Ten plus years since the birth of cryptocurrencies, one can argue that the industry has gone mainstream. This popularity has spurred the cryptocurrency app market's growth, with developers looking to satisfy the masses' growing appetite for cryptocurrencies. Today there are all sorts of apps related to cryptocurrencies—from trading apps, news apps, portfolio tracking apps, wallets and security apps.
The proliferation of the market with so many apps makes it challenging for users to select the right ones they need. This guide will list some of the best cryptocurrency apps in 2021.
Compare the Best Cryptocurrency Apps
Cryptocurrency apps exist to serve various purposes. The overall goal is to simplify how individuals venture into the market, store their tokens, secure their accounts, access information, and interact with one another. Below is a list of some apps along with their features and advantages.
Understanding Cryptocurrency Apps
There are many cryptocurrency apps today, with most applications serving various purposes. There are those designed to help users with trading. These are known as trading apps. Most belong to exchanges and brokerage firms. They allow users to access the cryptocurrency market from their smartphones to buy/sell cryptos and track their trades.
Then there are those apps that help users track their cryptocurrency portfolios where users can enter trades they have on trading apps and see how they are performing. These apps enable users to know if they are making profits or losses from a single interface.
If your goal is to use apps to buy cryptocurrencies and maybe hold them for a while before selling, you need somewhere safe to store the coins purchased. This is where mobile wallet apps come in. They help users store their coins safely where they get to hold their private keys.
Other apps help crypto enthusiasts interact with various communities online. The importance of such apps cannot be understated as one can get inside intel on what is going on within a specific project. On the same apps, you can access experts and their opinions, which can inform your investment decisions if you are an investor. Traders can also access various exclusive groups where they can get trading tips from gurus.
Some apps keep the user updated with the latest news and developments within the cryptocurrency sector. These news apps are crucial for anyone who is keenly following the cryptocurrency market since they help them stay updated on the latest ongoings.
Security apps help secure various applications or crypto accounts you may hold. They help store login and authentication codes safely, thereby securing your funds.
Most cryptocurrency apps can be found on Google's Play Store, which caters to Android users, and Apple's App Store for iOS users. You can access them by visiting the respective store, searching, and downloading the app to your phone. Once the app is downloaded, it will be installed automatically.
Ensure you check the app's ratings and what past users have to say about the app.
If it's a trading app/wallet or any other that needs signing up, you will need to create an account to use it. Enter your personal information, including name, email address, phone number (if required) and set a strong password.
For money handling apps, you will have to verify your account by uploading a photo of your government-issued ID or passport. Every detail has to check out for the account to be verified. Once the process is complete, you can fund the account using various supported methods and start buying/selling cryptocurrencies.
Most of the normal processes are relatively easy since these apps are designed with simplicity in mind. Processes like funding the account, withdrawing, and sending tokens to other wallets are relatively straightforward.
Other apps will not require signing up to use them, especially those that track news. For apps that allow the user to interact with various communities, you have to create an account if you don't have one on the platform. Here you don't have to verify your account.
Advantages & Disadvantages of Using a Cryptocurrency App
How to Choose a Cryptocurrency App
There are a few factors you need to consider when choosing the right cryptocurrency apps. The applications you decide to download and install on your smartphone have to help you achieve the goal you are working towards.
If you are looking for an easy way to buy/sell cryptocurrencies, you will have to invest some time reviewing some of the best apps available in the market that get the job done.
You might be looking to trade financial instruments attached to crypto assets, which allow you to speculate and profit on price movements. Then an app that will enable you to trade CFDs will serve you right. If your goal is to simply stay informed on the latest market happenings, then a news app will serve the purpose.
If you want to secure your cryptocurrency holdings, then downloading a secure wallet app where you get to hold your private keys, and one that allows you to spend your coins as you wish will be ideal.
To cut a long story short, the app you choose needs to meet your core needs. Additionally, you have to consider the design and usability of the app. Is it user friendly or complicated and likely to cause you a headache? Does the app support the payment methods like Bitcoin and Ethereum that you prefer? And how does it function? Is it efficient? The last thing you want is a buggy application that will waste your time.
Security is another crucial factor to check and can't be understated. If the app will hold your funds, then it has to meet the highest security standards. Some apps can also result in downloading viruses and malware to your mobile device, which can put other applications installed at risk. Therefore you have to check if the app you are installing is the real one or an imitation. The play store verifies real apps, and even user ratings and reviews will inform you what you are dealing with.
3 Steps to Using a Cryptocurrency App
Step 1: Choose a Cryptocurrency App
The first step is choosing a cryptocurrency app that serves your core needs. Once you have established what you are trying to achieve, then look for an app that helps you attain the goal. Proceed to search and download the app.
Step 2: Signing up on a Cryptocurrency App
Once the app is installed on your smartphone, it's time to sign up. For apps that require one to create an account to continue using them, ensure you do so by entering personal details such as name, email address, phone number and setting a strong password.
Step 3: Deposit initial amount and start using Cryptocurrency App
For trading apps, once signed in, you can make the initial deposit by accessing various payment modes supported on the app. Some apps will require you to verify your identity before continuing to trade or even store your cryptocurrency. Therefore, complete the procedure by uploading a photo of your official ID or passport, and you are good to go. Other apps such as news apps will not require such elaborate identity verification process.
Cryptocurrency apps are designed to simplify life for the cryptocurrency user. The app you opt to install on your smartphone has to help you achieve the goal you have in mind when searching for the application. If your objective is to find an easy way to trade, store your crypto, communicate with others in the space, keep you updated on the latest developments, then apps provide an easy way to do so. Ensure that you check reviews and compare various features before using an app.
Frequently Asked Questions
Crypto trading apps, news apps, wallets, socialising apps, and many more.
This depends on the goal you are trying to achieve, as explained in the guide above.
How efficient the app is, its security, usability etc.
As long as you are dealing with a reputable crypto app, then the data should be safe.
No. Different apps serve various purposes.
Most apps will incorporate all the features of a site. But an app is developed as a condensed and lighter version and may limit some features.
Yes. That is possible as long as you have specified where you would like to withdraw.
No. Simple apps such as news apps that do not handle money will not require any registration or verification.