Cryptocurrencies such as Bitcoin and Ethereum have revolutionized our approach to money. You can use these digital currencies for a wide range of purchases – from small items like coffee to big-ticket items like cars. As cryptocurrencies become more common in regular business, there’s a growing need for apps or exchanges that handle these digital currencies. This surge in cryptocurrency use has made apps for managing them more important than ever. The best cryptocurrency apps make it easy for you to buy, sell, and trade your digital currency.
This article will help you understand these apps and guide you in choosing the right one for your small business requirements.
Here’s a word from Femi Olaniyan about how beginners can select the best Crypto trading apps:
What is a Cryptocurrency App?
Cryptocurrency apps are platforms that allow users to connect to banks, allowing you to buy and sell cryptocurrencies. You can also use a credit or debit card to buy cryptocurrencies. 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.
Also, 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, you can read our article on how to accept crypto payments.
What to Look for in a Crypto App
There are thousands of cryptocurrencies, and here are some good pointers on how to choose the best crypto app for your needs:
- Security:
- Advanced Security Features: Opt for apps with robust security measures like two-factor authentication, biometric security, and SSL encryption.
- Reputation and Track Record: Check the app’s history for any security breaches and read user reviews about their security experiences.
- Regular Security Updates: Ensure the app regularly updates its security features to keep up with new threats.
- Ease of Use:
- User-Friendly Interface: Choose an app with a clear, intuitive interface that simplifies navigation and transactions.
- Accessibility and Convenience: Choose apps that are compatible with a range of devices, such as smartphones and tablets.
- Customer Support: Ensure the app provides responsive customer support for any technical or account-related queries.
- Cryptocurrency Options:
- Wide Range of Cryptocurrencies: Select an app that offers a diverse range of cryptocurrencies, including both popular and emerging coins.
- Liquidity and Volume: Consider the trading volume available on the app, as higher liquidity can lead to better pricing and faster transactions.
- Interoperability: Verify whether the app facilitates smooth transfers or exchanges among various cryptocurrencies.
Also consider:
- Fees and Charges:
- Transparent Fee Structure: Look for apps with clear and transparent fee structures to avoid hidden charges.
- Comparison of Fees: Compare fees across different apps, including transaction fees, withdrawal fees, and any other applicable charges.
- Fee Waivers or Discounts: Some apps offer reduced fees for higher volume trades or for using their native tokens.
- Regulatory Compliance:
- Legal Compliance: Verify that the app complies with the regulations and legal requirements in your country or region.
- License and Registration: Check if the app is registered with relevant financial authorities or regulatory bodies.
- Additional Features:
- Educational Resources: Some apps offer educational content, tutorials, and market insights which can be valuable, especially for beginners.
- Real-Time Data and Analytics: Access to real-time market data and analytical tools can help in making informed trading decisions.
- Customizable Alerts: Features like customizable price alerts can keep you updated on market movements and opportunities.
Considering these factors will help you select a crypto app that aligns with your security needs, ease of use preferences, sales, purchasing and investment strategies.
Methodology We Used for Choosing the 8 Best Crypto Apps
When you’re on the hunt for the best cryptocurrency app, it’s essential to weigh several factors that cater to both the needs of business owners and investors. In assisting our readers in finding the best cryptocurrency apps suitable for their needs, we use the following criteria, rated on a scale from 1 to 10, where 10 indicates the highest level of importance and 1 the lowest.
- Security and Privacy
- Importance Scale: 10/10
- Rationale: Robust security measures are essential in cryptocurrency apps to protect user assets and personal data.
- User Interface and Usability
- Importance Scale: 9/10
- Rationale: A user-friendly interface is crucial for both novice and experienced users to navigate and execute transactions efficiently.
- Variety of Supported Cryptocurrencies
- Importance Scale: 8/10
- Rationale: Apps offering a wide range of cryptocurrencies provide users with more options for trading and investing.
- Fee Structure
- Importance Scale: 8/10
- Rationale: Having transparent and competitive fee structures is essential for users to optimize their investments.
- Reliability and Performance
- Importance Scale: 9/10
- Rationale: High reliability and optimal app performance are critical for real-time trading and access to market data.
- Customer Support
- Importance Scale: 7/10
- Rationale: Efficient customer support is crucial for resolving technical or account-related issues.
