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10 Best Crypto Apps for 2023: Top Crypto Exchange Apps for Beginners

Crypto is dying. 

That was my roommate’s reaction after I mentioned I was writing about the best crypto apps. 

This was in response to the recent collapse of FTX, one of the world’s top crypto exchanges. The crash reduced the price of Bitcoin and Ethereum, wiping billions from the market. 

This isn’t the first time cryptocurrency has “reached the end of the road”—and it probably won’t be the last. In 2017, Bitcoin lost 45% of its value in just five days—yet it still pulled through and continued to rise in value. 

In fact, crypto businesses are already drawing up growth and recovery plans. The White House has even released its first-ever framework on crypto regulation in the US. 

Crypto is a key player in our modern financial climate. And while some lesser-known cryptocurrencies may struggle, established currencies—like Bitcoin and Ethereum—have proven they’re strong enough to get through the tough times.

This article will show you: 

  • The best crypto apps on the market.
  • How to choose the best crypto app for you.
  • The ins and outs of crypto trading. 
  • Crypto trading for beginners. 
  • How safe crypto apps really are. 

Best Crypto Apps of 2023

  • Coinbase – Best app overall
  • Tradestation – Best for advanced
    traders 
  • Crypto.com – Best altcoin app 
  • Kraken – Best for margin trading 
  • Gemini – Best for trading crypto
  • Webull – Best for stock and crypto
    trading 
  • eToro – Best for social trading 
  • bitFlyer – Best for Bitcoin 
  • SoFi – Best for personal finance 
  • Binance – Best for beginners 

Best Crypto Apps—Summary

Here’s a quick run-down of the best crypto apps and why we chose them for our top 10.

Broker  Best for: Rating Fees Min trade Promo Learn more 
Overall 4.9/5 0%–3.99% $2 $5 in Bitcoin
Advanced traders  4.9/5 0.30% $0 Get $150 with a $500 deposit
Altcoin 4.8/5 0%–4% $1 N/A
Margin trading  4.8/5 0.16%–2% Varies  $10 sign up bonus 
Trading crypto 4.8/5 0.5%–3.49% 0.001 BTC $20 of BTC for new users 
Stock and crypto trading 4.7/5 1% $1 Get up to 12 free stocks 
Social trading 4.7/5 1% $10 8% bonus with a $50 deposit
Bitcoin 4.6/5 0.20% $1 $10 sign up bonus 
Personal finance  4.6/5 1.25% $10 $250 with a direct deposit
Beginners 4.5/5 0%–3.75% $10 N/A

 

Best Overall—Coinbase 

Broker  Best for: Rating Fees Min trade Promo Learn more 
Overall 4.9/5 0%–3.99% $2 $5 in Bitcoin

 

Why we picked it 

Coinbase already made its mark as one of the top cryptocurrency exchanges in the US, and it didn’t stop there. The American company goes beyond the US, reaching over 100 countries. 

Coinbase delivers on crypto-to-crypto trading features, with over 500 options and more than 170 cryptocurrencies. If that sounds overwhelming, you can check out their video classes for the complete run-down—they’ll even give you a few dollars worth of crypto for watching.

You can keep your crypto under lock and key with the Coinbase wallet, storing all your crypto and NFTs in one place. The wallet also supports thousands of tokens and Dapps—you can even use DeFi to earn yourself some yield and grow your NFT collections. 

Two is better than one, so Coinbase also offers a separate Coinbase Wallet app—a non-custodial wallet, to give you total control over your private keys and crypto. You can also transfer funds from Coinbase to your personal devices.

Pros

  • Rapid crypto withdrawals 
  • Over 500 crypto-to-crypto trading pairs 
  • “Earn to Learn” feature 

Cons

  • Lack of initial fee transparency 
  • High fees can vary depending on the transaction type 

Other considerations

CoinbasePro has lower fees for high-volume trading than its counterpart, with over 130 cryptocurrencies to trade. However, the advanced features may not be ideal for beginners. 

Best for Advanced Traders—Tradestation

Broker  Best for: Rating Fees Min trade Promo Learn more 
Advanced traders  4.9/5 0.30% $0 Get $150 with a $500 deposit

 

Why we picked it

While Tradestation isn’t limited to advanced traders, the app will certainly raise an eyebrow for the more seasoned traders. 

