Some Of The Best Cryptocurrency Trading Apps For Beginners

To many, cryptocurrency trading is an opportunity to generate a passive income. Others may consider it as an alternative investment to mainstream traditional forms of investment. Taking this into consideration, it is no wonder that the number of speculative traders is growing by the day. Especially since Bitcoin (BTC) skyrocketed to $63,000 in April 2021.

There are two main ways to trade cryptos. The first method is through a mobile app, and the second method is via desktop apps. The latter option is the more popular option for advanced crypto traders.

Anyone can take part in crypto trading, whether it be individual users, groups, established funds, companies or institutions, and it is a professional undertaking that is definitely worth considering.

The best crypto applications allow users to instantly deposit fiat with minimal fees, deposit fiat in the application through multiple payment methods, trade crypto at zero or very little fees, as well as withdraw crypto at zero or very little fees.

These apps also allow users to take part in other crypto investment opportunities such as mining and staking, and have integrated custody for institutions.

Lastly, good apps also allow users to track prices in real-time, set real-time alerts, and do advanced charting to aid in the trading decision making process, all with the intention of increasing a trader’s profitability.

The Importance of Understanding the Different Types of Income

Understanding the different types of income can help you make informed decisions, explore investment opportunities and plan for a financially stable future.

If you’re interested in exploring alternative ways to make money over an extended period of time, understanding the different types of income can help you reach your goals. It’s important to review the tax rates and timelines of passive and portfolio streams of income so you can make long-term decisions with confidence and clarity.

The 3 Types of Income

Active Income

If you have a job and receive a paycheck for the work that you do there, then you have an active income, also called an earned income. With this type of income, you basically exchange time and energy for money. Active income includes payment in the form of wages, salaries, tips and commissions.

Portfolio Income

Portfolio income comes from investments such as dividends, interest, royalties and capital gains. For example, you might buy stock in a corporation at a low price and sell your shares for profit when they increase in value.

This would be considered a capital gain and fall in the category of portfolio income. Many people use portfolio income to save for retirement or generate extra money for large purchases.

Passive Income

Passive income is money earned from a rental property, limited partnership or other business in which you’re not actively involved. For example, if you invest in a business without participating in its development, you’d be considered a silent investor receiving passive income.

Passive income streams typically require an upfront investment and time to grow and maintain profit. However, investments like these can provide you with a regular stream of income in the future with little to no effort on your part.

How To Trade Cryptos

Research the Different Trading Apps

Different apps will include varying features such as fiat and crypto deposits, instant deposit, peer-to-peer trading, fees and commissions, order books, support for credit card and other payment methods, as well as verification procedures. It is advisable to join and create a wallet with the app that seems to have the features that you need most.

Deposit Your Cash

You can either deposit your cash from your banking app, credit card, VISA, Web Money, etc. Just make sure that the app that you are going with offers support for the deposit method that you are most comfortable with. Some of the best apps to buy crypto in the market allow instant deposits. Some apps will take days while others will be automatic.

Place Orders

Different crypto apps allow you to trade with others on a peer-to-peer basis. Identify a peer to trade with and take their market orders or place your market maker orders from them to take. A good crypto trading app should also allow you to place market maker orders to reduce trading fees.

Some platforms will implement a centralized order book that the order is then executed in. All that you will have to do here is simply click on the buy button, select which crypto you want to buy, and specify the quantity of the selected crypto that you want to purchase.

You can place different types of orders on crypto exchanges, including instant market, limit, stop loss, maker only, immediate or cancel, reduce only, or edit orders.

Once the order has gone through, the crypto will then be deposited in your wallet. At this stage, you can then either withdraw, save, stake, or send the crypto to a friend from your wallet. As mentioned earlier in this article, the best apps will allow you to take part in other forms of crypto investing.

What Is The Best App For Crypto Trading?

Some of the best apps for crypto trading include Cash App, Gemini, Crypto Pro, Block Fi, Binance, Kraken, Coinbase, Robinhood, and a few others. There are thousands of apps that you can choose from when it comes to crypto trading, but the best apps are normally the ones with the lowest fees and the highest amount of security.

Another neat feature of the best crypto trading apps in the market is that they usually offer tight spreads and an array of payment methods. Beginners will also enjoy applications that enable fiat trading.

Is Crypto Trading Profitable?

Whether or not crypto trading is profitable will be dependent on the trader and how they react to the changing market conditions. The majority of the profitable trading on crypto trading apps relies on price speculation and a bit of it on providing services. You will have to research properly to know.

Crypto trading apps that allow you to reduce fees are best for profitable crypto trading. Once again, tight spreads and huge liquidity are favorable features.

Can Bitcoin Make You Rich?

Yes and No. Bitcoin has made many people rich, but it needs a long-term investment approach and a basic knowledge in markets and price movement. People who invested in Bitcoin four years ago when it was trading at $6,000 have yielded a significant return on investment (ROI).

However, it depends on price movements. Keep in mind that it is also possible to make a loss from investing in cryptos. There will need to be some speculation involved in your crypto trading process.

Best Crypto Trading Apps

Pionex

When it comes to auto trading crypto, it is difficult to find an app that functions as seamlessly as Pionex. This is a cross platform app that is equipped with 16 free in-built trading bots that facilitate auto trading. Pionex has also earned a reputation for being one of the safest crypto apps on the market.

It aggregates liquidity near ticker prices from mainstream platforms such as Binance and Huobi. As a matter of fact, Pionex is one of the biggest brokers on Binance and market makers Huobi.

