Best Cryptocurrency App + Opinions (2022) | BAMagazine.com

Best Cryptocurrency App

If you’re thinking about buying and selling digital currencies – it’s worth downloading a top-rated crypto app to your mobile device. In doing so, you will be able to trade crypto no matter where you are located – subsequently ensuring that you never miss an investment opportunity again! In this guide, we review the very best crypto apps in the market right now and walk you through the process of getting started with a trading account in under five minutes!

When searching for the best crypto app in the market – we looked at core metrics surrounding fees, supported coins, payment methods, trading tools, and regulation. You will find an overview of our top crypto app providers listed below.

1. eToro – Overall Best Crypto App for 2021
2. Coinbase – Great Crypto App for Beginners
3. Binance – Best Crypto App for Low Commissions

Our research team spent countless hours testing out a large number of crypto apps that allow you to buy, sell, and trade digital currencies. Irrespective of whether you are using an iOS or Android device – reviews of the best crypto apps for 2021 can be found in the sections below.

1. eToro – Overall Best Crypto App 2021

eToro was a clear winner in our search for the best crypto app for 2021. Before we get to supported coins and fees – we should note that eToro is a heavily regulated brokerage firm – meaning that you can trade crypto assets in a safe and secure environment. This regulation comes via the SEC (US), FCA (UK), ASIC (Australia), and more. The crypto app provider is now used by over 20 million clients around the world – not least because it offers a simple and low-cost way to trade digital currencies.

Cryptocurrency App of eToro

The eToro app – which is free to download and available on both iOS and Android devices, gives you access to 30 core cryptocurrencies. This covers everything from Bitcoin, Ripple, and Litecoin to Decentraland, Dogecoin, and EOS. Depending on your location, you will also have access to crypto-cross pairs – meaning that you can trade the likes of BTC/ETH and ETH/LTC. Irrespective of which digital asset you wish to trade, eToro operates a spread-only pricing structure.

For unaware of how this works, it means that instead of paying a commission on each trade – you simply need to cover the spread. This is the mark-up between the bid and ask price of the cryptocurrency you are trading and at eToro – this starts at just 0.75%. When it comes to funding your eToro account, this top-rated crypto app supports a wide variety of payment methods. This includes debit/credit cards, Paypal, Neteller, online banking, ACH, and more. US clients are treated to 0% deposit fees while all other users pay a very competitive 0.5%.

Minimum deposit

The minimum deposit to get started with the eToro crypto app is $50 for US clients and $200 for most other nationalities. If you are from a location that permits CFD trading – the eToro app allows you to buy and sell cryptocurrencies with leverage. This means that you can place orders at an amount greater than your account balance allows. With that said, the minimum stake per crypto trade is just $25 when using the eToro app – which is great for those on a budget.

Before concluding our review of the eToro crypto app – we should also mention the passive investment tools that the provider offers. First, you have the CryptoPortfolio – which allows you to invest in over a dozen digital currencies via a single trade. This is managed and rebalanced by the eToro team – so it’s great for newbies and/or time-starved investors. Second, the Copy Trading feature allows you to choose from thousands of verified investors and then ‘copy’ their crypto positions like-for-like.

2. Coinbase – Overall Best Crypto App For Beginners

Coinbase is a popular digital asset broker that also offers a top-rated crypto app. The target market with this provider is arguably newbies with little to no experience of how cryptocurrency investments work. This is because both the Coinbase website and mobile app have been designed with beginners in mind. Once you download the Coinbase app – which is available on both iOS and Android devices, you will be required to open an account and take a photo of your government-issued ID.

Easy to use cryptocurrency app

In completing this 5-minute account opening procedure, you will then be able to buy cryptocurrencies with your debit or credit card. Your transaction will be processed instantly, meaning that you can invest in digital assets in a fast and burden-free way. However, the main drawback with the Instant Buy feature that comes with the Coinbase crypto app, is that you will be charged a commission of 3.99%. This unfortunately makes Coinbase more expensive than most of the providers we reviewed.

If you like the sound of Coinbase but are put off by its high debit/credit card fee structure, you might consider a bank transfer deposit. This can take 1-3 working days to arrive, but allow you to deposit funds fee-free. Once the capital arrives, you can then use the Coinbase app to buy crypto at a standard commission of 1.49%. In terms of supported markets, Coinbase offers dozens of digital assets of various market capitalizations – covering everything from Bitcoin and Ethereum to ERC-20 tokens and DeFi coins.

3. Binance – Best Crypto App for Low Commissions

Binance offers the perfect combination between low fees and asset diversity. Regarding the former, the Binance crypto app will allow you to trade digital currencies at a standard commission of just 0.10% per slide. For those of you holding BNB tokens or trading larger volumes – you will pay an even lower commission rate. In terms of asset diversity, the Binance app gives you access to over 100+ cryptocurrencies and even more in the way of tradable markets.

Easy to use cryptocurrency app

For example, you can trade crypto-fiat pairs like BTC/USD and ETH/USD, as well as crypto-cross pairs such as XRP/BTC and ETH/BTC. Additionally, the Binance app also covers more complex financial instruments – such as crypto futures, options, and leverage products. Once you have downloaded the Binance app to your mobile device, you can deposit crypto assets without needing to provide any personal information or KYC documents (limits apply).

