Which is the best cryptocurrency app for you? That answer depends upon whether you are a cryptocurrency investor or a cryptocurrency trader. Investors buy and hold the underlying asset for the long term and need a cryptocurrency exchange and a wallet supporting the assets. It includes risks like hacking or trading with lesser-known entities, depending on access restricted by geography.
Traders remain best-served trading crypto CFDs, which are available at leading cryptocurrency brokers. We have compiled a list below of the best brokers offering cryptocurrency assets, allowing traders to participate in the opportunities offered within this fast-growing asset class while lowering the risk. Find out how to buy cryptocurrency and why you should do so with a Forex broker instead of a cryptocurrency exchange.
Eightcap
In Summary Competitive pricing + excellent daily videosEightcap is a leading cryptocurrency CFD broker with 180+ cryptocurrency CFDs, numerous fiat quote currencies, and Crypto Crusher, which ranks among the best web-based cryptocurrency apps. It includes a 24/7 chatroom, allowing like-minded traders to share and exchange ideas. Traders must maintain an account balance above $500 for access but can equally trade cryptocurrencies on the MT4 trading platform, including the mobile app.
Adding to the competitive advantage for cryptocurrency traders at Eightcap is the leverage of 1:20 and negative balance protection. Unlike many brokers, Eightcap offers 24/7 cryptocurrency trading, maintains tight spreads, $31.2 for Bitcoin, and supports algorithmic trading.
Pros & Cons
- Low minimum deposit and high leverage of up to 1:500
- Competitive cost structure
- Excellent technology infrastructure and seasoned management team
- Daily research and quality educational content
- Limited leverage in some areas
AvaTrade
In Summary Highly regulated, choice of fixed or floating spreadsAvaTrade is one of the largest Forex / CFD brokers and well-known for offering their clients a choice of fixed or floating spreads. They have a very high and strong level of regulation. AvaTrade is directly regulated in Ireland (and by extension, the European Union), Australia, Japan, South Africa, and the British Virgin Islands. Outside the European Union, Ava offers maximum leverage on Forex currency pairs as high as 400 to 1. AvaTrade offers trading in over 55 different Forex currency pairs, 17 commodities, 20 equity indices, 14 cryptocurrencies, plus 66 individual stocks and shares. 2 bonds and 6 ETFs are also on the menu.
Pros & Cons
- High-quality educational offering via SharpTrader
- Excellent choice of trading platforms catering to various trading needs
- Broad asset selection and cross-asset diversification opportunities
- Well-regulated and trusted broker with oversight from a central bank
- Trading costs competitive but nothing special
BlackBull Markets
In Summary Best ECN trading environment, with scalping and hedgingBlackBull Markets was founded in 2014 in New Zealand. Like many antipodean Forex brokers, BlackBull Markets is an ECN broker, offering raw spreads and commissions. They are regulated in New Zealand by the Financial Services Providers Register (FSPR) and offer a maximum leverage on some Forex currency pairs as high as 500 to 1. In addition to their global headquarters in New Zealand, BlackBull Markets also has presences in the form of branch offices in New York and Malaysia. BlackBull Markets offers a relatively tight range of tradable assets: 27 Forex currency pairs and crosses, gold, silver, crude oil, natural gas, and 6 major equity indices. That should be sufficient for those traders with more focused strategies not requiring wide diversification.
Pros & Cons
- ECN/NDD execution model with deep liquidity
- Institution-grade pricing for retail traders via proprietary price aggregation
- ZuluTrade and Myfxbook for social trading
- Leverage of up to 1:500
- Limited deposit options
Plus500
In Summary multi-asset and CFD brokerPlus500 is a global Forex broker founded in 2008. It maintains an excellent regulatory environment provided by the FCA in the UK, the CySEC in Cyprus, the ASIC in Australia, the FMA in New Zealand, the FSCA in South Africa, the FSA in Seychelles, and the MAS in Singapore. Plus500 offers traders a choice of more than 2,800 assets to trade, including nearly 900 options contracts, in a commission-free trading environment. This extremely wide range of choice can make Plus500 an appropriate choice for traders looking to pursue wide diversification of assets. Plus500 is licensed to offer CFDs through ASIC (AFSL #417727), and through the FMA (FSP #486026), for licensed CFDs in New Zealand. Plus500 trading services are also available in South Africa (Authorised Financial Services Provider #47546).
