There are a few apps for both rookie investors and cryptocurrency professionals that can boost your crypto trading and even add cryptocurrency to your portfolio for free. There are numerous cryptocurrency trading apps that every trader should have on their home screen, ranging from loan platforms to exchanges and portfolio managers.
Begin by reading our assessment of the best cryptocurrency trading app to discover what you’re missing.
Choosing an Appropriate Cryptocurrency Trading App
Before I get into the best cryptocurrency trading app, let me briefly go over what you should look for while looking for a broker/exchange that matches your needs.
The following are the most important metrics in my opinion:
#1. CFDs or Ownership?
First and foremost, you must choose whether your goal is short-term or long-term. For example, do you want to purchase popular cryptocurrencies such as Bitcoin or Ethereum and then hold the coins for several months or years? If this is the case, you could be better off with a cryptocurrency broker that allows traditional payment methods.
Alternatively, if you want to actively trade cryptocurrencies to profit from ever-changing market swings, a CFD trading platform might be a better option. This is because most CFD providers allow you to trade cryptocurrencies without paying any commissions. As a result, you simply need to think about the spread.
#2. Regulation
In the cryptocurrency trading market, regulation is a bit of a grey area. It is almost assured that if you choose a CFD provider, the platform will be severely regulated.
eToro, IG, and Plus500, for example, all have licenses from the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). The Cyprus Securities and Exchange Commission (CySEC) and the Monetary Authority of Singapore are two other reputable license issuers (MAS).
On the opposite end of the spectrum, traditional cryptocurrency trading exchanges such as Binance remain mostly uncontrolled. This is fairly surprising given the billions of dollars in trading activity that passes through its accounts every day.
#3. Pairs Supported and Financial Instruments
The word ‘Cryptocurrency Trading’ is a bit of a catch-all, not least since it can relate to a variety of financial instruments. If you want to trade cryptocurrencies against the US dollar, for example, make sure your app offers fiat-to-crypto pairs.
Alternatively, you could be interested in trading crypto-cross pairs. These are currency pairs comprised of two digital assets. This might be BTC/ETH or XRP/ETH. If you’re a seasoned crypto trader trying to take things to the next level, you should search for features like margin trading, leverage, and short-selling.
10 Best Cryptocurrency Trading App
#1. eToro – Best Cryptocurrency Trading App All-Round
So, now that you know what to look for when choosing cryptocurrency trading apps, I’ll go over my top option — eToro. eToro, which was founded in 2007, now has over 12 million traders worldwide. You will be able to trade via its main desktop site or a fully-featured mobile app. The latter is compatible with iOS and Android smartphones.
eToro provides traditional assets as well as CFDs, giving you a lot of options.
If you wish to invest in cryptocurrencies and keep 100% ownership, you can do it at eToro. However, you cannot withdraw the funds to a private wallet. As a result, they will remain on the eToro platform until you wish to withdraw them.
CFDs make it possible to use leverage or short-sell cryptocurrency. CFDs also make it possible to trade cryptocurrency cross-pairings.
eToro enables you to purchase and sell 16 different cryptocurrencies in the traditional sense. This includes Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, and other cryptocurrencies.
Charges and Commissions
In addition to its extensive selection of tradable cryptocurrency items, the eToro app distinguishes out in terms of fees.
This is why:
- Deposits: There are no costs for using a regular debit/credit card, an e-wallet, or a bank account to deposit funds. The only cost of financing your account is a 0.5 percent currency translation fee for all non-USD deposits. This is relatively competitive when compared to Coinbase, which charges 3.99 percent on debit card deposits.
- 0% Commission: Whether you are buying cryptocurrencies or trading CFDs, eToro does not charge any commissions. Trading CFDs, on the other hand, will necessitate the consideration of overnight financing expenses. This is the industry norm in the CFD space, and the charge will be applied for each day that your position remains open beyond market hours.
- Competitive Spreads: While not industry-leading, eToro’s spreads can be competitive – especially if you are investing for the long term. When trading less liquid cryptocurrency pairs, you should expect to pay a wider spread.
