8 Best Cryptocurrency Apps in 2024

Best Crypto Apps – General Information

If you’re looking to go into cryptocurrency investing or trading, you will need to pick the right cryptocurrency trader that is not only convenient for you but also suitable for your needs. Different cryptocurrency apps have different areas in which they thrive and it is pertinent to research them all in order to make an informed decision. In this table, we outline the various features of some of the cryptocurrency apps.

Best Crypto Apps – Assets

With Binance leading and Coinbase following, we compare a list of cryptocurrency platforms and the number of markets and coins they support. We also compare if they support features, options, Non-Fungible tokens, DeFi-tokens.

What does Best Crypto App Mean?

While there are various cryptocurrency apps available, they all have different features, and certain users prefer some crypto apps to others due to these features. When it comes to crypto, the most popular apps are exchanges, but many other types of crypto apps can supplement the exchange app. Some apps even let you earn passive income from your crypto. From exchanges to portfolio manager and lending platforms, here are some of the features users need to look out for;

1. Jurisdiction

Jurisdiction here refers to the condition surrounding the use of a particular crypto app in your country or city. When it comes to jurisdiction, it's either a yes or no answer. You need to make sure the crypto app you want to use supports your country and city; otherwise, you won't be able to use the app.

This is quite important considering some exchanges have websites tailored for specific countries. Checking the jurisdiction of an exchange does not only indicate their target market but also reflects where they're allowed to do business due to certain crypto rules and restrictions.

2. Easy of Use

This factor might have more to do with your level of expertise with crypto trading. As a new investor, you may want exchanges that have simpler interfaces rather than exchanges that may display order books and have more complicated dashboards with various charts and other complex information.

It is advisable to go for a beginner-friendly exchange, and for exchanges that allow you to choose the complexity of your interface, you want to choose the basic view rather than the advanced view.

3. Liquidity

Liquidity here means the exchange you pick or prefer should have a high volume of orders being placed through its platform at any given time. Liquidity is one of the first concepts new crypto investors need to understand, and it is helpful in preventing too much movement of the market when they trade.

The only way for exchange can get much volume is by getting a lot of users by having users who own a significant amount of assets on their exchange, and these users need to trade them frequently. Where there are limited users, the orders will also be limited, and it may lead to delay in buy or sell orders by investors.

Also, a low amount of orders could lead to losses in cases where prices are being driven up or driven down. Investors could either pay more than necessary or lose out on potential profits by selling too low.

Finally, due to the level and frequency of volatility of crypto assets, liquidity is an essential factor. Less liquidity can worsen volatility.

4. Asset Choices

Another critical factor to consider when choosing crypto apps is to ensure the app in question supports all the assets you want. This is important because no exchange can make trading pairs available for the thousands of crypto assets available in the market today.

The popular exchanges will mostly accommodate or trade assets with much higher market caps, while smaller exchanges will likely accommodate the lesser-traded coins.

5. Security

The importance of security when choosing a preferred app is self-explanatory. Keeping your assets in an asset is similar to storing fiat money in that you are trusting someone else with your money; there have been frequent cases where coins or assets have been hacked or stolen by employees, and this is most detrimental to the investors as they end up empty-handed.

It is normal for most exchanges to disclose information about their security practices on their official websites. Although no crypto app can offer 100% security, one way to know the most secure exchanges is to look out for exchanges that have been around for a long time, have the most customers and have recorded the least number of breaches or problems.

Some security features work considering include;

a) Cold Storage

Cold storage refers to funds kept offline in a crypto wallet that is not accessible to hackers.

b) Multi-Signature Wallet

This is a way to protect your assets, and it involves the use of multiple forms of verification or signatures to access your assets. For example, some crypto exchanges might require users to use two different email addresses to unlock their multi-signature wallets.

6. Reputation

When shopping online, more shoppers prefer to check the reviews and ratings of vendors before making a commitment or decision, and this applies to crypto trading and investing. Most new investors are advised to check what existing investors are saying about their preferred exchanges before making a decision. The risk of investing in crypto is more than the risk of buying a few items from an online vendor.

One way to find excellent and reliable information is to run a quick search engine search of "ABC crypto exchange reviews", and you will find all the information you need.

7. Trading Fees

When purchasing any cryptocurrency asset, there are hidden costs attached and these hidden costs are called fees. Charging fees is the primary way exchanges make money. Although some exchanges, like Binance, have their own “exchange tokens.” Holders of crypto assets on their exchange are given discounted fees through exchanges created by their tokens. A Binance user will pay lower fees if they hold Binance Coin (BNC) in their Binance wallet. For every trade they make, the fees they'll pay will be taken in the form of BNC instead of the currency pair they are trading.

