10 Best Cryptocurrency Apps of July 2023

Cryptocurrency apps are convenient tools for buying, selling and storing your crypto. However, there are numerous options, and each app has its own set of pros and cons. Keep reading to learn about the best cryptocurrency apps of July 2023.

Read: 3 Things You Must Do When Your Savings Reach $50,000

10 Best Cryptocurrency Apps

Here is a glance at 10 of the best cryptocurrency apps available today.

1. Coinbase

2. Crypto.com 

3. Gemini

4. Uphold

5. eToro

6. SoFi

7. Kraken

8. Binance 

9. Robinhood 

10. Bitstamp

Keep reading to learn more about these apps, their pros and cons and what sets them apart.

1. Coinbase

One of the most popular options, Coinbase makes this list for its ease. The platform is full-featured enough to work for beginners and offers Advanced Trade for more experienced users.

Because of its user-friendly interface, the Coinbase app is excellent for people who are newer to crypto trading. Coinbase offers low trading minimums and a wide range of education on crypto. It also offers a more advanced platform called Coinbase Pro, aimed at those who want more analytics and trading tools.

Pros

• Free linked Coinbase Card earns cryptocurrency rewards

• Free tokens for learning and taking quizzes on crypto

Cons

• Only mainstream currencies, albeit over 200 of them, available

• Fees can be steep, pricing structure lacks transparency

2. Crypto.com

Crypto.com is ideal for large-scale crypto traders. With a wide range of options available, Crypto.com is becoming a fast-growing network. Fees are assessed on volume, which is convenient for high-volume traders.

Pros

• Relatively low trading fees

• 250+ assets available in the U.S.

Cons

• App download required for the best experience

• Fees for every withdrawal

3. Gemini

Gemini is another of the best crypto apps thanks to its robust platform for beginners and advanced traders alike. Plus, it offers its own hot wallet if you don’t mind storing your tokens online.

Gemini places a big emphasis on keeping your investment safe and provides hardware keys to secure your account. Its hot wallet is backed by digital-asset insurance to keep your investment secure. Plus, it’s the first cryptocurrency exchange to become SOC 1 Type 2 and SOC 2 Type 2 compliant.

Pros

• Allows staking

• Crypto rewards for using the Gemini credit card

Cons

• Only about 100 cryptocurrencies available

• No phone support

4. Uphold

Uphold offers over 250 cryptocurrencies to trade. It doesn’t have the biggest variety of crypto, but it features all the major tokens a new trader may be interested in. Uphold’s user-friendly and straightforward platform is best for beginner-to-intermediate crypto investors.

You can set up recurring limit orders through the AutoPilot option, or use the platform to invest a fixed amount at your chosen time intervals. This strategy is called dollar-cost averaging, and it helps to reduce some of the volatility associated with crypto trading. Plus, you can stake select currencies to earn as much as 16% in rewards.

Pros

• Easy-to-navigate online and mobile app platforms

• No trading commissions

Cons

• Fixed transaction fee for trades under $500

• Staking rewards subject to a 3% to 34% commission, reflected in displayed annual percentage yield estimate

• Support limited to an online form

5. eToro

EToro is known for social investing, a way to learn more about how others trade by viewing what more experienced investors buy and sell. A crypto exchange with a similar concept is now available, making it possible to copy others’ strategies — or follow your own. Etoro offers over 75 cryptocurrencies and thousands of stocks and exchange-traded funds.

The platform is geared toward newer investors, with plenty of learning resources and the mentioned ability to copy what more experienced traders do. To help new traders, eToro even offers a $100,000 virtual account that you can use for practice. Advanced traders may also find the features they need, including advanced charts and tools.

Pros

• View and copy trades from more experienced users using CopyTrader

• Crypto wallet has “unlosable” security key to secure account

Cons

• CopyTrader not recommended for beginners

• 1% fee on all transactions plus spread costs

6. SoFi

SoFi is best known for banking and loans but also offers a basic crypto-trading platform. It’s fairly limited, offering only 22 of the most-recognized tokens. However, beginners interested in trading with a recognized financial institution could find the small number of crypto options acceptable.

SoFi’s crypto structure is on the pricier side but fairly straightforward. There’s a 1.25% markup fee on transactions. Trading volume is limited to $100,000 per day, making it a good choice for getting started with crypto. However, it’s not well-equipped for more advanced traders.

Pros

• Up to $100 in bitcoin for signing up

• User-friendly app

Cons

• Only 22 coins available

• Larger-than-average $10 minimum purchase

7. Kraken

Kraken, which has been around since 2011, is one of the older crypto apps available. Kraken’s platform is a good option for new users, featuring a user-friendly mobile and online experience.

Advanced traders can take advantage of the basics plus margin accounts on one platform. Signing up for Kraken Pro can save frequent buyers and sellers money on transactions. Pro-trade fees are based on monthly volume with a 0.16% maker fee or 0.26% taker fee on the first $50,000 and dropping for higher volumes.

