This review highlights the best cryptocurrency apps for beginners to start investing and trading in 2024. We will evaluate the top app for beginners based on various relevant criteria, including trading options, fees, and unique features.
What is a Cryptocurrency App?
Cryptocurrency apps enable investors to buy and sell cryptocurrencies on the go. Also known as crypto exchange apps, they facilitate trading on both centralized and decentralized exchanges.
In centralized exchanges, the platform acts as a market maker, easing transactions between buyers and sellers.
Conversely, decentralized exchanges use algorithms to directly match buyers and sellers, requiring a buy order to match a corresponding sell order for transactions to occur.
Read Also: How To Buy PayPal’s Stablecoin (PYUSD)
How to Choose the Best Cryptocurrency Apps
Here are key criteria to consider when selecting the best crypto trading app:
Look for Regulation
Cryptocurrency regulation is still evolving. The U.S.’s primary regulators are the SEC and the New York Department of Financial Services. In the UK, it’s the Financial Conduct Authority, while the EU recently approved a new framework for crypto regulation.
When choosing a crypto app, prioritize security and compliance. Given the changing regulatory landscape, not all jurisdictions have established strong frameworks for crypto companies.
Research a company’s security history and compliance measures. Check if the wallet has been hacked before, if it maintains audited financial statements if its digital assets are registered with regulators, and if it faces any legal issues.
Prioritize User Experience
An ideal crypto app should offer straightforward and convenient asset management while providing necessary features in a user-friendly manner.
Platforms like Coinbase and Binance offer various mobile apps catering to different levels of user experience.
Beginners prefer basic or lite versions with essential features, simplifying the trading experience and reducing complexity.
Check Their Tradable Cryptos
Crypto apps vary significantly in the number of cryptocurrencies they offer. Platforms like Kraken provide access to over 250 assets, while Binance offers more than 600.
Major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are usually available on most platforms, alongside popular alternatives like Dogecoin (DOGE), Cardano (ADA), and Litecoin (LTC).
Availability can vary based on factors like popularity and regulatory compliance; for example, Coinbase suspended XRP trading due to regulatory concerns.
While beginners may focus on trading well-established cryptocurrencies, experienced traders often seek platforms with a broader range of assets, including high-risk, high-reward options.
Read Also: How To Buy Bitcoin On EToro: Complete And Easy Guide
Find the Lowest Fees
For active traders, exchange fees can significantly impact profits, varying greatly across platforms. While some, like Binance, offer free Bitcoin trading, others, like eToro and Gemini, charge maker/taker fees over 1%.
However, platforms with higher fees often provide robust consumer protection and regulatory compliance.
Beginners or occasional traders might prioritize ease of use over fees, but high-volume traders should look for platforms with low costs and attractive trading discounts.
Analyze Other Features
Leading cryptocurrency applications of today go beyond mere asset exchange, offering a range of functionalities for an all-encompassing user journey.
Platforms such as Coinbase, Crypto.com, and Kraken serve as hubs for NFT marketplaces where art can be traded, while some platforms enable staking for returns or loans backed by cryptocurrency.
Moreover, platforms with a focus on trading equip users with specialized instruments and graphical representations to bolster their trading choices.
Check Their Payment Methods
Payment methods can differ among crypto apps, influenced by integrations, partnerships, and jurisdictional regulations.
Binance supports credit/debit cards, bank transfers, and third-party wallet/e-wallet options like Advcash, while Coinbase allows funding via cards, bank transfers, Apple Pay, and Google Pay.
Meanwhile, eToro offers diverse options, including debit cards, Rapid Transfer, and its UK-specific eToro Money app.
Investigate Their Wallet Technology
The selection of wallet technology in a cryptocurrency trading application plays a crucial role in ensuring both security and ease of use.
Top-tier crypto applications employ custodial wallets, wherein the exchange has control over your private keys. To protect your assets, it’s advisable to choose regulated applications that separate client assets and keep the bulk of coins in offline cold storage to deter cyber threats.
Nevertheless, platforms with more fluid hot wallets are capable of handling withdrawals more effectively during high-demand periods.
