Cryptocurrencies have risen from obscurity over the past decade to become one of the largest and most active asset classes in the world. There are now over 18,000 cryptocurrencies that have reached a peak market capitalization of over $3 trillion. In this article, we will highlight the best cryptocurrency apps for beginners in 2022.
eToro
eToro is a leading fintech company valued to over $8.8 billion. Founded in Israel in 2007, the company has grown rapidly and now has millions of customers worldwide. The company was initially started to offer copy trading services in the forex industry. Over the years, it has expanded its services to other solutions.
eToro is a good cryptocurrency app for several reasons. First, it offers multiple assets to its traders and investors. In addition to cryptocurrencies, the company lets you buy and sell assets such as stocks, currencies, commodities, and exchange-traded funds, among others.
Therefore, you can earn money in cryptocurrencies when the stock market is closed. Likewise, you can make money with assets such as stocks and commodities when cryptocurrencies run into trouble.
Second, eToro pioneered copy-trading. This means that you can copy trades and crypto wallets from experienced professionals. Therefore, if you are a beginner, you will be able to earn money in cryptocurrencies by simply copying other people. Likewise, if you are an experienced trader, you will be able to diversify your income by copying other traders.
Third, eToro offers several payment options that allow you to deposit and withdraw your funds. Some of these options are credit and debit cards, PayPal, Skrill, Neteller, Rapid Transfer, Klarna, Bank Transfer, and Poli, among others. Therefore, you can select the option that suits you.
More importantly, eToro has excellent ratings and reviews from its users. Its Android app has a 4.5* while its iOS app has a 4.6*. This means that its users love it.
Binance
Binance has become one of the fastest growing companies in the world. The company was established in 2017 and has increased its valuation to over $300 billion. It has nearly 100 million customers and manages more than $70 billion in funds every day. Notably, Binance took this step without having a seat.
Binance operates multiple platforms. It offers cryptocurrency apps available in Android and iOS ecosystems. Moreover, it has a web application accessible in all browsers such as Chrome and Microsoft Edge.
There are several reasons why Binance is a good cryptocurrency application. First, it provides thousands of assets that you can trade. Unlike Coinbase, Binance takes less time to list new cryptocurrencies. For example, it was the first exchange to list ApeCoin and Shiba Inu when they launched.
Second, Binance offers different ways to buy and trade digital coins. You can buy cryptocurrencies directly or using its peer-to-peer feature. Most people use the arbitrage strategy to buy a coin at a low price and then sell it back at a high price in the market.
Third, one can receive rebates when using the BNB token to trade digital currencies. BNB is the native currency created by Binance.
Moreover, its apps have great user reviews and its transaction costs are a bit lower than other coins.
CoinMarketCap
CoinMarketCap is another popular cryptocurrency app that comes highly recommended for beginners. Unlike eToro and Binance, the app does not allow you to buy and sell cryptocurrencies. However, you can use it to make better decisions when trading digital assets. Notably, the app is owned by Binance.
The main feature of CoinMarketCap is the ability to let you identify the prices and market capitalization of all cryptocurrencies. The app has other features. For example, you can create a virtual wallet of cryptocurrencies that you follow.
Also, you can see which coins are trending and which ones have been added to its platform. For example, if you see ApeCoin jumping, you can move to your exchange and execute your trade.
Additionally, CoinMarketCap has a news feature that consolidates news and analysis from multiple sources. You can use this information to boost your trading. Therefore, CoinMarketCap is a very useful app for cryptocurrency beginners.
Coinbase
Coinbase is the second largest company in the blockchain industry with a market cap of over $38 billion. It is a publicly traded company with over 89 million customers worldwide. Like Binance, Coinbase allows its users to buy and sell cryptocurrencies through its web and mobile apps.
To use Coinbase, all you need to do is create an account with your name and email address. After verifying your identity, you can easily deposit funds and then start investing or trading digital assets. Some of the most common deposit options are debit and credit cards, bank transfers, PayPaland Apple Pay among others.
There are several reasons why Coinbase is a good app for beginners. For example, it is a safe option, which offers several deposit options and low fees.
Nexo
Nexo is another useful cryptocurrency app for beginners. The company offers a number of cryptocurrency-related services. Its flagship feature is one that allows people to deposit their cryptocurrencies and then borrow money. The idea is that your coins will continue to increase in value if cryptocurrency prices increase.
Nexo also offers a yield feature that allows you to earn yield by simply depositing your cryptocurrencies. More importantly, it introduced a feature that allows users to buy and sell digital coins. Users can get discounts when holding the NEXO token.
Summary
The number of applications in the cryptocurrency industry is growing. In this article, we’ve focused on just five apps that we think are ideal for beginners. Other popular ones are Kraken, Huobi and CoinGecko.
