Best Crypto Investment Apps: Your Guide To Success

With the popularity of cryptocurrencies like Bitcoin and Ethereum, many people are looking for the best app to invest in crypto. There are numerous options available, each with its own set of pros and cons. Some of the most popular crypto investment apps include Coinbase, Crypto.com, Gemini, Kraken, and Binance. These apps offer a range of features, such as a wide selection of cryptocurrencies, low fees, advanced trading tools, and user-friendly interfaces. It's important to consider factors such as security, ease of use, liquidity, token availability, trading fees, and insurance availability when choosing a crypto investment app.

Crypto wallets: the best apps will allow trading with fiat

Crypto wallets are an essential tool for buying, trading, and selling cryptocurrencies. They are used to store crypto securely, as well as to protect and validate transaction information. Crypto wallets can be broadly classified into two groups: hot wallets and cold wallets. The main difference is that hot wallets are always connected to the internet, while cold wallets are kept offline.

Hot wallets are highly secure and easy to use on mobile and desktop devices. They are great for quick access to your crypto. The best hot wallet options include:

• Coinbase Wallet
• MetaMask
• TrustWallet
• Electrum
• BlueWallet
• Exodus
• Crypto.com
• Zengo

Cold wallets, on the other hand, provide the best security for long-term storage. They are deliberately designed to be hard to hack. The best cold wallet options include:

• KeepKey
• Ledger Nano S Plus
• SafePal

When choosing a crypto wallet, it is important to consider factors such as supported currencies, accessible interface, customer support, hardware wallet compatibility, and cost. Additionally, it is crucial to prioritize user experience and security when selecting a crypto wallet app.

In terms of fiat-to-crypto exchanges, there are several platforms that allow users to convert fiat currency into cryptocurrencies. Some of the best fiat-to-crypto exchanges include:

• Coinbase
• Kraken
• Uphold
• Binance
• Crypto.com

These platforms offer a variety of features, including low fees, a wide range of supported currencies, and user-friendly interfaces. They also allow users to deposit and withdraw funds from and to their bank accounts.

Fiat to crypto: some apps allow direct purchase of crypto with fiat money

Some apps allow direct purchases of crypto with fiat money. For example, Uphold allows users to trade 200+ cryptocurrencies through a web interface or mobile app. Uphold also allows users to convert from one asset to another without much hassle. Uphold charges no deposit fees, and trading fees are in the form of spreads of below 2%, depending on the crypto in question.

Coinmama is another app that allows users to trade with many available payment methods. You can buy crypto using a bank, VISA, SEPA, MasterCard, Apple Pay, Google Pay, and Skrill. While some methods, like bank transfers, take up to 3 days, credit and debit cards are instant to buy crypto with.

Coinbase is another popular alternative for many willing to start crypto trading and investing in the United States. It is a legal trading platform with staking, investing, trading, sending, and receiving features. It also serves as a crypto banking custody for groups, small and big institutions alike, including other crypto exchanges.

Kraken is one of the most reliable exchanges for fiat-to-crypto trading. Many people trust the exchange as it is one of the oldest and most secure crypto exchanges. Founded in 2011, the exchange offers other crypto investment options such as staking for rewards, margined and futures trading, and savings.

Payment methods: the best apps offer multiple payment methods

When it comes to investing in crypto, there are a plethora of apps to choose from, each with its own unique features and payment methods.

Some of the best crypto apps, such as eToro, OKX, and Binance, offer a diverse range of payment options. eToro, for example, allows users to make fee-free credit/debit and e-wallet deposits and withdrawals. OKX, on the other hand, provides a decentralised exchange option that doesn't require Know Your Customer (KYC) verification, giving users more privacy. Binance, the largest and most popular cryptocurrency exchange, supports credit/debit cards, bank transfers, and third-party/e-wallet options like Advcash.

Other popular apps like Coinbase, Crypto.com, and Kraken tend to offer more limited payment methods. Coinbase, for instance, supports card and bank transfer funding, as well as Apple Pay and Google Pay. Crypto.com also accepts cards and bank transfers, but its high credit and debit card purchase fees may be a drawback for some users. Kraken doesn't specify the payment methods it accepts, but it does offer low fees, with transactions going as low as 0%.