Tradestation makes sure you won’t miss a beat with its real-time analysis tool and aggregation engine, which gathers the right information to give you a complete view of the market. It also offers advanced charting and a handy crypto position manager to help you wrap your head around your profits and *touch wood* losses.   

To prevent brain overload from all those features, Tradestation lets you personalize your experience with their customizable trading interface to match whatever weird or wacky (or perfectly normal) trading style you decide on. You can also use the quick trade bar in your customized trade room to buy and sell crypto for whatever price or order type you want. 

No discrimination here—both early birds and night owls can trade crypto all day and night. Tradestation’s range of cryptocurrencies includes Bitcoin, Ethereum, Compound, Polygon, and Aave

Pros

  • Advanced algorithms 
  • No fees or deposits
  • Access to exchanges, OTC desks, and market makers 

Cons

  • Could be challenging for beginners
  • Limited time window for crypto withdrawals (9 am–5 pm ET)

Best for Altcoin—Crypto.com

Broker  Best for: Rating Fees Min trade Promo Learn more 
Altcoin 4.8/5 0%–4% $1 N/A

 

Why we picked it 

There’s no mistaking what you’re getting with Crypto.com. The company bagged their not-so-subtle domain name for roughly $5–10 million—and it’s since helped them get over 70 million users. 

And with a name like that, Crypto.com has certainly proved itself with over 250 cryptocurrencies alongside over 20 fiat currencies. With so many cryptocurrencies, you can keep track by setting up price movement and price alerts

To keep you even more organized, Crypto.com provides a wallet to manage and swap over 1,000 tokens. For those interested in NFTs (or cool-looking monkey art), you can also use the wallet to learn about, view, and share your NFTs across your social media accounts. Crypto.com provides you with private keys which are locally encrypted to give you peace of mind. 

Pros

  • Over 250 cryptocurrencies 
  • Choice of fiat or traditional currencies 
  • More than 40 quarterly futures 

Cons

  • No established crypto-to-crypto trading list 
  • High fees for credit and debit purchases 
  • Lack of distinction of services provided for the US or overseas 

Best for Margin Trading—Kraken

Broker  Best for: Rating Fees Min trade Promo Learn more 
Margin trading  4.8/5 0.16%–2% Varies  $10 sign-up bonus 

 

Why we picked it

Unlike the ancient sea monster, Kraken isn’t out to destroy you or your finances—quite the opposite. Kraken offers over 159 cryptocurrencies, alongside 130 crypto-to-crypto trading pairs, in almost 190 countries. 

If your crypto knowledge is a little rusty, start by diving into Kraken’s educational tools, videos, and podcasts. Once you’ve found your sea legs, you can take it a step further with the Kraken premium service, where traders can access the OTC desk to execute orders from the open Kraken exchange. 

Kraken also offers spot margin trading with high margin limits, so eligible users can access millions of margin allowances. In addition to margin trading, the Kraken pro account allows you to stake for up to 21% APV. 

If you feel like you’re entering choppy waters, you can reach their support team, who are on hand 24/7 all year round. 

Pros

  • Buy and sell over 150 cryptocurrencies 
  • Wide choice of digital assets 
  • Stable rollover fees on margin positions 

Cons

  • Not available for residents of Washington or New York 
  • Slow account funding 
  • The starter account is limited 

Best for Trading Crypto—Gemini

Broker  Best for: Rating Fees Min trade Promo Learn more 
Trading crypto 4.8/5 0.5%–3.49% 0.001 BTC $20 of BTC for new users 

 

Why we picked it 

Ah, the thrill of short-term movements and quick financial gains. If you have a need for speed, Gemini offers its Active Trader feature, which executes trades in microseconds. And to avoid any speed bumps, Gemini has optimized the feature for most mobile browsers so you can trade on the go. 

To go that extra mile, Gemini offers a range of tools to help you research and understand the crypto market, such as watch lists and a top movers section. After brushing up on your knowledge, Gemini allows you to manage your holdings, trade assets, buy Bitcoin and build your portfolio. 

But, all those features are useless if you lose it all to some hacker in his parent’s garage. Lucky for you, the app has several security measures and insurance to protect user assets. This protection extends to their insured hot wallet, Bitcoin wallet, and Ethereum wallet. 

