Discover some of the best cryptocurrency apps for beginners, like Binance, Bybit, eToro, Coinbase, and Kraken.
When it comes to crypto, finding the right platform to kickstart your digital asset journey is crucial. Many first-timers often ask the question, What are the best crypto apps for beginners?
This article will shed some light on the issue by examining some of the best beginner crypto apps on the market. These platforms offer not just easy-to-use interfaces and low fees but also robust security measures, ensuring a smooth and secure trading experience for novice crypto investors.
Binance
Our search for the best cryptocurrency apps for beginners starts with Binance. The crypto trading platform is statistically the biggest in terms of trading volume. A peek at CoinMarketCap’s most recent data also reveals that Binance has the highest average number of weekly visitors.
Per a recent Coingecko report, Binance took a market activity share of 49.7% among centralized exchanges in March, with spot trading volumes of over $1.1 trillion within the month.
The platform features an app that is available on both Android and iOS and is accessible to users in most countries worldwide.
However, the company has halted its services in Canada and the UK, citing regulatory challenges. Its American operation, Binance. U.S., also offers a far more limited number of cryptocurrencies for trading compared to the international version.
The platform has a fairly easy-to-use interface, a section dubbed “Binance Square” for newbies to learn about crypto, and a pro version for traders who understand the market adeptly. However, users must undergo a know your customer (KYC) verification process to use the crypto exchange. The platform also employs a two-factor authentication security measure (2FA) to ensure the security of funds.
Binance’s exchange rates and fees start at as low as 0.1% on spot transactions. You can also make swaps between more than 500 cryptocurrencies at zero cost.
Additionally, they have promotions where investors can buy, sell, and trade Bitcoin (BTC) without fees. New users are also eligible for trading rebate fee vouchers, which they can use to reduce trading fees.
Pros
- Over 500 crypto tokens are accessible
- Swapping tokens is free
- Minimal spot trading fees
- Developed and robust NFT marketplace
- Copy trading
- Supports margin and future trading
Cons
- Restricted in some countries.
ByBit
ByBit is another great crypto trading app for beginners. The platform offers several trading options and about 150 derivatives contracts. According to Coingecko stats, ByBit has over 460 coins and 551 trading pairs, with 24-hour trading volumes clocking as high as $3.2 trillion.
The exchange charges fees as low as 0.1% on spot trades and even lower for higher VIP levels, which grow as users continuously trade on ByBit.
Although the crypto exchange has KYC, it is not mandatory, as it depends on the features a user wants to access and their jurisdiction. Similarly to Binance, ByBit also leverages 2FA for its clientele.
The app’s UI is relatively easy to maneuver for beginners trying to familiarize themselves with crypto trading. ByBit also has features like purchasing and selling crypto via certain decentralized finance (defi) activities like crypto mining and yield farming, among many others.
Moreover, it offers copy trading, an essential tool for beginners. Copy trading enables an investor to trade by following the trading sequences of expert traders.
The crypto trading app features several methods of depositing fiat and crypto, including wallet transfers, inter-exchange transfers, fiat gateway services, payment cards, and OTC trading services for those wishing to deposit huge amounts of fiat and crypto.
Pros
- Has a learning platform for beginners
- Support on both iOS and Android
- Can trade selected coins and acquire APY
- Available built-in wallet and NFT backup
Cons
- The user experience can be cumbersome for beginners
- Restricted in some countries.
eToro
As far as trading apps for beginners go, eToro is another one you may consider. It features an investor-friendly interface and various quality trading alternatives. It is also quite suitable for social trading and doubles as a traditional finance trading app for those interested in the stock, shares, exchange-traded funds (ETF), and bond markets.
Available on Android and iOS, the eToro app is designed to minimize confusion. It has tabs for checking your portfolio, exploring new investments, and a graph to help you keep up with market trends.
The platform also has a separate and complimentary app called eToro Money, which is only available on mobile and offers instant deposits and withdrawals with no FX fees on all deposits.
According to Coingecko, the crypto trading platform offers investors over 100 crypto and NFT assets as investment options. Like Binance, the platform also has an “education” tab where those new to crypto can learn about the industry.
The exchange charges about 1% in trading fees for listed assets and 2% on withdrawals from the in-app investment platforms back to the eToro wallet. Like ByBit, eToro also helps novice traders follow experts’ trends through copy trading.
