You’ve probably used Cash App to send money to friends or make contactless payments. However, the app can do much more than that. Cash App allows you to open a bank account through the platform, buy and sell bitcoin, and even invest in stocks. If you’re ready to get started with trading, you may be wondering, what is the best stock to invest in on Cash App? Here are five stocks you can purchase on Cash App that may be worth looking into.
What Is the Best Stock to Invest in on Cash App?
Cash App allows you to invest in top companies such as Shopify and Apple. You only need a balance of $1 to start investing and purchasing stocks. Cash App doesn’t have any monthly maintenance fees, trade commissions, or minimum balance requirements. This makes it a great platform for beginners who are new to investing.
There are over 1,800 stocks and ETFs you can invest in through the platform. Check out five of the best stocks to invest in on Cash App below.
Shopify
This year, ecommerce sales are expected to increase by 10.4%. If you want to get in on that growth, consider investing in Shopify. It’s a top ecommerce platform that helps businesses build and run their online stores. Shopify’s ecommerce solutions are used by retailers in over 175 countries.
In the United States, 29% of all ecommerce sites are built with Shopify, so it already has significant market share. The company reportedly has an ambitious growth strategy, which could help it gain even more ground in 2023 and beyond. For that reason, Shopify is a contender for the best stock to invest in on Cash App.
Apple
Apple is the largest publicly traded company in the world, and its stock has been pretty reliable and consistent in the past. Over the last five years, Apple’s stock has risen 306% according to The Motley Fool. Experts expect this trend to continue and believe Apple will perform well over the next few years due in part to its strong name recognition and broad range of products. Apple is even hoping to break into the self-driving vehicle market by 2026, which could allow the company to grow and expand even further.
NVIDIA Inc.
NVIDIA Inc. is poised to benefit from the recent popularity of artificial intelligence. The semiconductor company produces custom-made AI chips that power tools like ChatGPT. According to Benzinga, the company’s share price has tripled in 2023, and its valuation is over $1 trillion. Although NVIDIA may face competition from other chip producers like Advanced Micro Devices, its stock still seems like a good pick.
Amazon
Many analysts believe that retail giant Amazon is worth investing in this year. The company’s stock has gained nearly 50% in the first half of 2023. Amazon executives have credited some of the company’s growth to advances in AI technology.
Plus, the services side of the business, which includes Amazon Web Services and Prime subscriptions, is reportedly performing well. Although consumer spending is trending downwards, which could hurt the ecommerce arm of Amazon’s business, the company still seems poised to perform favorably in the long run.
Adobe Inc.
Many analysts currently consider Adobe stock to be a good buy. Adobe is a software company that has produced top design programs such as Photoshop and Illustrator. The brand is expanding into the AI space with its image generation tool Firefly, which has reportedly been well-received. Since Adobe is investing in growth areas like AI tech, the company is worth a second look from traders.
Which stocks do you plan to invest in on Cash App this year? Let us know in the comments!
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