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Interested in cryptocurrency? It can be daunting trying to figure out where to start. We put together this guide to help you learn about a variety of options when it comes to cryptocurrency apps. From exchanges to retirement accounts, we look at the best cryptocurrency apps that can help beginners on their road to investing in cryptocurrency.
|Rank||Cryptocurrency App||Known For||Options||Expert Rating|
|1||Coinbase||Overall App||Brokerage, exchange, wallet||★★★★★|
|4||BlockFi||Savings account||Wallet, loans||★★★★|
|5||Wirex||Debit Card||Wallet, debit card||★★★★|
Coinbase is the most popular cryptocurrency option for the most standard cryptocurrency needs: brokerage, exchange and wallet. Coinbase allows you to buy from the widest range of cryptocurrencies, sell and trade on the most active exchange, and store your currency in a highly secure account. The variety of options and overall popularity make it our top pick for best cryptocurrency app.
While Coinbase offers a lot of options for users, Kraken specializes in exchange options, which help it provide better services in that one realm of cryptocurrency. Not only does it offer one of the most active and diversified exchanges on the market, but it also offers an affordable fee structure for anyone looking to save a little money on trades.
Want to trade cryptocurrency but don’t have the time? Try Cryptohopper. This app allows you to set up parameters for trading and put those trades in the hands of a bot who optimizes trading for you. While this seems like a great option for beginners, the bot does require strict instructions and setup, so it is better used as a tool of experienced crypto traders.
BlockFi is one of the only options for earning interest on your cryptocurrency. It offers a secure wallet account that lets you not only store your currency, but also earn interest on it. It also offers loan options that are easier to get approved for since it doesn’t use credit checks but rather your cryptocurrency deposits as approval standards.
Want to spend your cryptocurrency like real money? Wirex can help you do that. The company operates much like a bank, helping you store your currency in a secured online wallet. It also offers a Visa card that works like a debit card, allowing you to make purchases in the real world using cryptocurrency.
You can now use your cryptocurrency as a retirement investment. BitIRA lets you invest cryptocurrency into IRA accounts, like Roth and traditional IRAs, but specific to cryptocurrency. The app is quick and easy to use, letting anyone set up a retirement account. Growth on these accounts is also not taxed since the government views cryptocurrency as personal property and not income.
Cryptocurrency is a representation of money in digital form. Simply put, it is digital currency. Cryptocurrency is based on an open-source software, cryptography and networking. The prefix crypto- refers to the cryptography used to secure the transactions.
This is an interesting question. The worth of something is determined by demand. Right now, many cryptocurrencies are very in demand and can even be used to buy things online or in traditional stores. Cryptocurrencies also trade in exchanges that do assign a value to the currencies, and you can buy and sell them like you would stocks, which gives them value.
Keep in mind though that there are reportedly over 900 types of cryptocurrency available right now, and not all of them are in demand or worth anything. There is also some debate on whether cryptocurrencies will be worth anything in the future.
There are many brokerage companies that allow you to buy cryptocurrency, including Bitcoin, Coinbase and Kraken. Most of these also offer an exchange which lets you trade your cryptocurrency as well. Most of these brokerage options make the process pretty easy. It usually entails transferring money from your bank account (wire transfer) to the brokerage company and then using that to buy your cryptocurrency.
Yes, if you use a trusted cryptocurrency online wallet that has security measures in place. There are five types of wallet: desktop, online, mobile, hardware and paper. Desktop, online and mobile operates just like they sound, on your desktop, in the cloud or on your mobile device. Hardware stores your currency on hardware like a USB drive. Paper refers to software that securely generates a pair of keys which are then printed.
Things to look for when choosing a crypto wallet:
Also, make sure that if you are using software that you update it whenever you are prompted. These updates often include fixes to bugs that could affect the security of the software.
Yes, although there aren’t a lot of options to do this, especially in the everyday marketplace. Traditional stores, restaurants, etc. don’t generally accept cryptocurrency, but there are crypto banks that offer debit cards that act like standard currency debit cards. The most common place that cryptocurrency is accepted is in the digital world; more websites accept cryptocurrency than traditional stores, although the bigger commerce sites still don’t accept it.
If you do any research on cryptocurrency, you will see the term fiat currency. This references standard currency, like the dollar or the euro.
Many people who invest in cryptocurrency believe that they are getting in on the ground floor of futuristic currency that will rise in value. Although it can be hard to see the worth of it now, if you buy cryptocurrency before it is popular, the thinking is that you can buy it for cheaper before the price skyrockets and make a good amount of money off your investment. This, of course, depends on whether cryptocurrency is adopted more widely in the future.