Best Cryptocurrency Apps and Exchanges
With dozens of ways to trade, earn, invest, and manage cryptocurrency investments, cryptocurrency apps simplify the complexities of the cryptocurrency market. From portfolio trackers to exchanges, we've reviewed a plethora of cryptocurrency apps to find out which ones are the most useful. Read on to learn more about the best crypto apps that can make your crypto investing journey more manageable.
Best Crypto Exchange and Broker Apps
Cryptocurrency exchanges are the most common type of crypto apps that allow you to buy and sell cryptocurrencies using USD, BTC, ETH, and many others. You can connect your bank account via ACH, or use a credit or debit card to buy cryptocurrencies on most exchanges.
If you are based in the US, Uphold and IBKR Crypto are great options for low-cost cryptocurrency trading. IBKR also brokers stocks, so you can manage all your assets in one place. Uphold is a solid choice for long-term cryptocurrency investors as the app allows you to earn high interest on your cryptocurrency.
Read: Investment Broker
Best Cryptocurrency Wallet Apps
Crypto wallets store the private keys needed to unlock funds from wallet addresses on the blockchain. Most experienced traders advise against holding your coins on exchanges unless you plan to use them for day trading. The best practice is to use a hardware wallet like the Ledger Nano X or Trezor T for long-term holdings. The Ledger is a physical device, but also offers a mobile app with enhanced functionality.
Hybrid wallets give you software access so you can store your coins and save for the future. Exodus Bitcoin and Crypto Wallet lets you connect to your Trezor wallet, earn interest on coins you store, and choose between desktop and mobile apps. To get the most value out of your cryptocurrency, a hybrid wallet is usually the best option.
If you plan to actively use cryptocurrencies, then a hot wallet app like ZenGo or MetaMask may be a better option. Note that hot wallets are not designed to store your savings as they are not as secure as hardware wallets.
To check the balance of funds stored in hardware wallets, crypto portfolio trackers can satisfy the desire to check crypto, but we'll get to that later. Now, instead of exchanging, you should set up a wallet for yourself that allows you to control your private keys. Funds stored in exchange wallets are more vulnerable to hacking, and exchanges typically don't provide you with your own private keys - meaning the funds don't really belong to you in an emergency.
Best Crypto Portfolio Tracker Apps
Cryptocurrency Tracker is an application that displays your real-time cryptocurrency price information. Every exchange will have this information, but custom tracker apps can also be beneficial. This is especially the case if you do not hold funds on an exchange, as in this case you will not be able to see your crypto assets.
For example, if you want to keep your cryptocurrency in a hardware wallet but still want to keep up with price movements throughout the day, choosing a basic tracker app is simpler than signing up for an exchange. Delta is an excellent tracking app that can be used to track hundreds of cryptocurrencies - it's easy to download and free to use.
Best Crypto Lending Platform
Crypto lending platforms allow you to passively earn interest on your digital assets, making them a great option for long-term investors. While you can earn interest on cryptocurrencies through DApps, they require cryptocurrency wallets and often have high transaction (gas) fees. Generally speaking, it is easier for beginners to start getting interested in cryptocurrencies through centralized platforms like Voyager, Hodlnaut, and Celsius.
Hodlnaut offers competitive interest rates many times higher than traditional savings accounts. It's important to note that interest is paid in the cryptocurrency you fund your account, so your return in USD depends on the volatility of the digital asset you offer. For example, Hodlnaut pays up to 6.5% interest in bitcoin, but if bitcoin falls by more than 6.5% in the year you earn that interest, your dollar return is negative. Conversely, if Bitcoin doubles in a year, you'll get a much higher return on your investment of 6.5%.
If you are risk averse, Hodlnaut offers interest-bearing stablecoins. These stablecoins are pegged to the value of the U.S. dollar, removing the volatility of typical cryptocurrencies. According to the FDIC, Hodlnaut pays a whopping 12.73% APR on the stablecoin, while the national average savings rate is 0.04%.
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