- Withdrawals: Getting your money out of the eToro crypto app and back onto your payment method is a breeze. The best part is that the platform only charges $5 for every withdrawal.
Overall, I believe eToro is quite good in terms of trading fees and commissions.
Security and Regulation
eToro cryptocurrency trading app is regulated on three fronts in terms of the security of your funds. The FCA, ASIC, and CySEC are all part of this. These three regulatory agencies have a stellar reputation in the online brokerage industry. They all have stringent requirements for the brokers and trading platforms they oversee, such as:
- Platforms must maintain customer funds in separate bank accounts.
- Auditing the provider regularly
- Platforms are being asked to request ID from all dealers.
- Include clear cautions about the hazards of trading financial instruments such as bitcoins.
#2. Coinbase – The Best Cryptocurrency Trading App for Novices
Although Coinbase may not be the best cryptocurrency trading app for some of you, it is most definitely the best option if you are a complete beginner. I say this since the app is one of the most user-friendly. In reality, you should be fine with the Coinbase app even if you have little to no experience trading cryptocurrency.
You can use the Coinbase app to purchase and sell all of the main cryptocurrencies.
All of the aforementioned digital currencies can be purchased in the classic sense, which means you retain complete ownership. However, unlike eToro, the Coinbase trading app allows you to withdraw your cryptocurrency to your personal wallet.
User-friendliness
It doesn’t get much easier than Coinbase in terms of usability. After downloading its mobile app, you will be prompted to establish an account. This will necessitate some personal information as well as your government-issued ID. In the case of the latter, you must take a photo of your passport/license. driver’s Following that, you will be able to effortlessly deposit funds in fiat currency.
You can begin purchasing and selling cryptocurrencies after your account is completely funded. You will be trading each cryptocurrency against the US dollar.
Fees
When it comes to trading costs, Coinbase charges a typical 1.5 percent buy/sell rate. To be sure, this isn’t as competitive as the other cryptocurrency trading apps I’ve mentioned thus far. As a result, if you’re a total rookie, you may have to sacrifice money for convenience and user-friendliness.
Security and Regulation
Coinbase has an excellent reputation with US regulators. It is registered as a Money Service Business with FinCEN, which means it must follow US regulations. The anti-money laundering regulations governing KYC are at the forefront of this.
Coinbase is also in the process of obtaining a brokerage license from the Securities and Exchange Commission. Coinbase is also registered with the FCA outside of the United States. Coinbase’s internal security is also excellent.
FDIC insurance is also available for US-dollar accounts, which means the first $250,000 is protected. The Vault is a useful security feature on the app that places a 48-hour time limit on all withdrawal requests.
#3. Binance – Best Cryptocurrency Trading App for Tradable Pairs
Binance needs no introduction in the cryptocurrency exchange community, not least because it is responsible for some of the world’s highest trading volumes. For example, Binance has facilitated over $9 billion in trading activity in the last 24 hours alone.
While most traders will buy and sell pairs with Binance prices on their website, the company also provides a trading app. This is available for download for free and is compatible with iOS and Android devices. You will have one central account that you can utilize across all devices, similar to eToro.
Binance has a large number of cryptocurrency pairs, which is one of its distinguishing features. At the time of writing, this figure had risen to well over 600 pairs.
Trading Structure
Binance does not provide CFDs. You will, on the other hand, be buying and selling cryptocurrencies in the traditional sense. You will, however, continue to trade pairs.
The Binance app provides access to more sophisticated products in addition to spot trading pairs. This includes the platform’s Perpetual Futures Contracts, which allow you to leverage your investments.
Charges and Commissions
Binance trading fees are fairly competitive.
Binance, on the other hand, does not charge any fees if you deposit funds with a cryptocurrency. When withdrawing cryptocurrencies, you will be charged a fee similar to the blockchain mining cost for the relevant coin or token.
Security and Regulation
Binance is not governed by a single government agency or a national regulator. This implies that you can never be certain how safe your money is. On the other hand, Binance has a strong reputation in the space and, more importantly, is responsible for billions of dollars in trading volume every day.