Pros

  • Advanced security features 
  • Crypto rewards credit card  
  • Active trader feature 

Cons

  • High trading fees 
  • Certain cryptocurrency exchanges are restricted in select states

Best for Stock and Crypto Trading—Webull

Broker  Best for: Rating Fees Min trade Promo Learn more 
Stock and crypto trading 4.7/5 1% $1 Get up to 12 free stocks 

 

Why we picked it 

Why limit yourself to cryptocurrency when you can dabble in other types of trading. With Webull, you’re free to explore crypto and stock trading while checking out other investment tools and features

If you’re still plucking up the courage to start trading, you can try Webull’s “Paper Trading” platform, their risk-free virtual trading simulator. You can also use the Webull Community to discuss market and exchange techniques. Once you’re on your feet, Webull offers free trades on stocks, ETFs, options, and cryptocurrencies. 

Now, back to crypto. Webull provides 24/7 access to trade over 44 cryptocurrencies with no trading fees. You can choose from Bitcoin, Ethereum, Litecoin, Cardano, and Dashtrade—all of which you can trade with instant settlement, so you can always access your funds. 

Pros

  • Virtual trading platform 
  • All-in-one features 
  • Instant settlement trading 

Cons

  • No wallet function 
  • Lack of educational tools 
  • Must liquidate assets to transfer cryptocurrencies 

Best for Social Trading—eToro

Broker  Best for: Rating Fees Min trade Promo Learn more 
Social trading 4.7/5 1% $10 8% bonus with a $50 deposit

 

Why we picked it 

Imitation is the best form of flattery, but it’s also a good way to make it to the top. With its CopyTrader™ feature, eToro lets you learn from and copy the top-performing crypto traders and imitate their techniques

Learning from the best is awesome, but finding people on your level can’t hurt either—the Copy People screen gives you access to over 25 million like-minded traders with the same preferences as you. For full transparency, eToro includes information about a trader’s invested amount, P&L, and value so you can create an optimized people-based portfolio. 

You’ve learned, you’ve mingled, but you’re still nervous about making the first move. eToro includes a risk-free virtual platform with $100,000, so you can try out all the trading features. And if you’re still keen to learn more, eToro you’ll have free access to all the latest market research, advanced charts, and analysis tools. 

There are many cryptocurrencies to choose from, including Bitcoin, Ethereum, and Cardano. Any crypto you invest in can also be transferred to the eToro wallet for safekeeping. 

Pros

  • CopyTrader feature 
  • Virtual risk-free platform 
  • Buy cryptocurrency without deposit fees 

Cons

  • No crypto-to-crypto trading pairs 
  • It doesn’t offer cryptocurrency trading in New York, Minnesota, Nevada, or Hawaii

Best for Bitcoin—bitFlyer 

Broker  Best for: Rating Fees Min trade Promo Learn more 
Bitcoin 4.6/5 0.20% $1 $10 sign-up bonus 

 

Why we picked it

BitFlyer stands out as a front-runner for Bitcoin—maintaining its number-one spot for Bitcoin trade volume in Japan for six years. That being said, bitFlyer has a solid international appeal since it was one of the first cryptocurrency exchanges to get the licenses to operate across the US, Japan, and the EU. 

But you’re not limited to Bitcoin. You can also invest in other cryptocurrencies, such as Ethereum and Litecoin, starting with as little as $1. You can choose from over 20 order types to customize trading strategies and use their Recurring Buy feature to reduce price fluctuation risk by consistently investing the same amount. 

BitFlyer also prides itself on its top-notch security and claims never to have had a hacking incident in the last seven years. To keep that record going, bitFlyer stores all customer funds in an offline cold wallet and maintains high-security standards. 

Pros

  • No fees for account creation or maintenance 
  • High-security levels 
  • No fees on USD deposits 

Cons 

  • Limited cryptocurrencies for trading 
  • No crypto-to-crypto trading pairs

Other Considerations 

In addition to other banking features, the only crypto Cash App offers is Bitcoin, which is simple and easy to use. You can also withdraw the Bitcoin into a personal wallet for extra security. 

