App is a legit company, but it’s always wise to beware of potential scams by its users.

Ease of use

It’s easy to send and receive payments in Cash App. To send a payment:

  1. Open the Cash app.
  2. Enter the amount to send.
  3. Tap “Pay”.
  4. Enter the recipient’s $Cashtag, phone number, or email address.
  5. Enter what the payment is for.
  6. Tap “Pay”.
  7. Confirm your transaction by confirming your Cash PIN or using the Touch ID option.

Cash App customers can see their received payments in their activity feed. To view a received payment:

  1. On the Home screen, tap the Activity tab.
  2. Select the payment to verify.
  3. Decide whether you want to transfer the payment to a bank account or to the account holder’s Cash App account balance.


Is the Cash app secure? Cash App uses state-of-the-art encryption and fraud detection technology to secure customer money and data. All submitted account information is encrypted and sent securely to Cash App servers over private and public Wi-Fi connections.

Customers can take a few simple precautions to protect the money in their Cash App account. To have a more secure Cash App experience, users should:

  • Completely log out of their Cash App account if they log in on a different device than theirs.
  • Create a password for their mobile device and enable multi-factor authentication for their email account.
  • Enable the security lock setting, requiring a PIN or Touch ID to make payments from their Cash App account.

How to register

Opening a Cash App account is quick and easy.

Create an account

  1. Download the free app from Google Play or Apple App Store or scan the QR code on the website.
  2. Enter your name, zip code, email address and phone number.
  3. Choose your $Cashtag to send and receive payments. $Cashtags must include at least one letter and cannot exceed 20 characters.
  4. Link your bank account to open a Cash App account and access most app features.

A Cash App Cash Card is a Visa debit card that customers use to pay for goods and services in stores and online with money in their Cash App account. Users simply add the Cash Card to an Apple Pay or Google Pay account to start shopping.

To apply for a Cash Card, users will need to verify their account using their full name, date of birth, mailing address, and the last four digits of their social security number. Additional information may be requested to verify an account.

Comparable Products and Services

CashApp, Venmo, PayPal, and Zelle are similar peer-to-peer mobile payment apps used to transfer money to recipients. Here’s how their features compare:

cash app Venmo PayPal Zelle
Transfer speed – Instant: 1.5% fee
– 1 to 3 working days: free of charge
– Instant: 1.5% fee
– 1 to 3 working days: free of charge
– Instant: 1% fee
– 1 to 3 working days: free of charge
– Existing account: in a few minutes
– New account: a few more minutes
Costs – Instant transfers: 1.5%
– Send with credit card: 3%
– ATM withdrawal: $2
– Bitcoin purchases: 2% to 3%
– Instant transfers: 1.5%
– Send with credit card: 3%
– ATM network withdrawal: $2 to $2.50
– Cryptocurrency transfers: 1.5% to 2.3%
– Businesses: 2.9% and $0.30 per transfer
– International transfers: 4.4% plus fixed exchange rate
– The bank or credit union may charge a fee
Payment methods – Cash app balance
– Linked bank account
– Credit or debit card
– Venmo Balance
– Linked bank account
– Credit or debit card
– American Express account
– PayPal balance
– Linked bank account
– Credit or debit card
– Linked bank account
– Credit or debit card
Notable Features – Income tax return
– Bitcoin purchases
– Equity investment
– Purchase with Venmo credit card
– Buy cryptocurrency
– Wide range of services
– $10 referral bonus
– No additional security details required
– Instant payments

Good to know

Effective January 1, 2022, businesses receiving more than $600 per year in business transactions through Cash App are required to report transactions to the Internal Revenue Service. This tax code change was enacted as part of the American Rescue Plan Act, which passed in March 2021.

Final grip

Overall, Cash App is good for sending and receiving money, making transfers, and investing, all with just one debit card. With Square Inc. at the helm, Cash App is a solid payment app that allows users to send up to $1,000 in payments within 30 days. Users who want a payment app that offers extras — like tax reporting, investing, and a customizable debit card — may find Cash App to be the best fit for them.


With so many payment apps available, it can be difficult to choose the best one. Here are the answers to some frequently asked Cash App questions to help you decide.

  • Can Cash App be trusted?
    • Cash App is a legit application. It was developed by Block, Inc. and is widely used. It also has excellent reviews on Google Play and the Apple App Store.
  • What are the disadvantages of Cash App?
    • Since it is not a bank, Cash App is not FDIC backed which means your account balance is not insured. However, Cash Card accounts are FDIC insured.
    • Some users may find the transaction limits on the charge card restrictive, and it charges a $2 fee for using ATMs, though the fee can be waived.
    • Transactions from one Cash App account to another cannot be reversed due to the speed of the transfer.
  • Can Cash App take your money?
    • Cash App will not take your money. There are charges for some services, which are described in the app. However, users should beware of scams and phishing attempts by others.

Amber Barkley contributed reporting for this article.

Editorial Note: This content is not provided by Cash App. Any opinions, analyses, reviews, ratings, or recommendations expressed in this article are those of the author alone and have not been reviewed, endorsed, or otherwise endorsed by Cash App.

Our in-house research team and on-site financial experts work together to create accurate, unbiased and up-to-date content. We verify every statistic, quote and fact using trusted primary resources to ensure that the information we provide is correct. You can read more about GOBankingRates processes and standards in our Editorial Policy.

About the Author

Kathy Evans is a freelance personal finance writer and entrepreneur with a background in technical writing and instructional systems design. She has a master’s degree in technical writing and information design and is currently a PhD student in instructional technology at Towson University. Through her experience working in the federal government as well as the commercial and nonprofit industries, she has focused her freelance writing on finance, investing, and economics content with a specialization in budget coaching.


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