Despite the fact that cryptocurrency has grown in popularity in recent years, just a small percentage of Americans have actually traded it. Bitcoin, Ethereum, and Dogecoin are among the most popular cryptos, with each seeing significant activity in the last year or so. The appeal for traders is the possibility of making a lot of money from the volatility of these highly speculative assets.
Traders are increasingly finding new ways to gain access to cryptocurrencies. In fact, you may already have a trading app on your phone. If you have the PayPal or Venmo app, for example, you can purchase and trade at least a few different cryptocurrency coins and webull crypto fees. Other apps, on the other hand, allow you access to a larger selection – there are literally dozens — or provide additional perks such as decreased cost.
The following are some of the best app to buy cryptocurrency, as well as some important things to know.
Best cryptocurrency trading platform
The apps listed below include several common phone-based trading apps, generic financial apps, webull crypto buying power, and specialized best cryptocurrency app 2021 exchanges. We’ve included pricing as well as the number of coins each app allows you to trade so you can get a feel of the app’s breadth.
If you only want to trade the most popular cryptocurrency, Bitcoin, it may not make sense to use an app that also allows you to trade hundreds of others. If, on the other hand, you want to trade whatever is trending at the time, opt for a more diverse app.
You may be familiar with Robinhood for its slick trading software for stocks, options, and ETFs, but the company has now ventured into cryptocurrency. Furthermore, it extends its no-commission structure to the crypto realm.
Although trading appears to be free, Robinhood charges a spread markup rather than a straight fee, which means that the costs are integrated into the buy or sell price of a coin. With Robinhood’s fast transfer option, you can get started nearly instantly, so just download and go.
Webull may not be the poster child for trading apps, but its feature set is superior to that of Robinhood. Webull, like its well-known competitor, provides stocks, options, ETFs, and cryptocurrencies with no out-of-pocket costs.
Similarly, Webull uses a spread markup for its crypto trades, so your cost is factored in. You can also trade a few more coins, including Cardano than you can at Robinhood.
eToro is a cryptocurrency-only broker (at least for American traders, though others can trade stocks). Tezos, Uniswap, and Polygon are among the cryptocurrencies available at eToro, as are a number of others that aren’t typically found on brokerage apps. The software does not charge a direct fee, but rather a spread markup that varies greatly depending on the cryptocurrency, ranging from 0.75 percent for Bitcoin to a hefty 5 percent for others.
CashApp may not be the first thing that comes to mind when you think of cryptocurrency. The financial software is most recognized for its cash management account and the ability to trade stocks and ETFs. However, it does allow you to trade cryptocurrency, although only one – Bitcoin. While you can transmit Bitcoin for free to other users, CashApp charges a “minimal fee” for trading the coin, which it will disclose before you place the trade. This is in addition to the spread markup inherent into the trade. Regrettably, it does not provide its specific fee structure.
Like CashApp, you may already have PayPal installed on your phone, and if so, you could start trading cryptocurrency in seconds. You won’t be able to pay or send crypto to others, but you will be able to exchange it.
PayPal charges a fee for every transaction and adds a spread markup to its trades. The price begins at 50 cents for trades under $25 and gradually decreases to as little as 1.5 percent for trades exceeding $1,000. PayPal, thankfully, clearly displays its cost structure for all to see. Venmo, PayPal’s sister app, provides identical services on similar terms.
Coinbase is a specialist cryptocurrency exchange that allows you to trade 107 different digital currencies at the time of writing. That range is likely to satisfy your crypto cravings, as it comprises the majority of the main coins, including Bitcoin, of course. But how much will you have to pay to use the basic service? Unfortunately, Coinbase has become more secretive regarding the fees it charges to trade, including hiding the cost structure on its website.
When it became visible, the fee structure was, to say the least, complicated. You’d pay a 0.5 percent spread markup and a transaction charge based on the size of the transaction and the funding source. Fees for Coinbase Pro start at 0.5 percent for deals under $10,000, drop to 0.15 percent for trades up to $100,000 in volume, and then drop even more.
Kraken is yet another best cryptocurrency app 2021 exchange that allows you to trade a wide range of coins, including the most popular as well as others (Solana, Uniswap, Cardano, and others) that are not generally available on traditional financial platforms. The exchange currently offers trading in 91 different cryptocurrencies. Residents of New York and Washington state are not served by Kraken.
Kraken normally charges a 1.5 percent cost (or 0.9 percent for stablecoins), but debit or credit card transactions suffer a 3.75 percent fee plus 25 euro cents, and if you fund through a bank, you may be charged a 0.5 percent online banking processing fee. However, if you use Kraken Pro, prices drop dramatically. Fees start at 0.16 to 0.26 percent for the lowest volume levels and drop to 0 to 0.1 percent for the volume of $10 million or more in the last 30 days. Margin trading is also available to high-net-worth traders, allowing them to increase their purchasing power (and risk)
The best cryptocurrency trading software for you is determined by your requirements. Consider using an app that allows you to exchange a wide variety of digital currencies. However, if you choose to stick to the larger ones, like Bitcoin, Ethereum, and a few more, many of the programs suggested below would suffice. However, the cost is also an essential aspect, so bear that in mind when creating an account.