Best for Personal Finance—SoFi

Broker  Best for: Rating Fees Min trade Promo Learn more 
Personal finance  4.6/5 1.25% $10 $250 with a direct deposit

 

Why we picked it 

If you’re looking for an app that does it all, SoFi is the self-proclaimed “all-in-one-finance app.” With SoFi, you’ll get access to various personal finance offerings alongside crypto and stock trading features. 

If you don’t like having all your eggs in one basket, SoFi Active Investing offers automated investing and commission-free trades on stocks, fractional shares, and ETFs—along with private student loans, mortgages, high-yield savings accounts, and personal loans. 

You can use their SoFi investment platform to buy and sell up to 30 cryptocurrencies, including Bitcoin, Ethereum, Cardano, and Dogecoin. You’re also free to trade crypto 24 hours a day, seven days a week, in any US state—eggs-quisite. 

Pros

  • Commission-free trades
  • No ATM fees
  • Various investment options 

Cons

  • Only available in the US and only supports the US dollar
  • Custodial Bitcoin wallet 

Best for Beginners—Binance 

Broker  Best for: Rating Fees Min trade Promo Learn more 
Beginners 4.5/5 0%–3.75% $10 N/A

Why we picked it

Binance makes it onto our list, as it still remains a major player within the industry despite its recent legal issues. This is largely due to its wide range of cryptocurrencies, with over 125 to choose from—with access to over 150 options for crypto-to-crypto trading (although this is limited to BTC and stablecoins). 

As well as crypto-to-crypto trading, you can also indulge in peer-to-peer trading, spot trading, and margin trading. And the range of options doesn’t stop there. You can take your pick from various order types, including post order, stop order, one-cancels-the-other order—and a pizza order if you earn some money. 

Some nice rewards are also up for grabs, as Binance has recently launched its “Spend to Earn” program. This allows you to earn up to 5% BUSD cash back when shopping online. 

Pros

  • Trading fees low or non-existent 
  • Range of trading options and order types 
  • No transaction fees 

Cons 

  • Currently under investigation  for a possible violation of the Bank Secrecy Act 
  • Lost about $570 million in a recent hacking incident
  • Lack of website transparency 

Other Considerations 

Robinhood has simple features, a user-friendly interface, and doesn’t charge any fees. The coin selection is limited, with only 11 popular cryptocurrencies available, but in addition to trading crypto, you can also engage in commission-free stock and margin trading. 

Our Methodology 

To choose our top cryptocurrency apps, we went through a handful of factors, like fees, usability, additional features, and choice of crypto.

All our recommendations include popular cryptocurrencies,
such as Bitcoin and Ethereum, and many also include crypto-to-crypto trading pairs and secure Wallet features. But we get that not everyone is a seasoned trader. For those starting out, we’ve made sure our apps have the right educational tools and research features to help you get up to speed. 

To save your time and energy, we’ve also included apps offering additional banking features, such as stock trading and personal loans. 

What Is the Best App for Crypto?

Let’s explain how Coinbase beat out the competition

Coinbase has slightly higher fees than other crypto apps—so why is it worth those few extra dollars?

Not only does it have plenty of cryptocurrencies to choose from, but they’re also a great option for crypto-to-crypto trading. Mastering crypto is no walk in the park, so if you’re unsure where to start, their “Earn to Learn” feature actually rewards you for smartening up. 

Coinbase also provides a handy wallet where you can store your crypto and grow your NFT collection, so you can branch out into other digital assets. 

Coinbase also got a pat on the back for usability and accessibility. The app is tailored to all experience levels and supports over 100 countries. Trading on the go should be no problem either, as Coinbase has received high ratings for iOS and Android. 

What Is Cryptocurrency?

what to know before investing in cryptocurrencyThe textbook definition will tell you that cryptocurrency is a form of digital currency created using encrypted algorithms and blockchain technology—popular cryptocurrencies include Bitcoin, Ethereum, and Litcoin, as well as lesser-known cryptocurrencies (altcoins). 

To help you understand, let’s compare this to other types of trading you might be familiar with. 

Say you’re at an amusement park. There are two rollercoasters named crypto and stock trading. Both are pretty volatile, with a whole load of ups and downs. 

