As the increase in cryptocurrency popularity continues to rise, more people than ever are starting to appreciate this investment. However, choosing the best cryptocurrency investment strategy can be overwhelming as a beginner with all of the options available.
But have no worry! We’ll provide you with the best cryptocurrency apps for beginners, discuss their capabilities, and help ease you into the cryptocurrency trading process.
Quicklook: Best Crypto Apps for Beginners
- CoinBase — Best Overall Option
- BlockFi — Best For Earning Interest
- BlockChain.com — Best for Beginners
- Gemini — Best For Varying Skill Levels
- eToro — Best For Following Leaders
- Webull — Best For Diverse Investment Options
Table of Contents
- Best Cyptocurrency Apps for Beginners
- What Is Cryptocurrency?
- How Does Cryptocurrency Work?
- What Are the Different Types of Crypto Trading Apps
- What Makes a Good Cryptocurrency App for Beginners?
- Find the Best Crypto App for Beginners
6 Best Cryptocurrency Apps for Beginners
What is the best crypto exchange for beginners? For beginners who are dipping their toes into the cryptocurrency waters, there are a handful of apps that can be beneficial to help along the way.
Below you will find the 6 best cryptocurrency apps that are easy to use and have high customer satisfaction.
Coinbase trades more than 50 cryptocurrencies, which is substantially more than other options on the list. Because of its extensive offering it’s no wonder that Coinbase is the largest trading platform in the United States.
And, as the leader in the crypto industry, Coinbase provides insurance for any hacks or theft on its site.
- Offers extensive option of cryptocurrencies
- Largest U.S. platform
- Low account minimums
- Insurance for hacks
- 50+ cryptocurrencies
- Higher fees
Fees Associated: 0.5% to 4.5%
Minimum Requirements: $2 minimum trade
Range of Securities: 56 cryptocurrencies
Ease of Use: Simple dashboard. Easy to set up. Coinbase makes buying and selling simple.
Instead of a slow-growth savings account, BlockFi offers investors a way to have compounding interest between 3% to 8.6% on cryptocurrencies.
Add in the fact that this app is incredibly easy to use, and you have a great option for beginners. All you have to do is deposit money into your account and start earning interest.
- Earn up to 8.6% APY with interest account
- No minimum deposits
- Compounding interest
- No commission fees
- No monthly fees
- Savings aren’t FDIC protected
- No joint accounts
- No custodial accounted
- Limited withdrawals from interest accounts
- Withdrawal fees
- Spread fees up to 1%
Minimum Requirements: $0
Range of Securities: 8 cryptocurrencies
Ease of Use: The user-friendly app has a quick sign up process. Enter your personal information and deposit funds and you’re ready to go.
BlockChain.com is one of the most popular cryptocurrency apps for beginners. It is user-friendly and supports a vast array of cryptocurrencies.
The ease of use allows beginners to easily store, manage, buy, and sell their cryptocurrencies. This app also has an interest earning account, where you can earn up to 12%.
- 62 million users
- Available in 21 languages in 180 countries
- Savings account with up to 12% APY
- No withdrawal or deposit fees
- Easy to use
- Limited trading pairs
- Verification process is time-consuming
- Limited support
Fees Associated: Transaction fees
Minimum Requirements: $100
Range of Securities: 5 cryptocurrencies
Ease of Use: Visit the BlockChain.com app and create a wallet by entering your email, password, and agreeing to Terms of Service. After you have set up your digital wallet, you can add your personal information to get started.
Gemini is the perfect solution for beginners looking for an easy platform to trade 40 cryptocurrencies. It was founded in the United States, but has since expanded globally into Asia and Europe.
Out of all the apps listed, it is one of the only ones that offers different platforms based on skill. New investors get the benefits of an easy to use mobile and web app, where more advanced traders have access to tools in the ActiveTrader interface.
- Platform options based on skill
- Easy to sign up and use
- Accommodates all skill levels
- Insurance protection from theft and hacking
- Charges commission and convenience fee
Fees Associated: Commission fees and convenience fees
Minimum Requirements: Dependent on type of cryptocurrency
Range of Securities: 40 cryptocurrencies
Ease of Use: Get started within minutes! The quick sign up process can have you active and ready to go in just a mere matter of minutes.
If you’re looking for a way to emulate successful traders then Etoro is the best platform for you. They provide users with a look at the data from successful traders to help guide your investing decision.
Add on the fact that they are a 0% commission platform and you have a fantastic option for beginner traders.
- Strategic data from successful data shared with users
- Low account minimums
- Social trading (match moves of popular traders)
- Easy to use platform
- Not available in all states
- High sell fees
Fees Associated: 0.75% to 5% trading fee
Minimum Requirements: $25
Range of Securities: 29 cryptocurrencies
Ease of Use: The easy to use web and mobile platforms make it easy for new traders to get started. Follow the leaders using social trading to match their moves.
Sign up with eToro here (eToro USA LLC; Virtual currencies are highly volatile. Your capital is at risk.)