Although it operates without a license, there are various precautions in place to preserve the security of your account. This comprises 2FA (Two-Factor Authentication), address whitelisting, cold storage, anti-phishing tools, and ‘SAFU.’
Binance’s Secure Asset Fund for Users is the final precaution. This is a savings account that increases over time. If the unthinkable occurs and Binance is hacked, the pot will be utilized to pay victims.
#4. CEX.IO
CEX.IO is a well-known cryptocurrency exchange that has earned a good reputation over the last eight years. It has demonstrated its dedication to safety and security by providing excellent customer service.
The trading platform itself has a wide range of tools that can be incredibly beneficial to both rookie and advanced traders. One of the most useful features is the demo account, which allows you to practice your trading skills before investing real money.
Although the cryptocurrency exchange may not offer the most diverse selection of digital coins, the site is continually growing. Additional features, such as crypto-savings and custodial accounts, are in the works to provide new functionalities to the platform.
#5. YouHodler – Best Cryptocurrency Trading App for Earning Interest and Loans
Although it is not specifically a cryptocurrency trading app, YouHodler is an intriguing platform that provides a wide range of cryptocurrency-based products. The opportunity to generate income on your cryptocurrency holdings that would otherwise be sitting idle in your private wallet is at the forefront of this.
The following is how it works. You deposit your preferred cryptocurrency into your personal YouHodler wallet. This can be done immediately from the mobile app. Then, depending on the digital currency you deposit and how long you keep the coins locked up, you might earn up to 12% each year in interest.
Bitcoin has a maximum yield of 4.8 percent, which is still competitive. The YouHodler app not only allows you to earn money but also allows you to make cryptocurrency loans. In reality, you can receive an LTV (Loan to Value) of up to 90% on the digital currency you deposit, with the proceeds paid in fiat currency.
YouHodler has launched several novel trading tools, such as Multi Hodl for crypto margin trading, on the trading side. Turbo loans can also work in your favor.
#6. Deribit Best all-around Bitcoin options trading platform.
The real-world screenshots I provided above were obtained from Deribit. This marketplace focuses solely on cryptocurrency derivatives, including Bitcoin futures and options. The website provides a plethora of contract durations for its Bitcoin options markets. This ranges from daily to weekly, monthly to quarterly, and up to ten months. As a result, Deribit is ideal for purchasing long-term options.
Furthermore, each of the aforementioned contract lengths comes with a plethora of strike prices. In terms of minimums, you can acquire an options contract for as little as 0.1 BTC.
Deribit also has a lot of liquidity, so you should never have any trouble entering or quitting the market. However, I should point out that Deribit is not without defects. At the forefront of this is the platform’s exclusive focus on European-style solutions.
Furthermore, Deribit does not accept deposits in fiat currencies. You must instead fund your account with Bitcoin.
If you don’t already have Bitcoin, you’ll need to buy some before transferring it to your Deribit account. In terms of fees, you will initially pay a 0.03 percent commission on the underlying contract value. When the contracts expire, you must pay a 0.015 percent settlement fee.
Finally, Deribit is not governed. After all, it enables you to trade leveraged cryptocurrency derivatives. The platform does, however, state that 99 percent of its Bitcoin holdings are kept in cold storage. To facilitate withdrawal requests, the balance is maintained in hot wallets.
#7. FTX – Best Cryptocurrency Trading Derivatives App with Up to 101x Leverage
FTX is an online exchange specializing in cryptocurrency derivatives. You may trade not just Bitcoin options, but also Bitcoin futures and other ERC20 tokens on this platform. The most amazing aspect of FTX is its ability to trade Bitcoin options with leverage of up to 101x.
When it comes to setting your Bitcoin options position, the exchange allows you complete freedom.
Furthermore, FTX users can profit from Fiat deposits and withdrawals. You can make payments with a credit/debit card or a bank transfer. In conclusion, there is a lot to admire about FTX. The biggest disadvantage here is that Bitcoin choices are not available to US residents.
