The best cryptocurrency apps were created to support the community. There are plenty of types to choose from, but they are generally classified into these 3 categories.
Inherently, there are many kinds of cryptocurrency apps to enhance your trading experience depend on what you need. For example, a crypto exchange app is created for traders who prefer to trade cryptocurrency with other instruments.
Crypto portfolio trackers, on the other hand, help people to track their digital assets. With so many choices, how are you going to find the best cryptocurrency apps that fit your need? To make it easier, let's learn the 3 common types of crypto apps below:
Contents
1. Cryptocurrency Exchanges
Staking and mining isn't the only way to gain profit from cryptocurrency, you can also exchange it. This is by far the most popular method to earn profit. Crypto exchanges allow you to buy and sell cryptocurrency with other instruments such as fiat currencies.
You can use your bank account, credit, or debit card to buy crypto. It can be said that cryptocurrency exchange is the most popular type of app at the moment.
eToro
eToro is a trading platform that is mostly known as a pioneer in social and copy trading. They also allow clients access to more than 15 cryptocurrencies which include Bitcoin, Etherum, Bitcoin Cash, Ethereum Classic, XRP, Litecoin, Dash, Cardano, Tezos, Dogecoin, and many more.
You can start trading with eToro by opening a minimum account of $50. As for trading costs, eToro charges their trading fees through spreads that might rise and fall in accordance with the market. Right now, the eToro app is available for iOS and Android.
eToro established in early 2007, with a mission to make trading accessible to anyone, anywhere, and reduce dependency on traditional financial institutions. The company has head offices in the United Kingdom, Cyprus, USA, and Australia.
eToro (Europe) Ltd operates as a Financial Services Company authorized and regulated by the Cyprus Securities Exchange Commission (CySEC) under license no. #109/10. Meanwhile, eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
As for eToro AUS Capital Pty Ltd, the legal standing is acknowledged by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.
A broker that belongs to the 4-digit type, eToro offers both short-term options for day traders and long-term options for investors, such as their innovative Smart Portfolios, a fully managed thematic portfolio.
Since 2007, eToro has been at the forefront of the Fintech revolution. The most recent was launched in 2017, which is Smart Portfolios powered by Machine learning Al. Beyond developing Smart Portfolios, the company integrated Microsoft's machine learning technology into Momentum DD.
The new Smart Portfolios investment strategy uses artificial intelligence to find the steadiest traders who are most likely to generate a double-digit return and bundle traders into one fully-managed portfolio. eToro has hundreds of financial assets for trading across several categories including stocks, commodities, crypto assets, currencies, indices, and ETFs. Each asset class has characteristics and can be traded using a variety of investment strategies.
Some positions on eToro involve ownership of underlying assets, such as non-leveraged positions on stocks and cryptos. Employing CFDs will enable a variety of options, such as leveraged trades, short (sell) positions, fractional ownership, and more. For example, traders can invest as little as USD100 in gold, even if a single unit of gold cost USD1,000. Some of eToro's most popular CFD commodities include gold, oil, natural gas, silver, and platinum.
Currencies are traded on eToro only as CFDs. Also, CFDs enable Sell (short) positions and leveraged trade, even for assets that don't offer the option in traditional trading. Some of the popular currencies include EUR/USD, GBP/USD, AUD/USD, USD/JPY, and USD/CAD.
Furthermore, An Exchange-Traded Fund (ETF) is a financial instrument comprising several assets grouped to serve as one tradable fund. After opening an account in eToro, traders can invest as little as USD250 in an ETF that costs USD500. Some of the popular ETFs on eToro include SPY, VXXB, TLT, and HMMJ.
However, eToro also offers additional functions using CFD trading. All leveraged ETF positions in the UK are under FCA regulations. Meanwhile, all CFD positions executed by eToro Australia are under ASIC regulations.
The company has other advantages. In all financial assets that can be traded, eToro does not charge any deposit or trading frees other than spreads.
eToro charges a USD25 fee for withdrawals and the minimum withdrawal amount is USD50. Long (Buy), non-leveraged crypto, stock, and ETF positions are not executed as CFDs and do not incur any fees. eToro does charge overnight or weekend fees for CFDs positions, such as leveraged positions and short (sell) orders.
