Are you interested in getting involved in crypto? It’s a promising place to put your money, so it makes sense, but there is so much tech involved. It’s hard for a lot of people outside of Silicon Valley to really understand the process and what’s involved.
Some would say you don’t need to understand it, but this is your money we’re talking about. It would be best to at least have a basic understanding of what you’re doing.
So, where to start? Well, we’d suggest a few useful apps that can help you on your way. Read on for all the details of the best apps for buying and understanding cryptocurrency.
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For buying with small stakes – Webull
If you’re a beginner in the crypto world, chances are you’re not looking to risk too much. Start small and build. Or diversify your buying options and buy small amounts of many coins. That is one of the number one rules of surviving stocks, after all, which have a similar but not equal concept.
Webull is the best app for making sure you don’t risk too much. There is no deposit required to sign up to the app, which is rare amongst cryptocurrency apps, and you can buy and sell crypto from only $1 per trade. Plus, the platform only has commissions on a spread-only basis, making for a cheaper investment.
This is a useful app to let you get to know the ins and outs of the industry. Unlike stocks, crypto isn’t controlled by an educated few, and anyone can get involved. But in order to not make an expensive mistake you should gain some experience in the industry. Webull will allow you to get to know the ropes without risking large amounts of money.
For tech-phobics – Coinbase
If you’re someone who can’t understand why the TV remote has so many buttons nowadays, you have no idea what an Evening Star Pattern is or where you can get a blockchain, but you’ve maybe heard about the benefits of cryptocurrency and want to see what it’s all about, you’ll need Coinbase.
Coinbase offers the most user-friendly experience on their easy to navigate app. With such an outsider-friendly interface, it will be easy to start buying or selling crypto even if you’ve never done it before. You can buy, sell, and track all your crypto coins in one easy-to-read place and build your investments slowly by scheduling buys.
The one drawback from Coinbase is its hefty commission fees. The average trading commissions can come out to around 1.49% per slide, but that doesn’t include the spread and if you are looking to buy crypto with a debit or credit card, you can see fees of a massive 3.99%.
For large investors – Gemini
You might be in a position where you think you know what you’re doing. You’ve been on all the Reddit forums gaining insider knowledge, you’ve looked into the coin you want to buy and the people behind it, you’re confident you’ll get some return on your investment and you’re ready to buy.
Or maybe you’ve been here before. You’ve been here, done this, and you are done dipping your toe in. Now it’s time to dive. What app would be perfect for you at that point?
If you’ve done your research and you are ready to buy, look to Gemini. Gemini is one of the most heavily regulated apps in the US and therefore will be a good choice to keep your money safe. It is one of only a few applications dealing with cryptocurrency that is licensed by the New York State Department of Financial Services, and when you download the app, you’ll be treated to institutional-grade security which means it can be a trusted platform for you and your money. Plus, if something were to go wrong, you are offered a range of impressive insurance schemes.
The commission to use the app is fairly high – 1.49% on trades over $200 – but when you’re looking for the highest security on large transfers, things even out.
For trading crypto – Binance
If this isn’t your first rodeo in the crypto world, you’ll want to download Binance. You’ve done the basics and you want something better. You’ve done all your research, you’ve bought, you’ve sold, you’ve gained and now you’re ready to trade. In that case, look to Binance.
In order to progress into trading, you’ll need an app with low commissions and super-tight spreads: both of which are available with Binance. Tens of billions of dollars’ worth of cryptocurrency are handled by Binance every day with spreads across hundreds of crypto pairs and their commissions come to around 0.10% per slide.
Trade from anywhere with its worldwide reach and mobile and web page platforms making it as simple as possible. It claims to be the “world’s largest crypto exchange”, offering hundreds of coins to trade at impressive rates.
So, when you’re ready, you can create your trading plan, including risk management tools, download the app, and start trading. The app will allow you to keep an eye on the cryptocurrency market, watching the price movement, the historical patterns, etc.
Featured Image by Jeremy Bezanger on Unsplash