Pros & Cons
- Broad asset selection in equities and options
- Free and unlimited demo account
- Advanced free-of-charge analytical trading tools
- Global and regulated fintech platform
- Sub-standard trading platform without support for automated or social trading
MultiBank Group
In Summary Deep liquidity with no trading restrictionsCryptocurrency traders get 11 liquid cryptocurrency pairs with maximum leverage of 1:50 in some jurisdictions up to a notional value of $180,000. Negative balance protection and excess loss insurance contribute to a safe and secure trading environment at MultiBankFX. Swap-free cryptocurrency trading ensures leveraged traders who keep overnight positions do not pay financing rates, adding to the competitive cryptocurrency environment. The deep liquidity at MultiBankFX provides typically tight spreads, where BTC/USD averages 31 points, Ethereum 8.50, and Litecoin 0.23. Copy traders can use embedded MT4/MT5 solutions or the proprietary copy trading platform of MultiBankFX. FIX API and VPS cater to demanding algorithmic trading solutions.
Pros & Cons
- 20,000 assets offering broad coverage of financial markets
- Raw spreads from 0 pips and maximum leverage of 1:500
- MAM/PAMM accounts and proprietary copy trading platform
- ECN trading with deep liquidity and no requotes
- Access to raw spreads requires a $5,000 minimum deposit on the ECN account
Best Crypto Brokers Comparison
| | | | | |
Regulators | ASIC, CySEC, FCA, SCB | ASIC, BVI, Central Bank of Ireland, FFAJ, FSCA, KNF, MiFID | FMA, FSA | ASIC, CySEC, FCA, FMA, FSCA, MAS | ASIC, AUSTRAC, BaFin, BVIFSC, CIMA, CySEC, ESCA, FMA, MAS, TFG, VFSC |
Year Established | 2009 | 2006 | 2014 | 2008 | 2005 |
Execution Type(s) | ECN/STP, Market Maker | Market Maker | ECN/STP, No Dealing Desk | Market Maker | ECN/STP |
Minimum Deposit | |||||
Average Trading Cost EUR/USD | 1.0 pips | 0.9 pips | 1.3 pips | 1.3 pips | 0.1 pips |
Average Trading Cost GBP/USD | 1.2 pips | 1.5 pips | 2.0 pips | 1.7 pips | 0.5 pips |
Average Trading Cost Gold | $0.12 | $0.29 | $0.90 | $0.34 | $0.02 |
Trading Platform(s) | MetaTrader 4, MetaTrader 5, Trading View | Other, MetaTrader 4, MetaTrader 5, Web-based+ | MetaTrader 4, MetaTrader 5, Trading View | Proprietary platform, Web-based | MetaTrader 4, MetaTrader 5, cTrader |
Islamic Account | |||||
Negative Balance Protection | N/A | ||||
| Visit Website | Visit Website | Visit Website | Get Started Visit Website82% of retail CFD accounts lose money | Visit Website |
Which Cryptocurrency App is the Best?
Trading with the best cryptocurrency apps can improve the profitability of any strategy, but which one is the best?
The answer differs from trader to trader, given different requirements based on strategies. There are cryptocurrency apps most use as part of their day-to-day cryptocurrency trading.
The cryptocurrency sector inspired a new wave of development, which is ongoing. It consists of decentralized crypto exchanges, cryptocurrency wallets, cryptocurrency portfolio tracker apps, decentralized finance apps, and cryptocurrency sentiment indicators monitoring social media platforms.
Forex brokers also joined the race, improving or launching new mobile apps, as many cryptocurrency traders prefer mobile devices. Algorithmic trading solutions developed specifically for cryptocurrency trading flooded the market, where MT4 remains the leader, despite being primarily a Forex trading platform.
Since most Forex brokers added cryptocurrency CFDs to their asset selection, MT4 has once again proven its versatility and resilience in remaining a centerpiece of many traders. MT4 comes without the risks traders must accept with cryptocurrency exchanges while remaining the leading algorithmic trading platform.