Here are some fees to watch out for:

Trading fees

Although fees vary between different exchanges and the type of trade, there's a high chance that you'll be required to pay between 0.1% and 0.5% per trade. There are some exchanges that offer fee-free trades, but the best cryptocurrency apps charge a fee, and these fees get lower as your volume of trade increases, or you can get lower fees if you use the exchange native tokens.

Deposit fees

Many of the best cryptocurrency trading apps allow free transfers from your bank account, but some charge up to 1.5%, and this is very common if you are using a debit card. While credit cards may charge up to 3.5%, and the transaction may be considered a cash advance by your bank.

Withdrawal fees

The withdrawal fees for each exchange and currency differs per exchange app. However, you cannot withdraw your cryptocurrency from traditional brokers that are not trading cryptocurrencies. The exact withdrawal fees for each exchange can be found on their website. For regular traders, fees can take up much of your profit, and that is why the best cryptocurrency apps allow you to deposit, withdraw and trade your money at a minimal cost.

8. Customer Support

As a new user of a cryptocurrency app, it is common to encounter difficulties while using these applications. Even the best exchange applications need some form of tutoring or showing around, and you want to ensure your queries and questions are sorted out.

These queries and questions could sometimes be urgent with money on the line, and waiting days for a resolution or reply from customer support could have real financial consequences. This is especially true since the market is always moving quickly. That is the reason investors should always consider the customer support service of any cryptocurrency app before making any decision. Some factors to consider here are response time, general satisfaction of customers and users, and the attention of the exchange to excellent customer service.

9. Insurance

It is common for most exchanges to insure all or some user funds, and it has been a good selling point for new investors who have doubts about putting their money in an exchange or with a company they know little about. Should an employee steal their funds or if a hack happens, an exchange that insures user funds protects its users from losses.

Although insurance policies vary with exchanges theft, it is crucial to research and decide on an exchange that offers protection for your money.

Insurance policies vary, so finding out details for a particular exchange would require independent research. Binance offers insurance for user funds.

10. Tech Infrastructure

As a new cryptocurrency investor, it is advisable to consider the infrastructure of an application before you make any commitments. You want an exchange that gives its users a seamless experience, especially when placing orders.

An exchange with a high-quality matching engine offers its users the ability to place orders and have those orders met without problems, even during times of extreme volatility and volume.

A reliable matching engine represents half of the infrastructure necessary to create new order types and trading pairs, giving the exchange the opportunity to serve its customers and users seamlessly.

11. Leverage and Products

There are two types of exchanges, spot exchanges and derivatives exchanges. While the spot exchanges trade cryptocurrency against fiat currency or another cryptocurrency (Bitcoin or USD stablecoins), derivatives exchanges trade derivatives of cryptocurrency rather than the actual coins. Common forms of derivatives are futures and options, where investors agree to sell or buy a commodity at a set price and a set date in the future. In this case, the commodity, crypto, don't trade hands.

12. Deposit and Withdrawal Limits

No matter how long you plan to hold your assets or coins, a time will come when you will want to make withdrawals. That is why it is crucial to know the limits placed by exchanges. Although some exchanges don't have a minimum deposit requirement, some exchanges place limits on how much an investor can deposit or withdraw with a timeframe. For example, a user may only be able to make withdrawals of $30,000 crypto or fiat per day.

Investors who plan on trading large amounts of money will need to consider the individual limits placed by different exchanges. Even the best exchanges can have strict deposit or withdrawal limits, and you may want to find out how to resolve these problems.

What Is the Best App for Crypto Trading

Considering a range of factors like usability, trading assets, the number of markets and coins supported, and the amount of fiat supported, the best cryptocurrency application for trading in the market today is Binance. With the highest trading assets of about $53 Billion, Binance receives more weekly visits than the other cryptocurrency apps. Also, Binance supports 1581 markets, which is twice the number of markets supported by FTX or coinbase, which are the next best exchanges available.

Although Binance is the best crypto app for trading, there are other applications that are outstanding and preferable for other features. For example, Cashapp is the best app for newbie traders or investors, and the best-decentralized exchange is bisq.com. Also, you may want to consider BlockFi, which lets you lend and earn interest on your holdings. BlockFi also supports borrowing against your holdings.

Another app that lets you earn interest in your USDT holdings is Coinbase, which also lets you earn token rewards by completing different activities.

Are Crypto Apps Legit?

Yes, most crypto apps are legit. This is because many people across the world use these apps to trade and invest in cryptocurrency assets without the risk of fraud. Although, you will want to make sure that your preferred app has gathered enough positive user reviews and popularity to avoid losing your assets.