With the growing crypto market, people are seeking out ways to better understand blockchain and how they can invest in cryptocurrencies. Mobile crypto apps have even made things flexible for an investor or trader as you can carry out any transaction in the crypto market through your smartphone.
It is important to consider key factors like tradable coins, fees, and usability when searching for the best crypto apps for holding and trading digital assets. In this guide, we will go over what are the key features that reliable crypto apps should have and how to choose the best cryptocurrency app for you.
What is a Crypto App?
Crypto apps allow you to buy, sell, hold, and trade cryptocurrencies like Bitcoin, Ethereum, and Dogecoin on your phone. Some apps are offered by CFD's brokers, such as CAPEX, while some are cryptocurrency exchanges.
Due to cryptocurrency price surges, cryptocurrency trading is gaining popularity. Although it can seem daunting at first to invest in a highly volatile market, the best crypto platforms, exchanges, and apps make buying crypto for holding as well as trading for speculation more accessible than ever.
For instance, retail investors may use some of these crypto apps to invest and keep track of their portfolios. But even people who are familiar with traditional trading platforms need to be aware that crypto can have different fees, offer fewer customer service options, and require a different level of security.
Cryptocurrency apps can be any type of specific software that can be used to interact with the crypto and blockchain space and their different ecosystems. However, some of the most popular and most used crypto apps can be divided into the following types:
Types of crypto apps
As we have mentioned already, there are distinct types of crypto apps that can help you navigate the space of cryptocurrencies. It all depends on what you want to achieve and what is the purpose of your investment.
Crypto trading has become a viable income stream for crypto enthusiasts. Many choose to protect their wealth from inflation by investing in cryptocurrency or by putting their saving into it. At the same time, some only want to make quick speculation. Depending on their financial goals, people can choose between the different apps that can help them get there.
There are many crypto apps and ways to invest in cryptocurrency. The most popular types include crypto apps for long-term holding and CFDs trading apps for speculating on the price movement without owning the underlying digital asset.
Crypto apps for HODLing
The term “HODLing” comes from a 2013 post on the Bitcointalk forum, from a user who misspelled the word “hold”. The thread became popular and the word “hodl” is now commonly used by cryptocurrency enthusiasts when they want to say that they hold their positions and are not selling. Some also use “HODL” as an acronym for “hold on for deal life”, but the idea is the same.
HODL is more than a strategy to control FOMO (Fear of Missing Out), FUD (Fear, Uncertainty, and Doubt), and other profit-eroding emotions. Crypto holders believe that cryptocurrencies can eventually replace government-issued currency for all economic functions. However, if that ever happens, crypto holders will lose all relevance to the exchange rates between fiat money and cryptocurrencies.
Cryptocurrency apps use for HODLing or holding are cryptocurrency wallets and exchanges. Crypto wallets allow investors to keep their funds in a secure software wallet, that nobody else can access. These are the most secure and recommended crypto apps for long-term crypto holding.
If you want to be able to trade cryptocurrency or you are just trying to access crypto for the first time, without having to pay the high network gas fees for each transaction, then you might want to use cryptocurrency exchanges. Please note that crypto exchanges are famous for their limitations, such as hacking attacks and suspended service due to maintenance.
Cryptocurrency exchanges are a new type of app, and that’s mostly because of the new blockchain technology. Even experienced traders will face a learning curve. There are also some limitations for deposits. These are just a few reasons for which CFD trading apps might be an alternative for trading both crypto and blockchain-related stocks.
CFDs (Contract for Differences) are a derivative instruments and allow you to speculate on the cryptocurrency price movement, without having to buy the underlying asset. Traders can go long, by opening a “buy” position, if they believe the price will surge, or they can go short, by opening a “sell” position, if they believe that the price will fall.
Both the “buy” and “sell” positions are leverage products, and traders must deposit only a margin to start trading while gaining full exposure to the market. Remember that your profits and losses are calculated according to the full position of your trade.
Crypto apps for trading
For traders, one of the most popular types of crypto apps is trading platforms that allow trading CFDs on cryptocurrencies. Oftentimes, these platforms also offer multi-asset online trading within one single account.
