Best Cryptocurrency Trading Apps | The bank rate
While cryptocurrency has grown in popularity in recent years, only a small minority of Americans have actually traded it. Among the most popular cryptos are Bitcoin, Ethereum, and Dogecoin, which have each seen significant action over the past year. The attraction for traders? The potential to make a lot of money on the volatility of these highly speculative assets.
More and more, traders have more and more ways to access cryptocurrencies. In fact, you might already have an app on your phone that lets you trade. For example, if you have the PayPal or Venmo app, you can buy and sell at least a few different cryptocurrency coins. But other apps give you access to a wider selection – there are literally thousands of them – or they offer other benefits such as lower cost.
Below are some of the best apps for crypto trading and some of the key things you need to know.
Best Apps for Cryptocurrency Trading
The apps below include typical phone trading apps, general financial apps, and specialist crypto exchanges. We’ve included the prices as well as the number of coins the app allows you to trade in, so you can get a feel for the scope of each app.
If you want to exclusively trade the biggest cryptocurrency, Bitcoin, it might not make sense to go for an app that offers you dozens more. On the other hand, if you’re looking to swap whatever is hot right now, consider an app with more variety.
You may know Robinhood for its nifty trading app for stocks, options, and ETFs, but it has also spread to cryptocurrencies. Additionally, it brings its commission-free structure to the crypto world. While trading may seem free, Robinhood charges a spread markup rather than a direct commission, which means the costs are built into the price of buying or selling a coin. You can get started almost immediately with Robinhood’s Instant Transfer feature, so just download and go.
Cost: $ 0, or commission-free, but there is a spread markup
Parts available for exchange: Seven of them, including Bitcoin, Dogecoin, and Ethereum
Webull may not be the poster child for app trading, but it has a superior feature set than Robinhood. Like its well-known rival, Webull offers stocks, options, ETFs and cryptocurrencies without any commission. And similarly, Webull works on a margin for their crypto trades, so your cost is built into the trade. You can also exchange a few more coins than at Robinhood, including Cardano.
Cost: Commission-free, but 1% staggered mark-up (100 basis points)
Parts available for exchange: Nine different types, including Bitcoin, Ethereum, and Cardano
The eToro broker is fully crypto, all the time (at least for US traders, although others may trade stocks). At eToro, you’ll have access to 29 cryptocurrencies, several of which you won’t normally find on brokerage apps like Tezos, Uniswap, and Polygon. The app does not charge a direct commission, but rather a spread margin which can vary widely by crypto, ranging from 0.75% for Bitcoin to 5% for others.
Cost: Commission-free, but staggered mark-up ranging from 0.75 to 5%
Parts available for exchange: 29 cryptos, including Bitcoin, Ethereum, Dogecoin and more
When you think of cryptocurrency, you might not think of CashApp at first. The financial app is best known for its cash management account or its ability to trade stocks and ETFs. But it also offers the possibility of trading cryptos, albeit only one – Bitcoin. While you can send Bitcoin to other users for free, CashApp charges what it calls a “nominal fee” for exchanging the coin, which it will disclose before you place the exchange. This is in addition to a built-in margin in the trade itself. Unfortunately, it does not disclose its exact pricing structure.
Cost: Spread margin plus trading fees
Parts available for exchange: Only Bitcoin
Like CashApp, you might have already installed PayPal on your phone, and if so, you could be up and running with cryptocurrency within seconds. You won’t be able to pay or send crypto to other people, but you can trade it. PayPal charges fees for any transaction as well as prices within a spread margin on its transactions. The fees start at 50 cents for transactions under $ 25 and then increase to a percentage that decreases to 1.5% for transactions over $ 1,000. Helpfully, PayPal lists its fee structure clearly for all to see. PayPal’s sister app, Venmo, offers the same services on similar terms.
Cost: Spread margin plus trading fees which start at 50 cents and decrease to 1.5%
Parts available for exchange: Four different cryptos – Bitcoin, Ethereum, Litecoin and Bitcoin Cash
Coinbase is a specialty cryptocurrency exchange that lets you trade a bunch of digital currencies, 96 at last count. This lineup will likely scratch your crypto itch, as it includes most of the best coins, including Bitcoin, of course. But what will you pay to use the basic service? Unfortunately, Coinbase has become more wary of what you’ll pay to trade, recently hiding the fee structure on its website.
When visible, the fee structure was complex to say the least. You would pay a spread mark-up of around 0.5% and a transaction fee which depended on the size of the transaction and the source of funding. For Coinbase Pro, you will pay a fee that starts at 0.5% for transactions under $ 10,000 and decreases to 0.15% for volume up to $ 100,000 and then decreases further.
Cost: Usually at least 1.99% (lower with Coinbase Pro)
Parts available for exchange: A whopping 96, including Bitcoin, Ethereum, Cardano, and Solana
Kraken is another specialized cryptocurrency exchange that lets you trade a ton of different coins, including the most popular as well as some (Solana, Uniswap, Cardano, and more) that aren’t usually available on regular financial apps. . In total, the exchange supports the trading of 87 cryptos. Kraken does not offer its services to residents of New York State and Washington.
Kraken typically charges a fee of 1.5% (or 0.9% for stablecoins), but debit or credit card transactions incur a fee of 3.75% plus 25 euro cents, and you can also be affected by an online banking processing fee of 0.5%. But the prices drop significantly if you use Kraken Pro, with fees ranging from 0.16 to 0.26%. Wealthy traders can also access margin trading, which increases their purchasing power (and risk).
Cost: 1.5% fee, plus card and online banking fees (lower with Kraken Pro)
Parts available for exchange: 87 of them, including Bitcoin, Ethereum, Solana and Uniswap
At the end of the line
The best crypto trading app for you depends on your needs. If you are looking to trade a wide range of digital currencies, consider an app that allows you to do so. But if you’d rather stick with mainly the major ones like Bitcoin, Ethereum, and a handful of others, then most of the apps mentioned here can get the job done. But cost is also a big factor, so keep that in mind before opening an account.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past performance of investment products is not a guarantee of future price appreciation.