Key Insights
- The crypto industry has a wide selection of trading apps that can be overwhelming for beginners.
- Some of the best on the market include Coinbase, Binance, Kraken, Gemini, and Robinhood.
- All of these platforms shine in terms of fees, security, user friendliness, and so on.
- For traders who are experienced and prefer security, Binance, Kraken, and Gemini are great choices.
- Traders who need user friendliness and the ability to trade stocks will like Coinbase and Robinhood, respectively.
The crypto industry is growing fast and has been for the last decade.
When it comes to choosing the right apps to navigate the market and trade effectively, choosing the right one can be overwhelming sometimes.
Some platforms have a strong focus on ease of use, while others cater to advanced traders with more powerful tools.
Here is a comprehensive breakdown of five of the best crypto trading apps to help you make the best decisions, whether you’re a beginner or otherwise.
1. Coinbase
Are you new to crypto? If you are, then Coinbase is a great place to get started. This platform is known for being user-friendly.
Its design is simple enough to understand, and it makes the trading experience as easy as possible for beginners.
This is not to say that experts cannot use Coinbase.
Anyone, regardless of experience level, will appreciate its clean and intuitive interface, where buying and selling crypto is as simple as possible.
Coinbase also features valuable learning materials to help new users understand blockchain technology and crypto in general.
What’s more, Coinbase protects user funds with advanced security measures, making sure that everyone can store their crypto with ease and peace of mind.
Downsides To Using Coinbase
One of the downsides to using Coinbase is its fees. Unlike competitors, Coinbase charges slightly higher fees for transactions.
Advanced traders will find Coinbase completely usable. However, they may also find it lacking in some advanced trading tools.
At the end of the day, Coinbase is perfect for users looking for a straightforward and secure trading experience but caters specifically to beginners and intermediate traders.
2. Binance
Binance is the largest and most well-known crypto exchange in the crypto space. It offers one of the widest selections of coins and trading tools.
Users can trade hundreds of digital assets and therefore have plenty of investment choices with Binance.
The platform even offers advanced trading features like margin and futures trading, as well as other tools that are designed specifically for experienced users.
Despite featuring some of the most advanced tools, Binance also comes with competitive fees.
This makes it a cost-effective option for even the most active of traders.
Downsides to Trading On Binance
Beginners often find Binance overwhelming because of its sheer number of features.
Binance also happens to be targeted frequently in regulatory backlashes across various countries.
This has been one of the biggest issues that new users have faced so far.
Overall, new users looking for a feature-rich platform to trade on will appreciate Binance.
3. Kraken
Kraken is known for being one of the strongest and most reliable platforms for trading.
In essence, traders who prioritize safety will quickly feel comfortable on the platform.
Kraken uses top-tier security practices to protect its users and their funds.
It also offers tools like margin and futures trading to cater to its many experienced traders.
Even better, Kraken has an attractive fee structure that even high-volume traders will enjoy using.
Downsides To Trading On Kraken
Kraken’s interface is attractive enough. However, when compared to the others, it isn’t as modern or user-friendly as that of newer platforms.
Its selection of advanced tools also means that it is complex and can be overwhelming for beginners.
Ultimately, if security and reliability are your top concerns, Kraken is a great place to get started.
4. Gemini
Gemini is similar to Kraken in that it is focused on security and compliance with regulations.
It is a great choice for users who want a trustworthy and easy-to-use exchange and uses advanced security features to keep assets safe.
The interface is simple enough and is great for both beginners and seasoned traders.
Finally, Gemini is a fully regulated platform and provides an added layer of trust that its users love.
Downsides To Trading On Gemini
The first downside is that, compared to other platforms like Binance or Coinbase, Gemini supports fewer cryptocurrencies.
Trading fees can also be on the high side, compared to other exchanges.
In the end, if you are more concerned with security and regulation, Gemini is a great option.
5. Robinhood
Robinhood is best known for being commission-free and for offering stock trading along with crypto.
This means that users can trade stocks and crypto at the same time within the same app, which is great for customers who manage multiple asset classes.
Unlike other exchanges, Robinhood allows trading without paying commissions.
The interface is also simple alongside these advantages, making the platform great for beginners.
Downsides To Trading on Robinhood
The inclusion of stocks means that Robinhood supports fewer cryptocurrencies compared to major exchanges.
The platform has also faced backlash in the past for restricting trades during high market volatility.
Overall, Robinhood is great for traders who are looking for an easy and commission-free way to trade crypto plus stocks.
Choosing the Right Crypto Trading App
In all, the best app for trading depends on your experience level as a trader. Other factors to keep in mind include things like trading goals and priorities, among other things.
If you’re a beginner, you might consider choosing Coinbase. For traders who are experienced and prefer security, Binance, Kraken, and Gemini are great places to start.
If cost-effectiveness and stocks are your preferences, then Robinhood should be your go-to.
