5 apps for trading cryptocurrencies like Bitcoin, Dogecoin and Ethereum
Want to trade crypto on the go? These five apps can be found for Android or iOS and will keep you connected to your cryptocurrency wallet no matter where you are.
Cryptocurrencies like Bitcoin and the multitude of altcoins that have come after it have reached all-time highs recently, but prices heading for the moon doesn’t mean the crypto market isn’t still without its volatility. If you’re going to get the most value out of your cryptocurrency assets you need to have the ability to trade your coins no matter where you are, which is where these five apps come in. Each of them is available on both iOS and Android.
If you’re planning to trade cryptocurrencies, keep in mind that cryptocurrency markets aren’t always safe or stable, even trustworthy ones with a good reputation. Cryptocurrencies are a hot target for cybercriminals, so be sure you read up on how to safely trade cryptocurrency before investing money that could be lost.
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Binance is the largest crypto trading market in volume, and it has a good reputation for being a safe place to buy and sell Bitcoin and other altcoins, of which it supports more than 200.
Binance said its app is protected by its Secure Asset Fund for Users, which is a cold wallet (not connected to the internet) filled with 10% of all trading fees Binance collects. The app also offers savings and stating that it said earns interest greater than 5%.
The Binance app also has a “lite” interface that it describes as being designed for beginning cryptocurrency traders, so if you’re new to the crypto trading world this may be a good choice.
Another of the largest crypto currency trading platforms, Coinbase has a smaller variety of coins but offers a number of safety features as well as offering new users $5 in Bitcoin when they sign up and verify their identity.
Coinbase supports Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Basic Attention Token, 0x and USD Coin, and trading only requires linking a bank account or debit card. It also offers smart tools that provide updates on coin performance and news, as well as a knowledge base for learning more about what cryptocurrencies are and how to trade them.
Coinbase describes itself as having bank-level security, and even allows users who lose their devices to disable the Coinbase app to avoid theft.
Stock and cryptocurrency trading app Robinhood faced a backlash in early 2021 when it froze sales of GameStop stocks amid a Reddit-backed surge, and it crashed during a surge in the price of Dogecoin recently as well.
Despite its problems, Robinhood is a user- and beginner-friendly app that offers support for both cryptocurrency and regular stock trading. Bitcoin, Bitcoin Cash, Bitcoin SV, Dogecoin, Ethereum, Ethereum Classic and Litecoin are all available for trade in the app.
One last thing to note: If what you want is the simplicity of investing in cryptocurrencies without needing to know about wallets and other technical aspects it’s worth a look, but you can’t actually withdraw cryptocurrency from Robinhood, only buy and sell it, so if you want to take your crypto out of your exchange for storage in a local wallet give Robinhood a pass.
Sofi isn’t just a cryptocurrency trading app, nor does it just offer stocks in addition to crypto. It’s more like an all-in-one finance management app for investing, banking and credit cards.
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Sofi offers crypto, stocks, fractional shares, ETFs, IPOs, a debit card, credit monitoring, loans and even offers a “claw game” contest for new accounts with the potential for a $1,000 prize. Points earned on purchases with Sofi’s debit card can even be redeemed for cryptocurrencies like Bitcoin and Ethereum.
If you want to invest without having to micromanage your holdings, Sofi offers automated investing as well, which uses algorithms to determine the best opportunities for turning investments into returns.
The Gemini exchange, founded by the Winklevoss twins, is all about security. It requires two-factor authentication for all accounts, keeps the majority of deposits in offline air-gapped cold storage (assets in hot storage are insured), and uses least-privilege principles for access control in its production environment. In addition, its hardware security modules generate and store keys in-house and require “the coordinated action of multiple employees to operate,” and its whole operation is the first exchange to earn SOC1 type 1 and SOC 2 type 2 certification. In short, Gemini’s security is probably some of the best in the crypto market industry.
Gemini also has a service called Gemini Pay, which allows users to spend crypto at more than 30,000 business locations in the U.S.