Best App For Bitcoin Investment: Your Guide

Investing in Bitcoin and other cryptocurrencies has become increasingly popular, but it's important to remember that it's still a risky business. If you're looking to dip your toes into the world of crypto, there are several apps and exchanges available that can help you get started. Here's an introduction to some of the best platforms out there for investing in Bitcoin.

Best apps for beginners

Investing in cryptocurrencies is becoming increasingly popular, and there are several apps available for beginners to get started. Here are some of the best apps for beginners looking to invest in Bitcoin:

• Coinbase: Coinbase is widely considered the best cryptocurrency application for investors, especially beginners, due to its user-friendly interface, educational content, strong security measures, and wide selection of cryptocurrencies. It also offers the opportunity to earn free crypto by completing educational modules. However, it has higher fees compared to some other platforms and lacks advanced trading features.
• Robinhood: Robinhood is a mobile-friendly investing app that gives users access to both stocks and cryptocurrencies. It offers a simple interface, no minimum account balance, and commission-free cryptocurrency trading. However, it has a limited selection of only 15 cryptocurrencies and lacks features like staking and derivative trading.
• Kraken: Kraken is known for its strong emphasis on security, making it a good choice for investors who prioritise the safety of their digital assets. It offers advanced features for experienced investors, low fees on its Pro platform, and a wide range of cryptocurrencies. However, it can be overwhelming for beginners due to its complex interface and slow customer service response times.
• Gemini: Gemini is a secure and compliant crypto exchange founded by the Winklevoss twins. It offers a user-friendly interface, strong security measures, and FDIC insurance on USD deposits. However, it has higher trading fees and a limited selection of around 70 cryptocurrencies.
• EToro: eToro is a platform that offers access to both crypto and stocks. It stands out for its social trading feature, which allows users to copy the trading strategies of successful investors, making it ideal for beginners. It offers a diverse range of investment options, an easy-to-use interface, and regulatory compliance. However, it has a flat 1% fee for buying and selling cryptocurrencies and is not available in New York, Nevada, and Hawaii.
• Cash App: Cash App is a popular financial services app that allows users to easily buy, sell, and transfer Bitcoin. It offers a user-friendly interface, versatile features, and quick Bitcoin transactions. However, it only supports Bitcoin, limiting users who wish to explore other cryptocurrencies.

Best apps for advanced traders

• Kraken: Kraken is a good option for advanced traders as it offers advanced order types and supports margin and futures trading. It has a professional-grade trading platform, Kraken Pro, which charges some of the lowest fees in the crypto landscape. Kraken Pro offers highly customizable chart analysis tools, detailed insight into order books, 13 order types, and high-speed execution. Kraken offers a tiered fee structure that allows high-volume traders to save on trading fees. It also allows users to trade cryptocurrency using margin and execute crypto derivatives trading strategies. However, Kraken is not available in all U.S. states and has limited account funding options.
• Gemini: Gemini is a New York-based exchange founded in 2014 that stands out for its strong security protocols. It offers a professional-grade trading dashboard and supports over 70 digital currencies and tokens. Gemini provides a cryptocurrency reward card and allows users to pay for goods and services with crypto. The platform has a convoluted fee structure, with high fees on many trades, and supports fewer cryptocurrencies than many competitor exchanges.
• Crypto.com: Crypto.com provides a vast digital asset ecosystem, including its own blockchain, a native token, a crypto visa card, and yield-generating crypto products. The Crypto.com mobile app offers a wide range of products and features, allowing users to buy, sell, trade, and earn interest on their crypto, as well as pay with crypto. However, Crypto.com offers poor customer support, and unless you trade at higher volumes, you will incur trading fees of up to 0.075%.
• BitMart: BitMart is a global cryptocurrency exchange available in over 180 countries, allowing users to buy, sell, and store over 1,500 digital currencies and tokens. It offers more assets and trading pairs than its market-leading peers, making it a good option for investors looking to add newly launched or obscure crypto assets to their portfolios. BitMart customers can also use the exchange's Earn feature to receive interest on crypto assets held with the exchange. However, BitMart has received poor customer feedback over the years, with complaints about withdrawal issues, poor customer support, and a lack of transparency. Additionally, BitMart suffered a security breach in 2021 that resulted in the loss of user funds.
• Bisq: Bisq is a decentralized exchange that allows users to buy and sell Bitcoin and other cryptocurrencies securely and privately. It does not require users to complete a Know Your Customer (KYC) identity verification process and is not limited to users in specific jurisdictions. Bisq supports over 50 different payment options and is popular among early cryptocurrency adopters due to its commitment to decentralization, privacy, and sovereignty. However, it is not very beginner-friendly, and the comparatively slow trade execution could deter first-time users and active traders.

