If you are considering investing in cryptocurrencies but don’t know which crypto trading app to use, you are not alone. Many people have found success with eToro and Binance, but what about Coinbase Pro? Here are four apps to get you started. These apps are available for free and are great for beginners. Read on to find out which one works for you. It may be easier to start with one of these apps than another.
eToro
The eToro crypto trading application allows you to trade cryptocurrencies with leveraged buy/sell contracts. You can copy other traders’ trades and keep 100% ownership of your investment. It is a great option for those with no experience with digital currencies or limited time to invest. As well as cryptocurrencies, the eToro app also lets you trade in other asset classes like ETFs and over eight hundred stocks.
Beginners will appreciate eToro’s simple interface, which makes it easy to navigate, and advanced features for experienced traders. Among its extra features, it lets you practice with a virtual $100,000 fund before investing real money. Another feature is that you can follow the trading strategies of the best users based on criteria derived from their trading history. This helps you see how the market works without risking real money.
Binance
While Binance is widely known as a cryptocurrency exchange, the company is also a hub for the entire crypto ecosystem. Its ecosystem includes a startup platform for budding entrepreneurs, a trusted wallet, a community-backed blockchain software program, an academy, a charitable foundation, and even an app. For more information, visit Binance.com. However, if you’re new to the crypto world, Binance is not the best choice.
Although Binance has a global presence, its U.S. operations are being scrutinized by the Securities and Exchange Commission. A former executive told Bloomberg News that the SEC has requested information from the U.S. affiliate and the global organization. Meanwhile, the Department of Justice is also looking into whether Binance is involved in money laundering. The investigation was first reported by Bloomberg News. As of the time of writing, both the SEC and DOJ are investigating Binance.
Bitstamp
The Bitstamp crypto trading application has a number of advantages, making it one of the most popular applications on the internet. For one thing, it offers instant deposit functionality. This makes buying and selling crypto much easier than ever. Instead of importing your cryptocurrency from another exchange, you can simply deposit funds through your credit card. Bitstamp also removes the hassle of importing your crypto. Traders can start trading right away.
For trading, Bitstamp charges 0.25% of the value of each trade. Generally, if you buy and sell a $1000 worth of cryptocurrency, the fee is around $2.50. Higher-volume traders can get fees as low as 0%. The fees are higher for larger institutional traders but are significantly lower for individuals. Besides, Bitstamp offers a free app to deposit and withdraw cryptocurrencies.
Coinbase Pro
The Coinbase Pro crypto trading app is a great choice for experienced cryptocurrency investors. In addition to a simple user interface, it offers access to advanced charting and more advanced order types. This app is geared towards professional traders and allows users to place advanced orders, such as margin trades. It offers a reasonable selection of cryptocurrencies and supports trading with US dollars, euros, and pounds. It also gives users access to Coinbase’s API keys, which allow third-party apps to integrate with their account.
The Coinbase Pro crypto trading app is free to use, but it does require a paid account. Users can sign up for an account and link their bank account via Plaid, a data-transfer network. This feature reduces fees by reducing trade transaction times. Likewise, the app’s user interface is bright and easy to navigate, with a search bar that lets users search for a particular crypto. After logging in, users can browse through the various crypto offerings, set up recurring purchases, and convert selected cryptos.
Wealthsimple Crypto
The Wealthsimple Crypto service leverages buy and sell spreads to maximize returns on cryptocurrencies. As with traditional assets, the cryptocurrency market is subject to federal tax law. Wealthsimple does not oversee this tax law, but requires you to submit records of your investment accounts as required by law. Nevertheless, the platform offers a secure and legit way to invest in cryptocurrency. Moreover, the platform offers a variety of services, from tax filing to cash deposit services.
The platform is available 24 hours a day, allowing you to invest in multiple cryptocurrencies with no account minimum. The service currently supports Bitcoin and Ethereum, but plans to add additional crypto assets in the future. You can start investing with as little as $1, and there are no minimum deposits or withdrawal fees. The service does charge a 1.5-2% operations fee per transaction, which will be applied as a spread when you buy or sell a currency.