Cryptocurrency trading has taken the digital economy by storm in recent years, thanks to the advent of cryptocurrencies such as Bitcoin, Dogecoin, Ethereum, and others. Today with cryptocurrencies you can purchase anything from a cup of coffee, burgers, cars, e-commerce products, jewelry, and even insurance. The mainstreaming of cryptocurrencies into the traditional business sphere has necessitated the need for cryptocurrency applications or cryptocurrency exchanges. Essentially what cryptocurrency apps do is that they allow users to buy and sell cryptocurrencies they can even help you to connect to your bank or use a credit or debit card to buy cryptocurrencies.
What is a Cryptocurrency App?
A cryptocurrency app is essentially a platform on which you can buy and sell cryptocurrency. You can even use the exchange to trade one crypto for another such as converting Bitcoin to Ethereum, for example, or to buy crypto using regular money. Cryptocurrency apps work like a forex exchange office reflecting current market prices of the cryptocurrencies they offer. Users can also convert their cryptocurrencies back into their dollars or another currency. For more insights can read our article on how to accept crypto payments.
How to Choose the Best Crypto App
There are thousands of cryptocurrencies, with the best cryptocurrency app choices, you can better manage your sales and purchases securely. Here are some good pointers on how to choose the best crypto app for your needs:
Security: Cryptocurrencies are not controlled or backed by any central bank as such if you don’t choose the right one you risk incurring heavy losses. Look for crypto exchanges that have insurance policies to protect digital currencies users from hacking or fraud.
Ease of use: The crypto exchange should allow you for easy sign-up and management of your account. Look for one that has easy-to-use features and that is beginner-friendly.
Cryptocurrency options: Several cryptocurrencies are being traded online the best crypto apps let you use several cryptocurrencies and also let you trade across cryptocurrencies.
8 Best Apps for Cryptocurrency Exchange
There are several cryptocurrency exchanges where you can trade in cryptocurrencies and crypto-assets. Some even offer robust services, others offer advisory or brokerage services, while still others offer user-friendly features and investment advice for your endeavor into the world of cryptocurrencies, below are our top picks of best crypto exchanges:
Coinbase lets you buy and sell Bitcoin, Ethereum, and more with trust. It offers attractive security features including covered by FDIC insurance, a low minimum deposit to fund accounts, apps for Android or iOS devices, and users can earn some free cryptocurrencies if they are willing to take some educational courses.
eToro is another cryptocurrency trading platform popular among users. This app is regulated by multiple financial bodies including the SEC, ASIC, CySEC, and the FCA. It offers a low minimum first deposit amount of only $50 while being fully compatible with both iOS and Android devices. In addition, it has over 43 crypto assets where users can deposit through bank transfer, debit/credit card, and Paypal.
Binance is touted to offer the most competitive rates and is compatible with multiple devices. It boasts of over 2 billion average daily transactions over 1,000 trading markets across a plethora of crypto assets. Besides offering low trading commissions users can easily buy cryptocurrencies using a wide range of payment options, including bank transfer, credit or debit card, and cash.
Gemini‘s cryptocurrency exchange offers a platform for users to buy, hold, and sell cryptocurrencies. It offers a wide selection of cryptocurrencies to choose from; has minimum order amounts; works both on both iOS and Android devices; access transaction histories and downloadable account statements; and is available in all U.S. states.
Robinhood places no minimum account requirements allowing investors to get started right away. It offers a cash management account that allows users to earn returns that fluctuate with prevailing interest rates on their uninvested cash. Besides being user-friendly it offers 100% commission-free stock on its streamlined platform, however, the mark-up on spreads can cost you. It works with a selection of cryptocurrencies that include Bitcoin, Ethereum, Dogecoin, Litecoin, and more.
Webull’s app lets you buy and sell digital currencies at 0% commission but the mark-up on spreads can be costly. It is user-friendly and comes with intelligent tools and services. Users also get access to real-time quotes. As an incentive, it offers cryptocurrency traders free stocks when users open and funds a new account which they can opt to claim for up to 30 days. They then can hold or sell the awardedCashAppstock that has been credited to their account.
CashApp offers a cash management account and helps you to trade stocks and bitcoin. The downside is that it only offers you the ability to trade crypto-only with Bitcoin. The app charges a basic service fee for each transaction as well as a fee based on the volatility of Bitcoin traded. On the plus side, it will provide you with the fee before you trade, let you know beforehand how much it would cost you. CashApp is best for first-time investors in cryptocurrency and mobile banking users.
Kraken helps cryptocurrency investors in buying and selling cryptocurrencies at market rates while offering them margin accounts and futures trading. Novices can start using the Kraken platform with a verified account, and quickly buy cryptocurrency from a linked bank account, while also being able to sell or convert between currencies in your account. To get started you can start with as little as $ 10 while supporting popular cryptocurrencies including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.
What is the best app for cryptocurrency?
Binance is considered the best cryptocurrency app as it offers competitive rates and is compatible with multiple devices. In manages over 2 billion average daily transactions over 1,000 trading markets across several crypto assets. In addition, it offers low trading commissions and payments can be made via bank transfer, credit or debit card, and cash.
What is the safest app for cryptocurrency trading?
eToro is viewed as the safest app for crypto trading and is regulated by multiple financial bodies including the SEC, ASIC, CySEC, and the FCA. In addition, investors’ funds are kept secure in top-tier banks and all of their personal information is guarded under SSL encryption. It also offers another tier of protection with an option to activate a Two Factor Authentication for users’ accounts which requires them to enter a verification code sent to their mobile phone via SMS in order to access accounts.
This article, “8 Best Cryptocurrency App Choices” was first published on Small Business Trends