House Rules
Updated: November 28, 2025
These House Rules (“House Rules”) set forth trading rules and limitations of the Cash App Investing trading platform. It is your responsibility to review these House Rules prior to trading. You have chosen to use Cash App Investing as your trading platform and acknowledge that Cash App Investing has sole discretion over the rules and operation of this trading platform. We may modify these House Rules at any time with or without notice to you. Any changes to the House Rules are effective immediately. Notwithstanding the foregoing, we will provide 30 days’ written notice in the event that a service fee is implemented or changed. All capitalized terms not defined have the same meaning as in the Customer Account Agreement.
Fees
Cash App Investing does not currently charge any fees for its services. There may be fees assessed by other parties for any trades, including those described below.
Government fees, TAF and SEC, apply to each sell trade. Currently, those fees are:
SEC Fee is $0.00 per $1 million of principal and is rounded up to the nearest penny.
Trading Activity Fee (TAF) is $0.000166 per share, rounded up to the nearest penny, and will not exceed $8.30.
A $75 fee is charged for all completed outbound stock transfers. This charge comes in the form of a debit to the receiving broker. The receiving broker will determine how to process the debit.
Payment for Order Flow
SEC Rule 607 requires registered broker-dealers to disclose their policies regarding the receipt of “payment for order flow” in connection with the routing of certain customer orders. “Payment for order flow” includes, among other things, any monetary payment, service, property, or other benefit that results in remuneration, compensation, or consideration to a broker-dealer from any broker-dealer or exchange in return for routing orders. Cash App Investing routes customer orders in securities to its Carrying Broker, which routes whole-share orders in stocks to market centers, including other broker-dealers and/or one or more national securities exchanges. Those broker-dealers pay for order flow at the same rate and generally pay our Carrying Broker for orders in stocks, a percentage of the spread between the execution price of an executed order and either the National Best Bid (for sell orders) or National Best Offer (for buy orders).
Under applicable exchange fee schedules, our Carrying Broker generally pays an exchange when taking liquidity on it and is paid by an exchange when providing liquidity to it. Carrying Broker transmits customer orders for execution to market centers based on several factors depending in part on the type of security, including: size of order, trading characteristics of the security, favorable execution price (including the expected opportunity for price improvement based on historical performance), and the likelihood of a fill. The market centers to which Carrying Broker routes customer orders may execute orders at prices superior to the publicly quoted market. While a customer may not specify that an order be directed to a particular market center for execution, Carrying Broker’s order-routing policies, taking into consideration the factors referenced above, are designed to seek favorable transaction processing for customers. The nature and source of any payments or credits received by Carrying Broker in connection with any specific transactions will be furnished upon written request. Please review your Carrying Broker’s SEC Rule 606 Disclosure in the Disclosure Library for details on order routing.
If your Carrying Broker is Apex, Apex receives payment for order flow from those market centers and shares revenue with Cash App Investing.
Purchasing
The minimum investment amount is $1, except in the case of Round Ups (as defined in the Cash App Investing Customer Account Agreement.) where the minimum investment amount is $0.01.
We may display default purchase amount options based on your previous purchase history. These displayed options are done for your convenience and to improve your experience, not as a recommendation or investment advice.
Selling
Minimum sale amount of $1, except when you choose to “Sell All” of your holdings of a particular stock.
If you choose to sell an amount of stock that is within $1 (in dollar value terms) or 2% (in share amount terms) of your overall holdings of that stock, you must sell all of your holdings or choose a lower amount to sell.
Cash App Investing treats all orders initiated with Apex as the Carrying Broker as “held”. A held order is a market order that must be promptly executed so that the request is immediately filled at the current market price. This differs from a “not held” order which is a market or limit order that gives a broker-dealer both time and price discretion to attempt to get the best possible price. For information regarding how your order is marked for execution purposes by Apex as the Carrying Broker and the resulting implications to you, please refer to Apex’s trading disclosures, available at: https://apexfintechsolutions.com/legal/disclosures/.
