Square’s Cash App Adds Free Stock Trading
Payments giant Square is getting into stock trading, because why not. Everybody else is offering no fee trading. So the Cash app, that already has millions of users is jumping into the fray. Over the next few weeks, the company will start allowing customers to buy and sells stocks for free on its cash payments app.
The new feature of its Cash App has been in a testing phase since September. Now, Square has begun rolling it out to non-employees, though it’s still only available to a small subset of the app’s customers. The product will be available for all users by the end of 2019.
The new offer puts the Square Cash app against Robinhood (free stock when you sign up), an app aimed at millennial with a zero-fee stock trading model. There’s also WeBull, Moomoo and many others. Once these apps started getting popular, they were followed by more established companies like Charles Schwab and Fidelity cutting fees to zero in October. Robinhood does not offer fractional trading. But other fintech start-ups like SoFi ($50 signup bonus) have introduced that feature for first-time traders. The Cash app will also have this feature.
Square’s Cash App has 15 million monthly active users, according to the company. The company is best known for its payment processor, and offers small business loans through Square Capital. It also has a Visa debit card linked to the Cash App (sign up for a $5 bonus). That card also has some interesting Boost Offers that I have covered occasionally here on the site. The company has also applied for a bank charter in Utah, which would allow it to eventually accept customer deposits.
You should probably stick to just one app for your trades, at least that’s what I do. But I still create accounts for most of these apps for signup bonuses and referrals.