Top 5 Crypto Trading Platforms & Applications

what did you hear about crypto ?

In previous times, traditional and conventional forms of investment were investors’ first and safest choice. However, there has been a significant shift of interest amongst investors in the world of digital currencies.

With Bitcoin and Ethereum hitting life-time highs and Dogecoin hype all over “X” (formerly Twitter). Crypto enthusiasts are driven to further make their investment in crypto coins in the hope of making a fortune.

I mean who wouldn’t.

Crypto trading and  cryptocurrency are gradually being adopted on a global scale. This has led to a massive increase in the number of exchange platforms and applications.

An exchange platform allows investors to buy and sell digital currencies.The most-referenced price-tracking website for crypto, Coinmarketcap, tracks a total of 225 crypto exchanges.

If you’re new to crypto trading and you are wondering what applications/ platforms to use, this article is for you. Here we highlighted Top 5 crypto trading platforms and apps together with tips to help you make the best selection.

 

What Are Crypto Trading Platforms

Crypto trading platforms or exchange platforms are online trading platform that acts like an intermediary or a bridge between a buyer and a seller of cryptocurrencies

 

These platforms enable trading in cryptocurrencies in exchange for digital and fiat currencies.(paper money, e.g dollar, naira, rand, etc)

 

 These exchanges facilitate a user to deposit money via methods such as direct bank transfer, net banking or P2P ( peer to peer) etc and charge a commission or fee for every transaction done using its services.

 

To begin, you must set up an  account on the platform of your choice. This will enable you buy and sell digital currencies such as like bitcoin (BTC), ethereum (ETH), Ripple (XRP), Solana (SOL), dogecoin (DOGE), and so on.

 

A trading process is initiated when you fund your crypto exchange account or a wallet provided to you by your exchange platform. In the sections to come, we explain some of the difference between a wallet and an exchange account. Stick around to learn more.

 

You will be able to view the trading prices of various cryptos, determined by the market forces based on demand and supply parameters and also place a buy order and then generate it into the order book along with other buy and sell orders.

 

Below are some exciting features a crypto exchange platform offers

• Exchange one type of cryptocurrency for another at prevailing exchange rates.

• Exchange cryptocurrency for fiat currency (like U.S. dollars), or for cryptocurrencies tied to fiat currencies.

• Spend cryptocurrencies, for example, using a linked debit card.

• Access educational resources to learn about digital currencies.

 

After learning about crypto exchange platforms, the next question will be “how to select the best trading platform “. In the next section we have provided you with some amazing insights.

 

How To Choose The Best Crypto Trading Platform

 

There are several great cryptocurrency apps on the market. In choosing the best exchange for crypto, you must  decide which crypto features matter most to you.

 

Here are some things you should consider:

 

1. Security

This is a major concern for cryptocurrency investors because crypto assets don’t have the same protections equities in a brokerage account or cash in a bank.

 

If your crypto platform fails, you may lose the assets deposited there. Hence, you must use a reputable exchange or broker. Take some time to study the crypto exchange’s security features.

 

2. Variety

You should consider a platform that has different types of cryptocurrency available, that’s If you plan to invest in some of the smaller coins. You’ll need an exchange that has some variety.

 

Although, many cryptocurrency investors only want to buy Bitcoin and one or two other major currencies.

 

3. Crypto staking fees & crypto coin interest

When it comes to platform staking fees & interest, make sure you understand and are comfortable with how the interest is generated.

 

Some exchange may loan out your money, or pay you staking fees if you commit to leaving your coins alone for a given period.

 

You must be aware that these interest-paying options can carry risks, and may put your assets at risk.

 

4. Crypto trading fees

Crypto fees are like bugs. They can easily eat into your profit especially if you trade regularly.

 

Here are some crypto platform & broker trading fees to look out for:

• Trading fees. Fees  vary, depending on the exchange and type of trade. They usually get lower if you trade high volumes or use the advanced platforms.You can expect to pay between 0.1% and 0.5% per trade.

• Deposit fees. A lot of the crypto trading apps allows you transfer money from your bank account for free. But it is important to check for crypto transaction fees, as some will charge 1.5% or more, especially if you use a debit card.

• Withdrawal fees. exchange platforms usually charge a fixed fee depending on the currency you want to withdraw.

 

5. App Transaction Options:

 

Make sure the platform offers all the transaction types you may need. Find out what it’ll costs to make  deposit, withdraw, and trade before you open an account. Don’t forget to check the withdrawal and deposit options to ensure sure they work for you.

 

6. Customer Care Services

24/7 customer service transaction support is a must for newbies. I am sure you do not wants to wade through pages of FAQ to get help because money hasn’t arrived in your account

 

7. App usability

We recommend user friendly apps for newbies. So, ensure the app has the features you want to use. Go for apps with learning centers as well as information on specific coins.

 

Now that you have learnt about crypto trading platforms and you’ve gotten few things to consider before signing up platform, here is a list of our Top 5 crypto trading platforms.

 

Let’s check them out!

 

• eToro: eToro has a good selection of  cryptocurrencies on its platform. It also offers some unique offerings, like social network-like commentating capabilities and the ability to follow and match the investments of other cryptocurrency traders.

 

• Gemini: Offers a nice range of cryptocurrencies and a simple-to-use app experience. Available in all 50 U.S. states, Gemini has a reputation for security and accessibility for new crypto investors.

 

• Coinbase:Coinbase shines with its vast array of cryptocurrencies available. There’s also an advanced trading platform for serious cryptocurrency enthusiasts. Plus, you can earn some free cryptocurrencies if you’re willing to take some educational courses.

 

• Kraken:Stands out for its competitively low fees, cryptocurrency selection, and trading platform. But its customer service ratings are low and warrant reviewing before signing up.

 

• Robinhood: Among the best apps to buy cryptocurrencies and traditional investments like stocks and options under one roof. It has wide array of popular cryptocurrencies and gives immediate access to deposits. Plus, cryptocurrency trading on Robinhood is 100% commission free.

 

Finally

Make sure you “DYOR” (Do your own research) before taking  any action. As a crypto trader, research skill is a very important skill to have. It will save your investment.

 

As promised, here is the difference between a crypto exchange account and a crypto walle account.

 

 

.