Best apps for low fees

When it comes to investing in Bitcoin, there are several apps that offer low fees. Here are some of the best options:

Kraken

Kraken is a well-known and reputable cryptocurrency exchange that has been in operation since 2011. It offers a wide range of cryptocurrencies, including Bitcoin, and is known for its low fees. Kraken provides two platforms: the main trading platform and Kraken Pro, a professional platform with advanced features. The Pro platform offers highly customizable chart analysis tools, detailed order book insights, 13 order types, and high-speed execution. The fees on Kraken Pro are volume-based, with maker fees starting at 0.25% and taker fees at 0.40% for traders with a 30-day volume of less than $10,000. These fees can decrease significantly for high-volume traders. Kraken is a great option for experienced traders looking for low fees.

Gemini

Gemini is a cryptocurrency exchange that stands out for its strong emphasis on security. It offers insurance for user funds held in hot wallets and encourages users to enable two-factor authentication for added security. Gemini supports over 70 digital currencies and tokens, including Bitcoin. The fee structure on Gemini consists of fixed amounts for smaller trades and a higher fee of 1.49% for trades above $200. For active traders using the advanced platform, the fees are lower, with maker and taker fees up to 0.4%. Gemini is an excellent choice for those who prioritize security and want to trade Bitcoin on a highly secure platform.

Robinhood

Robinhood is a popular trading app known for its user-friendly interface and commission-free structure. While it offers a limited number of cryptocurrencies, including Bitcoin, it provides an easy way to get started with crypto investing. Robinhood charges a spread markup instead of a direct commission, which is built into the buy or sell price of the cryptocurrency. The platform is ideal for those who want a simple and straightforward way to invest in Bitcoin without incurring high fees.

EToro

EToro is a broker that focuses solely on cryptocurrencies. It offers around 25 cryptocurrencies, including Bitcoin, and charges a flat spread markup of 1% regardless of the coin purchased. eToro provides a user-friendly platform and is suitable for those who want an app dedicated solely to crypto investing without the complexity of other exchanges.

Cash App

Cash App is a mobile banking app that allows users to send, spend, bank, and invest. While it only supports Bitcoin, it offers a seamless and secure way to buy, sell, and store it. Cash App charges a spread markup and a separate trading fee, which is disclosed before confirming a transaction. It is worth noting that Cash App also supports peer-to-peer payments, making it convenient for those who want to send or receive Bitcoin easily.

When choosing an app for investing in Bitcoin, it is important to consider factors such as security, fees, the number of supported cryptocurrencies, and the platform's ease of use. Each app has its own strengths and weaknesses, so it is essential to research and compare them to find the one that best suits your needs.

Best apps for security

Security is a major issue when it comes to cryptocurrency apps and exchanges. Crypto assets don't have the same protections as equities in a brokerage account or cash in a bank, so it's important to use a reputable exchange with strong security measures. Here are some of the best apps for security when it comes to investing in Bitcoin:

Gemini

Gemini is a popular choice for security-conscious investors. Founded by the Winklevoss twins, it is regulated by the New York Department of Financial Services and offers FDIC insurance on USD deposits. Gemini also provides hot wallet insurance, meaning any crypto within its hot wallet that could be potentially lost is covered by the company. The platform encourages users to utilise two-factor authentication and offers a SOC 2-certified framework, meaning third-party auditors have verified its security and compliance protocols. Gemini also has a good reputation for protecting user data and offers a user-friendly mobile app for beginners and advanced traders. However, it does charge relatively high fees for trading.

