Square is adding more trading features during Bitcoin’s seemingly bearish trend. Today, they tweeted that Cash App users can buy stocks with as little as $1.
An exchange that has comparable features to Cash App’s stock trading is Robinhood, a newbie friendly mobile app. The difference is, Robinhood requires users to purchase whole shares of stocks, which can make investing hard for someone with low income.
Having the ability to buy any amount of a share means that a user can dollar cost average $50 per paycheck rather than buying one $243 Apple share every two and a half months.
This gives people who are looking to take money out of Bitcoin as the price drops an incentive to keep the money on the platform. Instead of cashing out, they’ll be able to make a new investment decision, and fall further down the trading rabbit hole.
Square says that the feature will be rolling out very soon. Judging by the promotional video, stock trading options will be in the same location as where bitcoin is purchased. Users will need to give information such as their drivers license, social security number, source of income and the reason for investing in order to trade stocks.