To comply with regulatory laws and enhance security, eToro users are required to undergo KYC procedures. 2FA security measures are also present to protect users’ funds.
eToro offers its users several ways to make deposits of both fiat and crypto, including bank transfers, debit and credit cards, online payment platforms like PayPal, and direct crypto deposits to the eToro wallet.
Pros
- Over 3,000 investable traditional assets and 100+ crypto and NFT assets
- One percent fee for crypto purchases
- Copy trading
- Easy-to-use interface
- Remarkable mobile interface
- Social and investor inclination
Cons
- Minimized technical review tools for intra-day crypto traders
- Limited staking options (Only offers staking for Tron and Cardano.)
- 10% fee is charged for dormant accounts with zero logins in 12 months.
Coinbase
Coinbase suits altcoin traders who need unbounded fiat currency support. The platform has several features suited for all levels of trading expertise, a beginner-friendly interface, and learning materials for new crypto investors. Coinbase, in fact, allows learners to get free crypto to partake in online courses and familiarize themselves with blockchain.
Its crypto trading platform has over 240 cryptocurrencies, including market favorites like Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). Regarding trading fees, the crypto investment app charges approximately 0.5–4.5% for spot trades, depending on the amount being transacted. The platform also provides a good crypto wallet for beginners.
In order to use the app’s services, you must undergo a KYC verification process where you provide personal information, including your full names, government-issued IDs, or passports. Like other popular crypto apps, 2FA is present in Coinbase.
The crypto trading app accepts various payment methods for purchasing cryptocurrencies. These include PayPal (available in the U.S. only), bank account transfers (also limited to the U.S.), and credit/debit card deposits.
Pros
- Publicly listed on the U.S. stock exchanges
- Different apps for purchasing and trading crypto
- Receive crypto for taking up learning courses
Cons
- Extra spot trading fees
- Minimal trading features for professional investors
Kraken
Kraken offers trading on over 230 cryptos, including popular ones like Bitcoin and Ethereum and defi coins like Uniswap (UNI) and Chainlink (CHAIN). Using the Kraken app, investors can carry out quick and free transactions from the application, escaping extra fees for regular transfers. Furthermore, spot trading fees within the app range from 0-0.26% for listed coins.
Like most popular crypto exchanges, Kraken also employs KYC procedures to uphold regulatory requirements and security in every aspect of its platform, as well as 2FA for users to protect their funds.
The exchange provides 24/7 customer support and several learning materials for new investors to familiarize themselves with the site.
Pros
- Quick and free transactions
- All day and night, customer support
- Provide evidence of its funds
- Amazing learning resources
Cons
- Minimal options for cryptocurrencies are accessible compared to other trading applications.
Comparing the best crypto investment apps for beginners
| Crypto App | Listed Tokens | Spot Trading Fees | Number of Countries Accepted | Android and iOS Support | KYC |
| Binance | 500+ | 0.1% | 180+ | Both | Yes |
| Bybit | 460+ | 0.1% | Undisclosed | Both | Yes, but not for all features |
| eToro | 100+ | 1% | 140+ | Both | Yes |
| Coinbase | 240+ | 0.5- 4.5% | 100+ | Both | Yes |
| Kraken | 230+ | 0–0.26% | 190+ | Both | Yes |
Features to look for in crypto apps
When looking for what crypto app to use as a new investor, there are a number of parameters you should not compromise because, in crypto, a simple mistake could see you lose all your money.
These are some of the factors to consider when looking for the best app to buy crypto for beginners.
Security
The crypto industry, with its growing popularity and mass adoption, presents many risks for beginners. As such, you need to watch where you place your funds. If the crypto app does not offer several security measures, like 2FA, or doesn’t follow regulatory requirements, it’s ill-advised to make investments via such platforms.
Number of coins listed
Good crypto trading apps for beginners should have a wide selection of coins. However, since some cryptocurrencies have regulatory clouds hanging over them, you should research and find out what is legal in your region before making any transactions.
Ease of use
An app’s convenience almost entirely lies in its user-friendly interface, especially for beginners. Crypto is somewhat complex, so it’s unreasonable to create a hassle for crypto newbies with offbeat app interfaces.
Efficient support
A good crypto investment app should have round-the-clock support to help users address every issue they face. Beginners need a good customer service team to answer various questions, like how to deposit or withdraw funds. You can never go wrong by choosing a crypto trading app with excellent support.
Source link