In the fast-evolving landscape of digital finance, cryptocurrency has emerged as a transformative force, reshaping the way we think about money and investment. As we venture into 2023, the world of cryptocurrencies continues to capture the imagination of investors, tech enthusiasts, and financial innovators alike.
With an ever-expanding array of cryptocurrencies and blockchain technologies, staying informed and effectively managing your digital assets has never been more crucial. To help you navigate this dynamic space, we present a comprehensive guide to the 11 best crypto apps and exchanges of 2023. But first…
How To Choose a Crypto Trading App?
While a crypto trading app is crucial, it is even more important to understand the parameters that make an app stand out from the rest. To do so, you must know the criteria that can help you analyze the best with the maximum features, making your work simpler and so much easier.
Let’s get down to the list.
1. Security
When choosing the best app to buy crypto, security should be your top priority. Look for features like two-factor authentication (2FA) to enhance account security. The use of cold storage for funds in offline wallets is an excellent security measure to protect against hacking attempts. Additionally, ensure the platform employs robust encryption protocols, such as SSL, to safeguard your data during transactions and communications.
2. Supported Cryptocurrencies
Ensure the crypto trading app supports a wide range of cryptocurrencies. While popular options like Bitcoin and Ethereum are essential, having access to lesser-known coins can be valuable if you plan to diversify your portfolio or invest in emerging projects.
3. User-Friendliness
A user-friendly interface can greatly enhance your trading experience, especially if you’re new to crypto trading. Look for an app with a clear and intuitive dashboard, easy order placement, and real-time charts to make navigating the platform smoother.
4. Fees
When choosing the best app to buy crypto, thoroughly understand the fee structure of the trading app. Pay attention to maker and taker fees, and check if these fees vary based on your trading volume. Be aware of any withdrawal fees, as these can impact your overall trading costs.
5. Liquidity and Trading Pairs
High liquidity ensures that you can execute trades with minimal slippage. It’s essential to choose a platform with sufficient liquidity to support your trading strategies. Additionally, having access to a wide selection of trading pairs allows you to explore different investment opportunities.
6. Regulatory Compliance
Research the regulatory compliance of the trading app. Ensure it adheres to the laws and regulations in your jurisdiction. Regulatory compliance can provide you with legal protections and increase your confidence in the legitimacy of the platform.
7. Customer Support
Adequate customer support is crucial for addressing issues and inquiries promptly. Check the availability of customer support channels, such as live chat, email, and phone support while choosing the best app for crypto trading. Responsive and knowledgeable customer support can help you resolve problems efficiently.
8. Reputation and Reviews
Reading reviews from other traders can provide insights into the platform’s reliability and customer satisfaction. A trading app with a positive reputation built over time is more likely to be trustworthy and dependable.
9. Mobile and Desktop Versions
Consider whether the trading app offers both mobile and desktop versions. Having access to both versions allows you to trade conveniently on the go or from a computer. Ensure that both versions offer a consistent and feature-rich experience.
10. Wallet Options
Review the wallet options provided by the app. Some platforms offer integrated wallets with features like multi-signature support and private key control. Others may support external wallets, which can be preferred by users who want complete control over their funds.
11. Additional Features
Advanced traders may seek additional features such as margin trading, stop-loss orders, and advanced charting tools. Market analysis resources and trading indicators can assist in making informed trading decisions.
12. Backup and Recovery
Examine the app’s account recovery process and ensure it has robust backup options, such as recovery phrases or keys, when selecting the best app for crypto trading. Understanding how you can regain access to your account in case of device loss or other issues is crucial for safeguarding your assets.
13. Mobile App Store Ratings
Before making a final decision, check the app’s ratings and feedback on mobile app stores. User reviews can provide insights into the app’s stability and reliability. Pay particular attention to recent reviews to ensure the app’s performance has been consistent.
List Of The 11 Best Crypto Apps Exchanges
1. Coinbase
Coinbase is a top choice, primarily for its user-friendly interface, making it the best crypto app for beginners. It provides low trading minimums and extensive cryptocurrency education. For more experienced users, Coinbase offers Coinbase Pro, a platform with advanced analytics and trading tools.
Pros
- Users can earn cryptocurrency rewards with the free linked Coinbase Card.
- The platform offers free tokens for learning about crypto and taking quizzes.
Cons
- Coinbase mainly supports mainstream currencies, albeit over 200 of them.
- Fees can be relatively high, and the pricing structure lacks transparency.
Availability
- Coinbase operates in more than 100 countries globally, including the United States, Canada, Australia, Singapore, Germany, France, the United Kingdom, and all European nations.