Fee updates always apply to open positions. Fees are subject to change at any given time and could change daily, without prior notice, depending on market conditions.
As a beginner, trader can use CopyTrading eToro. Different from the features of other brokers, traders can copy the strategies of professional traders without fee or profit-sharing. Therefore, 100% profit is fully owned by traders. For example, while trader A who is copied by trader B, produces a profit of 10% this month, then trader B also gets a profit of 10%.
The company is the world's leading social trading network. Since eToro operates in complete transparency, each trader has valuable information on their eToro profiles, so other traders that are interested to copy their trades can have assistance in creating their best portfolios.
Another feature that is unique to eToro is the personalized, social News Feed. Just like on any social media, traders can post their updates on feed, comment on other's posts, and gradually create a feed that is tailor-fitted to trader's trading and investing interests. On eToro social trading platform, traders will also get notifications when a trader writes a new post and many other important updates.
Coinbase
Although Coinbase is not the most affordable exchange platform, it is still one of the best cryptocurrency apps. Right now, it is among the largest crypto trading platform you can find.
Coinbase allows you to trade with various cryptocurrencies such as Bitcoin, Litecoin, and many more. Furthermore, this platform allows clients to earn rewards in the form of cryptocurrencies through a unique earn feature.
Coinbase apps that are accessible from mobile devices have a simple UI which makes them easy to operate and perfect for new traders in a single try.
For advanced traders, the company launched the Coinbase Pro platform to offers more order types and other enhanced functions.
Webull
Webull is one of the best cryptocurrency apps if you want to start trading anytime, anywhere. The good news is, you only need $1 to start buying or selling crypto with this app. Right now, Webull allows clients to trade with different kinds of cryptocurrencies, such as:
- Dogecoin
- Ethereum
- Cardano
- Dash
- Litecoin
- Bitcoin
- Bitcoin Cash, and many more.
Their exchange apps are user-friendly and provide complimentary real-time data, customizable charts, as well as indicators. Webull help center is open 24/7, ready to help you anytime.
Gemini
Gemini is perfect for investors who are looking for crypto apps with simple designs. This app provides easy and quick signups, so you can start trading within a few minutes after registering.
Gemini apps also provide a multitude of platforms to accommodate traders of all skill levels which makes them perfect for more experienced traders.
Besides the trading platform, Gemini also accommodates investors with hot wallets that include insurance to protect them from theft. The downside is that Gemini charges commission and convenience fees for users.
Robinhood
Beginners and mobile traders who want a straightforward crypto app should consider using Robinhood. Their user interface is very clean and easy to understand, so buying and selling cryptocurrencies can become easier and simpler. Anyhow, there is some downside to this app.
Because of the simplicity, Robinhood has to 'sacrifice' some features such as analytic tools, which can be frustrating for experienced traders. Other than that, this app also has limited customer service.
2. Cryptocurrency Wallets
Crypto wallets are important for investors, as it keeps private keys that give access to their assets. This feature allows people to send and receive cryptocurrencies which makes it crucial in trading.
It comes in many forms, from hardware wallets like Ledger to mobile apps. However, the most important form is online wallets. Below are different kinds of crypto wallet apps to store digital assets:
Mycelium
Mycelium is one of the best cryptocurrency apps for mobile users since it gives more control over transaction fees. This app also integrates with a hardware wallet which makes it even more secure.
It has a built-in exchange platform, but the app only supports Bitcoin, Ethereum, and ERC-20 tokens, so it doesn't have too many choices. Another downside is, this app might be a little difficult for first-time users.
Exodus
Exodus hot wallet can be accessed from both mobile and desktop apps. This wallet offers 138 currencies to keep, which makes it one of the best cryptocurrency apps for traders who like to collect altcoins.
