How to Get Money from Stocks on Cash App: A Detailed Guide
Investing in stocks can be a lucrative way to grow your wealth over time. If you’re using Cash App, a popular mobile payment service, you can easily invest in stocks and potentially earn money from them. Here’s a step-by-step guide on how to get money from stocks on Cash App, covering everything from setting up your account to selling your shares.
Setting Up Your Cash App Account
Before you can start investing in stocks, you need to have a Cash App account. If you haven’t already, download the Cash App from the App Store or Google Play Store and create an account. You’ll need to provide some personal information, including your name, date of birth, and Social Security number.
Linking Your Bank Account
Next, you’ll need to link your bank account to your Cash App account. This will allow you to deposit and withdraw funds easily. To do this, go to the “Bank” tab in the app, select “Link Bank,” and follow the prompts to enter your bank account information.
Activating Your Cash App Card
The Cash App also offers a Visa debit card that you can use to make purchases or withdraw cash from ATMs. To activate your card, go to the “Cash Card” tab in the app, select “Activate Card,” and follow the instructions provided.
Investing in Stocks
Once your account is set up and your bank account is linked, you can start investing in stocks. Here’s how to do it:
- Open the Cash App and go to the “Invest” tab.
- Select the “Stocks” option.
- Choose the stock you want to invest in from the list of available stocks.
- Enter the amount you want to invest.
- Review your order and confirm the purchase.
Keep in mind that investing in stocks involves risk, and you could lose some or all of your investment. Always do your research and consider your risk tolerance before investing.
Monitoring Your Investments
Once you’ve invested in stocks, you can monitor your portfolio in the Cash App. Here’s how to do it:
- Go to the “Invest” tab in the app.
- Select “Portfolio” to see a summary of your investments.
- Tap on a specific stock to see more details, such as the current price, your investment amount, and the number of shares you own.
Withdrawing Funds
When you’re ready to withdraw funds from your Cash App account, follow these steps:
- Go to the “Bank” tab in the app.
- Select “Withdraw” and enter the amount you want to withdraw.
- Choose your bank account as the destination for the withdrawal.
- Review your withdrawal and confirm the transaction.
Keep in mind that there may be a fee for withdrawing funds from your Cash App account. Check the Cash App’s fee schedule for more information.
Selling Your Stocks
When you’re ready to sell your stocks, follow these steps:
- Go to the “Invest” tab in the app.
- Select “Portfolio” to see a list of your investments.
- Tap on the stock you want to sell.
- Select “Sell” and enter the amount of shares you want to sell.
- Review your order and confirm the sale.
Once your order is confirmed, the proceeds from the sale will be deposited into your Cash App account within a few business days.
Understanding Fees and Taxes
It’s important to understand the fees and taxes associated with investing in stocks on Cash App. Here’s a breakdown of some of the key factors:
| Fee Type | Description |
|---|---|
| Stock Purchase Fee | $1 per stock purchase |
| Stock Sale Fee | $1 per stock sale |
