It can be said that crypto traders are rather spoiled for choice when it comes to trading. There are tons of companies – exchanges and broker-dealers, which all provide access to the crypto market. And there are a lot of excellent trading apps they offer, which facilitate that. This article seeks to present the five best apps where you can buy and sell crypto. All the apps below have received recognition from industry and users alike – so let’s get a closer look at them:
1. Binance
Binance is the app developed by the largest exchange in the world, which bears the same name. It is among the most trusted apps when it comes to crypto trading, and there are good reasons for that. You can access a deep range of crypto assets there, being able to pick from over 600 various assets. The trading conditions on them are generally reasonable, with many of them being free from change. However, the fees structure of the company can be rather complex.
There is a minimum trade size of $10, which is acceptable. Deposits into the app incur certain fees – for instance, credit card deposits are charged 3.75%, but bank transfers are not taxed. There are often promotions which allow you to claim a certain bonus if you sign up to the app.
When it comes to the reception of the trading app, it is quite positive – it has a rating of 4.7 out of 5 stars on the AppStore with over 137 000 ratings and over 50 million downloads on the Google Play, with a rating of 4.4 out of 5 via 1.2 million reviews.
2. RobinHood
The next app in our list is RobinHood. This is a famous crypto trading platform, which seeks to make crypto trading more accessible to less experienced clients. It allows them to access the markets with as little as they wish – there is no minimum deposit requirement for the app. What’s more, the firm provides access to more traditional assets besides crypto. When it comes to crypto, though, there are no trading fees – so the company offers a pretty good deal. There are no deposit fees associated with the app itself.
One thing that is noteworthy about the app is the fact it is not available on the Apple AppStore. Instead, you can download it from the website of the firm and install it manually. And if you are an Android user, you can just head over to the Google Play and get access. The platform is currently rated at 4 out of 5 stars with over 465 000 reviews.
3. Crypto.com
Crypto.com is another very popular app for trading digital assets. The company behind it, bearing the same name, has long been a staple of the industry. Its platform is held in high regard, with 4.4 out of 5 star rating on the AppStore from over 115 900 reviews. There are over 10 million downloads of it on the Google Play. Here is what you can do with the app:
First off, you can trade over 250 crypto assets. What makes doing so with this app in particular good is that there is no trading fee. There is also a list of staking options available from the app. The company offers people who stake its own CRO token up to 12.5% yearly. The amount you receive depends on the amount you stake – make sure you are aware of the full terms of the promotion via the website of the firm.
The main downside to trading on the app is the large fees on deposits the firm behind it imposes. Credit or debit card transactions, for instance, have a fee as high as 4% on them. This is not very competitive as the charges are on the high end of the apps we are covering.
4. eToro
eToro is another established broker which offers access to crypto trading from its platform. Depositing with the firm does not carry additional fees. However, there is a 1% fee on crypto trading, which is not great. Another downside is the rather shallow range of assets available with the app – there are only 25 that can be traded.
On the upside, clients in the US can get a $10 bonus, provided they deposit at least $100 in crypto. Furthermore, the app itself is rather sophisticated – it provides better analytical tools for trading than its competition. It has a rating of 4.2 out of over 5 400 ratings in the AppStore and one of 4.1 out of 127 000 reviews on the Google Play.
5. Gemini
Last but not least in our list is the app developed by Gemini. Traders on it can access over 90 crypto assets and transact with them. The downside to doing so, and the reason we have placed the app last on the list is the fees structure of its exchange. There are fees of up to 1.49% for trading crypto and ones of up to 3.5% for debit card deposits. That is a bit high and the structure they have is rather complex.
Still, the app has many useful features, which warrants its rather high 4.4 out of 5 rating on the Play from over 46 000 reviews.
A warning on crypto CFDs and MT4/5
A discussion of trading apps is not complete without a mention of Metatrader 4 and Metatrader 5. These two platforms are commonly offered by Forex brokers. Unfortunately, we suggest avoiding trading crypto on them at the time of writing, because they are often provided by scammers. The two platforms were pulled down from the AppStore by Apple in September of 2022, following fraudulent activity from Metatrader 5 brokers. There are a lot of issues when it comes to crypto CFDs in general. For instance, the volatile market makes it dangerous to engage with them, especially since losses on these financial assets are not limited by your investment. You could end up owing money to the broker!
Secondly, there are a lot of scammers which offer access to these products on the two Metatrader platforms. These pieces of software can easily be manipulated to show trading volume which is not really taking place. Anything you deposit is instead stolen by the fraudsters. It is also relatively easy to acquire a white-label license for the platform and conmen use that to appear more legitimate. If you are looking to trade crypto with a safe partner, you need to stick to the proprietary platforms of larger exchanges. This reduces the risk of manipulation and other foul play significantly.