Best Crypto Apps for Beginners in 2023
Cryptocurrencies have become quite popular in just over ten years. They have revolutionized the world of finance, providing a faster and safer way to handle digital money. These digital coins and tokens offer numerous benefits, such as investment opportunities, trading options, and convenient payment methods for goods and services. Nowadays, you can find a plethora of cryptocurrency applications designed for various purposes. However, the vast selection can be overwhelming when trying to choose the right one. To help you out, we’ve compiled a list of our expert recommendations for the best cryptocurrency platforms in June 2023. These include online exchanges, brokers, and apps that enable you to start building your cryptocurrency portfolio easily. So, let’s dive into our top picks and get you started on your crypto journey!
What we are going to learn?
Coinbase stands out as a unique and pioneering cryptocurrency exchange in North America. Unlike others, it has taken the initiative to become publicly listed. They have become a respected leader not only for their adherence to regulations but also for their user-friendly features and beginner-oriented interface. Coinbase goes the extra mile by offering educational resources to help new investors learn about the world of blockchain. Their Coinbase Earn platform even rewards readers with free cryptocurrency for completing online courses. With over 68 million users spread across 100 countries, Coinbase has developed user-friendly and intuitive mobile apps. These apps enable users to effortlessly buy, sell, and store cryptocurrencies. If you’re just starting out in the crypto world, Coinbase is the perfect place to begin your journey. The platform’s layout is clean and easy to navigate, allowing you to purchase or sell over 150 coins with just a few clicks. For crypto enthusiasts seeking more advanced features, Coinbase Pro offers a range of tools and indicators to satisfy their needs.
In my opinion, eToro stands out as the top-notch crypto app available right now. What makes it so great is its commitment to following regulations, its easy-to-use interface, and the wide range of high-quality trading options it offers. It’s the perfect platform to kickstart your crypto portfolio. One of the coolest features is the “Discover” tab, where you can find out about trending coins and see which ones are making the biggest moves each day. You can even add the ones that catch your interest to your watchlist. But wait, there’s more! eToro goes above and beyond by providing unique features like a social network-like commenting system. You can connect with other cryptocurrency traders, follow their investment strategies, and even mimic their trades. When it comes to fees, eToro charges 1% of the total purchase amount for crypto transactions. While the crypto fees might be higher compared to other platforms, eToro’s US clients enjoy the advantage of fee-free deposits and withdrawals using credit/debit cards and e-wallets on the platform.
Let me tell you about Bitstamp, a crypto exchange that has been around since 2011. It was founded by Nejc Kodrič, and they have offices in the UK, Luxembourg, and New York. Their mission is all about making the world of finance accessible and beneficial for everyone through crypto. Bitstamp offers trading options for over 75 cryptocurrencies and they also support staking on Ethereum and Algorand. Security is a top priority for Bitstamp. They operate under a payment institution license in the European Union and are regulated by FinCen in the United States. To ensure transparency and reliability, Bitstamp undergoes regular audits conducted by four of the largest accounting firms globally. About 98% of customer funds are stored in cold storage, which means they are kept offline for added security. On top of that, BitGo provides insurance coverage for that stored wealth. So you can rest easy knowing your investments are well-protected. If you’re trading less than $1,000 within a rolling 30-day period, you won’t have to worry about any trading fees. However, if you exceed that amount, fees start at 0.4% and gradually decrease as your trading volume increases.
If you’re a beginner investor looking for a top-notch mobile experience and low commissions, this stock broker could be the perfect fit for you. SoFi, founded in 2011 is well-known for offering a wide range of banking and personal finance products and services. They cover everything from banking, loans, credit cards, insurance, and refinancing to credit scores and budgeting. In short, they help their members get their money in order. One of the best things about SoFi Active Investing is that they don’t charge any trading commissions. That means you can buy and sell stocks and ETFs without worrying about those pesky fees. Plus, there are no account minimums, so you can start with whatever amount you’re comfortable with. Their mobile app is top-notch too, providing a seamless and enjoyable trading experience. You can trade cryptocurrencies 24 hours a day, 7 days a week, even during holidays, weekends, or in the middle of the night. SoFi is one of the few brokerages that allows investors to buy fractional shares of stock. That means you can buy a portion of a share for as little as $5. So even if you don’t have a lot of money to invest, you can still get a piece of the action.
Robinhood burst onto the scene as a game-changer in the brokerage industry, shaking things up with its innovative approach. One of the main reasons for its appeal is the fact that it doesn’t charge any fees, making it attractive to those who want to keep costs low. Plus, its trading experience is smooth and user-friendly, with a sleek and easy-to-navigate app. What sets Robinhood apart is its ability to let you trade fractional shares and explore various investment options. This makes it an excellent choice for beginners who are looking for a reliable platform to start their investment journey. And let’s talk about the app itself—it’s so simple and straightforward to use. If you prefer to trade on your phone, Robinhood’s got you covered with its mobile-first approach. The app is designed in such a way that entering, exiting, and monitoring positions is very convenient. You’ll find all the same order types, assets, and functionality, ensuring a seamless experience across both versions. The best part is that Robinhood’s trading platform is fast and efficient, allowing you to get started quickly. This aspect is especially appealing to new investors who want to dive in without any unnecessary delays or complications.
OKX stands out as one of the biggest and most trusted places to trade cryptocurrencies in the entire world. It’s got a fantastic mix of low fees, lots of trading options, and a wide range of trading pairs to choose from. The first thing that catches your eye about OKX is its amazing visuals and vibrant colors. It’s like stepping into a whole new world, filled with exciting possibilities. Additionally, the fact that it offers both a centralized and decentralized exchange is a given highlight. The decentralized exchange doesn’t require you to go through any Know Your Customer (KYC) verification process, which is great if you value your privacy as an investor. Plus, when you trade on the decentralized exchange, you get to keep full control of your private keys. This means that even if something were to happen to OKX’s centralized exchange wallet, your funds would still be safe and sound. You can access spot and futures trading, check your balances, and even receive price alerts for your favorite cryptocurrencies, all right from the OKX app. The app itself is super user-friendly, with a simple interface that makes trading a breeze. It’s no wonder the app has already been downloaded over 1 million times! The trading fees on OKX may vary depending on how much OKB you have. The more OKB you hold, the cheaper your fees will be. So, if you’re a big fan of OKX and plan on using it frequently, it might be worth considering holding some OKB to enjoy those reduced fees.
Trading cryptocurrencies and staying informed about market prices has never been easier thanks to the convenience of crypto apps. Combining the power of a reliable crypto app with a trustworthy crypto exchange is the key to navigating this competitive market successfully. That’s why it’s crucial to conduct thorough research and explore the pros and cons of each solution to find the perfect fit for your specific needs. In your quest to find the ideal crypto app, don’t forget to consult user reviews and opinions. You can find these valuable insights in app stores, online forums like Reddit or Bitcointalk, as well as trusted review platforms like Trustpilot. Pay attention to the experiences and feedback of other users to ensure that the app you ultimately choose has a proven track record and a satisfied user base. Remember, thorough research and due diligence are essential before committing to a crypto app. By following these steps and considering the factors mentioned, you can confidently select an app that meets your needs and provides a safe and satisfying trading experience.