Cryptocurrency has been the new hot topic for a while now. Since its first appearance in 2009 as Bitcoin, this digital asset has gained much traction from investors worldwide. If you are looking to invest in cryptocurrency, trying to figure out which app is the best for you, or just merely want to learn more about it, here is a little guide to starting your new venture through the plethora of cryptocurrency apps available in the market. Keep reading, and hopefully, by the end, you can start using your new cryptocurrency app you just installed!
What is cryptocurrency?
According to Investopedia, cryptocurrency is defined as a virtual or a digital currency secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. It is based on blockchain technology which is a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation. You can use this digital currency to buy regular goods and services, although many people invest in cryptocurrencies as they would in other assets, like stocks or precious metals.
A cryptocurrency app? What is that?
If you are new to cryptocurrency, it is suggested that you should first invest some phone space for a cryptocurrency app. Such an app can allow you to easily manage your cryptocurrency portfolio – just as you would invest in several stocks to diversify your risk and improve your risk-adjusted return, you would also invest in several cryptocurrencies to make up a portfolio. Apps usually have a simple setup and login features than a more cluttered desktop platform, introducing cryptocurrency as less daunting to beginners.
A cryptocurrency app is a cellphone app that allows you to manage your cryptocurrency portfolio. When you get started investing in cryptocurrency, it can be useful to invest some phone space in an app. Apps usually have easier setup and login features than desktop platforms, making them a less intimidating introduction to cryptocurrency.
Getting started with cryptocurrency apps
Before you install an app from the app store or the play store, there are a few things you should note –
1. There are several kinds of cryptocurrency apps
Although most apps can feature all the different aspects, some apps are designed to be or are widely known for the features of either exchange, wallet, news, or tracker apps.
If you are looking to buy or sell cryptocurrencies, then an exchange app is suitable for you. By far, this is the most popular type of app installed by users. It also may allow investors to connect directly with their bank accounts or add a credit card to buy cryptocurrencies. Remember that some big exchanges do not allow you to buy cryptocurrencies directly with fiat currency. Instead, they center on only exchanging between currencies. Thus, if you strong preferences for each type of exchange apps, you may need more than 1 exchange, depending on which currency and whether you want to buy or sell.
It is advised that you should not hold your cryptocurrency coins in exchange for too long if you do not plan to sell them in the short term. This is where a crypto wallet comes in handy. Unlike an exchange, you cannot buy or sell currencies here. It is solely made to store your cryptocurrency coins with the highest level of security. It is also advised to check if the wallet is designed to hold the currency you have. Every wallet is designed to work with a specific type or subset of cryptocurrencies, so ensure that you’ve chosen the right one for your portfolio. A great way to check is to transfer a small amount to the wallet and see if you receive it within 15 mins.
Unlike the stock or forex markets, cryptocurrency exchanges are available 24 hours a day, seven days a week, including holidays. This emphasizes the importance of staying up with news regularly. A decent cryptocurrency news app will cover some of the most popular cryptocurrencies (such as Bitcoin and Ethereum) and smaller coins with odd movements.
A cryptocurrency tracker is a type of app that displays real-time cryptocurrency price details. This information would be available on every exchange but using a personal tracker app can be useful. If you want to keep your crypto in a hard exterior wallet and keep track of market changes during the day, using a quick tracker app rather than signing up for an exchange is a better option.
2. Features to look for when choosing a cryptocurrency app
There are a few things to search for when comparing your cryptocurrency app choices, regardless of the kind of cryptocurrency app you need.
Availability and compliance with the regulation in your region
If you just want to read more about cryptocurrencies with a news app or tracker, availability and compliance aren’t a big deal. However, if you want to actively buy and sell cryptocurrencies, check to see if the app you want fulfills these two criteria.
Because of its decentralized means and tax problems, the legitimacy of cryptocurrencies is a fiercely contested subject. Several countries and states have outlawed unrestricted and easily abused exchanges, while others have imposed restrictions on the types of cryptos that can be purchased and sold. Before you get too excited seeing a cool-looking app, make sure it’s available and complies with all regulations in your region.
Presence of real-time data
Markets for cryptocurrencies are very volatile. It’s possible to go to sleep and have the worth of a single coin skyrocket by 25% — or plummet by two. As Cryptocurrency data becomes irrelevant far quicker than stock or fiat currency data, it is necessary to keep yourself up to date with minute-by-minute details. Look for real-time data and updates, whether you want a robust cryptocurrency trading app or just a quick tracker to see how your favorite coins are doing. This means that you aren’t making trading or investment decisions based on old knowledge.
