How To Sell Stock on Cash App: 7 Simple Steps
When you buy a share of a company’s stock, you technically own a small piece of that company. While you used to need an account with a brokerage firm to buy and sell shares of stock, mobile payment giant Cash App lets users do so via its app. If you’ve bought stock on Cash App or received a share as a gift that you’re ready to sell, read on to learn how to sell stock on Cash App.
How To Sell Stock on Cash App
Cash App’s main goal is to give users a fast and easy way to send money between users. Selling stock on Cash App is a straightforward process that involves the following steps:
- Open the Cash App application on your mobile device. Enter your passcode or submit biometric data to access your account if you have these features enabled. If you don’t already have a Cash App account, setting one up is easy.
- Tap on the Money tab from the home screen, followed by the investing tile.
- After accessing the investing tile, you’ll see a complete list of the shares of stocks that you own. Choose the company whose stock you’d like to sell.
- On the trading screen, you’ll see information like the current price of the stock and the number of shares that you own. To initiate a sell order, press the button labeled “Sell.”
- Choose whether you want to sell in terms of dollar amount or number of shares.
- Enter the total number of shares or dollar amount of stock that you want to sell. Choose the type of sell order and set your sell limit price, if necessary.
- Confirm the transaction using your PIN or Touch ID.
Like any other broker, Cash App will then carry out your sell order according to your instructions. When the transaction closes, you’ll see the unsettled funds in your investing account balance.
Can I Sell My Stocks at Any Time on Cash App?
Cash App is bound by standard market trading hours. The stocks that you can buy and sell on Cash App are largely traded on the New York Stock Exchange and Nasdaq, which means that active trading hours are between 9:30 a.m. and 4 p.m. ET. While you can place a sell order at any hour through your Cash App account, the order will only execute during market hours.
Final Take
If you’ve been intimidated by the process of creating a brokerage account to buy and sell shares of stocks, buying your first share through Cash App can be an inviting way to begin exploring the stock market. Thanks to Cash App’s fractional share capabilities, you can begin investing in major corporations like McDonald’s, Tesla, Nike, General Electric and many more with just $1 in your account.
After you get the hang of the investing process through Cash App, you may want to move on to a dedicated brokerage account, which offers access to assets beyond individual shares and exchange-traded funds.
FAQ
- How do I cash out my stocks?
- You can cash out your stocks by selling them. To sell stocks through Cash App, follow the steps listed above. After you've cashed out, you'll see the appropriate balance in your Cash App account. You can then transfer the funds to your bank or reinvest them as you see fit.
- Why can't I sell my stock on Cash App?
- There are many cases where you might be unable to sell your stock immediately on Cash App. If it's outside of normal trading hours, your sell order will execute as soon as possible during the next trading day. Cash App's rules also prevent you from creating a sell order if the amount is within $1 in value or 2% of your overall holdings. If this is the case, you'll need to sell your entire holdings or opt to sell a smaller amount.
- How much does it cost to sell stock on Cash App?
- Selling stock on Cash App is free, as the company doesn't charge any type of investing commission. If you are completing a high-value trade that requires Cash App to levy SEC fees, the app will notify you before you complete the trade.
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