The stock trading rollercoaster plunges you into darkness—so it can be pretty tricky to predict what’s around the bend if you’re unfamiliar with the layout (making it difficult to know when to buy or sell.) 

Crypto is also fairly rocky, with rapid highs and lows that mean you could win big or lose in a single day—but
unlike stock trading, the cryptocoaster is highly unsupervised, leaving it vulnerable to hackers and cyberattacks.
 

So, how do you keep everything secure while you’re on the ride? 

Crypto wallets store all your crypto and digital assets. Many opt for a non-custodial wallet, so you have total
control over your private keys. But if you’re always hitting that “forgotten password” button, a custodial wallet shifts that responsibility to a third party or crypto exchange to keep your keys (and password) in safekeeping.
 

Back to the park. There’s a rollercoaster similar to crypto—let’s call it forex trading. Both have their ups and downs, but unlike stock trading, the price fluctuations are driven by supply and demand (totally depending on how many are buying). 

Now, let’s leave the amusement park before all this makes you dizzy. 

Learning how to speculate on price movements, reading the market, and keeping an eye on the buyers and sellers will all give you a head start when getting into cryptocurrency. 

How to Choose the Best Crypto App for You 

We’ve done most of the legwork with our list of crypto apps—but ultimately, the best cryptocurrency app for you depends on your preferences and goals

There isn’t a one-size-fits-all option, so let’s go through some key app features, so you can see what catches your eye. 

Choice of cryptocurrencies

Variety is the spice of life—and a good crypto app should have a decent choice of crypto. But while the apps with over 100 different cryptocurrencies may sound impressive, the ones to really watch out for are the most popular choices—Bitcoin and Ethereum.

If you want to go off the beaten path, look out for apps that also offer plenty of altcoins. Popular altcoin choices include Ether, Dogecoin, Tether, Ripple, and Chainlink.   

Trading options 

Sticking to crypto is fine—but why not play the field by checking out other trading options, like margin and stock trading

Margin trading involves borrowing money from a broker to purchase stock and carry out trades. But be careful—margin trading means you’re expected to pay back the loan, even if you lost money in your investment.

Many apps also offer peer-to-peer trading, letting you trade freely without a third party watching your every move. You can benefit from a P2P platform as both parties agree on the preferred pricing and payment methods. 

Banking features 

When you’re out of bread, you could just go to the bakery—or head to Walmart instead, and look at a bunch of other stuff
(you may or may not need). 

The same goes for crypto apps— you could get an app specializing solely in cryptocurrency, but why not find one that does a little of everything? Apps like SoFi and Webull offer plenty of banking features, like stock trading, fractional shares, personal loans, mortgages, and retirement plans. 

Wallet 

Storing the keys to your cryptocurrency in a non-custodial crypto wallet is the best way to keep your assets safe and sound. 

It gives you complete responsibility over your private keys rather than being controlled by a third party. For more control, look out for apps that allow you to transfer crypto out of your account. 

Alternatively, a custodial wallet (controlled by a crypto exchange company) could be a good option for beginners—it’s easy to use, and you don’t have to worry about forgetting those two numbers at the end of your password.

Educational tools 

You learn something new every day—at least, that’s the goal. And with that philosophy, even the seasoned trader could learn a thing or two about crypto. 

Both experts and beginners can benefit from educational tools—from video classes to advanced data charts. If you’re just learning the ropes, Webull has a great virtual trading simulator, while Coinbase will actually pay you to watch their educational videos.  

For those with more expertise, Tradestation offers real-time data to keep track of the market, and Kraken has a selection of videos and podcasts to help you level up your crypto game. 

If you want to find your own educational resources, plenty of masterclasses are available to help you take control of your finances.

How to Use a Crypto Trading App

Burnout work life balanceJust like reading a recipe is key to understanding your favorite dish, the key to understanding crypto is knowing the market.

To get a good grasp on the market, you need to be in it for the long run. Patterns and trends change over time, so your trading strategies and choices must ride the wave along with these changes.

All this talk about the market, but what actually is it? Let’s break it down into two categories: bearish and bullish

A bearish market happens when prices steadily decline, resulting in mass sell-offs, causing the prices to drop even further. A bullish market reflects the increase of a price action, leading to more buyers and further price increases.

Take your time looking at patterns and trends so you can see how your trading strategies can benefit from the market shifts. 