However, if you want to add fiat money to your account, you will first need to provide some identification. This is usually verified by Binance within a couple of minutes. Verified account users can deposit funds with a debit/credit card or bank transfer – albeit, fees are location-dependent. For example, if you are based in the UK, the Binance app charges 1.8% on Visa and MasterCard payments. But, if you’re a US client, this fee is reduced to just 0.5%.

What is a Crypto App?

In their most basic form, crypto apps are offered by traditional brokers or exchanges as a means to access your main trading account while on the move. For example, the best crypto apps in this space allow you to buy, sell, and trade digital currencies no matter where you are located.

It’s just a case of downloading the app, opening an account, and then making a deposit with your preferred payment method. Crypto apps are also great for keeping an eye on the value of your digital asset investments – as the best providers in this industry offer real-time pricing. You do, however, need to choose carefully when selecting a crypto app – as not all providers are regulated.

How to Find the Best Crypto App

Depending on where you live, you likely have dozens of crypto apps to choose from. In selecting the right provider for you – there are several core metrics that you can focus on. For example, be sure to see what coins the crypto app supports and what fees you will have to pay to trade.

You should, of course, also explore whether or not the crypto app provider is regulated by a reputable financial body. To help you perform adequate research, below we explain what to look for in your search for the best crypto app.

Supported Coins

The first thing to look at when researching crypto apps is what digital currencies the provider supports. For example, at eToro, you can invest in 30 leading cryptocurrencies at the click of a button. You can also trade multiple fiat-to-crypto pairs – such as BTC/EUR, BTC/GBP, and ETH/JPY. The eToro app also supports various crypto-cross pairs – so you have a huge number of markets to choose from.

Fees and Commissions

When you trade crypto via your chosen app provider, you will need to pay an assortment of fees. For example:

• Some crypto apps charge fees on each deposit that you make. Not only can the specific fee depend on your preferred payment method, but location, too.
• For example, eToro allows US clients to deposit funds for free, while non-US customers pay 0.5%. Similarly, Binance allows US clients to buy crypto with a debit/credit card at 0.5%, but some nationalities pay up to 4%.

You then need to look at commissions – which are charged when you buy and sell your chosen crypto.

• At Binance, you will pay a standard crypto-to-crypto commission of 0.10%
• At eToro, you only need to cover the spread – which is the difference between the bid and ask price of the respective crypto asset

Don’t forget to check if any fees apply for withdrawals – as once again, this will vary from app to app.

Safety and Regulation

You might be surprised to learn that most crypto apps circulating on Google Play and App Stores operate without the backing of a reputable financial body. This is even the case with Binance – with the unregulated provider still boasting a client base of 100 million users.

1. eToro, on the other hand, is heavily regulated – which is a major advantage of choosing this crypto app provider.
2. This regulation comes from the FCA, SEC, ASIC, and CySEC – all of which are solid financial authorities.
3. Ultimately, by choosing a crypto app that is appropriately licensed, you can be sure that your funds remain safe at all times.

Devices

In all but a few cases, we found that the best crypto apps are compatible with both Android and iOS devices. This covers 99% of the mobile population, so you shouldn’t have any issues unless you are using an alternative operating system.

User-Friendliness

We came across a number of crypto apps that offer a simple and easy-to-navigate interface – while others are somewhat cumbersome to use. For example, both the eToro and Coinbase apps are ideal if you are a beginner, as they require no prior investment experience. In fact, it’s just a case of downloading the app, opening an account, and deciding which crypto asset you wish to trade.

With that said, we found that Binance is arguably more suitable for advanced traders. This is because the interface isn’t particularly user-friendly -as newbies might find the addition of in-depth pricing charts and technical indicators overbearing. Crucially, you should explore how user-friendly your chosen crypto app is before you register an account.

Demo Trading

There is no better way to determine whether or not a crypto app is right for your skillset than to make use of a free demo account. This will allow you to trade crypto via the app without needing to deposit or risk any capital.

On the contrary, you can buy and sell digital currencies in live market conditions but in a risk-free manner. eToro, for example, offers all clients a $100k demo account. There are no time restrictions on the account and if your demo funds run out – you can replenish the balance at a click of a button!

Payment Methods

You will need to add some money to your crypto app account if you want to make real-world profits. The types of payment methods you will have access to will ultimately depend on the provider.

Trading Tools

If you have a particular trading tool that you like to use – make sure that it is offered by your chosen crypto app. If it is, you should also ensure that the tool has been fully optimized for mobile usage. For example, it is all good and well if the app offers technical indicators and chart drawing tools. But, if these tools are difficult to use on a small mobile screen – they won’t offer much value.

Customer Service

The best crypto apps that we came across will allow you to reach a customer support agent via a live chat button. This means that you can receive assistance without leaving the app. However, providers like Robinhood will re-direct you to an external support forum when you request help. This means that you might need to wait a few days before you receive a reply.