Brokerage accounts allow access to trading apps that have a large offering of CFDs on financial instruments, such as:
There are many features that different apps offer, including instant deposits and peer-to-peer trades, fiat and cryptocurrency deposits, fees and commissions, order book support, credit card and other payment methods, and verification procedures. That is why new investors should spend some time researching the available trading apps before signing up for an account.
You can fund a trading account from your bank account or through multiple online payment methods. After funds have been added to your brokerage account you can start using the brokerage's trading app. You can place new buy or sell orders on any asset available on the trading apps, including cryptocurrency.
The trading app will display your open positions as well as profit and loss in real-time.
You can modify and/or close your open positions, place, and modify the take profit and stop loss levels, as well as increase or reduce the size of the positions. The profits will be deposited into your online brokerage account, while the losses will be deducted from your account. You can then place another trade, or transfer funds to your regular bank account.
One of the advantages of using an online broker over a cryptocurrency exchange is the possibility to speculate and trade cryptos on any price movement. Through a brokerage trading app, you can “go long” or “go short”, thereby speculating any price moves of the underlying asset.
While this can be a fantastic feature for scalpers, day traders, and swing traders, can be also useful for buy and hold investors. They can hedge their portfolio when cryptocurrency prices are falling.
The CAPEX.com trading app integrates all the tools you need for the best trading experience!
You can trade CFDs on +20 top cryptocurrencies with zero commission and tight spread, as well as +2.000 international stocks, commodities, funds, and currency pairs within a single trading account.
How to Choose the Best Crypto App for your needs
A cryptocurrency exchange will offer you a crypto app for access to cryptocurrencies if you want to hold them long-term. But if you are looking for an app that offers both trading and analytics features and tools, then you should consider an online broker.
Most online brokers provide apps developed by companies focused on developing trading software, like MetaTrader, which looks more high-class and user-friendly.
But how do you choose the right crypto app for you? It is important to consider factors like supported assets, payment methods, security, and fees when choosing a cryptocurrency app. Here is a short guide on how to choose the best crypto apps for your needs.
License and regulation are important aspects of the global investment landscape. A top app for cryptocurrency trading must be operated by a company that is regulated and licensed by national and international reputable financial organizations.
It’s important to know that each country may adopt different regulations for cryptocurrency trading. For instance, each country and region are under the financial control of different authorities and crypto apps may need to be approved by multiple financial authorities.
However, some countries may not yet have a clear regulatory framework. A lack of crypto regulations may lead to unprotected funds and even loss of funds, in the event of malicious attacks or data breaches.
Being aware of the local regulations is also necessary to understand where and if cryptocurrencies are subject to taxation. Again, each country is free to have its own crypto taxation regime, and investors must be aware of their legal obligations.
Although there are many cryptocurrency apps to choose from, not all provide access to a range of markets that investors may be interested in or believe make sense for long-term holding.
It’s a well-known fact that the volatile nature of cryptocurrencies may deter investors from adding unknown cryptos to their portfolios. Each crypto trading app offers a slightly different cryptocurrency list.
If you’re looking to invest in a particular cryptocurrency, then you should research if the chosen crypto app offers that cryptocurrency, before depositing any funds. While some providers only allow you to trade a handful of cryptocurrencies, others allow you access to hundreds.
High fees can reduce your investment returns or increase your losses. Therefore, understanding trading fees is a huge part of choosing the best cryptocurrency exchange app. Although crypto exchanges charge withdrawal and trading fees, there are other fees that may be charged.
Most of the best crypto trading apps charge two types of fees – commissions and spreads.
Trading commissions are usually a percentage of each individual trade that is made on the app. These commissions can pile up and depend on factors like the size of your trade, how you fund your trade, and how often you trade cryptocurrencies. However, some brokers and other trading platforms charge a flat fee instead of a percentage.
The spread is the difference between the “bid” and “ask” prices, listed on the platform. These prices follow the asset’s price.
When trading cryptocurrencies CFDs with CAPEX there is no commission charged for opening and closing buy and sell positions.
When looking for a new app to buy or trade cryptocurrency, the user experience should be your focus. If an app offers a great user experience, then you are more likely to use it more often.
However, there is no predefined list of settings to look for, but some of the most important can be an accessible and clear menu. Traders should be able to easily switch between their watchlist, charts and other pages of the apps, without any delay.
