Due to the ever-increasing popularity of cryptocurrency, more and more investors are pouring in. People are interested to invest in this lucrative currency. Crypto apps, and the fact that anyone can get involved with cryptocurrencies makes it tempting. However, it does come with a bunch of security risks and undecipherable jargon that you should research beforehand. Because research can solve everything.
Almost! Once you get the hang of it, using cryptocurrency can be convenient. It’s not like your investment is blocked. You can use that investment as cash or debit even to pay your utility bills or to shop online. This means that you can pay the monthly bills of your subscription to one of the Cox bundles, your monthly electricity bills, and so on. You can even send that money to your loved ones.
Top 6 Cryptocurrency Apps for Beginners
It is advisable not to invest huge sums, especially within the short term because of the volatile nature of cryptocurrencies. Therefore, don’t invest an amount that you can’t afford to lose as the exchange rates fluctuate quickly. Take time to watch and acquaint yourself with the market trends before you invest.
Here are some of the top apps that you should use if you are a newbie.
With its extensive offering, Coinbase is one of the largest trading platforms in the U.S. With over 50 cryptocurrencies, Coinbase also offers insurance for any thefts or hacks on its website making its users feel safe while investing. However, it does come with a higher fee compared to other apps.
Moreover, it includes 56 cryptocurrencies in its range of securities. The minimum requirement to start trade on Coinbase is $2. The app is user-friendly and easy to set up with a simple dashboard. Users can effortlessly buy and sell on this platform.
For beginners, BlockChain.com is one of the most-used and popular apps among cryptocurrency apps. It supports an extensive array of cryptocurrencies. The app is user-friendly and because of this ease of use, users can manage, store, buy, and sell effortlessly. BlockChain.com comes with an interest-earning account, allowing its users to earn up to 12%.
Moreover, it is available in over 180 countries and in 21 languages. You don’t have to pay deposits or withdrawal fees. However, the verification process can be time-consuming. Also, the minimum requirement to use the app is $100. It includes 5 cryptocurrencies in its range of securities.
Want to earn interest instead of running a slow-growth savings account? If yes, BlockFi is the app for you! It allows its investors to make compounding interest from 3% to 8.6% on various cryptocurrencies. The app is user-friendly and offers great options for beginners. To earn interest, all you have to do is to deposit money and you are good to go.
In addition, the app imposes no minimum deposits, no monthly fees, and no commission fees. However, it does impose limited withdrawals from the interest accounts. Also, your savings are not FDIC protected. It includes 8 cryptocurrencies in its range of securities.
Designed for people with varying skill levels, Gemini is a user-friendly platform to trade in up to 40 cryptocurrencies. Developed in the U.S., the app has gained massive popularity globally.
Furthermore, it is the only app on our list that offers a variety of platforms based on skill level. New investors get the benefit of using the web and mobile app, which is easy to use. Whereas, seasoned traders get to have access to advanced tools in its ActiveTrader interface.
Lastly, the app offers protection from hacking and theft. However, it imposes a convenience fee and charges a commission. The minimum requirement to start using this app is dependent on the type of cryptocurrency you are investing in. It includes 40 cryptocurrencies in its range of securities.
This app brings users diverse investment options. You get to invest in cryptocurrency as well as other investment options such as stocks, margins, and so on. WeBull offers a diversified investment portfolio all in one place. However, it does lack tools for beginners to get them started. Its standout feature is that it offers more than just cryptocurrency.
Moreover, it is easy to set up and appeals to casual investors. But it offers weak educational content for newbies. The minimum requirement to start is $1. It includes 11 cryptocurrencies in its range of securities.
Want to emulate leading traders? If yes, then eToro is the platform for you! This app offers insightful data from the leading trading traders to help you make a well-informed investment decision. This strategic data can be a game-changer in your investing decisions. Additionally, it is a 0% commission platform, which means that you have a fantastic option to begin trade.
Moreover, it offers social trading, low minimum accounts, and more. However, it has high selling fees. Also, this app is not available in all states. It includes 29 cryptocurrencies in its range of securities and the minimum requirement to get started is around $25.
Read more: 5 Ways To Smartly Invest In Cryptocurrencies
Lori Gillen is a Blogger/Content Creator who is specialized in the field of Digital Marketing & Data Analysis with 5 years of experience. Currently working at PPCexpo as a Senior Content Creator.