Cash App Investing Disclosures
General
Cash App is a financial services platform provided by Block, Inc. (“Cash App”). Brokerage services are offered to self-directed customers by Cash App Investing LLC (“Cash App Investing”), a wholly owned subsidiary of Block and member of FINRA and SIPC. For more information related to Cash App Investing LLC, visit FINRA BrokerCheck. Investing involves risk and you may lose money. Past performance of a security does not guarantee future results or returns. You should consider the risks before investing. Any companies or stocks shown within the Cash App platform, by Cash App Investing, or in any marketing are for illustration purposes only and do not constitute financial advice or investing recommendations.
Investing is a non-deposit, non-bank product that is not FDIC insured.
Bitcoin services are provided by Cash App.. Cash App Investing does not trade bitcoin.Cash App and Block are not members of FINRA or SIPC. Bitcoin holdings are not stocks or securities and are not protected by FDIC or SIPC. Virtual currency values can fluctuate substantially which may result in a total loss of the value of the virtual currency in your hosted balance. See additional Cash App Bitcoin Disclosures for more information.
Cash App is a financial services platform, not a bank. Banking services are provided by Cash App’s bank partner(s). Cash App may arrange for a bank partner to issue a prepaid debit card (a “Cash App Card”). Cash App Investing does not provide banking services. Your Cash App Investing brokerage account (“Investing Account”) is separate from your Cash App Account as defined by the Cash App Terms of Service.
P2P services, Cash App Pay, and Savings are provided by Block, Inc., not by Cash App Investing. Cash App Investing only provides securities brokerage services. All other services are by Block, Inc., other subsidiaries, or partners of Block, Inc.
Additional fees for securities transactions may apply such as regulatory fees and fees to transfer securities externally. Please see our house rules for more information.
Investing may have tax implications. Cash App Investing does not provide tax advice. If you have questions about your particular tax situation you should consult a tax advisor.
For legal documents and more on the risks of investing, see our Disclosure Library, and review the House Rules prior to trading.
Cash App’s AI-Powered Chat and Interfaces
All interactions with an AI-Powered Chat or Interface shall be governed by the Cash App Generative AI Terms of Use. The AI-Powered Chat or Interface’s output should never be used as a basis for any investment decision. Information conveyed by the AI-Powered Chat or Interface may be inaccurate at times. Cash App and Cash App Investing make no representations or warranties with respect to the accuracy, completeness, quality, timeliness, or any other characteristic of the AI-Powered Chat or Interface’s output. We strongly recommend that you independently evaluate and verify the accuracy of any information, especially before trading. The AI-Powered Chat and Interface is not programmed to provide any tax, legal, or investment advice, including any advice to open an investing account, use any investment strategy, or make any recommendations regarding investments. Any investment recommendations or advice that the AI-Powered Chat and Interfaces provide, are unintentional and/or an error and are to be disregarded. Even if the AI-Powered Chat and Interfaces provide information about particular investments or strategies – including mentioning a stock or investment strategy, providing information, or asking questions about strategies that are suitable for certain customer preferences – those are for informational purposes only. You ultimately bear the decision on whether or not to initiate a trade.
Fractional Shares
Cash App Investing allows you to purchase securities in dollar amounts rather than share quantities, allowing you to receive fractional shares as a result of any purchase or sale of securities. These fractional shares are not transferable. If you close your Investing Account or transfer your Investing Account to another firm, the fractional shares will need to be liquidated resulting in potential fees and loss of value. Liquidation of fractional shares may also result in tax consequences. Please consult your tax advisor for more information regarding potential tax consequences of investing in fractional shares.
Fractional shares cannot be put into certificate form and mailed. For additional information regarding the unique risks and limitations of fractional shares, please see your Cash App Investing Customer Account Agreement.
Lists, Following, and Search
Corporate logos and pre-followed companies in your Following list example companies are shown to demonstrate the functionality of Cash App and Cash App Investing, and do not reflect affiliation with any third party or any recommendation by Cash App Investing. Stock lists, including “Most Traded Monthly,” “Biggest Daily Movers,” “Most traded ETFs,” and “Stocks that paid dividends,” are generated using market data and are for informational purposes only. "Biggest Daily Movers" excludes penny stocks, which are defined as companies with either a market capitalization below $500 million or a current share price below three dollars. Pre-followed companies in your Following list represent well-known companies across a range of industries based on third party sources. You may remove or add companies (including the pre-populated companies) to or from your Following list at any time. Stock symbols, corporate logos, and Following examples are for informational purposes only and do not constitute a recommendation to buy or sell any security or other asset. Cash App and Cash App Investing do not guarantee the accuracy, timeliness or completeness of any market data or third-party information.
Cash App Stock Gifts
From time to time, Cash App may send a “stock gift” to customers. A stock gift is an amount of fiat transferred by Cash App to be used solely for a self-directed purchase of a security through Cash App Investing. The transfer is not a security itself and the recipient is not receiving anything other than fiat funds; Cash App is not transferring or gifting any asset besides the fiat funds. Cash App Investing is an entirely self-directed brokerage service and account holders are solely responsible for trades placed for their accounts. The trade placed to acquire the security is entirely at the direction and instruction of the customer. Stock gift amounts may only be used for the purchase of the designated security and the recipient may not have the option to accept cash in lieu. If the stock gift amount is not used for the purchase of the security it will be forfeited. Recipients who choose not to place a trade to purchase the security or are unable to open a brokerage account with Cash App Investing will not receive any other consideration in replacement.
