If you’re a cryptocurrency beginner considering investing in a digital currency, you’ll need to know the best platforms for buying and holding coins. While you may be wary about scams and safety, it’s never been easier to purchase and trade crypto securely.
We’ve looked at many cryptocurrency apps, exchanges, and platforms, to whittle down our top picks for beginners.
The Best Crypto Apps for Beginners
Here, we share the 5 best cryptocurrency apps for beginner investors (in no particular order). Regardless of whether you wish to invest and hold your digital assets over a long period of time or are simply contemplating a small investment to see how crypto works, these platforms allow you to easily build your portfolio.
Block-Fi is an exchange which allows you to buy, sell, and trade digital coins. You can also earn interest on cryptocurrencies you hold. You can receive up to 7.5% interest each year on your crypto by opening a Block-Fi Interest Account. While this amount varies between currencies, it’s added daily so you could potentially make extra money on your investment. Plus, you can borrow up to 50% of your cryptocurrency value which you don’t have to pay taxes on as long as it’s paid back.
Pros: No commission fees or minimum deposits. Block-Fi protects their customers by following US law and financial regulations.
Cons: Only one free withdrawal can be made on crypto each month. Additionally, it works best for those who have some knowledge of cryptocurrencies.
Well-known as one of the best cryptocurrency apps thanks to its easy-to-use interface, Coinbase is fully regulated and licensed. Coinbase is also designed for beginners so it’s simple to understand and you can see your balance as soon as you log in.
There are over 40 cryptocurrencies to purchase and trade, including Bitcoin, Ethereum, Dogecoin, Litecoin, and more. You can manage all your investments in one place, protected by Coinbase’s insurance policy.
Pros: Good overall platform and user experience. Also, you only need to purchase a minimum of $2 worth of digital currency.
Cons: Potentially high fees depending on your purchase. You need to use Coinbase Pro to receive lower fees.
Robinhood combines cryptocurrencies with traditional stock trading. This zero-commission platform enables you to buy and sell 7 cryptocurrencies, including Bitcoin, Litecoin, Dogecoin, and Ethereum.
Digital coins have to be kept in Robinhood and you can only move your investment out of the platform by selling it for cash. However, the app is very simple to use so it’s ideal for cryptocurrency beginners. There is also a Cash Management feature to help people gain more interest on uninvested cash.
Pros: User-friendly. Great if you want to dip your toe into the world of cryptocurrency by investing small amounts. Additionally, there is also no minimum amount to invest.
Cons: You’re unable to invest via an Individual Retirement Account (IRA) and there are no joint accounts or mutual funds. Additionally, some of the features feel slightly limited. For instance, there are no educational resources. Customer support is said to be inadequate from many reviews online.
Cash App currently only offers Bitcoin. However, it’s one of the easiest platforms to use so if you’re thinking about buying this digital currency, this may be the best app for you. You can also buy shares of stocks via Cash App, making it a great platform for those who want to invest beyond crypto.
Furthermore, you can send money person-to-person, such as friends or family via your phone. You can simply send a payment request to another person to receive money or vice versa. Cash App has over 36 million active users.
Pros: Straightforward to get started with Bitcoin. You can buy and sell stocks. However, you’ll require at least $1 in your account.
Cons: Only Bitcoin is available to buy. There are fees on these purchases.
eToro offers over 12 cryptocurrencies. These include Litecoin, Stellar, Dash, Bitcoin, Ethereum, and more. You can trade cryptocurrencies with a minimum of $50 in your account. eToro boasts over 13 million users. However, it’s only available within 41 states in the U.S.
Unlike other platforms, eToro has social trading, meaning you can replicate the investments of other users. Additionally, users can have a demo account to practice investing.
Pros: Offers coins that are not on other platforms. Straightforward fees.
Cons: Some high fees which are normally between 0.75% and 2.9%. To copy a user, you need to have made a minimum deposit of $200. Although, all users can view millions of user profiles.
Consider These 5 Best Crypto Apps When Making an Investment
Our top picks for the best cryptocurrency apps for beginner investors will help you to make safe transactions, whether you plan on holding long-term or testing the waters for practice. Either way, these 5 apps are user-friendly, making them straightforward for beginners to try.