Coinbase

Coinbase is a well-known and widely used cryptocurrency exchange with strong security measures. It has a default custodial wallet option for new investors, where Coinbase holds the private keys, and a non-custodial wallet (Coinbase Wallet) for more experienced users who want complete control over their funds. Coinbase also insures the digital funds it holds and stores USD balances in Federal Deposit Insurance Corporation (FDIC)-insured bank accounts. The platform has a good reputation for security and has never been hacked. However, there have been some issues with unexpected account closures and poor customer support.

Trezor

Trezor is a hardware wallet that provides an extra layer of security for crypto investors. It keeps your crypto safe offline, protecting it from hackers, malware and other online threats. Your sensitive data is never exposed to an internet-connected environment, and easy wallet backup means your funds are always recoverable. Trezor is a good option if you want to keep your crypto safe outside of an exchange.

Crypto.com

Crypto.com has a strong security framework and offers user-friendly apps for buying, selling and trading crypto. It provides a Crypto.org blockchain, a native CRO token, a crypto visa card and yield-generating crypto products. Crypto.com has a good reputation for security and was founded in 2016, making it one of the more established platforms. However, customer support could be improved.

Kraken

Kraken is one of the most reputable and secure cryptocurrency exchanges, offering advanced security features such as two-factor authentication and a proof of reserves audit system. It was one of the first exchanges to popularise this system, using blockchain transparency to verify that all user assets are secured and untampered with. Kraken also offers excellent educational resources and 24/7 customer support. However, it has a smaller selection of cryptocurrencies available for trading compared to some other platforms.

Best apps for altcoins

When it comes to investing in Bitcoin and other cryptocurrencies, there are a variety of apps and exchanges available that offer different features depending on your needs. Here is a list of some of the best apps for altcoins:

Gemini

Gemini is a great choice for mobile users as it offers a sleek mobile app for iOS and Android, allowing you to manage your crypto on the go. It currently offers Bitcoin and 25 different altcoins on its exchange. Gemini also offers an insured wallet to protect you from online security breaches, which is an important layer of security given the history of crypto hacks.

Coinbase

Coinbase is a good option for beginners as it offers about 40 different altcoins to choose from. It also has a unique feature that allows you to convert any altcoin into another altcoin automatically on its exchange. Coinbase can do this because it's a crypto brokerage, not an exchange. The two altcoins aren't actually traded for each other; Coinbase just credits your account with the correct tokens.

Crypto.com

Crypto.com is a platform that allows you to store, transfer and exchange more than 90 cryptocurrencies. It also offers a Crypto.com Visa Card, so you can spend your crypto anywhere Visa is accepted and earn up to 8% back. Crypto.com can get you verified in less than five minutes, and it's free to open an account. The platform offers 24/7 customer support.

Binance

Binance is a leading cryptocurrency exchange with several built-in features. It offers you the choice to trade against Bitcoin, US dollars, or USDT trading pairs. Binance also has its own token, Binance Coin (BNB), that you can use to pay transaction fees. Depending on your location, Binance may also offer financial derivatives and margin trading.

BitMart

BitMart is a global cryptocurrency exchange available in over 180 countries, allowing users to buy, sell, and store over 1,500 digital currencies and tokens. It offers more assets and trading pairs than its market-leading peers, so it's a good choice for investors looking to add newly launched or obscure crypto assets to their portfolios. BitMart also provides crypto earning opportunities through its Earn feature, although this is not available to investors in the United States.

EToro

EToro is ideal for active investors who want to actively involve themselves in cryptocurrencies. It has a unique social media platform that allows users to communicate trading ideas. eToro is also a great place for beginners to learn about crypto, thanks to its simple interface. It has a unique feature called CopyTrader, which allows users to allocate a portion of their funds to mimic popular traders' portfolios.

Frequently asked questions