Cash App Investing treats all orders initiated with DriveWealth as the Carrying Broker as “not held”. For information regarding how your order is marked for execution purposes by DriveWealth and the resulting implications to you, please refer to DriveWealth’s trading disclosures, available at: https://legal.drivewealth.com/fractional-shares-disclosure.
When you choose to sell a certain dollar amount of stock, we will structure the Standard Order so that the net proceeds you receive from the sale equals the dollar amount you chose to sell. This means that if there are any fees or costs associated with the sale, we will sell additional stock as necessary to cover such fees and costs, resulting in your receipt of the total dollar amount you chose to sell.
We may display default sell amount options based on the size of your then-current holdings or your previous sell history. These displayed options are done for your convenience and to improve your experience, not as a recommendation or investment advice.
Settlement of Funds
Settlement of funds for transactions typically takes one (1) business day or more. Prior to settlement of funds for a transaction you may be limited from accessing funds (in the case of a sale transaction) or selling any purchased securities (in the case of a buy transaction) until the transaction has fully cleared and the respective funds have settled. Cash Investing may arrange for funds to be provided to you for immediate use in advance of fund settlement. Any such funds provided in advance are not proceeds from the sales of securities. Cash Investing may suspend or cease providing such advance funds at any time in its sole discretion and without notice.
Pattern Day Trading Restrictions on Certain Accounts
All Cash App Investing accounts maintained with the Carrying Broker, DriveWealth, are margin accounts. You can check your trade order screen prior to submitting a trade for execution, your trade confirmations, and/or your Cash App Investing account statements to confirm the relevant Carrying Broker.
Margin accounts limit you from engaging in“Pattern Day Trading”, which means you cannot initiate four or more day trades within five business days. A "day trade" is when you buy and sell, or sell and buy, the same security on the same day. Engaging in pattern day trading may result in suspension, deactivation, or closure of your Investing Account. We may institute trade restrictions to prevent pattern day trading at any time without notice to you. As a result, you may be restricted from purchasing or selling securities on a particular day or time that you intend.
Cash Account Rules on Certain Accounts
All Cash App Investing accounts maintained with the Carrying Broker, Apex, are cash accounts. You can check your trade order screen prior to submitting a trade for execution, your trade confirmations, and/or your Cash App Investing account statements to confirm the relevant Carrying Broker.
Cash accounts require that all purchases be paid in full, on or before the settlement date. The settlement period is the time between the trade date (the date when the transaction occurs) and the settlement date (the date when the payment is made and the transfer of the securities’ ownership occurs). The settlement date for most stocks is typically one business day after the transaction date (e.g., T+1). If you are not fully paid by then, you could create good faith or freeride violations. A good faith violation occurs when you buy a security and sell it before paying for the initial purchase in full with settled funds. Only cash or the sales proceeds of fully paid for securities qualify as "settled funds." Selling a position before it was ever paid for with settled funds is considered a "good faith violation" because no good faith effort was made to deposit additional cash into the account prior to settlement date. A freeriding violation occurs when you buy securities and then pay for that purchase by using the proceeds from a sale of the same securities. This practice violates Regulation T of the Federal Reserve Board concerning broker-dealer credit to customers. Your account may face restrictions if you engage in good faith violations or freeriding violations.
Voting Fractional Shares
You may be able to vote on corporate matters on a fractional basis according to your holdings of fractional shares. However, some securities may have a minimum fractional share amount requirement for exercise of voting rights. Your fractional shares may not be eligible to vote if you do not meet the minimum fractional share amount threshold or fractional voting is not supported for such security.
Negative Account Balance; Liquidation
If your account balance becomes negative and you do not resolve the balance, we may liquidate securities held in your account to resolve the balance.
Corporate Actions and Reorganizations
In the event of a corporate reorganization you may be required to liquidate or transfer any holdings of the reorganized company.
Brokerage services provided by Cash App Investing LLC, member FINRA/SIPC, subsidiary of Block, Inc.