2. Crypto.com
Crypto.com is an excellent choice for crypto traders who operate on a large scale. The platform offers an extensive range of options and has experienced rapid growth. Notably, Crypto.com’s fees are based on trading volume, making it advantageous for high-volume traders.
Pros
- It boasts relatively low trading fees.
- In the U.S., it provides access to over 250 assets.
Cons
- For an optimal experience, users are required to download the app.
- Fees are applied to every withdrawal, which could impact overall costs.
Availability
- Crypto.com has a global presence, serving users in more than 100 countries across the world, including 49 states in the US and US territories, UK, Australia, Europe, Asia, Africa, and South America.
3. eToro
EToro is a renowned crypto trading app known for its social investing approach and allowing users to gain insights into the strategies of experienced investors by observing their trades. This concept extends to its crypto exchange, where you can replicate others’ strategies or chart your own course. EToro boasts a selection of over 75 cryptocurrencies and thousands of stocks and exchange-traded funds, catering to both new and advanced investors.
For newcomers, the platform offers extensive learning resources and the ability to emulate the actions of seasoned traders. EToro even provides a $100,000 virtual account for practice. Advanced traders will also find the tools they need, including advanced charts.
Pros
- Access to CopyTrader for replicating trades of experienced users.
- Enhanced crypto wallet security with an “unlosable” security key.
Cons
- CopyTrader may not be suitable for beginners.
- Transaction fees of 1% plus spread costs apply.
Availability
- EToro has a global presence, serving users in more than 140 countries across the world. Notable regions covered include the USA, Europe, Asia, Africa, and Oceania.
4. Gemini
Gemini is a top-tier crypto app suitable for both beginners and experienced traders. It also provides a hot wallet for users comfortable with online token storage.
Gemini prioritizes the security of your investments, offering hardware keys for account protection. Moreover, its hot wallet is backed by digital asset insurance, ensuring the safety of your assets. Notably, it is the first cryptocurrency exchange to achieve SOC 1 Type 2 and SOC 2 Type 2 compliance.
Pros
- Supports staking.
- Offers crypto rewards through the Gemini credit card.
Cons
- Limited selection with around 100 cryptocurrencies.
- Lacks phone support.
Availability
- Gemini’s services extend to over 60 countries, encompassing regions such as the United States, the United Kingdom, Canada, Australia, and Singapore.
5. MoneyLion Crypto
MoneyLion Crypto, powered by ZeroHash, empowers you to seamlessly purchase, retain, and sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin around the clock. Beyond on-demand crypto buying, you can leverage the Auto Invest option to execute scheduled purchases. Furthermore, the Roundups feature enables you to accumulate spare change for investing in cryptocurrency.
Pros
- Comprehensive cryptocurrency features and rewards.
- Integration with digital personal financial services.
- Mostly free to use with minimal fees.
- Offers customizable investment portfolios.
Cons
- Lacks dedicated financial planning or financial advisor services.
- No options for IRA or 401(k) management.
Availability
- Residents of all US states except Hawaii will have the opportunity to purchase, trade, and retain cryptocurrency through MoneyLion. For those residing in Hawaii, please stay tuned for updates from MoneyLion regarding cryptocurrency availability.
6. WeBull
Webull stands out as an online broker with a strong focus on cryptocurrencies, offering user-friendly interfaces and a vibrant trading community. Its desktop application offers remarkable customization options, featuring crisp and contemporary graphics. Moreover, the mobile app mirrors much of the desktop and browser experience, ensuring seamless accessibility across devices.
Webull offers investors the opportunity to trade a selection of 44 cryptocurrencies. However, it’s essential to note that Webull’s current setup does not allow users to send or receive coins to or from their Webull account. The sole withdrawal option is to convert cryptocurrencies into USD.
Pros
- Webull offers a fantastic user experience on all devices with its sleek layouts, easy customization, and appealing graphic design.
- It is the best crypto app for beginners, as they can dip their toes in the water with simulated (paper) trading and the option to purchase fractional shares.
Cons
- Educational content is limited and only focuses on Webull’s own platforms and features.
- Only 44 cryptocurrencies to trade.
- Webull imposes a one percent markup and markdown on crypto trades.
Availability
- Webull’s cutting-edge financial services extend beyond U.S. investors, catering to users in various regions globally, including Hong Kong, China, Singapore, Japan, and Australia.
7. SoFi
SoFi, primarily renowned for its banking and loan services, also offers a basic cryptocurrency trading platform. This platform has limited offerings, encompassing just 22 of the most recognized tokens. While its cryptocurrency selection is modest, beginners seeking to trade with an established financial institution might find it suitable. SoFi’s fee structure leans on the higher side, featuring a 1.25% markup fee on transactions. Additionally, daily trading volume is capped at $100,000, making it an attractive option for those new to cryptocurrency. However, it may not cater to the needs of more advanced traders.