Read Also: How To Buy Bitcoin With PayPal: A Simple Step-By-Step Guide
Regulated Consumer Protection
Regulated crypto apps offer the highest consumer protection as they operate under regulatory scrutiny and undergo regular audits.
For instance, Coinbase holds money transmitter licenses in many U.S. states, allowing it to hold cash balances for customers in those regions.
Similarly, Gemini, regulated by the New York Department of Financial Services, adheres to anti-money laundering, consumer protection, and banking compliance standards.
Review of the Best Cryptocurrency Apps
Let’s explore what each of the top cryptocurrency apps offers and what makes them stand out from their competitors.
Generally, the best app for beginners will be legally compliant, cost-effective, and feature an easy-to-navigate interface.
1. eToro
eToro ranks first as the best app for trading cryptocurrencies due to its compliant platform, user-friendly interface, and extensive range of trading options.
With over 3,000 investment choices, including commission-free stocks, currencies, ETFs, commodities, and crypto assets, eToro caters to a wide variety of investors. Its crypto offerings include popular options like Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE), as well as niche assets such as 1INCH, IOTA (MIOTA), and The Sandbox (SAND), totaling 80 options overall.
eToro charges a 1% fee on cryptocurrency purchases, meaning a $1,000 Bitcoin purchase incurs a $10 fee for both opening and closing the transaction. These fees are reflected in the asset’s listed price, showing prices 1% higher than their actual value. For detailed advice on buying Bitcoin in 2024, check out our beginner’s guide.
A standout feature of the platform is the Smart Portfolios, allowing users to create their ideal crypto portfolio and diversify with various assets. Users can also earn generous crypto staking rewards* or easily transfer cryptos to the eToro Money crypto wallet whenever they wish.
Read Also: A Beginner’s Guide To How To Buy WienerAI Tokens ($WAI)
2. Kraken
Launched in Europe in 2013, Kraken is the world’s top app for trading and exchanging cryptocurrencies, now offering services in Canada and the United States. The exchange is an excellent choice for North Americans seeking a compliant platform with access to leveraged trading products.
Kraken offers up to 5x leverage on spot trades, allowing you to buy $5,000 worth of BTC with just $1,000 as collateral. With a range of over 200 cryptocurrencies available, including popular names like Bitcoin and Ethereum, as well as top DeFi coins, Kraken provides diverse trading options on its platform.
Notably, the exchange supports popular Layer 2 scaling solutions for each blockchain, specifically the Lightning Network and Polygon. These enable users to make instant and nearly free withdrawals from the platform, avoiding the often costly network fees of regular transfers.
Kraken provides 24/7 customer support and numerous educational resources to help newcomers navigate the crypto space. With robust security measures, including proof of reserves and ISO/IEC 27001:2013 and SOC 2 Type 1 certifications, they prioritize the security of investors’ crypto assets and NFTs, ensuring stability and protection for their investments.
Read Also: What Is DYDX? : A Comprehensive Overview Of The DYdX Chain Utility Token
3. Coinbase
Coinbase, the only publicly traded crypto exchange in North America, excels in regulatory compliance and offers user-friendly features and educational resources.
The platform supports over 260 cryptocurrencies, from major ones like Bitcoin, Ethereum, and Dogecoin to significant small-cap coins like GMT. However, some trading restrictions apply based on users’ locations.
Coinbase’s fees vary by volume, decreasing as the user’s trading volume increases. The maker and taker fees for the lowest volume tier ($0 to $10,000) are 0.4% and 0.6%, respectively. Notably, NFT trading fees are entirely free.
Like Binance, Coinbase offers two app levels: one for beginners and one for advanced traders. Both levels allow users to buy and sell cryptos, monitor the market, and view their portfolio, while the “Advanced Trade” app lets users stake and borrow cryptos. Both app levels can access the latest Coinbase listings. Additionally, Coinbase has introduced a learning system where users can watch tutorials, take quizzes, and earn rewards.
4. PrimeXBT
PrimeXBT is a top crypto app for beginners, serving users worldwide in 152 countries, with over a million clients executing more than 170,000 transactions daily.
This highly versatile platform offers multiple trading instruments. In addition to popular indices, stocks, and commodities, users can trade top cryptos like Bitcoin and Ethereum. It also provides over 40 popular altcoins, making it a go-to app for crypto enthusiasts.