It's also very beginner-friendly, free to use and investors can control their own private keys. For those who want to stake, Exodus lets investors stake seven coins and earn rewards. Their partnership with Trezor let users pair the hardware wallets to Exodus.
Paxful
Besides being the most popular marketplace to buy and sell cryptocurrencies, Paxful also provides a great crypto wallet app. Not only can this app secure cryptocurrencies, but it also gives what it takes for traders to earn profits from the cryptocurrency market. In addition, there are more than 300 payment methods available.
Binance
Other than being a trading platform for almost all kinds of cryptocurrencies, Binance also provides a secure crypto wallet app. This app can be downloaded from the App Store or Google Play Store and is very easy to use for mobile traders.
Binance wallet also supports desktop views that can be accessed through different types of browsers such as Google Chrome, Firefox, and Brave. You can connect this crypto wallet with Binance Smart Chain, Binance Chain, and Ethereum.
Electrum
Electrum deserves to be one of the best cryptocurrency apps, as it is one of the original Bitcoin wallets and has been around since 2011. Electrum's open-source nature allows users to set customized transaction fees.
The company supports iOS and Android, but unfortunately, they only support Bitcoin. The user interface can be quite challenging for new users as well.
3. Portfolio Trackers
If you trade multiple assets, then it's important to watch your portfolio anytime, anywhere. That way, you can watch real-time information regarding your assets. To do this, you need the best cryptocurrency apps to record it. There are more than enough portfolio trackers apps for your convenience. What are they?
Crypto Pro
Crypto Pro supports both Android and iOS, making it perfect for mobile users. It lets you track your portfolio manually or connect exchange and wallets for automatic sync.
You can easily view your gains and losses, as well as asset distributions and equity. No need to worry about privacy, because all the data is encrypted and stored locally on smartphones to make sure there is no tracing back.
Delta
The Delta Tracker app is rated as one of the best cryptocurrency apps for its intuitiveness and functionality. This app lets you monitor Bitcoin and more than 7000 altcoins.
It also includes a portfolio manager that keeps track of your investment value with the profit and loss you gain for a certain period of time. You can also personalized watchlists and market overviews and it will generate notifications based on your preferences.
Blockfolio
Blockfolio is an old-time player in the field; it's founded in 2014 and has plenty of supporters to this day. There are a few reasons why this app stays. First, Blockfolio has a great user interface that supports mobile users.
It also has a decent list of exchange connections as well as access to more than 10,000 cryptocurrencies. However, it doesn't have a desktop access, so you can't use it if you are looking for a PC view.
ZenGo
ZenGo lets you check your crypto portfolio in simple steps. The clean interface makes this app feels very lightweight to use. Right now, ZenGo portfolio trackers support different kinds of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin, Binance Coin, Tezos, Luna, Tether, and many more.
As for the safety measures, ZenGo doesn't need passwords or private keys, instead, it uses facial biometrics to gives you the fastest and secure setup.
CoinStats
With all the popularity it receives, no wonder CoinStats has become one of the best cryptocurrency apps. It supports iOS, Android, and desktop views. It also has wide ions of cryptocurrency account connections, around 26 exchanges and 34 wallets, and the list is still growing. Unfortunately, CoinStats is not free. They charge $3.49/month for Pro and $13.99 for Premium.
What You Should Consider
Choosing the best cryptocurrency apps can be overwhelming since many choices are based on the category alone. Well, there are a few tips to choose the best apps for you. The number one factor is security. Cryptocurrency transactions are difficult to trace and impossible to cancel.
This makes crypto the perfect market for criminals, so make sure your app is safe before you consider using it. It's better to look for 2-factor authentications and back-end encryptions to keep your assets safe.
Another factor is real-time data. The crypto market is always on the move, which means you can gain profit as well as lost all your investment overnight. That is why you need apps that provide you with real-time information. That way you won't be using outdated information for your trading strategy or decisions. Remember to always be careful and choose apps that cater to your needs.
Opening an account in crypto apps or other similar platforms, there will always be specific procedures in relation to AML and KYC. What are exactly AML and KYC and why are they specifically important in the cryptocurrency industry?