- Square launches a new fee structure for its Cash App.
- The fee varies from 1% to 1.76% depending on the amount of purchase.
A mobile payment service Cash App developed by Square, has started charging fees for buying or selling bitcoin. The information is stated on the official website.
“Cash App may charge a fee when you buy or sell bitcoin. If so, the fee will be listed on the trade confirmation before you complete a transaction,” the statement goes.
While it is not clear when the information about the fees was added to the site, the users report fees ranging from 1% to 1.75% were charged on purchases on November 5.
Notably, in March the statement on the same page promised that bitcoin purchases are not charged with a conversion fee, or any other fees.
CoinDesk reports that Square spokesperson confirmed the new fees structure of Cash App and explained that the fees were previously included in the spread. The company hopes to reach more transparency by separating the two.
Apart from that, Cash App will charge users another fee that will be determined by bitcoin price volatility.
“Cash App charges two kinds of fees for bitcoin transactions: a service fee for each transaction and, depending on market activity, an additional fee determined by price volatility across U.S. exchanges.”
Share