PrimeXBT has a transparent and competitive fee structure, with makers paying 0.01% and takers 0.02% for crypto futures contracts. There is a flat 0.05% fee for other trading activities. The exchange has no deposit fees, but withdrawal fees vary depending on the cryptocurrency and its network.
The platform also offers copy trading through its Covesting service, allowing users to replicate the strategies of experienced traders without additional fees. With trading conditions offering 100x leverage for Bitcoin and up to 1:200 for other assets, traders can amplify their positions for potentially higher returns, albeit with increased risk. PrimeXBT prioritizes security, employing measures like two-factor authentication (2FA), Bitcoin address whitelisting, multi-signature cold storage, and hardware security modules to protect user assets.
Read Also: How To Purchase Worldcoin (WLD) And Everything You Need To Know
5. ByBit
ByBit is one of the best crypto apps for beginners, especially popular for its derivatives trading, with daily trading volumes exceeding $18 billion. This popularity is due in part to its offering of over 370 derivative contracts, including perpetual futures contracts with high leverage, such as 125x for BTC.
ByBit provides a range of features beyond trading. Users can quickly purchase crypto with a card or Google Pay and stake it for an annual percentage yield. Beginners can also benefit from the copy trading feature, where experts execute trades on their behalf, allowing them to learn from seasoned professionals and enhance their trading skills.
Another useful feature of ByBit is its crypto lending service. If you need instant liquidity, you can borrow funds against your holdings and repay them with interest only for the duration of the loan. The loan-to-value ratio with USDT is 80%, meaning you can borrow $80 with $100 as collateral.
The platform also includes the Bybit Trading Bot, which simplifies automated crypto trading with pre-configured, no-code trading bots and provides users with effective trading strategies to improve investment returns at no extra cost.
Read Also: What Is Worldcoin? A Guide To The Iris-Scanning Cryptography Project
6. OKX
OKX is one of the largest and most reliable cryptocurrency exchanges in the world, and it is the best app for buying cryptocurrencies, offering a stellar combination of low fees, trading options, and trading pairs.
OKX provides both centralized and decentralized exchanges, with the decentralized option being KYC-free, ensuring user privacy. With more than 350 cryptocurrencies available, including Bitcoin and Ethereum, as well as emerging tokens like fan tokens for sports clubs, OKX offers ample trading opportunities. Investors can access features such as proof-of-stake crypto staking, trading with customizable bots, and borrowing using cryptocurrency as collateral. Various trading accounts, including funding, spot, futures, and mining accounts, cater to different investment strategies.
Through the OKX app, users can engage in spot and futures trading, check their balances, and receive price alerts for their selected favorite cryptocurrencies. The app’s simple interface facilitates trading, contributing to its exceeding one million downloads.
OKX’s trading fees vary depending on the amount of OKB held by users, granting access to lower prices on the platform. For spot transactions, these fees start at a maximum of 0.08% for market makers and 0.1% for market takers, making OKX one of the most competitive exchanges regarding trading fees.
7. Binance
Binance is one of the top crypto apps globally, offering users the ability to invest in over 400 cryptocurrencies, including its utility token BNB, which allows for lower fees on the platform.
Typically, Binance charges a 0.1% maker/taker fee for spot trades, but users can get a 25% discount on fees by holding a certain amount of BNB tokens. Additionally, Bitcoin/USDT trades are completely free, making it the best app for specific Bitcoin trading.
Binance’s feature set is extensive: beyond spot and futures trading, users can access leveraged/margin trading, staking, and Swap Farming, which lets users trade cryptocurrencies without needing a trading partner. It also offers copy trading for new traders and an NFT marketplace.
The Binance mobile app is highly intuitive, providing all the features of its desktop version. It includes a simplified mode for beginners and an advanced application for seasoned traders, offering professional charts and trading tools.
Read Also: GetGrass Airdrop: Turn Your Unused Data Into Profits
8. KuCoin
KuCoin is a popular crypto exchange with over 30 million users across 200 countries.
