Top cryptocurrency applications for novice users in 2024
Uncover some top-notch cryptocurrency apps ideal for beginners, such as Binance, Bybit, eToro, Coinbase, and Kraken.
When it comes to crypto, selecting the right platform to kickstart your digital asset journey is of utmost importance. Many beginners often wonder, what are the finest crypto apps for novices?
This article will shed light on this matter by examining some of the premier beginner crypto apps available in the market. These platforms not only offer user-friendly interfaces and low fees but also robust security measures, ensuring a seamless and secure trading experience for novice crypto investors.
Table of Contents
Binance
ByBit
eToro
Coinbase
Kraken
Comparing the best crypto investment apps for beginners
Features to consider in crypto apps
Binance
Binance app interface | Source: Binance.com
Our quest for the top cryptocurrency apps for beginners commences with Binance. This crypto trading platform is statistically the largest in terms of trading volume. CoinMarketCap’s latest data reveals that Binance has the highest average number of weekly visitors.
According to a recent report by Coingecko, Binance captured a market activity share of 49.7% among centralized exchanges in March, with spot trading volumes exceeding $1.1 trillion within the month.
The platform offers an app available on Android and iOS, accessible to users in most countries worldwide.
However, the company has suspended its services in Canada and the UK due to regulatory challenges. Its American operation, Binance. U.S., also provides a more limited range of cryptocurrencies for trading compared to the international version.
The platform boasts a user-friendly interface, a section called “Binance Square” to educate beginners about crypto, and a pro version for experienced traders. However, users must undergo a know your customer (KYC) verification process to utilize the crypto exchange. The platform also employs a two-factor authentication security measure (2FA) to safeguard funds.
Binance’s exchange rates and fees start as low as 0.1% on spot transactions. Additionally, users can swap between over 500 cryptocurrencies at no cost.
Furthermore, they offer promotions where investors can buy, sell, and trade Bitcoin (BTC) without fees. New users are also eligible for trading rebate fee vouchers, which can be used to reduce trading fees.
Pros
Access to over 500 crypto tokens
Free token swapping
Minimal spot trading fees
Established and robust NFT marketplace
Copy trading
Supports margin and futures trading
Cons
Restricted in certain countries.
ByBit
ByBit is another excellent crypto trading app for beginners. The platform offers a variety of trading options and around 150 derivatives contracts. According to Coingecko statistics, ByBit supports over 460 coins and 551 trading pairs, with 24-hour trading volumes reaching as high as $3.2 trillion.
Bybit app interface | Source: Bybit.com
The exchange charges fees as low as 0.1% on spot trades, with even lower fees for higher VIP levels, which increase as users engage in more trades on ByBit.
Although the crypto exchange implements KYC, it is not mandatory and depends on the features a user wishes to access and their jurisdiction. Similar to Binance, ByBit also utilizes 2FA for its clients.
The app’s user interface is relatively easy to navigate for beginners looking to familiarize themselves with crypto trading. ByBit also offers features such as buying and selling crypto through certain decentralized finance (defi) activities like crypto mining and yield farming, among others.
Moreover, it provides copy trading, a valuable tool for beginners. Copy trading allows investors to trade by following the trading patterns of expert traders.
The crypto trading app supports various methods of depositing fiat and crypto, including wallet transfers, inter-exchange transfers, fiat gateway services, payment cards, and OTC trading services for those looking to deposit large amounts of fiat and crypto.
Pros
Features a learning platform for beginners
Available on both iOS and Android
Allows trading of selected coins and earning APY
Built-in wallet and NFT backup available
Cons
User experience may be cumbersome for beginners
Restricted in certain countries.
eToro
When it comes to trading apps for beginners, eToro is another option worth considering. It offers an investor-friendly interface and a range of high-quality trading alternatives. It is also suitable for social trading and serves as a traditional finance trading app for those interested in stocks, shares, exchange-traded funds (ETF), and bond markets.
eToro app interface | Source: eToro.com
Available on Android and iOS, the eToro app is designed to minimize confusion. It features tabs for checking your portfolio, exploring new investments, and a graph to help you stay updated on market trends.
The platform also has a separate complimentary app called eToro Money, exclusively available on mobile, which offers instant deposits and withdrawals with no foreign exchange fees on all deposits.
According to Coingecko, the crypto trading platform offers investors over 100 crypto and NFT assets as investment options. Like Binance, the platform also has an “education” tab where newcomers to crypto can learn about the industry.
The exchange charges approximately 1% in trading fees for listed assets and 2% on withdrawals from the in-app investment platforms back to the eToro wallet. Similar to ByBit, eToro also facilitates novice traders in following the trends of experts through copy trading.