Different trading strategies

You want to succeed in crypto. But choosing the wrong trading strategy can harm your finances—and stress levels! 

Here are some tried-and-tested trading strategies to consider—2

Day trading

Let’s face it, many of us are impatient and enjoy the kick from instant gratification—making day trading a popular choice. 

Day trading lets you enter and exit positions on the same day and capitalize on short-term trends. This way, you can make money fast without being affected by overnight market shifts. 

But be warned—you can also lose money as fast as they get it. And don’t expect to get rich quick from day trading, as the lack of big trades means you’ll rely on multiple small trades to build wealth over time. The think-fast environment can also be pretty stressful, especially for beginners. 

Swing trading

Slow and steady wins the race—or at least gives you a decent profit. Unlike day trading, swing trading usually follows short to intermediate trends (1–30 days)

Swing trading involves longer market trends, so it can be easier to wrap your head around. But as the name suggests, swings refers to fluctuating prices, so you’ll need to pay attention to all the ups and downs, which can each last up to a month. 

Yes, fluctuation is risky—to succeed in swing trading, you’ll have to research market trends and stick to your guns when deciding on a strategy

Position trading 

It’s no secret that online trading
can be stressful—especially with all the crazy fluctuations. If you prefer to take it easy, position trading is categorically the least stressful option

Rather than quickly acting on short-term trends, position trading is for those in it for the long haul. You can buy and hold stocks over the long term, with small mistakes being forgiven as you build your assets over time. This can eventually pay off, as position traders often see significant gains by taking advantage of large stock moves

Despite having the highest payout, market trends can always take a turn for the worse, known as trend reversal—so make
sure you have all the right data, research, and guidance before diving in. 

What Is the Best Crypto App for Beginners?

You hear about cryptocurrency from your friends, on social media, and from the conspiracy theorist next door. You finally give in to temptation, but just as you’re about to bite the bullet, you hear some new terminology pop up, and boom—you’re back to square one.  

We’ve all been there. 

But don’t sweat it. There are a ton of apps that cater to all experience levels. Crypto apps like Gemini and eToro have various educational tools and research, so you can learn as you go. Coinbase also has a “Earn to Learn” feature that allows you to earn some dollars by watching their video classes. 

Beginners should also look for a user-friendly platform to avoid getting lost in navigation problems. For usability, we recommend eToro and bitFlyer as they both have simple interfaces that should be easy to grasp for beginners.

If you’re just starting out, avoid using apps for more advanced users, like Kraken and Tradestation. Their complex trading features might be overwhelming if you’re only just getting used to the basics. 

How to Start Trading Crypto as a Beginner

You’ve been convinced—but before starting, you have to do your homework. Yes, not the most exciting part, but doing your research helps protect your finances and stops you from making any regrettable decisions. 

Be sure not to skim over any risks and laws surrounding cryptocurrency and trading. It may be cliché, but knowledge really is power. So, put in that extra time, and you’ll have a solid foundation to get started in crypto

Once you’ve done your research, here are some steps you can take to get the ball rolling—

1. Find the right crypto app 

You can’t pick a restaurant without having a clue what you want to eat (unless you’re one of those people). And the same goes here. Before choosing an app, make sure you have a clear idea of your goals and the app features you want to explore

Perhaps you want an all-in-one banking solution? Or you’re interested in building an NFT portfolio? Many crypto apps don’t charge a cent for opening an account, so there’s no harm in trying a few apps until you find you favorite. 

2. Open an account 

If you’re reading this, we assume you don’t currently own cryptocurrency—so let’s change that. First, you’ll need to open an account with a crypto brokerage

This part is pretty simple and doesn’t differ too much from opening an account with a stock brokerage. All you’ll need to do is provide your personal information, such as your—

  • Name and date of birth
  • Place of residence 
  • Social security number 
  • Email and/or a phone number 

You’ll also have to verify who you are with a passport, government ID, or driving license. Some exchanges might interrogate you further and ask about your reasons for opening a cryptocurrency account. 

After providing your personal information, you’ll need to connect to a bank account or credit card to fund your account. 

3. Choose your cryptocurrency

With some apps offering over 100 types of cryptocurrencies, we wouldn’t blame you for feeling overloaded.

