Cryptocurrencies have moved from obscurity in the past decade to become one of the biggest and most active asset classes in the world. There are now over 18,000 cryptocurrencies that had a peak market capitalization of over $3 trillion. In this article, we will highlight the best cryptocurrency apps for beginners in 2022.
eToro
eToro is a leading fintech company that is valued at over $8.8 billion. Started in Israel in 2007, the company has grown rapidly and now has millions of customers from around the world. The firm was initially started to offer copy-trading services in the forex industry. Over the years, it has expanded its services to other solutions.
eToro is a good cryptocurrency app for several reasons. First, it offers multiple assets to its traders and investors. In addition to cryptocurrencies, the company lets you buy and sell assets like stocks, currencies, commodities, and exchange-traded funds among others.
Therefore, you can make money in cryptocurrencies when the stock market is closed. Similarly, you can make money in assets like stocks and commodities when cryptocurrencies are going through challenges.
Second, eToro was the pioneer of copy-trading. This means that you can copy trades and crypto portfolios from experienced professionals. Therefore, if you are a beginner, you will be able to make money in cryptocurrencies by simply copying other people. Similarly, if you are an experienced trader, you will be able to diversify your income by copying other traders.
Third, eToro has multiple payment options that lets you deposit and withdraw your funds. Some of these options are credit and debit cards, PayPal, Skrill, Neteller, Rapid Transfer, Klarna, Bank Transfer, and Poli among others. Therefore, you can select the option that suits you.
Most importantly, eToro has excellent ratings and reviews from its users. Its Android app has a 4.5* while its iOS app has a 4.6*. This means that its users love it.
Binance
Binance has emerged to be one of the fastest-growing companies in the world. The firm was established in 2017 and has grown its valuation to over $300 billion. It has almost 100 million customers and it handles over $70 billion of funds every day. Notably, Binance has achieved this milestone without having a headquarters.
Binance operates multiple platforms. It has cryptocurrency apps that are available in Android and iOS ecosystems. Further, it has a web application that can be accessed in all browsers like Chrome and Microsoft Edge.
There are several reasons why Binance is a good cryptocurrency app. First, it provides thousands of assets that you can trade. Unlike Coinbase, Binance takes less time to list new cryptocurrencies. For example, it was the first exchange to list ApeCoin and Shiba Inu when they were launched.
Second, Binance offers various ways to buy and trade digital coins. You can buy cryptocurrencies directly or using its peer-to-peer feature. Most people use the arbitrage strategy to buy a coin cheaply and then sell it at an expensive price in the market.
Third, one can receive discounts when they use the BNB token to trade digital currencies. BNB is the native currency created by Binance.
Further, its applications have excellent reviews from users and its transaction costs are a bit lower than those of other coins.
CoinMarketCap
CoinMarketCap is another popular cryptocurrency app that is highly recommended to beginners. Unlike eToro and Binance, the application does not allow you to buy and sell cryptocurrencies. However, you can use it to make better decisions when trading digital assets. Notably, the application is owned by Binance.
The main feature of CoinMarketCap is the ability to let you identify prices and market capitalization of all cryptocurrencies. The application has other features. For example, you can create a virtual portfolio of cryptocurrencies that you follow.
Also, you can see the coins that are trending and those that have been added to its platform. For example, if you see ApeCoin jumping, you can move to your exchange and execute your trade.
Further, CoinMarketCap has a news feature that consolidates news and analysis from multiple sources. You can use this information to boost your trading. Therefore, CoinMarketCap is a very useful app for cryptocurrency beginners.
Coinbase
Coinbase is the second-biggest company in the blockchain industry with a market cap of over $38 billion. It is a publicly-traded company that has more than 89 million customers from around the world. Like Binance, Coinbase allows its users to buy and sell cryptocurrencies through its web and mobile applications.
To use Coinbase, you just need to create an account with your name and email address. After verifying your identify, you can easily deposit funds and then start investing or trading digital assets. Some of the most common deposit options are debit and credit cards, bank transfer, PayPal, and Apple Pay among others.
There are several reasons why Coinbase is a good app for beginners. For example, it is a safe option, has multiple deposit options, and it has minimal fees.
Nexo
Nexo is another useful cryptocurrency app for beginners. The company offers a number of cryptocurrency-related services. Its flagship feature is one that lets people deposit their cryptocurrencies and then borrow money. The idea is that your coins will continue gaining in value if cryptocurrency prices rise.
Nexo also offers a yield feature that allows you to earn a return by just depositing your cryptocurrencies. Most importantly, it has introduced a feature that lets users to buy and sell digital coins. Users can get discounts when they hold the NEXO token.
Summary
The number of apps in the cryptocurrency industry is rising. In this article, we have focused on just five applications that we believe are ideal for beginners. Other popular ones are Kraken, Huobi, and CoinGecko.
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