Cryptocurrency traders have more options than ever before to buy and sell tokens – but experts advise doing careful research before making a selection.
Popular options include secure crypto exchange apps like Best Wallet, which allow users to trade and store their assets, as well as well-known exchanges like Coinbase and Kraken.
The guide below has all the details that crypto enthusiasts need to know about the best apps for buying and selling crypto.
Are You Crypto Curious?
Download a trusted exchange app — Start by choosing a licensed crypto exchange. We recommend starting with the Best Wallet app, available for both iOS and Android.
Create and verify your account — Sign up using your email, Google, or Apple ID. To complete registration, you’ll need to verify your identity with a government-issued ID and enable two-factor authentication (2FA) for added security.
Fund your account — Deposit money into your account by linking a bank account or credit card or even using gift cards. Choose an option that best fits your lifestyle.
Buy your first cryptocurrency — Use the app’s marketplace or swap tool to purchase crypto by entering the ticker symbol — like BTC for Bitcoin or ETH for Ethereum — and follow the prompts to complete the transaction.
Choose how to store your crypto — Decide whether you’ll keep your crypto in the exchange, move it to a digital wallet (hot wallet), or store it offline (cold wallet) for extra protection.
When deciding which trading platform to use, crypto investors should focus on platforms that “prioritize usability, security, and features,” according to Peter C. Earle, senior economist at the American Institute for Economic Research.
“A good platform should have a clean, intuitive interface, strong regulatory compliance, and robust security protocols,” Earle said.
Well-known platforms like Coinbase, Kraken and Strike are all good options because they offer a “good balance of private property rights, usability, and legal accountability,” he added.
Nic Puckrin, an industry analyst and founder of Coin Bureau, also pointed to Coinbase and Kraken as strong options for US-based users.
Kraken is especially good for “those concerned about security, as it has had a very strong track record,” he said.
“It’s not flashy, but does the job, and makes it quite easy to bring fiat into crypto and sell back into fiat again,” Puckrin said.
For those who are just getting their feet wet in the world of crypto, Earle recommends looking for platforms that “offer educational tools and offer easy fiat onramps.”
“Beginners should stay clear of obscure or offshore apps without strong reputations, as those may compromise either legal safety or private keys,” Earle said.
Puckrin said Coinbase is the easiest platform for beginners looking to get involved.
“It’s easy to use, looks clean and doesn’t have too many features to get bogged down in,” Puckrin said. “The trade-off, though, is that the fees are relatively high.
Coinbase is also known for having a large number of tutorials and informational blogs for users who want to learn more.
Most mainstream crypto apps, including Coinbase, Crypto.com and Kraken, have both an Android and an iOS version of their apps. That means users of both phone types should be able to use them seamlessly.
So-called “meme coins” are considered highly risky and speculative, so traders should use caution. Some of the most popular meme coins include Elon Musk’s favorite Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE) but new ones spring up all the time.
Apps like Kraken, Coinbase, Binance and Best Wallet all offer meme coins on their platforms.
For traders who are solely focused on acquiring bitcoin, Earle recommends finding platforms that “support fast, low-fee transactions and seamless mobile integration.”
The practice of “staking” involves locking your tokens to a blockchain network for a specific period of time in exchange for benefits. The practice is lucrative, but can be risky due to frequent fluctuations in token prices.
Platforms like Coinbase, Kraken and Crypto.com all offer staking options in specific states – though rewards are generally subject to large commission fees, so users should shop around for the best option in their states.
Staking isn’t legal in every US state, so users should be careful to follow local rules.
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