But we’ll make it easy. 

If you’re starting out, the safest bet is Bitcoin or Ethereum. While these coins still have the potential to fail, they’re also more predictable, transparent, and accessible than altcoins.

Speaking of alt-coins (alternative coins), they can carry solid upside potential once you start finding your feet. Just be aware that altcoins are less predictable, making them riskier. 

4. Begin trading 

We’ve finally made it to the step you really care about—time to get you in on the action.  

Before diving in, think about the type of trading strategy you want to follow. Day trading equals fast profits—but this short-term strategy means you can lose money faster than it took you to read this article. Position trading is for those who are in it for the long game—but keep in mind that markets can still change rapidly over time. 

You can also try automated crypto trading, which uses algorithms and bots to buy and sell for you.  This lets you make money quickly and diversify your portfolio without monitoring your account 24/7. 

5. Store your cryptocurrency 

Here’s one piece of terminology you thankfully already know—a wallet (cue sigh of relief). 

Like their traditional counterparts, you can store the keys to your cryptocurrency in a digital wallet. Cryptocurrency wallets come in many forms, but all are designed to keep digital assets in a secure environment

A heads up—storing crypto directly on the exchange doesn’t carry the same security as a digital wallet and is only recommended if you’re frequently trading small amounts. 

 

Are cryptocurrency trading apps safe?

how to protect your crypto wallet

Mobile apps and digital banking have been around for a long time, but if Mr. Robot taught us anything, it’s that even the latest technologies have their weak spots

One of the top players, Binance, has experienced this first-hand, following a hacking incident in October. In total, the hackers stole
$570 million
after hacking a blockchain that served as a bridge for asset transfers between networks. 

In fact, 2022 could set a new record for the biggest year for hacking—with companies losing over $3 billion dollars across 125 hacking incidents. 

But don’t run away just yet—there are plenty of ways to keep your crypto safe from hackers

What is the best crypto wallet?

The best way to secure your crypto is through a non-custodial wallet. This lets you hold the purse
strings over your private keys and cryptocurrency. To quote Marvel, “with great power comes great responsibility”—and if
you forget your password, you could permanently lose all access to your account.

Alternatively, a custodial wallet is controlled by the crypto exchange or third party—so you lose autonomy over your keys, but you also don’t have to deal with all that responsibility (being Spiderman is overrated anyway). 

For security, a non-custodial wallet comes out on top as there’s less chance of data breaches and hacks. Just make sure you don’t store your private keys on a device with an easily accessible connection. Storing your cryptocurrency offline (known as a cold wallet) lowers the risk of viruses and hackers.

If you need to go online (a hot wallet), you’ll end up creating a connection between the owner and the end user, leaving your crypto vulnerable to online attacks. On the flip side, using a hot wallet is faster and more convenient as it’s connected to the internet—so to avoid security issues, only transfer to a hot wallet when you really need to. 

Key Takeaway 

The world of cryptocurrency can be a crazy one. Fluctuating markets, the risk of hacking, and rapid changes can be overwhelming for some—but we assure you that doing your research can make the crypto world way less scary. 

Brush up on your market knowledge, find the best crypto app, identify the right trading technique, and get a
secure wallet before taking the plunge.
 

We’re living in an ever-growing tech-driven world, and digital currency may well be the future—something to think about
if you’re still debating if crypto is the right choice for you. 

Frequently Asked Questions 

What are the best trading apps for crypto?

Our top pick for the best crypto trading app is Coinbase. The app offers over 170 cryptocurrencies and more than 500 crypto-to-crypto trading pairs. You can also access educational video classes and the Coinbase wallet. 

What is the best app to buy crypto?

Most crypto apps let you buy cryptocurrency—though rates can differ. Binance and Bitflyer have cheaper rates, while Kraken and Crypto.com are more pricey. 

What is the best Bitcoin app?

While most crypto apps offer Bitcoin, bitFlyer has been very successful in Bitcoin trade volume. The app has zero fees and allows you to store all your funds in a cold wallet for extra security. 

 

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AUTHOR Lauren Bedford

Lauren is a published content writer who is passionate about helping and informing others through her content. In the last 5 years, Lauren has written about a range of subjects, including business, technology and finance.

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