Cryptocurrency trading has become more accessible than ever thanks to repeated service upgrades offered by top cryptocurrency exchanges and brokers. The global cryptocurrency trading market is expected to reach $4.94 billion by 2030. Today, crypto apps are one of the most popular ways for investors to get exposure to the market as they allow hassle-free transactions on the go.
Below are the five best cryptocurrency trading software for investors. We review all the factors an investor should consider before deciding which one to choose.
eToro – The best cryptocurrency app of 2022
eToro is the number one best cryptocurrency trading app. It is a very reputable online trading platform serving more than 26 million customers worldwide. Much of eToro’s popularity is due to its high level of security, as the platform is regulated by FinCEN, FINRA, ASIC, CySEC, and the FCA.
eToro offers a transparent commission structure for those interested in cryptocurrency trading, as they only charge a 1% trading fee for all buy and sell positions (and the bid/ask spread). The platform also offers a “partial investment” service that allows customers to buy a portion of the currency instead of the entire asset. This means that eToro allows positions starting at $10.
Users can take advantage of eToro’s mobile trading app, one of the best cryptocurrency apps on the market. The app trades over 75 cryptocurrencies, including lesser-known altcoins and DeFi tokens. When it comes to account funding, eToro allows users to deposit via credit/debit card, bank transfer, or e-wallet and fully supports PayPal, Skrill, and Neteller.
eToro also excels in trading features, with CopyTrader being one of its most popular services. This feature allows users to automatically copy the trades of other eToro users. This is very useful for those who are too busy to trade actively. Finally, eToro also offers free cryptocurrency wallet software that supports hundreds of cryptocurrency assets.
Risk Warning: Cryptocurrencies are highly volatile and unregulated investment products. There is no protection for UK or EU investors.
Crypto.com – The most popular cryptocurrency exchange with a free cryptocurrency wallet app
Another good cryptocurrency investment app is Crypto.com. The platform has grown exponentially over the past 18 months and boasts over 50 million users. One of the most appealing aspects of the Crypto.com experience is that the platform accommodates traders of all experience levels, with low fees.
The Crypto.com app serves as a central trading hub that allows users to buy and sell cryptocurrency with just a few taps. Users can instantly buy cryptocurrency with a credit/debit card, which incurs a 2.99% fee. Alternatively, the Crypto.com app accepts free FIAT deposits when funding in USD.
This best crypto app offers over 250 coins to buy, but users can also trade crypto-to-crypto pairs through the Crypto.com exchange. In particular, Crypto.com offers an unlimited wallet app called DeFi Wallet for free that supports more than 700 tokens. The app provides access to the Web3 world, allowing users to interact with several exciting dApps.
Binance – the best app to buy crypto with low fees
Binance is one of the most trusted platforms in the crypto space. CNBC announced earlier this year that it had acquired a $200 million stake in Forbes. This excellent reputation has made Binance the largest crypto platform in terms of daily trading volume, providing users with more than 500 crypto assets.
Binance offers the best cryptocurrency trading app for those who want to buy coins with low fees as only a 0.1% fee is charged on each buy/sell transaction in the spot market. However, Binance recently introduced free trading for BTC and BUSD spot trading pairs and offers a 25% discount on trading fees for those who use Binance Coin (BNB) to pay commissions when trading other assets.
Even experienced users are attracted to Binance because the app offers a variety of derivative markets to trade, such as futures, vanilla options, and leveraged tokens. Finally, Binance offers a built-in crypto savings account that provides over 10% annual returns on backed assets.
Bitstamp is the best cryptocurrency app with many security features
Another best app for buying cryptocurrency is Bitstamp. Bitstamp was launched in 2011 and is one of the oldest trading platforms in the field. The platform serves more than 4 million users around the world and offers more than 50 cryptocurrency exchanges.
Bitstamp transaction fees start at 0.5% per transaction but decrease when the 30-day volume exceeds $10,000. Although there is a 5% service charge, users can also purchase cryptocurrencies directly using credit/debit cards. However, ACH deposits and withdrawals are free, and users can also fund their accounts with a variety of cryptocurrencies.
The Bitstamp trading app features biometric authentication for added security, while advanced investors are given access to an advanced Tradeview interface with order book information and comprehensive analytical tools. Finally, Bitstamp keeps 98% of its assets offline and encrypts user data to ensure a high level of security for everyone.
Coinbase is a popular cryptocurrency trading app for new entrants to the market
Coinbase is on the list of the best cryptocurrency investing apps. Coinbase is one of the largest cryptocurrency exchanges in the world, with more than 90 coins for users to trade in, and is constantly expanding to new countries. The attraction of this platform lies in its easy-to-use trading experience without advanced jargon or complicated features.
Coinbase uses a two-way fee method to pay Coinbase fees and spreads. The spread usually averages around 0.50% of a user’s trade, and Coinbase fees can vary greatly depending on the currency and transaction amount. However, seasoned traders can use the browser-based Coinbase Pro app, which offers fees as low as 0.5% per trade.
Coinbase also offers one of the best self-managed cryptocurrency wallet software, supporting hundreds of thousands of tokens and allowing users to store NFTs. There is also the option to browse the decentralized web using the Coinbase wallet app, which allows users to interact with various DeFi protocols.
How to choose a crypto trading app
Choosing the best app to invest in cryptocurrencies can be a daunting task, especially since every trader has his own goals and risk tolerance. However, there are some important aspects to consider when choosing which program to use:
Prices and Fees
Fees are naturally one of the main factors to consider, as they can significantly affect profitability, especially for active traders. Fees are generally higher than buying cryptocurrencies with a credit/debit card, although users can reduce these fees by using each provider’s trading platform. Deposits may be charged; however, most providers allow free cryptocurrency deposits.
Ensuring that crypto applications offer a wide selection of assets is critical for regular trading opportunities. Most programs will offer various altcoins and DeFi tokens to trade, and some may even offer access to derivatives markets, a feature designed for experienced traders.
The best crypto programs offer a suite of trading tools to support research and analysis. These typically include live price charts, technical indicators, overstock information, and fundamental data. Some providers even offer “one-of-a-kind” tools, such as eToro’s popular CopyTrader feature.
This article is mainly about using mobile apps, which is crucial for those who spend most of their time on the go. The best encryption programs offer functionality similar to the provider’s web platform, offering a high level of security through two-factor authentication or Face ID login.
Safety and Regulatory
As Forbes points out, the cryptocurrency exchange industry often does not have a rigorous certification process before new companies start facilitating transactions. Therefore, users should ensure that the cryptographic applications they use have security features designed to protect their assets. Look for suppliers that store the majority of customer assets in cold storage, as this protects against cyberattacks.
Finally, customer service should also be considered, as even seasoned traders will need help from time to time. Leading platforms such as eToro will offer “live chat support for quick answers to user questions”. However, most encryption programs also have a comprehensive help center with how-to guides and troubleshooting procedures.