Top 6 Crypto Trading Apps

What Are Crypto Trading Apps?

Crypto trading apps typically refer to the crypto trading arm of online brokerages. They allow users of online brokerages to easily diversify into cryptocurrencies, without the overwhelming options available on centralized crypto exchanges.

Key Takeaways

• Crypto trading apps are trading platforms that offer brokerage services for selected crypto assets.

• Platforms like these mainly focus on offering traditional asset classes,  but now also offer their users the option to diversify into cryptocurrencies, a newer asset class.

• Crypto trading apps boast adherence to regulations and a focus on top-tier currencies with established reputations in an attempt to create a safer environment for traditional investors to explore newer investment options

• Such platforms include eToro, Robinhood, Revolut, Webull Pay, Interactive Brokers, and FBS.  

This article is brought to you by eToro.

Over the last decade, crypto assets have posted impressive market performances, outshining traditional asset classes. With an increase in interest from mainstream investors, brokerage services are uniquely positioned to enable investors to expand their portfolio to include this newer asset class. These brokerage services are also beginner-friendly, and offer their users a wide range of asset classes including stocks and ETFs, in addition to crypto trading. 

Crypto Trading With Online Brokers

Crypto trading is one of the services offered by online brokers, which allow clients to buy and sell various asset classes on a digital platform. As mentioned above, due to the increase in interest in cryptocurrencies, many online brokers have expanded their offerings to include crypto trading. For the purpose of this article, we’ll be referring to the crypto services provided by online brokers as crypto trading apps. 

Crypto trading apps allow existing online brokerage users to easily diversify into cryptocurrency without having to familiarize themselves with a new trading interface and process. 

At times, investors using traditional trading applications are reluctant to invest in cryptocurrency mainly due to the risk associated with the new learning curve. By incorporating cryptocurrencies as part of their offerings, these trading apps enable a new class of users to get started with crypto. They simplify the trading process, enabling their users to diversify their investments. 

At a glance, crypto trading apps resemble centralized crypto exchanges, but these have some key differences. 

Differences Between Crypto Trading Apps and Exchanges

Centralized and decentralized exchanges offer trading services for crypto assets. Unlike crypto exchanges, crypto trading is just one of the asset trading services offered by crypto trading applications. In most cases, crypto assets are minority assets on these platforms.

As crypto trading apps are focused on top tier cryptocurrencies with an established reputations, they usually offer a more limited pool of cryptocurrencies as opposed to crypto exchanges, which list over 500 different cryptocurrencies. 

In line with the goal of helping investors break into the crypto space, crypto trading apps cut off the complexity associated with digital asset trading and offer simpler interfaces to users. That said, crypto trading apps also offer similar features to centralized crypto exchanges, such as the ability to set limit orders, where users can set the price at which a trade will be automatically executed.

However it’s important to note that the crypto trading offered by these apps are not necessarily spot trading, despite its appearances. Some of these platforms offer crypto via a derivative instrument known as “contract for difference”, or CFDs. It’s essentially a synthetic instrument tracking the price of a particular crypto. These CFDs are issued by the brokerage itself, giving rise to a certain level of heightened centralization risk should something happen to the brokerage.   

Now, let's look at some of the most popular crypto trading apps.

eToro offers trading services for over 5,000 traditional assets including company shares, and is adding more all the time. Crypto enthusiasts can also trade over 100 crypto assets including NFTs on the platform. eToro allows users to purchase crypto assets with fiat, as well as offering spot and derivatives services for listed crypto assets (this is not available in the UK), including Bitcoin, Ethereum, Tron, Solana, and many more. Crypto trading services are available 24/7 on the platform while traditional assets can only be traded during specified business hours.

To guide investors into crypto, eToro offers an educational platform where users can learn about crypto services. Other services offered by the platform include thematic crypto portfolios, crypto staking (not available in the UK), and copy trading. 

eToro’s crypto ‘Smart Portfolio’ feature allows users to invest in a weighted collection of crypto assets, which gives investors a wider exposure to the asset class. The staking service enables users to lock their assets on the platform and earn passive income. Traders can also follow more experienced traders and replicate their trades through copy trading. 

Do note that in order to use eToro, users must pass the KYC verification process.

eToro charges a 1% trading fee on listed assets, and a 2% fee applies to withdrawals from the investment platform to the eToro wallet. Other charges may apply depending on factors such as the asset and location of traders. 

Pros

• 24/7 trading services for 100+ crypto assets, along with traditional assets including stocks, indices, ETFs, currencies, and commodities, together in a single portfolio

• eToro’s trading interface is easy to use.

• Users can access a 24/7 support facility and education platform.

• Extra tools like crypto Smart Portfolios.

• Users can follow more experienced traders and replicate their trades through copy trading.

Cons

• Staking services are only available for Cardano and Tron at time of writing.

• There is a $10 inactivity charge for accounts without any trades in a month, although this monthly fee only applies to accounts with no logins in the previous 12 months.