- Educational Resources
- Importance Scale: 6/10
- Rationale: Apps that provide educational content about cryptocurrencies and trading can be particularly valuable for new users.
- Wallet and Storage Solutions
- Importance Scale: 8/10
- Rationale: Secure and convenient wallet services within the app enhance user experience and asset management.
- Regulatory Compliance
- Importance Scale: 9/10
- Rationale: Compliance with relevant regulations ensures the app’s legitimacy and operational security.
- Additional Features (like trading tools and alerts)
- Importance Scale: 7/10
- Rationale: Additional features such as advanced trading tools, price alerts, and analytics provide enhanced functionality for users.
By applying these criteria, we aim to guide our readers toward selecting cryptocurrency apps that are not only secure and user-friendly but also offer a comprehensive range of features and services for effective cryptocurrency management.
The 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
Coinbase lets you buy and sell Bitcoin, Ethereum, and a wide range of cryptocurrency options with trust. It offers attractive security features, including covered 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
eToro is a widely used cryptocurrency trading platform. It is regulated by various financial authorities, including the SEC, ASIC, CySEC, and the FCA, which establishes it as a secure and trustworthy option. The app requires a low minimum deposit of just $50 and is fully compatible with both iOS and Android devices. Additionally, it offers access to over 43 cryptocurrency assets, and users can make deposits via bank transfer, debit/credit card, or PayPal.
Binance
Binance is touted to offer the most competitive rates and is compatible with multiple devices. It boasts 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
Gemini‘s cryptocurrency exchange offers a platform for users to buy and sell cryptocurrencies. It also has a wallet feature for storing your purchases. It offers a wide selection of cryptocurrencies to choose from, has minimum order amounts, works on both iOS and Android devices, accesses transaction histories and downloadable account statements, and is available in all U.S. states.
Robinhood
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
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 fund 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
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 and let you know beforehand how much it would cost you. CashApp is best for first-time investors in cryptocurrency and mobile banking users.
Kraken
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 their account. To get started, you can start with as little as $ 10 while supporting popular cryptocurrencies, including Bitcoin, Ethereum, Cardano, Solana, and Dogecoin.
The Best Apps for Cryptocurrency Exchange
Below is an overview of the top cryptocurrency exchange apps, showcasing their essential features and offerings. Use this information to make a quick and informed decision:
| App Name | Key Features | Security | Minimum Deposit | Supported Devices | Cryptocurrencies Available | Additional Notes |
|---|---|---|---|---|---|---|
| Coinbase | FDIC insurance, educational courses | High | Low | Android, iOS | Wide range including Bitcoin, Ethereum | Earn free cryptocurrencies through educational courses |
| eToro | Regulated by SEC, ASIC, CySEC, FCA | High | $50 | Android, iOS | Over 43 crypto assets | Deposit via bank transfer, debit/credit card, PayPal |
| Binance | Competitive rates, low commissions | High | Not specified | Multiple devices | Extensive range across 1,000+ markets | 2 billion average daily transactions |
| Gemini | Wide cryptocurrency selection, transaction history access | High | Not specified | Android, iOS | Wide selection | Available in all U.S. states |
| Robinhood | No minimum account requirements, commission-free stocks | Moderate | None | Android, iOS | Includes Bitcoin, Ethereum, Dogecoin, Litecoin, etc. | Markup on spreads can be costly |
| Webull | 0% commission, real-time quotes | Moderate | Not specified | User-friendly app | Not specified | Free stocks for new account openings and funding |
| CashApp | Cash management account, trade stocks and Bitcoin | Moderate | None | Not specified | Bitcoin only | Best for first-time investors and mobile banking users |
| Kraken | Margin accounts, futures trading | High | $10 | Not specified | Includes Bitcoin, Ethereum, Cardano, Solana, Dogecoin | Suitable for both novices and experienced users |
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 considered the safest app for crypto trading and is regulated by several financial authorities, including the SEC, ASIC, CySEC, and the FCA. Moreover, investors’ funds are securely held in top-tier banks, and all personal information is protected by SSL encryption. Additionally, users can enhance their account security by activating Two Factor Authentication, which requires a verification code sent to their mobile phone via SMS to access their accounts.
Image: Depositphotos
