According to expert traders, the best crypto apps for beginners include Coinbase, Binance, Gemini, eToro, and Voyager
Cryptocurrency apps have grown in popularity, in line with the boom in crypto trading volumes
Different apps are suited better for different types of investors, the list provided below are rated as best for beginners
Cryptocurrencies have soared in popularity over the past year. The rising trading volumes in the sector have been triggered by the adoption of cryptocurrency apps. Crypto apps are suitable for both beginner and expert traders. However, the features offered across these platforms tend to differ, and some apps are best suited for new traders because of their user-friendly features.
In this short guide, we will explore some factors that have caused crypto apps to explode in use and some of the best cryptocurrency apps for beginners in 2022.
Why have crypto apps usage exploded?
One of the factors behind the rise in crypto apps is that cryptocurrency usage is becoming very popular. In November last year, the global cryptocurrency market cap hit an all-time high of over $3 trillion, and while there has been a notable recession since the beginning of the year, the number of investors in the market is still high.
Crypto apps make it easy for people to trade cryptocurrencies. These platforms support all types of trades, including day trading, short-selling, and long-term holding. Crypto apps are also readily available and do not have complex sign-up processes, removing the barrier to entry into the investment space. However, some users still opt to use robot apps for cryptocurrency trading.
Crypto apps have also become increasingly popular because they charge low trading fees. Platforms like Binance, the world’s largest exchange by trading volumes, charge a significantly low trading fee. Some platforms even offer commission-free trading.
So, which cryptocurrency app is the best?
1. Coinbase – Best for beginners
Coinbase ranks as one of the best cryptocurrency apps for beginner traders. A new investor can download the app on their device and start using it immediately because of its user-friendly interface. Therefore, an investor that has never bought or sold any cryptocurrencies before can find Coinbase as the perfect fit.
While Coinbase is friendly for beginners, you must also assess the platform’s fees to determine if it aligns with your investment goals. Coinbase trading fees tend to be significantly higher than other cryptocurrency exchanges, but is offset by the simplicity of usage.
2. Binance – Best for cryptocurrency trading
Binance is the largest cryptocurrency exchange platform globally by trading volumes. The exchange’s trading volumes are attributed to its vast global user base. Users globally have opened accounts on Binance because the platform offers many features that make crypto trading easy for both beginner and expert traders.
Binance charges relatively low trading fees. However, the options and fees can vary depending on the country of residence. The Binance app supports many features, including peer-to-peer (P2P) trading. P2P is a sought-after service by investors who want to trade amongst themselves, making for friendly fees and crypto prices.
3. Gemini – Best for large investors
The other popular cryptocurrency exchange in the market is Gemini. Gemini offers a high degree of reliability, making it suitable for large investors. Gemini also offers a high sense of security, which has earned the trust of new cryptocurrency traders globally.
Gemini also has features that have made it go beyond a normal trading app. Gemini was started in 2014, and while it was launched several years back, it ranks as one of the most dominant exchanges within the United States. Gemini’s level of security is commendable because it has never been hacked. It is also the only fully-regulated exchange in the US.
4. eToro – Best for short-term trading
The other popular cryptocurrency exchange in the market is eToro. eToro is more recommended for short-term trading than long-term trading. eToro also offers valuable strategic information from some leading online merchants to facilitate informed decision-making.
One of the best features of eToro is the 0% commission that makes the platform better than other competing platforms. eToro also combines a wide range of asset classes, which is ideal for an investor looking for a diversified portfolio.
5. Voyager – Second best for beginners
Voyager is also one of the best cryptocurrency exchange platforms for beginners. The platform supports more than 60 different cryptocurrencies globally. The app is ideal for beginners who do not have the time to learn the ropes of the crypto space.
One of the differentiating features of Voyager is that it adopts a Smart Order Router that will invest on the investor’s behalf. On this platform, your money will be invested where the platform sees fit, making it more like a crypto-robo account.
Crypto apps also offer convenient trading. An investor can access all types of crypto coins, contracts, interest and more through these platforms, including decentralized finance services like staking. We suggest you trial 2-3 that seem suitable to you, and eventually filter it down to your favorite – I have personally used all of these apps and have stuck with two of them; Coinbase & Binance.
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