Fees can add up for basic users, with 2% on NFT transactions, fees on certain deposits and payment processing fees when you use a credit card, debit card or digital wallet. Margin fees are extra — 0.015% to 0.02% — when you open a position and each time it rolls over in four-hour increments.

Pros

• Among the best crypto apps for advanced traders

• Live chat and phone support available

Cons

• Lots of fees, some disclosed only before transactions are submitted

8. Binance

Binance offers a diverse set of cryptocurrencies for trading and a rich set of features that can appeal to both novice and experienced traders.

The Binance platform is known for its low trading fees, which start at 0.1% and can be even lower if you use the Binance Coin (BNB) to pay. For users seeking an enhanced experience, Binance has advanced charting tools and a wide range of indicators for in-depth market analysis.

Pros

• Wide range of cryptocurrencies and trading pairs

• Low trading fees and further reductions when using Binance Coin (BNB)

• Feature-rich platform with advanced tools

Cons

• The extensive array of features may be overwhelming for beginners

• No phone support available

9. Robinhood

Robinhood, established in 2013, is well-known for its commission-free trading that extends to cryptocurrency trading as well. This platform initially gained popularity as a stock trading app but expanded its offerings to include cryptocurrencies.

Is Robinhood good for crypto? The simplicity and ease of use make Robinhood an attractive option for newcomers. However, it is worth mentioning that Robinhood’s cryptocurrency offerings are relatively limited compared to specialized cryptocurrency exchanges. Robinhood can be a great option for users who want to trade stocks and buy popular cryptocurrencies like bitcoin and ethereum in one app.

Pros

• Commission-free cryptocurrency trading

• User-friendly platform ideal for beginners

• Provides access to both stock and cryptocurrency markets

Cons

• Limited selection of cryptocurrencies

• Limited features for advanced traders

10. Bitstamp

Bitstamp has been in the cryptocurrency space since 2011, making it one of the longest-standing exchanges. It’s widely recognized for its reliability and has built a reputation for being a safe and trustworthy platform for trading a range of cryptocurrencies.

Bitstamp has a transparent fee structure, fees start at 0.4% and decrease for higher volumes. It supports both fiat-to-crypto and crypto-to-crypto trades, and allows for deposits through bank transfers and credit or debit cards.

The platform caters to both novice and advanced traders, offering basic buy and sell options for newcomers and a range of advanced trading features and charting tools for more experienced traders.

Pros

• Long-standing reputation and reliability

• Transparent fee structure

• Supports fiat-to-crypto transactions and multiple payment methods

Cons

• Relatively high trading fees for low-volume traders

• Limited range of cryptocurrencies compared to other major exchanges

How To Choose a Cryptocurrency Platform

While choosing a crypto exchange, you should look for factors like security, ease of use, liquidity, tokens availability, trading fees and insurance availability. Based on your specific needs, conduct thorough research before choosing the best crypto app for you.

Final Take

Since there are many crypto exchanges available, you have to figure out which features are important for you. Beginner investors and professional traders have different needs, which is why you should make your choice carefully. Compare your options and consider the fees and availability before making a decision.

FAQ

Here are answers to some commonly asked questions about the best cryptocurrency apps and exchanges.

• How legitimate is Coinbase?

  • The Coinbase app is one of the safest crypto apps because it is a publicly-traded company, which means it has to satisfy its stakeholders to remain profitable.

• What's the best cryptocurrency app to use?

  • Because of its ease of use and security, Coinbase is one of the best crypto apps.

• What is the best crypto exchange for beginners?

  • Binance, eToro and Coinbase are great cryptocurrency apps for beginners due to their ease of use and educational materials.

• Is it safe to use Coinbase?

  • All crypto apps have advanced underlying security mechanisms, which makes them as safe as possible for users. However, it's still important to keep an eye out for scams and store your crypto safely when you're not actively trading.

• What's the difference between a cryptocurrency exchange and a broker?

  • A broker acts as an intermediary between the market and the traders, while crypto exchanges facilitate crypto transactions by mediating among traders.

• What are the costs to buy cryptocurrency?

  • Most crypto exchanges charge around 0% to 1.5% per trade, which means for every $1,000 you spend for crypto investment, you will end up paying up to $15 extra.

• Are cryptocurrencies legitimate?

  • Cryptocurrencies are legal in the U.S. However, most businesses do not yet accept crypto as a means of payment.

• Is Coinbase a good app for beginners?

  • Yes, Coinbase is considered a good app for beginners. Its user-friendly interface makes it easy for those who are new to cryptocurrency to navigate and understand.

Suchetana Bhattacharyea, Chris Ozarowski and Daria Uhlig contributed to the reporting for this article.

Information is accurate as of July 3, 2023.

This article originally appeared on GOBankingRates.com: 10 Best Cryptocurrency Apps of July 2023