Understanding The Two Types of Crypto Exchanges
Crypto exchanges cater specifically to cryptocurrency assets, investors, traders, and their needs. Before deciding to deposit with a crypto exchange and using one, it is essential to understand the two types, their risks, and their benefits.
Centralized Exchanges
A few of the best-known centralized exchanges are Binance, Coinbase, Gemini Exchange, Bitmex Exchange, and Yo Bit. Owned by private companies, managed from a central location, they require registration. Traders must verify their accounts during the opening process in compliance with anti-money laundering (AML) and know-your-client (KYC) regulations. Some argue that this violates the privacy aspect of cryptocurrency trading, but the better exchanges offer added security features and protection in the case of unexpected system errors.
Given their popularity, trading volumes, activity, and liquidity are high. They are also the preferred choice for beginner traders. Their main drawback is a lingering vulnerability to hacking and theft. Since the company manages all servers, hackers have an easy attack vector. While centralized crypto exchanges keep most assets in cold storage offline, a certain percentage must remain in hot storage. There have been quite a few hacks of crypto exchanges globally, costing billions in losses. A strong way to mitigate this risk is by trading cryptocurrency CFDs with a trusted Forex / CFD broker on the MT4 trading platform.
Understanding the Different Types of Crypto Apps
The primary purpose of crypto apps is portfolio management, including buying and selling cryptocurrencies. There are also apps to track portfolios, receive market commentary and trading signals, cryptocurrency wallets and exchanges, and social trading communities. Below is a list and short explanation of the different types of crypto apps.
Cryptocurrency Insights - Must Read Sources of Tradeable Information
Regardless of your trading strategies, one of the best apps is CoinMarketCap. It offers a wealth of reliable and trusted spec information about cryptocurrencies and their respective prices. Websites like CoinDesk, CoinTelegraph, and Decrypt rank among the most popular.
Cryptocurrency Hot Wallets - Less Secure but Readily Available
Crypto investors require a trusted wallet, where Blockchain.com, Exodus, Kraken, and Coinomi stand out as hot wallets (wallets which can storing cryptocurrency assets online while providing swift access when required). Exodus and Kraken have never been hacked or experienced a loss of funds, and Exodus does not store private keys on their server. Users keep them on their computers and remain responsible for safeguarding them. Some have forgotten the password to their hot wallets, resulting in a complete loss of funds, so this is a concern to keep in mind. Hot wallets are for traders who need daily access to their cryptocurrency assets.
Cryptocurrency Cold Wallets - Highly Secure Offline Storage
Ledger and Trezor gained the trust of investors who prefer keeping their cryptocurrency assets offline, also known as cold storage. The benefit is that hackers have no access to it them, and assets remain relatively safe. It is ideal for long-term buy-and-hold investors who require no access to their cryptocurrencies. Some store the devices in secure bank vaults for increased security. There have been several high-profile cases of investors losing the small storage devices, which are the size of flash drives.
Cryptocurrency Portfolio Trackers - An Essential Tool for Cold Wallet Owners
Since assets in a cold wallet remain offline, most investors who keep cryptocurrencies in cold storage use portfolio trackers to monitor their balances. Crypto Pro and Delta rank among the most trusted and user-friendly options. Both are available as mobile apps.
Cryptocurrency Trading Apps - Where it All Comes Together
For traders, the best cryptocurrency app is often the one provided by their Forex broker. Funding and trading remain hassle-free, security and protection of funds are excellent, and traders never have to worry about storage, private keys, or hacks. Those are reasons why most traders should consider trading cryptocurrency CFDs through a trusted Forex broker.
Choosing a Crypto Wallet
Crypto investors need a wallet to store their cryptocurrency holdings securely. They may opt for a hot or cold wallet. A hot wallet stores assets on a secure server and is ideal for individuals who require access to their assets at very short notice. The drawback is the vulnerability to hacks, with at least $13 billion of crypto being hacked to date. Traders can avoid this risk by trading cryptocurrency CFDs via their Forex broker, as they never transact the physical asset but get 100% exposure to price action.
Some hot wallets are browser extensions with support for a specific cryptocurrency or blockchain. Others are available via websites, as a mobile app, or as a desktop application. Those stored on a public server are the most vulnerable and least secure. In this category Exodus presents a technical setup which gives it an advantage as a secure desktop alternative. It recently launched a mobile app, and unlike most wallets, it does not store private keys on its server. Exodus supports a wide selection of cryptocurrencies, and I found its user interface very easy to use.