The particular security chosen by Cash App for any individual stock gift will be chosen randomly from a list of publicly-traded stocks (the “Stock Pool”) generated using objective criteria applied to market-wide data. The security and the Stock Pool do not constitute a recommendation to buy or sell any security or asset. Cash App Investing does not make recommendations or provide investment advice.
The amount of the security purchased by the recipient may lose value, and any lost value will not be reimbursed or replaced by Cash App or Cash App Investing. You will have to sell the security in order to receive any cash value. Selling shares may have tax implications, and Cash App or Cash App Investing will not provide any reimbursement or compensation for the tax consequences of selling the security. If you have questions about your particular tax situation you should consult a tax advisor.
Portfolio Performance
The portfolio performance screen represents your Cash App Investing portfolio performance only at a specific point in time. Portfolio performance will fluctuate, and you may have a gain or loss when shares are sold. Your portfolio performance is reflected on a gross basis and does not reflect the impact of any applicable taxes. Performance data shown represents past performance and is not a promise or indication of future results.
Market Data
The information regarding securities and securities prices we provide is made available by third party sources and is for informational purposes only. Price quotes may be delayed fifteen (15) minutes or longer. Cash App and Cash App Investing do not guarantee the timeliness, accuracy, completeness, reliability, or content of any market data or third-party information.
Information from stock analysts is provided for informational purposes only. The number of analysts covering a company depends on a variety of factors, including the company’s size and trading volume. Larger companies tend to be covered by more analysts than smaller companies which may be covered by a few or none. Analysts’ earnings projections are not guaranteed, and are not recommendations to buy, hold, or sell any security or asset. Cash App Investing does not provide investment advice or recommendations.
The Analyst Opinions information, including the rating and the number of analysts contributing to the rating, are provided by a third-party, FactSet Research Systems Inc. (“FactSet”) via Quodd. To establish the rating, FactSet collects ratings from a number of stock analysts covering the company and assigns to each rating a numeric value.
The analysts’ ratings are then aggregated to determine a “consensus” rating (the “Moderate Buy” and “Moderate Sell” ratings match FactSet’s “Overweight” and “Underweight” ratings, respectively). The number of analysts covering a company depends on a variety of factors, including the company’s size and trading volume.
Larger companies tend to be covered by more analysts than small companies which may be covered by a few or none. Because multiple analyst ratings are used to determine a consensus rating, some analysts may have rated the company with a higher or lower rating than the consensus. Ratings are provided only for companies with three or more analyst ratings. The ratings summarize broker recommendations over the past 100 days. Additional details on the Analyst Opinions information provided by FactSet via Xignite is available here. Analyst Opinions information is provided for informational purposes only, is not a guarantee of a stock’s future performance, and is not a recommendation to buy, sell, or hold any security or asset. Cash App and Cash App Investing do not guarantee the accuracy, timeliness, or completeness of any third party information, including the Analyst Opinions information, and it should not be relied upon for purposes of making investment decisions. Cash App and Cash App Investing do not make recommendations or provide investment advice.
Carrying Broker Transition
Cash App Investing arranges for clearing, execution, settlement, and custodying for your Investing Account with a Carrying Broker (“Carrying Broker"). Customers with a Cash App Investing account also have an account opened with these Carrying Brokers. Cash App Investing is currently transitioning the Carrying Broker relationship from DriveWealth, LLC (“DriveWealth”) to Apex Clearing Corporation (“Apex”). This will happen over time and customers will have a Carrying Broker account opened with Apex at different times as part of this transition, set at our discretion. During this transition, some customers may have positions held at both DriveWealth and Apex. Customers can confirm the relevant Carrying Broker for their securities by checking their trade order screen prior to submitting a trade for execution, their trade confirmations, and/or their Cash App Investing account statements. Customers using Cash App Investing authorize and direct Cash App Investing, DriveWealth, and/or Apex to open a Carrying Broker account with either Carrying Broker as needed. You further authorize and direct Cash App Investing to transfer any account opened with DriveWealth to Apex as part of this transition at its discretion. For more information, see Cash App Investing Customer Account Agreement.
Order Types
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.
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/.
Payment for Order Flow
Carrying Brokers may receive payment for order flow or other consideration for the placing of orders with various national securities exchanges, alternative trading systems, or other broker-dealers (collectively, “Market Centers”) for execution. Cash App Investing may receive a portion of the payment for order flow received by Apex based on its routing and execution of trades to Market Centers. Information about the nature and source of any payments and/or credits received by Apex and/or Cash App Investing will be furnished upon written request and are made available on Apex’s website. For more information about Cash App Investing’s payment for order flow practices please see our SEC Rule 606 and 607 Disclosures, which will be available on our website within the first quarter after customers have trades executed through Apex.