Cash App is a powerful mobile app that lets people send and receive money. It’s similar to PayPal and Venmo. The app has since grown into a full-fledged financial service.
With the current version of Cash App, you can send money, pay for things online, buy and sell stocks and Bitcoin.
If your investment needs have outgrown Cash App’s service, consider moving to Fidelity.
There are many reasons why Fidelity might be better than Cash App.
- Fidelity offer more account types and features.
- Fidelity has 24/7 customer support on standby. If you need help with your account, you’re one call away from resolving your issue.
- In addition to stocks, you can also invest in ETFs, mutual funds, and options. This is something that Cash App does not currently offer.
Ready to make the switch? Follow the instructions below to get started.
- Create an account with Fidelity.
- Visit the Transfer of Assets page.
- In the Select your current firm field, type in Cash App Investing Llc.
- Click Next.
- Enter your Cash App account number. Then, select your account type.
- Continue with the on-screen instructions and finalize your request.
Once your ACAT transfer request has been submitted, Fidelity will contact Cash App to initiate an account transfer and move your stocks over.
It should take about 3-5 days to transfer stocks from Cash App to Fidelity. I’m confident that this process will not take long in this particular case because of Cash App’s limited trading features.
Unlike other brokerages, Cash App users are only allowed to buy and sell shares of stocks. As a result, the moving process should be very straightforward.
Cash App charges $75 for outbound stock transfers.
No, any Bitcoin purchased in your Cash App account will stay there. Fidelity currently does not support crypto trading.
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