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Cash App Review 2023: Is it Legit and Safe?

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Written by Enoch Omololu
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Are you one of the many people who are part of the Cash App craze? In case you’re unfamiliar, Cash App is a mobile payment service that allows users to send and receive money with just a few taps on their phone.

But what are the odds that it’s actually safe and legit? This Cash App review takes a closer look at it to see what the fuss is about and check if the app is worth your time and money.

We also provide a Cash App referral code that includes up to a $30 bonus.

What is Cash App?

Cash App is a peer-to-peer payment platform developed by Square, Inc. that allows you to send and receive money directly from the mobile app. It is free to download and use on iOS and Android devices, with no subscription or hidden fees.

Cash App is also available online at the cash app, allowing users to transfer funds from their bank account to the app.

How Does Cash App Work?

Like Venmo, Cash App is a simple mobile banking app to send and receive money available to everyone aged 13 and above. But that’s not all it is capable of.

Cash App is also a great investment tool, allowing users to invest in exchange-traded funds (ETFs) and stocks with as little as $1.

The icing on the cake is they don’t charge a commission fee for investments. You only need to be at least 18 years old to access this feature.

The app also supports Bitcoin, making it a great way to store and manage this cryptocurrency safely.

In addition to that, Cash App is also a great banking alternative. With it, you can deposit money directly from your bank account and set up direct deposits. You can also use it to check tax refunds.

Users who want to avoid linking their bank account to the app can also avail of a Cash App card. The Cash App card, which is a Visa debit card, has the following benefits:

  • Can be used in eCommerce and retail shopping
  • Gives you access to Cash Boosts for discounts at participating stores
  • Can be used to withdraw funds at an ATM for a fee ($2 to $2.50)
  • Opens all the Cash App banking features
image showing cash app logo

Is Cash App Safe?

The short answer is yes! Cash App is a safe and secure platform for sending, receiving, and investing money. It is protected by the latest security protocols to ensure your funds and data are always safe.

Additionally, more than 30 million people have downloaded and used Cash App without problems. Its 4.5-star rating in the App Store is also a testament to its trustworthiness. Moreover, the company is highly transparent in handling customer data and complies with the Fair Credit Reporting Act.

This, however, doesn’t mean that you should be careless with the app. Cash App scams and frauds still happen, so always deal with a legitimate sender before accepting funds. The cash app customer service is also available to help you if you experience any issues.

How to Sign Up With Cash App

Cash App is incredibly easy to use. To create a Cash App account, all you need is to download it (use referral code KKJ2CXN for a sign-up bonus) from the App Store or Google Play and then sign up with your phone number.

Once you enter the required information, the app will prompt you to verify your identity by entering a code sent to your mobile device. This is done for security purposes, and it is necessary to start using the service.

Next, you’ll choose your profile picture and $Cashtag (your unique username), enter your email address, link your bank accounts, and you’re ready to go. Make sure to also set up a PIN or Touch ID to protect your account.

Pros and Cons of Cash App

It’s crystal clear that Cash App is a great platform for making payments and investing. But is it right for you? Here is a quick summary of the pros and cons of using Cash App:

Pros:

  • Quick and easy to set up
  • Safe and secure payment system
  • Low fees and free cashouts
  • Great for investing in stocks
  • Multiple ways to transfer money, including from your bank account
  • Bitcoin and other cryptocurrency support
  • Easy to use and intuitive user interface
  • Great customer service

Cons:

  • Limited to US customers and US-to-US transactions
  • Only reaches UK receivers for outside transfers
  • Has no Federal Deposit Insurance Company (FDIC) coverage, which means your funds at $250,000 max are not protected by the government
  • A $1,000 limit in sending and receiving funds is set for new Cash App account holders for the first 30 days

Cash App Alternatives

Cash App is not your only choice when it comes to payment and investment platforms. There are several alternatives worth checking out, so here’s a quick overview of the most popular ones in comparison to Cash App:

Cash App vs. Venmo

Venmo is a great alternative, as it is backed by PayPal and is gaining traction in the US. It is very similar to Cash App, with the main difference being that Venmo is more tailored towards peer-to-peer payments and is mainly used for splitting bills, while Cash App is more focused on money transfers and investments.

Cash App vs. Zelle

Zelle is another great option, as a network of banks backs it. It is incredibly easy to set up and send money and is almost as fast as Cash App. The main difference is that it is not available for international transfers, while Cash App can connect to UK receivers.

Cash App vs. PayPal

PayPal is the most widely used payment platform in the US. It is speedy, secure, and a great choice if you’re looking for an alternative to Cash App. However, it is not as good for investing and is limited to sending and receiving funds.

Related: Here are some ways to get PayPal money for free if you want.

Cash App Referral Code

Every referral code is unique; you can find yours in your profile. You may receive $5, $15, or $30 if you use it to refer a new user.

But note that there’s no set amount for each referral—it will all depend on luck and the location of your account. The good news is you can refer as many people as you want since there’s no cap on the amount of money you can earn through referrals.

For Cash App’s maximum bonus of $5 to work, you must send $5 to another user within 14 days of creating the account. The recipient must also enter your referral code when signing up.

Use our Cash App referral code KKJ2CXN to sign up and get up to a $30 bonus. After joining, link a new debit card or bank account and send $5 to a friend within 14 days of using the referral code.

Is Cash App Worth It?

Cash App is absolutely worth it. It is a revolutionary mobile payment service that is incredibly secure, easy to use and set up, and offers a great range of features. The app is also free to download and use, with no hidden fees or subscriptions.

Lastly, Cash App is a great alternative to traditional banking methods, as it is an incredibly fast and secure way to send and receive money. If you’re looking for a convenient mobile payment service, then Cash App is the ideal choice.

FAQs

Can I use Cash App without a bank account?

You technically can use Cash App without a bank account, but it is not recommended. You’ll be restricted from exchanging money without linking your bank account or debit card. But if you really want to use Cash App to withdraw funds without a bank account, you can order a Cash App card and use it to withdraw funds at any ATM for a fee.

What are the Cash App fees?

Several fees apply when using Cash App. For instance, there is a 3% fee if you send money with a credit card. However, you can avoid paying fees if you send money using your bank account or balance.

For receiving money, you can choose to instantly transfer the funds to your bank account for 0.5% to 1.75% free of the amount sent. But if you are not in a rush, you can opt for a standard transfer which is completely free. The only catch is the funds from a standard transfer take one to three business days to arrive.

What bank does Cash App use?

The Cash App is partnered with Sutton Bank and Lincoln Savings Bank, which is a member of FDIC. These banks process the deposits and withdrawals made to and from the Cash App account.

Will Cash App refund money if I get scammed?

Cash App cancels the payment to prevent you from being charged and refunds you the full amount in the case of fraud or unauthorized activity. Unfortunately, for scams, only some disputes have a successful outcome.

Since Cash App works and clears payments immediately, you won’t have the opportunity to stop an already-sent payment. Therefore, it is important that you only send payments to people and businesses that you trust.

You must also always double—or triple—check payment details before sending money. Nonetheless, cash app customer service is always willing to help if you experience any issues.

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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