WeBull offers both cryptocurrency investments and other investment vehicles, like stocks, options, and margins.
As one of the newer crypto apps, WeBull falls a little flat on providing beginning investors with the tools they need to get their footing, but they make up for it with the ability to diversify an investment portfolio all in one place.
- More that just cryptocurrency
- No out-of-pocket commissions
- Appeals to mobile-first casual investors
- Easy set up
- Weak educational content
Fees Associated: No trading fees
Minimum Requirements: $1
Range of Securities: 11 cryptocurrencies
Ease of Use: Designed for mobile-first users, Webull can get you up and running in less than a day. Sign up using their mobile app, fill out your personal information, then begin trading the most popular cryptos.
What Is Cryptocurrency?
Now that we have explored the best crypto apps, we’d be remiss if we did not provide more details on how crypto works for beginners. After all, having the best app is no help without understanding what cryptocurrency is and how it works.
A cryptocurrency is a type of digital currency. This currency can be used to pay for goods and services, and can be a lucrative investment opportunity. Most people are familiar with Bitcoin, but cryptocurrency goes far beyond just that one cryptocurrency offering.
How Does Cryptocurrency Work?
First, you need to exchange your real (tangible) currency, like the U.S. dollar, for digital currency. You do this by trading your USD for the cryptocurrency of your choosing through an exchange.
Cryptocurrency is different from real currency as there is no central authority that manages it, or to maintain the value of the crypto. It works using blockchain, a digital ledger that records transactions in code.
Think of it like a little checkbook that is spread across multiple computers throughout the world. Each transaction is recorded as a “block” and is then linked together. This “chain” has previous cryptocurrency transactions tracked as well.
What Are the Different Types of Crypto Trading Apps?
There are three tools that you can utilize when trading cryptocurrency: exchanges, wallets, and trackers. They each play a different part in the digital currency ecosystem.
A cryptocurrency exchange is an online platform where traders buy and sell cryptocurrency at fixed prices. It is a website or app that allows you to convert your “real” currency (USD) into cryptocurrency.
You can then convert crypto coins back into “real” currency when you’re ready to deposit funds into your bank account.
A cryptocurrency wallet is where you store your crypto coins. This software allows you to store your electronic currency in one place , since you cannot physically hold it.
The online storage has a private key that allows you to gain access to your coins and allows you to spend them. However, it’s important to note that if someone steals your private key they can gain access to your cryptocurrency and can steal what is within your wallet.
That is why security is paramount in your cryptocurrency wallet selection.
Last but not least, cryptocurrency trackers connect to a number of wallets and exchanges. They allow you to integrate all your cryptocurrency holdings in one location.
When traders can see all of their portfolio data on one screen, they are able to make a more educated decision on when/how to rebalance their portfolio and when to sell and take profits or hold.
What Makes a Good Cryptocurrency App for Beginners?
Crypto mining for beginners can be challenging, so before you begin it’s important to know what to look for in an app. Below you’ll find a list of the top features that you should look for.
The most important thing to look for when trading cryptocurrency is security. Digital currency is difficult to trace but not impossible to be hacked into.
Once a transaction is initiated it is impossible to get back. Because of this, cryptocurrency exchanges are an ideal market for hackers, scammers, and criminals.
Look for a cryptocurrency app that has security features like 2-factor authentication and back-end encryption. It might also be appealing to find an app that provides insurance in case of a security breach.
Good Customer Service
As a beginning cryptocurrency investor, you will feel more comfortable knowing that the app you select has customer support. While you should spend time learning about the ins and outs of cryptocurrency trading, like you’re doing right now, there might be a few speed bumps along the way.
If you come across them, it’s vital to have good customer service to help you straighten things out.
While a high fee structure shouldn’t immediately be a dealbreaker, it is something that you should consider based on your personal needs. Apps that make things as simple as possible with an extensive selection of crypto coins will likely have a higher fee structure.
Determine if this high fee is worth the trade off. As a new investor, having lower fees on an app with a smaller cryptocurrency selection might be a better fit, but this is a personal decision based on your desired investment decisions.
Access to Additional Resources
Understanding the ins and outs of cryptocurrency does not happen overnight. That is why it should be a priority to select an exchange that has educational resources to help you learn about the different terminology, technology, coins, and assets that you will be trading.
Range of Cryptocurrencies Offered
Do you have your heart set on trading a specific, possibly obscure, cryptocurrency? Some of the best crypto apps only have a handful of cryptocurrencies that are offered, while others have hundreds that are at your fingertips.
Take time to research which cryptocurrencies are available within your desired app before signing up.
Finding the Best Crypto App for Beginners
Each person’s financial journey is different from the next. There is no right or wrong choice and it is highly personal. That is why you should make the selection of which app you choose based on your own needs.
However, if all of this information is making your head spin but you still want to get into cryptocurrency trading, don’t fret. Reach out to your financial advisor for guidance. They are a great resource to help get you started.
eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro. Your capital is at risk.