It's worth noting that while some apps, like PayPal and Venmo, are well-known for their ease of use and wide range of features, they may not offer much variety for crypto trading. Therefore, if you're seeking increased access to different types of digital currencies, you might consider using apps specifically dedicated to crypto, like Coinbase or Kraken, despite their more limited payment methods.

Trading fees: some apps offer free trading, while others charge fees

Trading fees are an important consideration when choosing a crypto app, as they can significantly impact your profits, especially if you trade frequently. Some apps offer free trading, while others charge fees, which typically range from 0.08% to 5% per trade. Fees tend to be lower if you trade high volumes or use advanced platforms.

Coinbase, for example, charges variable fees depending on the type of trade. Its fees range from 0% to 0.60% for Coinbase Advanced Trade and a monthly fee of $29.99 for Coinbase One. Robinhood, on the other hand, offers completely free trading for stocks, ETFs, options, and cryptocurrencies. eToro charges a flat 1% fee for crypto purchases, while Binance offers a maker/taker fee of 0.1% for spot transactions, with discounts available for users who own a certain number of BNB tokens. Crypto.com has a more complex fee structure, with trading fees assessed on volume, which can be convenient for high-volume traders.

It's worth noting that some apps may charge additional fees for deposit and withdrawal, especially if using a credit or debit card. These fees can add up, so it's important to carefully review the fee structure of any crypto app before choosing one.

Security: the best apps will have the most robust security protocols

Security is a significant concern for crypto investors because crypto assets lack the same protections as stocks or cash in a bank account. If a crypto platform fails, investors could lose their assets. Therefore, it is crucial to choose a reputable exchange or broker and understand the security features offered by the platform.

• Reputation and Compliance: Opt for well-established and regulated crypto platforms that are compliant with security standards and regulations. For instance, Crypto.com claims to be the world's leading crypto platform for licenses, registrations, and security certifications. It also states that it follows a Zero Trust, Defence in Depth security strategy and conducts regular security and privacy awareness training for its staff.
• Data Privacy: Choose a platform that prioritizes data privacy and conducts data privacy assessments to safeguard your personal information. Crypto.com, for instance, integrates data privacy assessments into its processes.
• Account Security: Ensure the crypto app provides robust security features to protect your account. Look for two-factor authentication (2FA), biometric authentication (fingerprint or facial recognition), and secure password protection. Crypto.com, for instance, offers account protection through passkeys, HSMs, FIDO2, and MFA methods like passwords, biometrics, and authenticator codes.
• Wallet Technology: Understand the wallet technology used by the crypto app. Custodial wallets mean the platform controls the private keys to your crypto assets. In this case, look for platforms that keep the majority of customer funds offline in cold storage, as this provides better protection from hackers. Hot wallets (internet-connected wallets) offer more convenient access to funds but may be more vulnerable to cyberattacks.
• Transaction Security: Some crypto apps offer additional security features for transactions, such as spending authentication, which requires your PIN, fingerprint, or facial ID each time you create a transaction. The Bitcoin.com Wallet app, for example, provides this feature.
• Backup and Recovery: Consider a crypto app that allows you to back up your wallet or account information. For instance, the Bitcoin.com Wallet app lets you back up your wallet by creating a password that allows you to access your funds if you lose or damage your device.
• Third-Party Audits: Look for platforms that undergo regular third-party audits to verify their reserves and security measures. Crypto.com, for instance, has its reserves verified by an independent third party, and it has engaged security consulting firms like Kudelski Security to stress test and audit its core blockchain systems.
• Bug Bounty Programs: Platforms that encourage ethical hackers to identify vulnerabilities through bug bounty programs can be more proactive in addressing security risks. Crypto.com, for example, has an external bug bounty program on the Hacker One platform.

Remember, while security is essential, it is just one aspect of choosing a crypto app. Other factors to consider include fees, the range of cryptocurrencies offered, ease of use, customer support, and regulatory compliance in your jurisdiction.

Frequently asked questions