Pros
- Offers up to $100 in Bitcoin as a signup bonus.
- Features a user-friendly mobile app.
Cons
- Limited selection with only 22 available coins.
- Requires a larger-than-average minimum purchase of $10.
Availability
- SoFi is limited to users within the United States, Hong Kong, China, Singapore, Japan, and Australia.
8. TradeStation
TradeStation Crypto stands out for its competitive fee structure, with charges as low as 0.3% on crypto trades. Additionally, it distinguishes itself from many other brokerages by permitting users to transfer cryptocurrencies to their personal wallets, enhancing control and security over their digital assets.
Pros
- Offers lower fees in comparison to the majority of cryptocurrency exchanges.
- Allows users to transfer cryptocurrency assets to a personal crypto wallet.
- Convenient for individuals who already possess a TradeStation brokerage account.
Cons
- Provides a relatively limited selection of cryptocurrencies.
Availability
- TradeStation primarily serves residents of the United States. Although they’ve extended some services internationally, users located outside the United States may encounter additional or elevated fees.
9. Kraken
Kraken, established in 2011, is one of the best crypto apps available. It caters to a broad spectrum of users, offering a user-friendly mobile and online experience ideal for newcomers. Furthermore, advanced traders can find margin accounts on the same platform. Enrolling in Kraken Pro can yield cost savings for frequent buyers and sellers, with protrade fees based on monthly volume. Initial fees start at 0.16% for makers and 0.26% for takers on the first $50,000 and decrease for higher volumes.
However, it’s important to note that fees can accumulate for basic users, with a 2% fee on NFT transactions, charges on specific deposits, and payment processing fees when using credit cards, debit cards, or digital wallets. Margin fees, ranging from 0.015% to 0.02%, are also applicable when opening a position and upon each four-hour rollover.
Pros
- Among the top choices for advanced crypto traders.
- Offers live chat and phone support.
Cons
- Associated with a range of fees, some of which may only be disclosed at the point of transaction submission.
Availability
- Kraken extends its services to more than 190 countries globally, encompassing supported regions such as the United States, Canada, Australia, Japan, and numerous European countries.
10. Robinhood
Robinhood, founded in 2013, is widely recognized for its commission-free trading, which extends to cryptocurrency transactions as well. While it originally gained prominence as a stock trading app, it has since broadened its scope to encompass cryptocurrencies.
Is Robinhood a suitable choice for crypto trading? Its simplicity and user-friendly interface make it one of the best crypto apps for newcomers. However, it’s important to note that Robinhood’s cryptocurrency offerings are somewhat restricted in comparison to specialized cryptocurrency exchanges. Robinhood can be an excellent choice for users seeking a platform that allows both stock trading and the purchase of popular cryptocurrencies like Bitcoin and Ethereum within a single app.
Pros
- Offers commission-free cryptocurrency trading.
- Features a user-friendly platform tailored for beginners.
- Provides access to both stock and cryptocurrency markets.
Cons
- Offers a limited selection of cryptocurrencies.
- Lacks advanced features for experienced traders.
- Robinhood exclusively caters to investors located within the United States.
Availability
- Robinhood is exclusively accessible to investors located within the United States.
11. Firstrade
Firstrade is a relatively recent addition to the roster of brokers facilitating cryptocurrency transactions for clients. It offers a respectable assortment compared to its counterparts, encompassing approximately 40 cryptocurrencies with no fees aside from a 1 percent spread applied to each side of a transaction, making it one of the best crypto apps for beginners.
Pros
- Enforces no fees except for a 1 percent spread on transaction sides.
- Firstrade offers three trading platforms desktop, Options Wizard, and Firstrade Navigator, along with a highly rated mobile app for iOS and Android.
Cons
- Offers only 40 cryptocurrencies.
- Lacks crypto to crypto trading pairs.
- Does not allow the transfer of cryptocurrencies to privately controlled wallets, which is a crucial feature for dedicated crypto users.
Availability
- Other than the United States, Firstrade welcomes clients from almost 30 countries, including Japan, South Korea, China, Hong Kong, Macau, Taiwan, Singapore, New Zealand, Israel, and Mexico.
The Bottom Line – Best Crypto Apps
These apps offer security, accessibility, and a range of features to cater to crypto enthusiasts. Whether you’re a trader or an investor, these apps empower you to navigate the crypto world effectively.
Remember to research and align your specific needs with app features. As we advance in this digital finance era, responsible and informed investing remains key. With the right app and mindset, you can confidently explore the potential of cryptocurrencies and seize opportunities in this dynamic landscape.
