Do you have extra money you want to invest and looking to diversify your portfolio? It might be time to dip your toes into cryptocurrency. If you’re a novice, don’t worry, because here at StudyFinds we have compiled the best crypto apps for beginners.
Young adults are big believers in crypto. Research polling 2,000 adults found that 53 percent think crypto is here to stay, with 68 percent of 25 to 34-year-olds especially believing that this is true. Many respondents noted they’re familiar with terms like blockchain (43%), coin (42%), Binance (40%), and token (39%). Conducted by OnePoll on behalf of StarkNet – a platform designed to make crypto apps mainstream, the study also revealed that when people buy crypto, they are constantly fiddling with it.
Another study reveals that more than half of American workers would prefer to get paid in cryptocurrency. A survey of 2,000 adults finds that 68 percent believe crypto will become more widely accepted and mainstream within the next three to five years. Three in five (61%) would even allow their employers to invest a portion of their paycheck into a cryptocurrency of their choosing, similar to how employers invest in employee retirement plans.
Are you ready to invest in crypto? To help, StudyFinds has found the top five best crypto apps for beginners. Is there one you use that you believe should’ve made the list? Let us know in the comments below!
The List: Best Crypto Apps for Beginners, Per Experts
1. Coinbase
Topping the list for best crypto apps for beginners is Coinbase, which is the only publicly listed cryptocurrency exchange in North America. “The company is a leader in terms of regulatory compliance, features, and its beginner friendly interface and educational tools for onboarding new investors into crypto. In fact, the company’s Coinbase Earn platform enables readers to earn free crypto for taking online courses to learn more about blockchain!” writes Techopedia. “Its platform includes over 200 cryptocurrencies, from large caps like Bitcoin, Ethereum,and Dogecoin to top small cap coins like GMT. However, certain trading restrictions are placed on some tokens depending on where users are located. Notably, it does not include XRP.”
“A go-to exchange for new and seasoned crypto investors, Coinbase offers a vast array of cryptocurrencies and is easy to use. Its educational content is especially impressive and gives you the opportunity to earn free cryptocurrency,” says The Motley Fool.
CoinJournal notes Coinbase “is one of the simplest crypto apps to use.” “The layout is very clear and intuitive to navigate, so you can easily buy or sell more than 150 coins with a couple of clicks. Crypto enthusiasts are also catered for as the Coinbase Pro platform provides advanced tools and indicators. You can easily view and manage your portfolio on your dashboard. What’s more, you can set up regular automatic purchases with the recurring buys feature, providing a simple way for users to implement a dollar-cost averaging strategy.”
2. Gemini
Gemini was created in 2014 and has become “one of the United States’ most well-established digital asset exchanges,” according to Make Use Of. “[I]t’s one of the safest cryptocurrency exchanges because of its security. The platform has never been hacked, and it’s one of the few exchanges fully regulated in the U.S.”
“Gemini is another of the best crypto apps thanks to its robust platform for beginners and advanced traders alike. Plus, it offers its own hot wallet if you don’t mind storing your tokens online,” writes GOBankingRates. “Gemini places a big emphasis on keeping your investment safe and provides hardware keys to secure your account. Its hot wallet is backed by digital-asset insurance to keep your investment secure. Plus, it’s the first cryptocurrency exchange to become SOC 1 Type 2 and SOC 2 Type 2 compliant.”
Software Testing Help calls Gemini the best for institutional-grade investors and traders. “Gemini is an FDIC-approved cryptocurrency for USD transactions. The cryptocurrency exchange is regulated by the New York State Department of Financial Services (NYSDFS). The exchange allows users to trade over 100 cryptocurrencies. It also acts as custody for institutions and large crypto groups. The exchange’s Gemini Earn allows users to save their crypto and earn interest of up to 7% on the savings. It has its own Gemini Dollar stable coin pegged to USD reserves on a 1:1 ratio.”
3. eToro
ZenLedger says eToro “offers extensive learning resources and the ability to emulate the actions of seasoned traders” for crypto beginners. “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.”
“eToro’s mobile app is designed to be beginner friendly, avoiding any unnecessary or confusing investment language. It includes tabs for viewing your portfolio, discovering new assets, and a watchlist letting you keep an eye on all of the markets you choose to follow,” explains Techopedia. “The app further benefits new investors by allowing them to easily copy the trading movements of other successful investors. To do this, simply select ‘copy people’ from the app’s homepage, filter traders by their activity and stats, then select copy once you’ve found the right one.”
GOBankingRates notes that eToro offers new traders “a $100,000 virtual account that you can use for practice.” “EToro is known for social investing, a way to learn more about how others trade by viewing what more experienced investors buy and sell. A crypto exchange with a similar concept is now available, making it possible to copy others’ strategies — or follow your own. Etoro offers over 75 cryptocurrencies and thousands of stocks and exchange-traded funds.”
4. Kraken
Bit Degree says the Kraken app “allows users to easily buy and sell crypto as well as track their portfolios.” “[I}t’s surely great for beginners. The Kraken UI is very intuitive and simple to use. Buying and selling crypto on the Kraken app is definitely a hassle-free process that doesn’t really leave space for failure.”
“Kraken, established in 2011, is one of the best crypto apps available,” notes ZenLedger. “It caters to a broad spectrum of users, offering a user-friendly mobile and online experience ideal for newcomers.”
Techopedia notes that Kraken offers 24/7 support. “Kraken has a smaller selection of just 65 crypto available for trade on its platform, though that includes the most popular names like Bitcoin and Ethereum. It also offers trading on some of the best DeFi coins.”
5. Binance
Rounding out the top five for best crypto apps for beginners is Binance. “With over 600 cryptocurrencies listed, Binance is one of the best crypto apps for trading altcoins,” writes CoinJournal. “The sheer number and variety of coins mean that Binance stands out from its competitors when it comes to finding new and obscure cryptocurrencies. It might just be the best crypto trading app that allows you to create a diverse portfolio all in one place.”
“Binance offers a diverse set of cryptocurrencies for trading and a rich set of features that can appeal to both novice and experienced traders,” says GOBankingRates. “The Binance platform is known for its low trading fees, which start at 0.1% and can be even lower if you use the Binance Coin (BNB) to pay. For users seeking an enhanced experience, Binance has advanced charting tools and a wide range of indicators for in-depth market analysis.”
Software Testing Help notes Binance is the best for institutions and group traders. “Binance also provides basic features of sending and receiving as well as staking and investing features. It comes as a free Binance Normal version or paid Pro and Binance Lite. Being one of the largest exchanges by trading volumes on CoinMarketCap, it is high in liquidity. The Binance U.S. adheres to U.S. trade regulations.”
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Sources:
- Techopedia
- Forbes
- CoinJournal
- The Motley Fool
- Daytradingz.com
- Make Use Of
- GOBankingRates
- Software Testing Help
- Bit Degree
- ZenLedger
Note: This article was not paid for nor sponsored. StudyFinds is not connected to nor partnered with any of the brands mentioned and receives no compensation for its recommendations. This post may contain affiliate links.