Getting involved with cryptocurrency can be daunting, especially talking about all the crypto networks, exchanges, traders, and brokers. The truth is – all of them depend on the individual and their circumstances.
Looking at crypto trading, specifically, this is ordinarily the first step to make when venturing into the crypto metaverse. It is also the most overlooked. Sometimes the investor makes a mistake buying and trading on the first app` they find – or the most convenient – believing them to be almost identical in how they run and what they offer.
But there are fundamental differences between trading apps that are worth considering. Some are optimum for beginners, others are good for experienced investors, funding, communities, efficiency, practicing trades, etc. As mentioned, it all comes down to the individual and what they want to gain.
What Does It Mean To Trade Cryptocurrency?
First, it is necessary to examine what it means to trade crypto. Trading crypto essentially means speculating on the potential price of a distinct token, purchasing the crypto token on a trading app, and then trading it for – hopefully – a higher price.
Take Bitcoin, for instance. When Satoshi Nakamoto created the whitepaper in 2009, it was worth $0. You didn’t read that wrong. While Bitcoin was once worthless, it is now worth over $20,000 – and is suspected to rise to over $200,000 by 2030 – meaning investors who purchased it at the beginning and own it until today could trade Bitcoin for $20,000 more purely down to strategy alone.
Although no coin is worthless right now, the same principles still apply. Many investors now trade cryptocurrency, hoping the market will swing in their favor and leave them sitting on something far more valuable. Alternatively, other investors will short-sell tokens if they believe the value will fall.
What Are Crypto Trading Apps?
Crypto trading apps are where the magic happens. Most apps are where you can buy, trade, send, receive, hold, and invest all your crypto assets. They are used by both beginner and advanced traders – although, as mentioned previously, some are better for various purposes. Most apps will allow you to trade with a credit or debit card, as a bank, SEPA, wire, or other methods.
As an investor, it is vital to research these apps and decide which works best according to the individual. For instance, some offer a way to invest and trade simply and cleanly but with high-interest rates. Others have a membership ecosystem, trading guides, or investment strategies. Some have a wide range of crypto collections for a better price – others do not.
As with anything on the internet, there are optimum routes to go down and routes that will not work for the specific investor. With this in mind, here is a comparison and guide to the best crypto trading apps right now and how they might work for different traders.
For Beginners: Kraken
Being one of the oldest crypto trading apps, Kraken has had a fair amount of time to update and forge itself into one of the best crypto trading apps on the market, especially for beginners. It supports more than 120 crypto coins, with a high liquidity exchange and a simple user interface.
The pricing and features make it perfect for a novice dipping their toes into the water. For instance, the standard deposit on Kraken is $5, which means if you were to deposit an amount of $500, you would only have a 1% fee – although we should note higher fees – in case you are not using Kraken Pro.
For Portfolio Builders: Coinbase
Coinbase is a good option for both beginners and experts alike. It is easy to use, with a website and mobile app, which makes buying, selling, and exchanging cryptocurrencies smooth and efficient.
Like Kraken, it has a good number of crypto, with over 100 tokens on the app ready to be traded. For those looking to build their portfolio, Coinbase is one of the best apps out there. As a user, you can earn interest on eligible balances and even an amount of cryptocurrency through Coinbase Earn.
For Experts: Moneta
With a monthly trading volume of over $100 billion, Moneta is one of the largest trading platforms worldwide, with a scaling system that allows professionals to access higher leverage. There is commission-free trading and a variety of educational resources – all free.
It is crucial, however, that users of Moneta know what they are doing. Demo accounts expire after thirty days, and all live accounts need a minimum deposit of $200. Its size and accessibility make it a highly trustworthy app with several positive user reviews.
For Efficiency: Markets.com
For investors looking for speed, Markets.com is a perfect app renowned for fast deposit, withdrawal, and account opening. There are plenty of tools for learning and research, too, with a solid customer experience.
At $100, its deposit fees sit between Kraken and Moneta. But over 2000 trading instruments are available, making it a good choice for those looking for options. It is important to note, however, that Markets.com does not let you buy and own cryptocurrencies. You can only trade. Coins available for trading include BTC, ETH, DASH, and XRP.
For Community: eToro
eToro is one of the most effective social trading networks right now. Unlike the other trading apps already mentioned, it has unique social trading capabilities which allow users to match the moves of other traders.
App users can refine their knowledge and learn trading wisdom from fellow investors. What’s more, you can gain exclusive perks by sharing your trading strategies. It encourages users to communicate and create a community. It makes eToro a great option if you do not want to be in the dark about the market.