It offers low fees for buying and trading over 900 cryptocurrencies, starting at a 0.1% maker/taker fee for spot markets. Like many other exchanges, you can reduce fees by holding KCS tokens or having a high monthly trading volume.
Additionally, KuCoin offers margin trading and leveraged derivatives, along with trading bots that can trade on your behalf. For those who prefer not to trade but still want to increase their holdings, KuCoin’s Earn features, such as staking and yield farming, are available. The app includes key features and has a user-friendly interface perfect for beginners.
KuCoin also provides its non-custodial wallet, supporting NFTs and cryptocurrencies from multiple blockchains, allowing for seamless cross-chain exchanges. If you want to own a piece of popular NFTs but can’t afford the whole item, you can buy fractional NFTs.
9. Gate.io
Gate.io is one of the top apps for trading altcoins, offering investors the chance to buy and sell over 1,700 different cryptocurrencies that are not typically available on most crypto exchanges. The platform features low fees starting at 0.1% for maker/taker transactions on the spot market.
Recently, Gate.io introduced a pre-trading program, allowing investors to trade new tokens before their official listing, enabling transactions at expected prices and quantities.
In addition to common crypto exchange features like derivatives trading, staking, copy trading, and trading bots, Gate.io frequently hosts competitions and activities where users can win valuable rewards up to $6,666.
The platform also includes a crypto lending section where users can leverage unused assets as collateral to borrow funds for various trading and investment opportunities.
10. Best Wallet
Best Wallet is a highly secure, self-custody decentralized wallet, making it a top choice for managing and trading cryptocurrencies safely.
With centralized exchanges facing significant regulatory pressure, many crypto enthusiasts are turning to decentralized apps for managing their assets. Best Wallet requires no KYC verification to create an account—just a valid email—and the sign-up process takes less than five minutes.
Available for free on iOS and Android, Best Wallet offers numerous features that competing wallets like MetaMask and Ledger do not. This includes multi-chain functionality and an integrated decentralized exchange, allowing users to trade tens of thousands of different tokens directly within the app. Users can also anonymously purchase Bitcoin, Ethereum, and USDT through the trusted broker Wert at prices lower than other P2P crypto exchanges.
Best Wallet provides educational articles and the latest news from the crypto space, catering particularly to beginners. It also supports NFT storage and management. The app ensures enhanced security through encryption, a four-digit passcode, two-factor authentication, and biometric identification.
11. Pionex
Pionex is an excellent app for crypto trading, known for its relatively low fees, top-notch security, and superb customer service. Available on both Android and iOS, the platform’s mobile app is user-friendly, offering a smooth trading experience for both beginners and advanced traders.
Pionex charges just 0.05% on spot and futures trades, making it highly competitive. VIP users can enjoy further discounts based on their 30-day trading volume. This fee structure is advantageous compared to major exchanges like Binance and Coinbase.
The platform provides a variety of features, including trading bots suitable for both novice and experienced traders, with 16 built-in bots that automate trading strategies based on market volatility. Pionex also supports leveraged tokens, crypto loans, and more than 370 coins with over 465 trading pairs.
Additionally, Pionex offers multi-staking options for ETH and USDT, allowing users to earn passive interest on idle assets. Other features include structured products, earn bots, dual investments, and an “easy earn” option for additional passive income.
12. Crypto.com
Alongside Coinbase, Crypto.com has emerged as a top app for beginners, especially during the crypto bull market of 2021.
With over 50 million users, the platform’s popularity is partly due to extensive advertising efforts, including a Superbowl ad, a commercial featuring Matt Damon, and acquiring naming rights for the 950,000-square-foot Crypto.com Arena in Los Angeles, formerly known as the Staples Center.
Crypto.com offers over 350 cryptocurrencies for investors to trade, including many popular choices for newcomers. The platform also features an NFT marketplace and some of the top gaming coins like The Sandbox (SAND) and Axie Infinity (AXIE). Standard fees for spot and margin trades start at 0.075%, while NFT resales incur a 1.99% fee.
The Crypto.com app is user-friendly, prompting users to create or import a crypto wallet upon download. After selecting an avatar to represent themselves, users can immediately start trading or access other features like staking or exchanging directly from the navigation bar.