Cash App vs SoFi Crypto (2026): US Fees, Spreads, 50-State Legality & NMLS Compared
- Cash App $1k Pro / Simple
- $35.00 Pro · $35.00 Retail
- SoFi $1k Pro / Simple
- $1.00 Pro · $1.00 Retail
- US State Availability
- Cash App: 51/51 · SoFi: 51/51
- NYDFS BitLicense (NY)
- Cash App: Yes · SoFi: Yes
- NMLS Registry IDs
- #942933 vs #1828741
- 2026 Tax Reporting
- IRS Form 1099-DA + Form 8949 Compatible
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1. Visual Trade Cost Comparison ($100, $1,000 Retail, $1,000 Pro & $10,000)
2. Complete US Fee, Regulatory & Product Matrix: Cash App vs SoFi Crypto
| Benchmark Dimension | Cash App | SoFi Crypto |
|---|---|---|
| US Legal Entity | Block, Inc. | SoFi Digital Assets, LLC / SoFi Bank, N.A. |
| NMLS ID & State MTLs | NMLS #942933 (51 MTLs) | NMLS #1828741 (0 MTLs) |
| New York (NYDFS) Status | Granted NYDFS BitLicense in June 2018 (Square / Block, Inc.). | Held NYDFS BitLicense (granted Dec 2019; surrendered upon Dec 2023 retail crypto wind-down/migration to Blockchain.com). In 2025/2026 OCC bank crypto guidance reopened path for SoFi Bank re-entry. |
| Available US Jurisdictions | 51 / 51 | 51 / 51 |
| Retail Instant Buy Fee + Spread | 1.75% + 100 bps | 0.00% + 5 bps |
| Pro Orderbook Maker / Taker | No Separate Pro Book | No Separate Pro Book |
| $100 Round-Trip Cost (Retail) | $4.50 | $0.10 |
| $1,000 Round-Trip Cost (Retail) | $35.00 | $1.00 |
| $1,000 Round-Trip Cost (Pro Tier) | $35.00 | $1.00 |
| $10,000 Round-Trip Cost | $250.00 | $10.00 |
| $100/mo Annual DCA Cost | $54.00/yr | $1.20/yr |
| ACH Deposit / Withdrawal | $0.00 / $0.00 | $0.00 / $0.00 |
| Fedwire Deposit / Withdrawal | / | $0.00 / $0.00 |
| Supported Crypto Assets | 1 | 0 |
| Lightning Network Support | Yes | No |
| CFPB Consumer Complaints | 3,208 (14.29%) | 0 / Partner Routed |
| IRS Tax Forms | 1099-DA, 1099-B, 8949-CSV | 1099-B, 1099-DIV, 1099-INT, 5498 |
3. 50-State + DC Licensing Delta
States where Cash App is legal but SoFi Crypto is restricted: None (Available in same states)
States where SoFi Crypto is legal but Cash App is restricted: None (Available in same states)
Overall State Reach Winner: Cash App (51/51 vs 51/51).
4. Scenario Winner Breakdown
- Lowest $1,000 Active Trading Cost: SoFi Crypto ($1.00 round-trip).
- Lowest $100/mo Automated DCA Cost: SoFi Crypto ($1.20/year).
- New York Resident Eligibility: Both Cash App and SoFi Crypto serve NY.
- Full Dossiers: Cash App Dossier · SoFi Crypto Dossier
Who Should Choose Cash App vs. Who Should Choose SoFi (2026 Decision Matrix)
2026 US Execution & Compliance Matrix| US Trader / Investor Profile | Who Should Choose (Optimal Use Case) | Who Should Avoid (Cost or Regulatory Friction) | Recommended Execution Protocol |
|---|---|---|---|
| Cost-Minimizing Orderbook Traders ($1k–$50k) | Choose Choose SoFi for lower $1,000 round-trip execution cost ($1.00 vs $35.00). | Avoid Avoid executing market buys on either platform's Retail Simple interface ($35.00 vs $1.00). | Always place limit Maker orders on the Pro Orderbook tier after funding via $0.00 ACH. |
| New York & Strict MTL State Residents | Choose Choose Cash App if you reside in New York (51/51 vs 51/51 states). | Avoid Avoid attempting VPN workarounds if your state is excluded under NMLS Money Transmitter rules. | Check our 51-Jurisdiction State Matrix to verify exact state eligibility before completing KYC. |
| Automated Monthly DCA Investors ($100/mo) | Choose Choose SoFi ($1.20/yr vs $54.00/yr on $100/mo DCA). | Avoid Avoid funding recurring buys with a debit card (adds 2.99%–3.99% processing fees). | Link a US checking account via Plaid ACH ($0 deposit fee) and schedule limit or zero-fee recurring buys. |
Orderbook Fee & Spread Microstructure (Cash App vs SoFi): When evaluating Cash App (Block, Inc.) against SoFi (SoFi Digital Assets, LLC / SoFi Bank, N.A.), the primary cost driver for US traders is the spread between retail instant-buy widgets and institutional limit orderbooks. On a $1,000 round-trip transaction, Cash App charges $35.00 on its retail interface and $35.00 on its Tiered fee (0.75% – 3.00% by size; 0% fee on Direct Deposit auto-invest BTC conversions + ~1% spread), whereas SoFi charges $1.00 retail and $1.00 on its 0.00% commission on Spot BTC/ETH ETFs in SoFi Active Investing (historical spot crypto was 1.25%).