For Assurity: Plus 500
Plus 500 has an easy-to-use platform that allows users to trade several cryptocurrencies. FCA regulates it, which proves its credibility, and has guaranteed stop-loss orders, which ultimately protect the trader from market gap risk. Plus 500 also offers negative balance protection, meaning that clients cannot lose more than they have put into their account.
Investors looking for assurance in this instance can choose this certainly solid platform. However, you can not pair the trading platforms, and, as a platform, Plus 500 leans more towards investors having a strong experience and are willing to take the risk of losing out due to leverage.
For Funding Options: CEX.IO
As a cryptocurrency trading platform, CEX.IO has an exceptionally high rating, with 4.7 out of 5 stars on Trustpilot. It has strong security – protection from DDOS attacks, cold storage, and full data encryption – as well as 24/7 support for anyone who has any questions about the app and their investments.
Currently, CEX.IO has over 4 million registered users worldwide, making it a trustworthy app for users who have had a bad experience or are looking to avoid one. Funding options are also diverse and designed to cater to any user. For instance, users can pay using PayPal, which gives them the option of funding their wallets without adding bank information or card numbers.
For Account Options: PU Prime
Founded in 2015, PU Prime is a platform with over 200,000 users supported by MetaTrader, which has a proprietary mobile app and demo versions of their account types. There are 40 cryptocurrency tokens, including BTC, ETH, and ADA.
In terms of their account types, a user can opt for a standard account – providing investors with zero commission and trading across the full range of markets. If you have a prime account it requires a $940 minimum deposit. A cent accounts for smaller stake trades, and a demo account is for users who want to trial the application before committing to a live account. Having four account types ensures an investor using PU Prime to accurately seek out the kind of application they want to use, offering transparency to let you know whether PU Prime is for them.
For The Casual Trader: Skilling
Founded in 2016, Skilling is a fintech company supporting more than 55 cryptocurrencies, including BTC, ETH, XRP, and LTC. They do not necessarily specialize in crypto, but Skilling is definitely a good option for the more casual crypto trader looking to add some digital assets to their portfolio.
Trading options are relatively limited in comparison to other apps such as Kraken and Coinbase, but it is a solid platform renowned for its speed and ease of use. Just do not expect to find a load of altcoins on there any time soon.
For The All-Rounder: Binance
Any crypto investor, novice or expert, will have heard of Binance. It is one of the most popular trading apps out there for a reason, with an easy, user-friendly interface to collect and trade crypto. Compared to other trading apps in this list, Binance seems to be the perfect all-rounder, with a distinct similarity to Kraken and eToro.
It allows beginners to feel at home with a fast and practical layout, as well as an ability to become part of a wider crypto community. Having exploded onto the scene only five years ago, it has quickly climbed its way to the top of the market, proving its accessibility, trustworthiness, and innovation when it comes to how the majority of crypto investors want to trade.
How Do I Know Which Of These Crypto Trading Apps Is For Me?
It is a comparison guide to the best crypto traders on the market, but, as mentioned previously, it is all about the individual. If you spot an app on this list that seems right for you, then delve deeper into it and see if you can try a demo. Remember, to understand the ideal trading app, you need to know what you want to get out of the crypto market, why you are investing, and how you would like to trade. Take your time and make an informed and educated decision.
What Are The Advantages Of Trading Crypto?
There are many advantages to trading crypto. For starters, the world is steadily heading into Web3, meaning cryptocurrency will likely play a big part in all of our lives very soon. Crypto offers a fair system with an emphasis on efficiency and practicality, and trading it right now offers a good possibility to garner a return.
What Are The Negatives Of Trading Crypto?
There may be negativities to crypto trading apps if you do not choose your trading app responsibly. As mentioned before, it is crucial to look into each platform and what they offer. If you are a beginner, you are not jumping into a world catered more towards the experts. As well as this, cryptocurrency is subject to high fluctuations, meaning there is risk involved, and you need to have a good trading strategy and understanding of the market.
Is It The Right Time To Buy And Trade Crypto?
The cryptocurrency market is hard to predict. Of course, in the near future, the market appears to be heading into a crypto winter, meaning prices will be low, but no one knows how long this winter will last. It might be a great time to gather a portfolio for a lower price and hold until things begin picking up again.
According to experts, those who trade Ethereum could see a return of $5,906.10 by 2027, with Bitcoin also predicted to reach around $175,500 by the same time. As mentioned before, however, nothing is certain. For now, if you are looking to invest in the metaverse, it is necessary to find the right application which will allow you to access it in the best way possible.