Another feature that seems to make users like an app more is the customizable dashboard. Some prefer to have their charts displayed in a predefined way and have a set of preferred technical indicators.
In the end, when you have all the desired functions in an app, you will enjoy using it.
Security should be one of your main concerns when investing or trading. Hackers still see cryptocurrency exchanges as easy targets. Cyber theft and security breaches are quite common in crypto exchanges. It is important to select a provider that has strong security measures. Always have the two-factor authentication service activated on your accounts, to ensure the security of your online accounts.
Regulated online brokers provide a higher level of funds security as they are members of an Investor Compensation Fund.
The maximum amount of compensation paid to applicants, who will be deemed as eligible for compensation, is different from authority to authority.
When trading with CAPEX.com, covered users are entitled to a compensation of up to 20.000 euros.
What devices are used for the crypto app will also influence your decision. Luckily, all the best cryptocurrency trading apps are compatible with Android and iOS devices.
If you plan to trade from your desktop, you can since most platforms also have a Windows or Mac web or desktop platform.
You may have questions about cryptocurrency investing or are just starting out. If this is the case, you should choose a crypto app that offers excellent customer service. Note that most smaller platforms are less developed and have a smaller team. That is why they might not be offering more than email support, and that can take days.
The reputation of the providers should be taken into consideration before signing up. Do some research and investigate customer reviews and the history of the exchange or online broker. Also, be sure to look out for the latest news stories that may offer valuable insights.
How to Use CAPEX.com Trading App
Ready to start trading cryptocurrencies on the move? We will show you how to get started with the Capex WebTrader app, which offers 0% commission trading, excellent technical analysis tools, insights, and analyst ratings.
Step 1: Install the CAPEX.com app
Most trading platforms have apps that can be installed on your devices to make crypto access easier for you. Having a mobile app to access your trading account in real-time might be a necessary tool if you are planning to trade crypto CFDs.
Step 2: Sign Up with CAPEX.com
The process of opening an account on a trading app is easy and should only take a few moments if you have all the information ready.
To create an account, you will need to enter your email address and password. You will then receive an email asking for confirmation that you are the owner of the email address.
Step 3: Deposit funds
After you have completed the verification process, your trading account can be funded using the available funding options. CAPEX requires a minimum deposit of $100, which you can pay by debit card, credit card, or PayPal. CAPEX also accepts bank transfers.
After your deposit has been transferred to your new account you can start trading.
Step 4: Search for cryptos
It is time to look at the listed cryptos and observe their charts. Setting an investment or trading strategy is up to each user of the platform. If you are looking for short-term speculations, then studying price charts and recognizing patterns might pay off.
Before you start trading, it is recommended that you watch the introductory videos, to get familiar with the platform's website and mobile app. You can also create a watchlist to help you keep a closer eye on your favorite cryptos.
Step 5: Start trading
When you’re ready, tap ‘New Order’ to enter your first crypto trade. Enter the number of CFDs you want to trade. You can also add a stop loss or take profit to your trade (these are typically used for short-term trading).
Remember that it’s important to have a trading strategy. Setting goals is important. At the same time, understanding the risks posed by a highly volatile market is essential for setting up a trading strategy that aligns with your goals.
What to keep in mind when choosing the best Crypto app for you
- Crypto apps allow you to buy, sell, hold, and trade top cryptocurrencies like Bitcoin, Ethereum, and Dogecoin. Many crypto apps also allow you to trade new up-and-coming cryptocurrencies like metaverse tokens.
- Some crypto apps are brokers, such as CAPEX, while some are cryptocurrency exchanges.
- It’s important to compare things like tradable coins, fees, usability, and trading tools to help find your perfect crypto app.
- CAPEX WebTrader allows you to trade a wide range of coins through CFDs with extremely low spreads and zero commission.
Before you start trading real money on a crypto app, you should consider using the educational resources we offer like CAPEX Academy or a demo trading account. CAPEX Academy has lots of free cryptocurrency courses for you to choose from, and they all tackle a different financial concept or process – like the basics of analyses – to help you to become a better trader or make more-informed investment decisions.
Our demo account is a suitable place for you to get an intimate understanding of how trading and investing work – as well as what it’s like to trade with leverage – before risking real capital. For this reason, a demo account with us is a great tool for investors who are looking to make a transition to leveraged securities.