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With dozens of ways to trade, earn, invest and manage your cryptocurrency investments, cryptocurrency applications simplify the complexity of the cryptocurrency market. From wallet trackers to exchanges, we've sifted through 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 will make your journey to investing in cryptocurrencies easier to manage.
Cryptocurrency exchanges are the most popular type of crypto applications that allow you to buy and sell cryptocurrencies with USD, BTC, ETH and many more. You can link your bank account through ACH or use a credit or debit card to buy cryptocurrencies on most exchanges.
If you live in the US, Uphold and IBKR Crypto are great options for cheap cryptocurrency trading. IBKR also brokers stocks, so you can manage all your assets in one place. Uphold is a good choice for long term cryptocurrency investors as the app allows high cryptocurrency interest rates.
Crypto wallets store the private keys needed to unlock funds from wallet addresses on the blockchain. Most experienced traders advise against storing coins on exchanges unless you plan to use them for day trading. It's best practice to use a hardware wallet such as a Ledger Nano X or Trezor T for long-term storage. Ledger is a physical device, but also offers a mobile application with extended functionality.
Hybrid wallets give you access to your software so you can store your coins and save for the future. Exodus Bitcoin and Crypto Wallet allow you to connect to a Trezor wallet, earn money from stored coins, and choose between desktop and mobile applications. To get the most out of your cryptocurrency, typically a hybrid wallet is your best option.
If you plan on actively using cryptocurrencies, a hot wallet app such as ZenGo or MetaMask may be a better option. Remember that hot wallets are not meant to hold your savings as they are not as secure as hardware wallets.
To check the balance of funds held in hardware wallets, cryptocurrency wallet trackers may satisfy your urge to check cryptocurrencies, but we'll cover that later. Now, instead of trading, you should set up a wallet for yourself that will allow you to keep track of your private keys. Funds held in exchange wallets are more vulnerable to hacking, and exchanges typically don't provide their own private keys - meaning in an emergency, the funds don't really belong to you.
Cryptocurrency Tracker is an application that displays real-time cryptocurrency price information. Every exchange will have this information, but custom trackers can also be beneficial. This is especially the case when you are not holding funds in the stock market as in this case you will not be able to see your crypto assets.
For example, if you want to keep cryptocurrency in your hardware wallet, but still want to keep up with price changes throughout the day, choosing a basic tracking app is simpler than registering to an exchange. Delta is an excellent tracking app that you can use to track hundreds of cryptocurrencies - it's easy to download and free.
Cryptocurrency lending platforms allow you to passively receive interest on your digital assets, making them a great option for long-term investors. While you can earn cryptocurrencies through DApps, they require cryptocurrency wallets and often come with high transaction fees (gas). Overall, it's easier for beginners to get interested in cryptocurrencies through centralized platforms like Voyager, Hodlnaut, and Celsius.
Hodlnaut offers competitive interest rates many times higher than traditional savings accounts. It is important to note that interest is paid in the cryptocurrency you are crediting your account with, so your USD return depends on the volatility of the digital asset you offer. For example, Hodlnaut pays up to 6.5% interest in bitcoin, but if bitcoin drops more than 6.5% in the year you receive that interest, your dollar return is negative. Conversely, if Bitcoin doubles in a year, you will get a much higher return on investment of 6.5%.
If you are risk averse, Hodlnaut offers interest-bearing stablecoins. These stablecoins are tied to the value of the US dollar, eliminating the volatility of common cryptocurrencies. According to FDIC, Hodlnaut pays a hefty 12.73% APR on stablecoin, while the national average savings rate is 0.04%.