Pionex also possesses a highly revered MSB license by FinCen. ANother thing that makes Pionex worth trying is the trading fee that it charges – which is extremely low in comparison with other crypto exchanges.

Bitstamp

Launched in 2011, Bitstamp is one of the oldest crypto trading platforms in the market, and offers a web-based platform as well as mobile iOS and Android trading apps for on-the-go trading of cryptos.

The app lets you trade, send, receive, invest, and hold 50+ crypto assets including the market leaders Bitcoin and Ethereum. Furthermore, the app is useful for beginner and advanced crypto traders alike.

With the app, users can purchase crypto using a debit or credit card, bank wire, SEPA, and other methods. Additionally, users can withdraw cryptos to their bank accounts. The app will also let you to simply send crypto by scanning a QR code. This app is easy to use and has already proven itself to millions of traders from all over the world.

NAGA

The NAGA trading platform is an innovative auto copy trading feature that lets users copy expert traders without the hassle of creating a trading strategy themselves.

From your account, you can get access to traders’ leaderboards that show the profits that they have made in their trading accounts. These leaderboards are organized by the day, week, month, and all time. NAGA also offers a high trading leverage of up to 1,000x, which is more than many other trading brokers would.

The platform lets you trade over 40 cryptos including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin. You are also able to save 50% in trading fees when using the NAGA Coin (NGC). The platform also allows sending, receiving, and holding crypto from smartphones.

Crypto.com

Crypto.com can be used on web or mobile (iOS and Android) trading platforms, and it is one of the ebay crypto trading apps. This is because you can connect an account with a Crypto.com

credit card, allowing you to spend the crypto in your account easily.

The Visa card, for instance, enables you to convert any crypto to cash easily and spend on thousands of merchant stores globally. You can also seamlessly withdraw money from any ATM around the globe.

With Crypto.com, you can instantly purchase crypto with a credit or debit card, and can swap crypto or trade it actively on the spot market. This app also makes it to the list of the best crypto trading apps because it supports in-app derivatives trading. This means that you can leverage margin trading up to 10x for spot or derivatives trading needs.

Lastly, the app also allows you to pay and get paid for goods and services using crypto.

Binance

Binance is one of the largest crypto exchanges in the market when it comes to trading volume, and the platform has high levels of liquidity. The platform also offers basic features such as sending and receiving crypto.

Using either the web-based or mobile Binance app, users can also take part in other DeFi options such as staking and investing. The platform comes with a normal version, which is a paid pro, and a Binance Lite version. Furthermore, Binance US adheres to US trade regulations.

Other features included in Binance are the availability of more than 500 cryptos and tokens that can be traded with crypto-to-crypto trading paris. Users can also enjoy lower trading fees when trading with the platform’s native token, Binance Coin (BNB).

Bybit

Bybit is a crypto exchange and trading platform that is smart and intuitive. It provides real-time market data as well as competitive market depth and liquidity. Users can enjoy the maximum protection of their assets and can even store them offline. It can provide multilingual support 24×7, and Bybit’s mobile app is available for iOS and Android devices.

Some of the other features of Bybit are its spot trading product facilities that lets you buy and sell crypto at the best possible rate with competitive market liquidity. Whether you are a veteran crypto trader or are just starting out, you will enjoy what Bybit has to offer. There is also support for around 59 fiat currencies included in the platform.

CoinSmart

With CoinSmart, you can buy crypto using credit cards, SEPA, wire transfers, e-transfers, and direct crypto deposits, but you can also trade them on the spot market. Unfortunately, CoinSmart does not include a derivatives market.

The exchange offers support for less than 20 cryptos with limited advanced orders, mainly limit and stop-loss orders. This platform is most preferable when purchasing crypto with fiat and swapping cryptos with each other.

It is the most convenient way to cash out crypto without a crypto Visa card. All you will need to do is swap the deposited crypto for Bitcoin and leverage guaranteed same-day fiat withdrawal payouts via a bank account.

Coinmama

Coinmama would probably suit this list because it allows users to trade with much more available payment methods than most other apps on this list. You are able to purchase crypto using either your bank account, VISA, SEPA, MasterCard, APple Pay, Google Pay, and Skrill.

While some methods like bank transfers will take up to 3 days, credit and debit cards are instant crypto purchasing options.

For those that want to convert crypto to cash, you would first have to convert other cons to Bitcoins and use the exchange to withdraw via a bank. Otherwise, only Bitcoin is supported for selling to fiat via bank accounts.

Another drawback with Coinmama is that it is not available on Android or iOS operating systems, and can only be used on the website.

Kraken

Kraken is one of the most reliable exchanges for fiat to crypto trading, and many people trust that exchange as it is one of the oldest and most secure crypto exchanges. Founded in 2011, the exchange offers other crypto investment options such as staking for rewards, margin and futures trading and savings.

As a centralized exchange, it runs a centralized order book in which users can place maker orders and take orders at the market or limit order prices. Some of the fiat currencies supported on the platform are USD, the Canadian Dollar, Euro, and GBP, which can all be converted into crypto.

Traders can access the platform through Android and iOS, or can make use of the web-based portal.

Cash App

Square Inc.’s Cash App allows users to transact, send, receive, bank, and invest in cryptos on a peer-to-peer platform. The platform now has more than 36 million users and is considered a safe crypto app. The app is also ranked as the best in the iOS finance category.

Cash App supports sending a limit of only $1,000 within 30 days. You can also increase the limits after you have completed some verification on your account. This includes submitting your social security number, name, birthday, and other details. So it may be best to do some budgeting in order to stay within the platform’s limits.