#8. CoinSmart – Europe’s and Canada’s Most Accessible Cryptocurrency Trading App
CoinSmart takes the mystery out of crypto. They’ve created trading apps for Europeans of various levels of cryptocurrency literacy. If you are an advanced trader, you will have access to all of the features of an advanced exchange. If you’re just beginning to start, you’ll appreciate how simple the platform is to use and how everything just falls into place. The best part about CoinSmart is that they don’t shy away from delivering genuine human assistance. They provide omnichannel live assistance 24 hours a day, seven days a week. CoinSmart is most likely one of the few, if not the only, exchanges that do this.
The setup is incredibly smooth, and KYC is extremely fast. Their smart trade function allows you to convert one supported coin to any other supported coin without first entering Bitcoin. True one-click trading at extremely competitive prices. CoinSmart began in Canada and swiftly expanded to Europe.
Euro, USD, and CAD are all accepted. You can fund your account with SEPA, Interac, or Wire Transfer, or you can buy crypto with a credit card.
CoinSmart is a safe and secure platform. It is registered with FINTRAC in Canada and has the appropriate permits in Europe.
#9. NSBroker – The Best Cryptocurrency CFD Trading App
If you like the idea of trading cryptocurrencies as CFDs, NSBroker is a good place to start. You can use the site to exchange five digital currencies: Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash. Each of these five cryptocurrencies can be traded against the US dollar for a 0.5 percent charge on each slide.
This implies you’ll have to pay this cost both when you open and close your crypto CFD position. For individuals looking for leverage, NSBroker’s cryptocurrency trading apps provide a ratio of 1:2.
Aside from cryptocurrencies, the mobile app also provides forex, precious metals, energy, and indices markets. NSBroker, which is licensed by the MFSA in Malta, accepts deposits via debit/credit card, Skrill, Neteller, or bank wire. Finally, all transactions are executed using the MT5 app, which is loaded with tools and capabilities.
#10. IQ OPTION – Bitcoin Options Trading Platform
One of the most appealing aspects of IQ Option is that it is one of the few regulated trading platforms that offer Bitcoin options. The platform is licensed by the Cyprus Securities and Exchange Commission (CySEC).
CFD trading is used to facilitate Bitcoin trading on IQ Option. As a result, you can profit from a bearish market by short-selling the coins without ever having to own the asset. Furthermore, with a $1 minimum commitment, you can obtain leverage of up to 100x on your cryptocurrency bets.
In addition to Bitcoin, you may trade 12 other cryptocurrencies, as well as currency, equities, and commodities. IQ Option also provides a practice account for you to hone your trading skills. However, unlike some other platforms, there are no restrictions on usage here. You can, however, utilize the paper trading facility for as long as you choose.
In other words, you can backtest your patterns on this platform whenever you wish. With a comprehensive list of supported payment methods, IQ Option also provides a lot of options when it comes to deposits and withdrawals. You can also begin trading with a $10 minimum investment.
How Do You Buy Cryptocurrency?
You open an account with one of these exchanges, deposit funds, and then “swap” your USD or fiat currency for the cryptocurrency of your choice. Some cryptocurrencies only trade in specific pairs, so depending on what you want to buy, you may have to buy something like Bitcoin and then exchange it for another token.
What is the Difference Between a Crypto Wallet and a Crypto Exchange?
A wallet is intended for the secure storing of your cryptocurrency. Exchange is designed to make it simple and quick to buy and sell cryptocurrency. A wallet secures your private keys, however, when you use an exchange, you supply the exchange with your private keys. The exchange will then serve as your custodian.
Conclusion
In conclusion, there are numerous cryptocurrency trading apps to pick from. Because no two cryptocurrency trading apps are identical, you must spend some time researching what you want to focus on. As I stated in this essay, various cryptocurrency trading apps are better suited to specific needs.
For example, if you’re seeking apps that support hundreds of cryptocurrency trading pairings, Binance may be the best option. If you’re more concerned with ease of use, eToro or Coinbase may be more suited to your needs.