To comply with regulatory laws and enhance security, eToro users are required to undergo KYC procedures. 2FA security measures are also in place to protect users’ funds.
eToro offers users multiple ways to deposit both fiat and crypto, including bank transfers, debit and credit cards, online payment platforms like PayPal, and direct crypto deposits to the eToro wallet.
Pros
Over 3,000 tradable traditional assets and 100+ crypto and NFT assets
One percent fee for crypto purchases
Copy trading
User-friendly interface
Impressive mobile interface
Social and investor-oriented
Cons
Limited technical analysis tools for intra-day crypto traders
Limited staking options (only supports staking for Tron and Cardano)
Charges a 10% fee for dormant accounts with no logins for 12 months.
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Coinbase
Coinbase caters to altcoin traders who require extensive fiat currency support. The platform offers several features suitable for all levels of trading expertise, a beginner-friendly interface, and learning materials for new crypto investors. In fact, Coinbase allows learners to receive free crypto to participate in online courses and familiarize themselves with blockchain.
Coinbase app interface | Source: Coinbase.com
Its crypto trading platform supports over 240 cryptocurrencies, including popular ones like Bitcoin, Ethereum (ETH), and Dogecoin (DOGE). Regarding trading fees, the crypto investment app charges approximately 0.5-4.5% for spot trades, depending on the transaction amount. The platform also provides a reliable crypto wallet for beginners.
To utilize the app’s services, users must undergo a KYC verification process where they provide personal information such as full names, government-issued IDs, or passports. Like other popular crypto apps, Coinbase implements 2FA.
The crypto trading app accepts various payment methods for purchasing cryptocurrencies, including PayPal (only available in the U.S.), bank account transfers (also limited to the U.S.), and credit/debit card deposits.
Pros
Publicly listed on U.S. stock exchanges
Separate apps for purchasing and trading crypto
Earn crypto by taking learning courses
Cons
Additional spot trading fees
Limited trading features for professional investors
Kraken
Kraken allows trading on over 230 cryptocurrencies, including popular ones like Bitcoin and Ethereum, as well as defi coins like Uniswap (UNI) and Chainlink (CHAIN). Through the Kraken app, investors can conduct quick and fee-free transactions directly from the application, avoiding additional fees for regular transfers. Furthermore, spot trading fees within the app range from 0-0.26% for listed coins.
Kraken app interface | Source: Kraken.com
Like most popular crypto exchanges, Kraken also implements KYC procedures to comply with regulatory requirements and enhance security across its platform, along with 2FA for user fund protection.
The exchange offers 24/7 customer support and various learning materials to help new investors familiarize themselves with the platform.
Pros
Quick and fee-free transactions
Round-the-clock customer support
Provides proof of its funds
Excellent learning resources
Cons
Limited availability of accessible cryptocurrencies compared to other trading apps.
Comparing the best crypto investment apps for beginners
Crypto App
Listed Tokens
Spot Trading Fees
Number of Countries Accepted
Android and iOS Support
KYC
Binance
500+
0.1%
180+
Both
Yes
Bybit
460+
0.1%
Undisclosed
Both
Yes, but not for all features
eToro
100+
1%
140+
Both
Yes
Coinbase
240+
0.5- 4.5%
100+
Both
Yes
Kraken
230+
0-0.26%
190+
Both
Yes
Features to consider in crypto apps
When searching for a crypto app to use as a new investor, there are several parameters you should not compromise on because in crypto, a simple mistake can result in the loss of all your funds.
Here are some factors to consider when looking for the best app to buy crypto for beginners.
Security
The crypto industry, with its increasing popularity and widespread adoption, poses numerous risks for beginners. Therefore, it is crucial to carefully choose where you place your funds. If a crypto app does not offer multiple security measures, such as 2FA, or fails to comply with regulatory requirements, it is not advisable to make investments through such platforms.
Number of listed coins
Good crypto trading apps for beginners should offer a wide selection of coins. However, as certain cryptocurrencies face regulatory uncertainties, it is important to research and determine the legality of transactions in your region before proceeding.
User-friendliness
The convenience of an app largely depends on its user-friendly interface, especially for beginners. Crypto can be complex, so it would be unreasonable to burden crypto newcomers with complicated app interfaces.
Efficient support
A good crypto investment app should provide round-the-clock support to assist users in addressing any issues they encounter. Beginners require a reliable customer service team to answer various questions, such as how to deposit or withdraw funds. Opting for a crypto trading app with excellent support is always a wise choice.
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