Saturday, November 26, 2022

12 Best Crypto Exchange Apps to use in 2022

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With the rise of Cryptocurrencies, there has been an increased number of people searching about how to buy and sell digital currencies. Along with stocks, mutual funds, and other investments, multiple brokerage firms are helping people to buy and sell cryptocurrencies. Even though it is considered to be a speculative investment by some people, there is long-term potential in crypto. 

Nowadays, multiple crypto exchange apps are available in the market, which makes it easier to build your own Cryptocurrency profile. 

If you are new to this digital asset world, this article can provide lots of information about crypto exchange apps. 

What is Crypto? Why is there so much hype around it?

A Cryptocurrency is a virtual or digital currency. One cannot counterfeit or double-spend it because Cryptos are secured using cryptography. This medium of exchange has somehow removed all the problems surrounding modern banking. With Cryptocurrency, there is no central point of failure and no limits on the funds that you can transfer. Cryptocurrency operates independently and in a decentralized method in the absence of a central authority. 

Certain benefits of using Cryptocurrency include the zero limits on purchases and withdrawals. Banks require documentation and other paperwork to set up an account. But with Cryptocurrency, anyone can set up an account without such a documentation process.

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International Cryptocurrency transactions are also said to be faster than wire transfers. A huge chunk of the population has started to drive interest in Cryptocurrency as a mode of transaction. 

12 Best Apps for Cryptocurrency Exchange 

Whether you’re planning to use Crypto for long-term investments or to trade regularly, selecting a proper app is very important. Based on your needs, select the right Crypto Exchange App and create an account.

Coinbase

Coinbase

Founded in 2012, Coinbase is a beginner-friendly platform for Cryptocurrency exchange. It comes with low trading fees and a high level of security. Along with the beginner-friendly platform, it also has a professional platform known as the Coinbase Pro. Coinbase has a total market value of around $40 billion and is available in 100+ countries across the world. It insures the digital funds on behalf of its members and stores the dollar balances in the Federal Deposit Insurance Corporation (FDIC)-insured bank accounts. This prevents a loss of funds in case of a security breach. Members can fund their trading accounts using payment methods like wire transfer and ACH transfer. 

Pros

  • A large number of cryptocurrencies and trading pairs are available. 
  • Suitable for both beginners and professional users 
  • It has a high liquid exchange.

Cons 

  • Users have reported a lack of high-quality customer service 
  • The Coinbase.com wallet is custodial

Download for Android 

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Download for IOS 

Gemini

Gemini

Launched in 2014, Gemini has strict security protocols and is SOC 2-certified. It has wallet insurance that makes sure user funds are safe in case of a security breach. To reduce the potential for fraud, Gemini asks users to complete an identity verification process. It also encourages users to follow the two-factor authentication feature to secure their accounts. Third-party auditors have verified the company’s security frameworks so users have nothing to worry about. The fee for maker/taker ranges from 0% to 0.35%, depending on the trade volume. 

Pros 

  • It is available to users in all the 50 states of the US
  • Highly liquid exchange
  • The funds held in the hot wallet is insured
  • It has a strong security framework

Cons 

  • The low volume trading fees are comparatively high
  • Compared to its competitor exchanges, it supports fewer cryptocurrencies
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Download for Android 

Download for IOS 

eToro

eToro

eToro has some unique features to offer, such as social network-like commentating space and following the investments of other cryptocurrency traders. It has a straightforward pricing strategy and is perfect for severe traders and cryptocurrency investors. The CopyTrader feature allows users to copy the trading done by other high-performance traders. It charges for both a spread and transaction fee. The platform offers zero-commission stock trading and the ability to buy fractional shares. It also has a virtual brokerage account that allows users to test drive without putting real money at risk. 

Pros 

  • Users will find popular coins which are not available in other apps
  • Members can copy trading done by other investors 
  • The app is very user-friendly
  • Provides a straightforward fee structure
  • Allows users to create a Demo account 

Cons 

  • There is a high fee on certain digital currencies 
  • It is available in only 43 states 
  • Lacks a lot of stocks and investment options 

Download for Android 

Download for IOS 

Crypto.com

Crypto.com

Launched in 2016, Crypto.com is considered to be the best cryptocurrency exchange app that comes with an extensive trading and investing ecosystem. It is available in 90 countries across the world and supports over 250 cryptocurrencies. In addition to some supported assets, Crypto.com has its own blockchain called Crypto.com Chain. Its native token is known as CRO. Using the app, users can buy, sell, trade, and earn interest in their cryptocurrencies. You can also take out loans against crypto holdings. The vast range of features, products, and support assets make it an excellent app for the ultimate crypto trading experience. 

Pros 

  • It supports over 250 cryptocurrencies 
  • Provides users with a variety of cryptocurrency products

Cons 

  • It has a relatively high fee structure
  • Users have reported poor customer support

Download for Android 

Download for IOS 

Kraken 

Kraken

Kraken is one of the most professional trading platforms that comes with a low-fee exchange. The app is suitable for experienced traders because of its advanced order types and margin support. Investors can work with around 120 cryptocurrencies. Kraken has two platforms, the main trading platform is known as Kraken, and the professional platform is known as Kraken Pro. Kraken Pro offers customizable chart analysis tools, high-speed execution, and detailed insight into the orders. It offers a tiered fee structure that helps high-volume traders to save up on trading fees. 

