Before finding the best app for trading cryptocurrencies let us see what is cryptocurrency and crypto trading.
What is cryptocurrency?
A cryptocurrency is a digital asset designed to work as a medium of exchange wherein individual coin ownership records are stored in a ledger existing in a form of a computerized database using strong cryptography to secure transaction records, to control the creation of additional coins, and to verify the transfer of coin ownership.
What is crypto trading?
Cryptocurrency trading is the act of speculating on cryptocurrency price movements via a CFD (Contract for difference) trading account, or buying and selling the underlying coins via an exchange.
Now let us see the best app for crypto trading.
BEST APP FOR TRADING CRYPTOCURRENCIES
1. BINANCE
Binance is a cryptocurrency exchange that provides a platform for trading cryptocurrencies . Binance was the largest cryptocurrency exchange in the world in terms of trading volume.
It has over 500 cryptocurrencies for trading. It is the cheapest platform to use for trading cryptocurrencies. There are massive transaction type. It has multiple charting options. It has only 0.02% to 0.10% purchase and trading fees and 3% to 4.5% for debit card purchases. There is a wide range of payment options, including bank transfer, credit or debit card, and cash.
It supports Limit order, market order, stop-limit order, trailing stop order, post only order, peer-to-peer trading, margin trading, one-cancels-the-other order type of transaction.
BEST APP FOR TRADING CRYPTOCURRENCIES
2. COINBASE
Coinbase is another type of cryptocurrency trading platform. It is easy to use app with many safety features like biometric finger print. Coinbase has a small variety of crypto, in total 51, like Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Basic Attention Token, 0x and USD Coin. It has multiple ways to buy cryptocurrency. It also has an inbuilt digital wallet.
It charges 0.50% per trade, 3.99% for credit card purchases, 1.49% for Coinbase wallet or bank account purchases, and wire transfers are $10 for deposit and $25 for withdrawal.
It supports Buy, sell, send, receive, and exchange type of transaction.
BEST APP FOR TRADING CRYPTOCURRENCIES
3. COINSPOT
Coinspot is another kind of cryptocurrency trading platform. Coinspot has a wide variety of cryptocurrency like BTC, ETH,LTC, XRP, BCH, BSV, EOS, TRX, ADA, GRT and 290 in total.
Bank transfer, BPAY, Cash, Cryptocurrency, POLi, PayID are the type of deposit method supported by coinspot.
Trading fees for Instant buying: 1%, OTC: 0.1%, Market order: 0.1%Deposit fees for POLi & PayID: None, BPAY: 0.9%, Cash: 2.5%, Direct Deposit: 0%, Direct bank transfer: None
Coinspot has a Two-Factor Authentication, custom withdrawal restrictions and session timeout limit settings available to all users to improve the security of the account.
BEST APP FOR TRADING CRYPTOCURRENCIES
4. COINSWITCH KUBER
It is reasonably safe for cryptocurrency trading because it does not store the funds on CoinSwitch. One can only buy and convert coins in real-time. It does not keep the money for trading purposes and the risk of fraud is minimised as it does not keep the funds.
It supports more than 100 cryptos like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), etc.
It currently allows you to deposit money to the CoinSwitch Wallet using bank account transfers—that’s Immediate Payments System (IMPS), the National Electronic Fund Transfer (NEFT), Real Time Gross Settlements (RTGS).
CoinSwitch charges a fee of 0% to 0.49% depending on the exchange you select for your transaction.
It is highly secure for the use with all the personal information safe.
BEST APP FOR TRADING CRYPTOCURRENCIES
5. ROBINHOOD
It is a user friendly app, even for beginner to use.it has no fees, but has to pay an order flow fee that varies by trade. There are total 7 cryptocurrency like Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC).
It supports Limit orders, buy, and sell type of transaction.
It is highly secure with 2-step verification, FDIC-insured USD balances, cold storage, SIPC coverage for ETF, stock, and cash funds, insurance against crypto platform breaches.
There is no trading fees in robinhood.
BEST APP FOR TRADING CRYPTOCURRENCIES
6. GEMINI
Gemini is the best exchange for security-conscious investors who want to buy and store their cryptocurrency.
It supports on 34 cryptocurrencies.
It has high trading fees but one can earn interest on cryptocurrency.
Trading fees are fixed -fee for $200 or below, 1.49% for above $200; 0.50% additional “convenience fee” per transaction; 3.49% debit card deposit fee; No deposit or withdrawal fees for ACH and wire transfers.
It is secure enough with 2FA via SMS or Authy app; User role management; U2F security via hardware key; Whitelisting pre-approved addresses; USD balances FDIC insured up to $250k; Gemini “Hot Wallet” digital asset insurance.
Type of transaction supported by gemini are Buy, sell, trade, deposit, withdraw.
BEST APP FOR TRADING CRYPTOCURRENCIES
So in the end it may be concluded that the best app for trading the cryptocurrencies cannot be decided as each and every app has its different benefits.
Some apps does not charge the trading fee while others do. Some apps are easier to use while others are a bit technical to use. Some have more cryptocurrencies while others have a handful of them only. But what is important is the security of an app and that is good for each and every app mentioned above.
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