50-State + DC Licensing & Regulatory Footprint: Cash App holds 51 state Money Transmitter Licenses (NMLS #942933) covering 51/51 US jurisdictions, while SoFi holds 0 state MTLs (NMLS #1828741) covering 51/51 jurisdictions. New York availability is supported on Cash App and supported on SoFi.
Banking Rails, ACH Clearing Holds & Self-Custody: Both platforms support US banking rails, with Cash App charging $0.00 for ACH deposits (None Fedwire) and SoFi charging $0.00 for ACH deposits ($0.00 Fedwire). Standard ACH deposits incur a 3–7 business day clearing hold before on-chain withdrawal to a hardware wallet.
2026 IRS Form 1099-DA & Portfolio Tax Reconciliation: Cash App issues 1099-DA, 1099-B, 8949-CSV (FIFO) and SoFi issues 1099-B, 1099-DIV, 1099-INT, 5498 (FIFO / Specific ID). Investors using both venues simultaneously must track cost basis separately per account under IRS Revenue Procedure 2024-28.
Frequently Asked Questions (US Regulatory & Execution Reference)
VERIFIED Q&A PROTOCOLIs Cash App cheaper than SoFi Crypto for US crypto traders?
On a $1,000 round-trip trade using the lowest-fee tier, Cash App costs $35.00 compared to $1.00 on SoFi Crypto. On standard retail instant buy, Cash App costs $35.00 vs $1.00 on SoFi Crypto.
Which states allow Cash App vs SoFi Crypto?
Cash App is available in 51/51 US jurisdictions, whereas SoFi Crypto is available in 51/51 jurisdictions.
How does Cash App vs SoFi Crypto impact 2026 IRS Form 1099-DA and Rev. Proc. 2024-28 tax reporting?
For the 2026 tax year, regulated US digital asset brokers report gross proceeds and covered cost basis on IRS Form 1099-DA under IRC Section 6045. Taxpayers interacting with Cash App vs SoFi Crypto must maintain wallet-by-wallet (or account-by-account) cost-basis lot allocation under IRS Revenue Procedure 2024-28 and reconcile dispositions on Form 8949 and Schedule D.
What is the difference between Retail Instant Buy and Pro Orderbook execution for Cash App vs SoFi Crypto?
Across audited US platforms relevant to Cash App vs SoFi Crypto, standard retail 'Simple' or 'Instant Buy' widgets embed a 100 to 200 bps principal spread on top of a 0.99%–1.49% convenience fee (~$18–$29 per $1,000). Routing the exact same USD deposit through a Central Limit Order Book (CLOB) such as Kraken Pro, Coinbase Advanced, Gemini ActiveTrader, or Bitstamp US reduces total execution cost to 20–60 bps ($2.00–$6.00 per $1,000).
How do NMLS Money Transmitter Licenses and the NYDFS BitLicense apply to Cash App vs SoFi Crypto?
In the United States, custodial crypto platforms must register federally as a FinCEN Money Services Business (MSB) under 31 CFR 1022.380 and hold state-by-state Money Transmitter Licenses tracked in NMLS Consumer Access. Serving New York residents additionally requires a NYDFS BitLicense (23 NYCRR Part 200) or a New York Limited Purpose Trust Company charter.
FinCEN / NMLS / Form 1099-DA Execution Checklist
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State MTL, BitLicense & Fee Schedule Alert Wire
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