Long-term investors must opt for a cold wallet, with many opting for Ledger and Trezor, with KeepKey an option for investors on a budget. Cryptocurrencies remain offline, inaccessible by hackers, but also unavailable for day-to-day usage. Investors only use them when adding to their holdings and often keep them in secure locations, personal saves, or bank vaults.
Many investors who use cold wallets also use a portfolio tracker to monitor their value. Portfolio trackers allow investors to make portfolio decisions without accessing their assets in cold storage. Crypto Pro is among the most popular portfolio trackers, which does not track users, per its claim, maintaining the privacy cryptocurrency promises. Another choice is Delta, and both apps provide portfolio coverage for assets other than crypto, adding to their popularity.
The Best Crypto Lending Platforms
The rise of cryptocurrencies created decentralized finance, promising to make financial products accessible, open, and free to all. One central part of this ecosystem is cryptocurrency lending. Owners of cryptocurrencies can earn double-digit returns annually by lending them out for a return. Blockchain technology makes credit checks obsolete, and lenders can earn cash on their assets, which many reinvest to increase their cash flow. Borrowers must pay higher interest rates versus bank loans. To many, it remains the only choice to get the necessary funding. Audited cryptocurrency holdings back loans with smart contracts on blockchains handling logistics. Interest rates available to lenders often resemble those levied by banks before the global financial crisis, which paved the way for cryptocurrencies.
BlockFi presents one of the best-centralized lending options. It is the largest cryptocurrency exchange globally and caters to the entire cryptocurrency sector. My favorite decentralized lending platform is Aave, as it has the strongest security protocol I have seen in this area.
How to Evaluate the Best Apps for Cryptocurrency
When evaluating which crypto app to use, although needs of individuals will differ, a list of constant criteria should read as follows:
High-Level Security
Cryptocurrencies and the underlying blockchain technology are generally decentralized. While this has many benefits, it also attracts cybercriminals. Since transactions are challenging to trace, mistakes in sending funds or hacks remain irreversible. One way to lower risks is via two-factor authentication and to ensure back-end encryption of private keys.
Asset Availability
Not all crypto apps feature a broad asset coverage, while some focus on the most popular ones. The more assets an app covers, the less likely traders will require multiple apps to manage they cryptocurrency portfolios.
Reliable Streaming Data
Traders must also have a reliable data stream as cryptocurrencies are volatile. They can rally or plunge double digits in a heartbeat. Having access to quality data and trade execution, like that provided by leading Forex brokers, remains paramount. It is always wise to double-check the provided data against trusted sources. The data must also be real-time and not delayed. The nature of fast-moving price action makes low latency connections paramount for traders.
Deep Liquidity
Real-time data is not sufficient on its own, and traders should use crypto apps offering deep liquidity. This will likely ensure trade execution at realistic desired prices, even during volatile moves. Price charts of the most traded cryptocurrencies should be mostly free of any price gaps, which would suggest a liquidity problem if occurring frequently.
Value-Added Services
The best cryptocurrency apps will offer traders value-added services such as crypto exchange services, multiple wallet support, educational content, market research and trading recommendations, demo accounts, and push notifications. Some of the best provide APIs, allowing traders to connect sophisticated solutions to the infrastructure and execute algorithmic trading solutions.
Final Thoughts
The huge surge in popularity of cryptocurrencies starting in 2017, and the dramatic price movements which have been seen in the market, have created an explosion in choices of cryptocurrency apps. This means that although there are many good products available, you should filter out hype and look carefully at what is on offer. Cryptocurrencies can be hard to understand technically so many consumers get dazzled by jargon and incur higher costs than they really need to. On the other hand, as cryptocurrencies are virtual assets unlike Forex, security is too often overlooked, and unsafe storage can be a life-changing mistake.
Traders and investors must recognize they have different needs. Traders should be looking at cryptocurrency apps that provide fast execution, reliable withdrawal of profits, and competitive trading fees. Investors will be looking mainly for highly secure storage. Both traders and investors can benefit from informative apps that provide high-quality research and other supporting data. Those new to cryptocurrency will be looking for good and realistic education.
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