What Is The Best Cryptocurrency Trading App? – Top Five Picks
People invest their finances with a single goal in mind: to gain profit. May it through the stock market or foreign exchange platforms, any trader will strive to make money using the right tools and strategies. There's another industry emerging today called cryptocurrency that promises a higher yield in profit. It runs through the digital space, with transactions stored in a pool of computer networks. If you wish to venture and put investments in this new system, you should identify what is the best cryptocurrency trading app today.
Buying and selling of goods, services, and other crypto coins through a cryptocurrency trading app should be easy, but there are several concerns you have to cover first. Because this type of trading exists virtually, its safety and security have been in question. So, it is essential for you to use an app that offers maximum protection for your investments. It also matters to check the credibility, exposure, user interface, and availability of the app in your location. Here are the top five best cryptocurrency trading apps you should check out:
Binance is one of the most dominant apps available for cryptocurrency trading. It works best on altcoin trades, which means it accommodates coins apart from the pioneer currency, Bitcoin. The app contains around 600 trading pairs, with a wide range of currencies you can work with. The app also offers lower fees and charges for its transactions than its competitors and is backed up with advanced charts for your review and strategic decisions.
This platform, however, is best for advanced traders. You need to have more experience and understanding of the market so you can maximize its use and features. It is also an efficient app if you want to see less known crypto coins. Some experts have a way of gaining profit with these coins, and Binance allows them to see more newcomers than the other apps.
A largely known company in the United States, Coinbase is your go-to app for an over-all competent service. It is one of the few apps out there to have full regulation and license to operate in different states. Coinbase boasts a user-friendly interface, making it easy for you to navigate through your cryptocurrency trade transactions.
You can also trust that the app has high liquidity, which guarantees that your trades undergo a smooth execution. The downside of the platform, though, is its imposing fees when you do not have Coinbase Pro. Unlike in Binance, altcoin availability in this app is fewer. So, if you’re into altcoin cryptocurrency trading, you’d be at a disadvantage.
Coinbase is also one of those apps that have not been under the scrutiny of hacking and fraud. That says a lot about their image through the years. There is also an insurance offer for your cryptocurrency wallet's custody, so you have double security for your investment storage. However, should you compromise the investments out of your account, the policy will not cover the damage. The key to your wallet will also be handled by Coinbase and not you.
Its pro version has friendlier fees and a more comprehensive array of trading tools to guide you. Feel free to get this upgraded app if you're ready to do the advanced parts of cryptocurrency trading.
For beginners, the best app for cryptocurrency trading is Cash App. You would not feel so many adjustments as it functions like a bank account. You can even have a Cash App debit card for your convenience. As long as an establishment or biller has a cash app subscription, you can purchase or pay for goods and services.
Cash App also has a peer-to-peer money transfer feature that you can easily withdraw using the card. The user interface is designed to let a beginner adapt to a new system, at the same time not allowing the trader to get overwhelmed. As of this time, it only caters to the Bitcoin cryptocurrency. This should not be a problem for a beginner, though.
To add, Cash App charges you for every transaction depending on the price movement at that time. It would help if you were mindful when to make your transactions so that you won't lose so much from charges.
If you are looking for a decentralized form of exchange when doing cryptocurrency trading, you may want to check Bisq. It aims to save you from the traditional banking system, which entails going through several processes before getting access to your account. The "know your customer" habit is taken off from the app, allowing anyone to trade Bitcoins wherever you are and whatever nationality you have. Bisq has over 20 payment methods you can choose from.
The apparent con for someone who values security is its too open characteristic. It also tends to have slower processes on some payment methods, and its trading volume's not competent enough. Hence, it would be terrible to make active trades using this app.
Another friendly app for beginners is the CEX.io platform. The development came from the United Kingdom and had reputable liquidity since 2013. An investor or trader may buy crypto coins using their debit or credit cards. Its user interface is easy to deal with, making it easy for you to adjust to the industry. It also boasts a broader reach in terms of countries than apps like Coinbase. Discover more about cryptocurrency trading apps here!
Now that you got a look at the best cryptocurrency trading apps out there, the next step is to familiarize your choice and educate yourself with the tools. Your account's success not only lies in the app you use but also in the strategies you create to make a profit. It's time to dig in a little deeper on the cryptocurrency market and find your drift!
UPDATED April 6, 2021
By: Hunter Shultz
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