3 easy-to-use cryptocurrency investing apps for beginners
One of the most significant phenomena of 2020 and the beginning of 2021 was the rise of retail investors, who became more savvy and self-taught during the pandemic. This trend, combined with the growing interest in cryptocurrencies, has increased the popularity of several trading platform applications.
Not all platforms offer the same benefits or are easy to use. Let’s take a look at some of the easiest to use crypto trading apps:
Robinhood is one of the most popular trading apps that aims to “democratize finance for all”. It has commission-free trading, is user-friendly, and allows split-stock trading, which not all commission-free apps do. In addition to free stock and ETF trading, Robinhood also offers commission-free cryptocurrency trading.
Last week Robinhood, which is on the cusp of going public, announced that it would allow retail investors access to IPO stocks, with the aim of “democratizing IPOs for all.”
“Most IPO stocks usually go to wealthier institutions or investors. With IPO Access, ordinary Robinhood investors will have the option of entering the IPO price, ”the company said in a blog post.
The new platform will allow retail investors to buy shares of companies at their IPO price, before trading on public exchanges and participating in upcoming IPOs with no minimum account, according to the publication.
The company, formed in 2012, went public in April, during one of the most anticipated IPOs of 2021. Coinbase says “it’s the easiest place to buy and sell cryptocurrency.” .
Coinbase compares itself to Google in the IPO file with the Securities and Exchange Commission: “Today, we are a leading provider of end-to-end financial infrastructure and technology for the crypto-economy. . Customers around the world are discovering and starting their journey with crypto through Coinbase. In the early days of the Internet, Google democratized access to information through its user-friendly search engine, allowing virtually any user with an Internet connection to discover the world’s information. Likewise, Coinbase is democratizing access to the crypto-economy by allowing anyone with an internet connection to easily and securely invest and use crypto assets.
The fee structure can be a bit confusing, however. There are different fees that Coinbase applies to transactions – margin or spread fees and Coinbase fees. The platform charges a spread of around 0.50% for cryptocurrency purchases and sales. Coinbase’s fees are the higher of a flat rate or a varying percentage determined by region, product feature, and payment type, the company explains on its website.
One of the main differentiators of eToro is that it allows its users to “copy” successful or more experienced crypto investors and be copied yourself.
“We understand that some people lack the time or experience to use traditional methods of investing or trading online. Copy is the system that allows a user to copy transactions executed by another eToro user, ”Yoni Assia, CEO of eToro, previously told GOBankingRates.
The platform is user-friendly and allows users to monitor their favorite cryptocurrencies in real time with watchlists, create personalized automated price alerts, customize chart features to fit any level of technical analysis and to connect with a community of traders via a news feed.
In terms of fees, eToro has no commissions, but the fees are spread – the fees it collects based on the difference between the bid price and the bid price, which can fluctuate in times of high volatility. “In other words, it’s a small percentage added to your transaction, and it can vary a bit depending on market conditions,” according to its website.
Although cryptos have gained popularity in recent times along with celebrity endorsements, they are extremely volatile, as evidenced by the past few weeks. If you are planning to invest in it, you should be prepared to put up with wild fluctuations. Also, if you are new to it, make sure you know and understand the pricing structures and ease of access of the different platforms..
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This article originally appeared on GOBankingRates.com: 3 easy-to-use cryptocurrency investing apps for beginners