If you want to start trading cryptocurrencies, finding the right trading app should be a priority. Unlike what most people assume, it is not as simple as downloading the first app that you come across because you could find yourself in an elaborate scam, among other inconveniences such as prohibitively high fees. You should consider other aspects such as the security of your coins, the number of cryptocurrency options, regulations and how user-friendly the trading platform is.
Before we proceed, you may also be interested to know that the information here is also valuable for anyone looking for an app that can exchange cryptocurrency. If you have your country’s native currency, for instance, and you would like to convert it to crypto so that you can play and bet casino online games, then these apps will come in handy. Moreover, after you win, you can easily convert the cryptocurrency to real money using the best apps. Below are the top four cryptocurrency trading apps that you can download today:
eToro is a trading platform known for its copy trading feature. You can buy 16 different cryptocurrencies and even trade Contracts for Differences (CFDs). Making deposits using various payment methods don’t attract any fees apart from a 0.5 % conversion commission for all non-USD deposits. Your funds also attract a $5 fee per withdrawal. Traders don’t pay commission when buying cryptocurrencies, but you will pay an overnight financing fee when trading CFDs.
The company is regulated by licensing bodies such as ASIC, FCA, and CySEC. These bodies demand that the brokerage firm keeps traders’ funds in different bank accounts, perform regular audits and require that the trading platform request ID from traders.
Coinbase trading platform is easy to navigate; therefore, a beginner’s go-to trading platform. Once you downloaded the app and created an account, you will enter your personal information, a passport photo and a government-issued ID. Once the process is complete, you can deposit funds.
Deposits are free for bank transfer, and a debit card deposit attracts a fee of 3.99%. In addition, it attracts a trading fee of 1.5%, which is high compared to other trading platforms.
It is registered under FinCEN in the US and outside the US under FCA. To make sure clients’ funds are safe, they follow the Know Your Customer guidelines. The platform is also backed by FDIC insurance which covers the first $250,000 of the clients’ cash balances.
It is one of the most extensive altcoins trading platforms offering about 600 cryptocurrency pairs. You can trade highly volatile cryptos such as Ethereum or less volatile ones such as Troy.
The platform charges a commission of 0.1% at both ends of the trade. However, Fiat money deposited using a credit card attracts a 3.5 % fee, and your deposit attracts no charges when you load your account using cryptocurrency.
Withdrawal charges are dependent on the blockchain mining fee of the coin you are trading. Though the platform has an excellent reputation, it is not regulated. To ensure your account is secure, it has two-factor authentication, anti-phishing tools and address whitelisting.
BlockFi is one of the fastest-growing cryptocurrency platforms. The BlockFi Interest Account earns you an annual percentage yield of between 3% to 8.6%, depending on the crypto you are holding. That means once you buy a digital asset, it will start earning interest the next day, and you get paid monthly. Additionally, you can borrow against your coins instead of cashing out when you need money, making it a good trading platform for long-term investments.
Gemini, their custodian, is regulated in the US. To secure your funds, they store them in cold storage, and the accounts have two-factor authentication. In the event of loss, BlockFi refunds the customer resources first before employees’ funds and equity.
In Crypto, Research is Key
Whether you are a newbie or a pro in the cryptocurrency world, you will hardly ever go wrong as long as you pick any of the top-four platforms above. Additionally, whichever app you choose to download, take it upon yourself to do further research about it to ensure that you completely understand how to use it and take full advantage of its features.
Just in case you are a newbie, make sure you first learn the basics of trading cryptocurrency before you start downloading any of the apps we’ve recommended here. That way, you will be better positioned to have a more satisfactory experience when using the apps.