Security of the highest level
Transactions of bitcoin and other cryptocurrencies are notoriously challenging to track. It’s almost impossible to cancel or get your money back once you’ve started a trade between wallets. It’s also almost difficult to say who owns which wallet due to the blockchain’s decentralized existence. As a result, terrorists, hackers, and scammers flock to cryptocurrencies. Check the company’s security features before downloading any exchange or wallet app. To keep your coins as secure as possible, look for 2-factor authentication and back-end encryption.
Keeping all this in mind, here is our list of cryptocurrency apps that are popular, and check our list of features mentioned above.
Best Cryptocurrency Apps to Download in 2021
What is it: eToro allows you to communicate with a large group of people who already use the platform to exchange strategies and discuss markets. eToro gives you $100,000 when you open a new account to practice trading cryptocurrencies in a virtual portfolio and develop your skills. You’ll have access to over 30 resources and metrics in addition to eToro’s ever-growing selection of cryptocurrencies and crypto/crypto pairs. Another benefit of eToro is the ability to make unrestricted withdrawals and use a seamless deposit feature.
Price: Free to download. Miminum deposit of $50 for US and Australia, and $200 everywhere else.
What is it: One of the stand-out features is that it offers a significant number of cryptocurrency pairs. In fact, this stands at well over 600 pairs. This means that you will have access to cryptocurrencies of all shapes and sizes. Binance is responsible for some of the largest trading volumes globally. It also features a dual interface – Lite and Pro – with a single tap. Keep it simple or access advanced trading features, all in one app.
Price: Free to download. No minimum deposit.
What is it: Coinbase is perfect crypto newbies who want to learn more about common options or just buy a small amount for fun. After you’ve completed the authentication, you can buy some of the most common cryptocurrencies with your bank account or credit card. Coinbase has also added a new education feature where you can read more about the coins you want to purchase and win free cryptocurrencies.
Price: Free to download. No minimum deposit.
What is it: Voyager is perfect for intermediate traders who want to complete more trades and explore the cryptocurrency market beyond Bitcoin and Litecoin. Voyager is a safe and secure exchange that features a number of unique charting tools, commission-free exchanges and access to more coins than most beginning exchange apps. It is a combination app that includes exchange capabilities, secure wallet and even a market newsfeed.
Price: Free to download. Minimum deposit of $10.
What it is: The Gemini app gives you access to the best cryptocurrency exchange and wallet on the market. With its simple software, you can stay on top of market dynamics, develop your crypto portfolio, and execute your trading plan. You can keep track of asset prices and real-time stock prices at any time and from any place. Setting price updates is easy with the app, so you can react quickly to price changes for individual properties. To go long on the crypto exchanges, set up recurring buys on bitcoin and other cryptocurrencies. Gemini also offers excellent cybersecurity and custody services.
Price: Free to download. Minimum deposit of $5.
What is it: One of IQ Option’s most appealing features is that it is one of the few managed trading platforms that allows you to trade Bitcoin futures. The exchange is controlled by CySEC and registered with a number of other financial authorities, including the Financial Conduct Authority (FCA). You can exchange 12 different coins, as well as forex, stocks, and services, in addition to Bitcoin. You can also use a practice account at IQ Option to fine-tune your trading strategies. Unlike some other websites, though, there are no restrictions about how much time you can spend on this one. Instead, you can trade on paper for as long as you like.
Price: Free to download. Minimum deposit of $10
Download: Only available in iOS
What is it: Not only does Crypto.com have an app, but it also has its own Crypto Pay, Crypto Earn, Crypto Credit, Crypto.com Exchange, and DeFi Wallet. Crypto.com aims to hasten the world’s adoption of cryptocurrencies, and the vast variety of offerings will assist you in getting started. It recently collaborated with Visa to roll out the Crypto.com Visa Card, which allows you to pay with your cryptocurrency wherever Visa is accepted, while earning up to 8% back.
Price: Free to download. Fiat deposits are not supported yet.
What is it: The Delta app is the perfect tracker for your bitcoin and other cryptocurrencies, helping you to keep track of over 7000 different coins. In the currency of your choosing, you’ll be able to see coin rates and stock indexes. You may also use Delta to connect to your cryptocurrency wallets and exchanges. You’ll be able to view transactions and exchange fees on any number of your exchanges. You can also have several portfolios and sync up to 2 devices.
Price: Free to download. Access Delta Pro with paid subcription.
Start investing now!
In conclusion, there are numerous cryptocurrency trading applications to choose from. Since no two applications are alike, you’ll need to spend some time figuring out what you prioritize. Some crypto apps are better suited for some requirements. Binance, for example, could be the right app for you if you’re looking for an app that hosts hundreds of crypto trading pairs. If you’re more concerned with user-friendliness, Coinbase may be a better fit.
Thus, do a lot of research, take your time, and once you are ready, download the app you deem fit and invest away!