Square announced today that you’ll soon be able to invest in stocks using its Cash App, and says you’ll be able to start investing with $1. That doesn’t mean you’ll be able to buy a full share of Apple for a buck, though — you’re going to be investing in a fraction of a share, however much that $1 will get you.
This concept, fractional share trading, isn’t quite new — you can already do it with some other investment apps, such as Stockpile or Betterment. It’s even something you’ll be able to do if your money is managed by investment giant Charles Schwab, which said last week that it would introduce fractional share trading to help attract younger customers.
Square tells The Verge that buying stocks on the Cash App won’t have any fees, putting it in direct competition with the popular free stock trading app Robinhood. Cash App does have one leg up on Robinhood, though — Robinhood doesn’t support fractional share trading yet.
Stock trading was first rumored to come to the Cash App earlier this year. Investing isn’t entirely new to Cash App, as you can use the app to buy Bitcoin already, but this will be on a much larger scale, as there will be many more potential investments to choose from. With the addition of stock trading, Cash App becomes that much more useful as an all-in-one money manager for moving money between peers, investments, and your bank.
Investing on Cash App should be rolling out to all customers in the coming weeks, according to a Square spokesperson.