Pros 

  • Supports a large number of cryptocurrencies
  • Kraken Pro comes with low fees 
  • Has a highly liquid exchange

Cons 

  • It is not available in all the states of the US
  • Has limited account funding options 

Download for Android 

Download for IOS 

Binance.US 

Binance.US 

Binance.US offers multiple cryptocurrencies like Bitcoin, Ether, BNB, and Stablecoin. Using Stablecoin, active traders can reduce trading costs by 25% while converting the invested dollars to BNB. The app offers multiple order types including limit, stop-limit, and market. When compared to other US exchanges, Binance.US has a low trading fee of 0.1%. The platform is known for its high-speed trade execution. The Trust Wallet is the official wallet for the platform and the deposits are held at custodian banks with insurance up to $250,000 in case of a bank failure. 

Pros 

  • The volume and the exchange-token discount makes the low fees almost negligible
  • It has more than 50 coins available for trading 
  • OTC trading and other basic order types are enabled 

Cons 

  • Coin offerings are limited 
  • There is no support for margin trading

Download for Android 

Download for IOS 

Gate.io 

Gate.io 

Members of Gate.io have access to more than 600 different coins which makes it an advanced space for crypto traders. It is one of the fastest-growing platforms that provide financial services like margin lending or borrowing. However, it is not the right place for inexperienced investors. Users can trade in cryptocurrency markets and margin trade with 10x leverage. There are also period investment plans and perpetual swap contracts. Gate.io has a very low service fee. A trade costs around 0.2% of the total order amount. Extensive customer support and built-in security mechanisms are some added pros of the app. 

Pros 

  • Offers a huge range of tradable coins with low trading fees 
  • Using the large Gate Stablecoin holdings, users can lower trading fees

Cons

  •  Trading is not based on a fiat currency. It is based on a US dollar Stablecoin. This makes it difficult for beginners to use the app. 

Download for Android 

Download for IOS 

Robinhood Crypto 

Robinhood Crypto 

Launched in 2015, Robinhood Crypto is one of the best apps for cryptocurrencies and traditional investment types like stocks. Cryptocurrency trading in this app is completely free of commission. The app is suitable for users planning to invest in stocks, ETFs, fractional shares, and cryptocurrencies. At Robinhood Crypto, you can use a limit order for a price while buying or selling. There is also a premium product available known as Robinhood Gold. It costs $5 per month and is quite useful for active investors. Members with premiums can get access to margin trading and instant access to larger deposits. 

Pros 

  • It has $0 commissions 
  • The app is high in quality 
  • Offers fractional share investment 

Cons 

  • There are trading restrictions 
  • There is no access to fixed-income products and mutual funds. 
  • There are no IRA accounts 

Download for Android 

Download for IOS 

SoFi 

SoFi

SoFi provides its users with a well-built financial ecosystem. Members can buy and sell five types of cryptocurrencies. Perks like no trading commissions, no account minimums, and an excellent mobile app experience can be accessed. The app is perfect for beginner and long-term investors. Everyday investors can participate in IPOs and buy fractional shares or cryptocurrencies. You can trade cryptocurrencies 24/7 and select from offerings like Bitcoin, Ethereum, Litecoin, Bitcoin Cash, etc. 

Pros 

  • Offers $0 stock and ETF commissions
  • Has a low account minimum 
  • The app is high-quality

Cons 

  • There are no mutual funds options
  • It does not offer the stock trading option

Download for Android 

Download for IOS 

Cash App 

Cash App 

Launched in 2013, Cash App is considered to be the best Bitcoin-only exchange app. Users can easily buy, sell and store Bitcoin on their phones. The app is made with the purpose of peer-to-peer payments but it also has an investment side to it. You can invest in ETFs, stocks, and Bitcoin through the app. Cash App allows its users to withdraw Bitcoins to third-party wallets which makes it an interesting app. 

Pros 

  • Has an Easy-to-use interface 
  • There are multiple withdrawal options available 
  • It supports the Bitcoin Lightning Network 

Cons 

  • It only supports Bitcoin
  • Has a custodial wallet 
  • There are weekly trading limits 

Download for Android 

Download for IOS 

Bisq

Bisq

For decentralized exchanges, Bisq is one of the best choices. It allows users across the world to privately and securely make use of cryptocurrencies. The app does not ask its users to complete a Know Your Customer (KYC) identity verification process. Users do not face any limitations based on specific jurisdictions. You can buy and sell Bitcoin or any other kind of cryptocurrency by using payment methods like ACH transfer, bank wire transfer, and cash deposits. 

Pros

  • It is available globally 
  • Comes with a high degree of privacy and no ID verification is required 
  • Has 15+ payment options available

Cons 

  • The transaction speed can be very slow 
  • The Trading volumes are considered to be low 
  • It is not designed for active traders 

Download for Android 

Download for IOS 

BitMart 

BitMart

Founded in 2017, BitMart is available in 180+ countries where users can buy and sell over 800 cryptocurrencies. It offers multiple assets and trading payers. BitMart customers can use the Earn feature to receive interest in certain crypto assets. There are trading fee discounts available as well when the native token BMX is being used. It is one of the leading trading apps for both small and mid-cap Cryptos. 

Pros 

  • It supports a very large number of cryptocurrencies 
  • Offers multiple cryptos earning opportunities
  • Has a simple buy or sell cryptocurrency feature 

Cons 

  • The company had experienced a large-scale hack in 2021 
  • Have received some poor feedback from customers

Download for Android 

Download for IOS 

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