Robinhood: Commission-Free and Zero-Fee Trading Platform for Stocks and Cryptocurrency

Robinhood currently offers spot trading for over 30 crypto assets, although the number of assets available may change depending on your region. Robinhood is famed for the simplified interface it offers to traders and also the gamified design for routine trading on its platform. 

Robinhood offers users an opportunity to invest in traditional assets like company shares and also a selected number of cryptocurrencies including Bitcoin, Ethereum, and Fantom. This list is regularly modified according to the platform’s policy. Robinhood does not charge commission fees for trading crypto or charge for crypto transfers; however, in the case of transfers, users are still responsible for network fees incurred. Robinhood’s trading platform is only available to users in the United States, the EU, and the UK, where investors from these regions can trade cryptocurrencies with fiat. On Robinhood, user verification procedure is compulsory to use the platform.

Robinhood also offers users a self-custody cryptocurrency wallet that supports over 60 crypto assets including stablecoins like USDT and USDC. The Robinhood wallet features integrated decentralized exchanges and passive income opportunities for users who deposit crypto to their Robinhood wallet. Robinhood runs a 24/7 support facility for traders on the platform, as well as an avenue for users to learn more about cryptocurrency and blockchain technology.

Pros

• 24/7 trading facility for cryptocurrencies.

• Robinhood does not charge commission fees for trading crypto.

• Simplified interface for users.

• Customer support and educational facilities for investors.

• Robinhood wallet supports decentralized swaps and asset management.

Cons

• Limited trading options for crypto investors, depending on location.

• Services are only available in the US, EU and UK.

Revolut: Low-Cost Trading Platform for Over 100 Crypto Assets and Commodities

Revolut offers investors a simplified platform to trade stock and commodities. In addition to traditional asset trading, Revolut also offers spot crypto trading services. According to the project, over 130 cryptocurrencies are listed on the platform, including Bitcoin, Solana, Ethereum, and Fantom. Revolut offers diverse financial services, including international money transfers and savings. Revolut is available in several regions, and investors from African, Asian, and European countries can access the majority of the services offered on the platform.

Revolut operates a tier system for the trading fee charges, where fees can be up to 1.49% of the traded amount for users in the free plan. Deposits are free of charge; however, the deposited amount must be above the specified minimum for the asset to cover the network fee.  If the deposit amount is below the state minimum threshold, users will need to make an additional deposit of the same crypto asset to the same deposit address to meet the minimum threshold. Note that purchasing crypto on the Revolut app will not count towards meeting the minimum deposit threshold.

At least a £1 fee applies to withdrawals, and network charges also apply, depending on the asset sent. Revolut also offers a learning platform for new investors and a 24/7 support facility. Extra features like crypto staking are not available on the platform at the time of writing

Pros

• Simplified platform to trade crypto with fiat

• Supports a wider range of crypto assets.

• Services are available in more regions.

• 24/7 trading service for cryptocurrencies.

• Learning platform for newbies and 24/7 customer support.

Cons

• High trading fee for free plan.

• Charges on withdrawal.

• Minimum deposit thresholds are required for certain crypto assets. 

• No additional features.

Webull Pay – Simplified Application for Cryptocurrency Trading

Webull is a simplified trading platform for traditional assets. Webull Pay is Webull’s crypto trading arm. The application allows users to transact cryptocurrencies and other crypto-related financial services. The Webull Pay app separates crypto trading services from traditional asset trading services offered by the platform. Webull Pay is available for Android and iOS devices. Crypto trading services on Webull Pay are offered via Bakkt. Spot trading is available for up to 8 cryptocurrencies on the application, including USDC. Assets listed on the platform include Bitcoin, Dogecoin, Shiba Inu, and Ethereum, although limits on tradable assets could apply to investors from certaom regions.

Deposits for crypto are free of charge, although fees can be charged for crypto withdrawals and network fees also apply. According to the platform, trades are free of commissions and trading fees.

Trading for cryptocurrencies is available 23/7, as  Webull Pay runs a one-hour maintenance operation daily. 24/7 customer support service is also available.

Pros

• Simple user interface for traders.

• Zero-fee and commission on trades.

• 24/7 customer support facility.

Cons

• Only 8 crypto assets are listed on the platform.

• Services are only available in selected countries.

Interactive Brokers: Trade Cryptocurrencies and Bitcoin ETP

Interactive Brokers is a traditional asset trading and brokerage platform available in over 30 countries. It offers over 150 markets including stocks, exchange trading products for assets, and cryptocurrencies. InteractiveBroker offers spot trading services for four crypto assets; Bitcoin, Ethereum, LiteCoin, and Bitcoin Cash. Interactive Brokers also offer Bitcoin ETP (Exchange Traded Product) and other exclusive services for crypto traders on the platform depending on their selected plan. On Interactive Brokers, users can fund their trading accounts with fiat and cryptocurrencies, where crypto deposits are handled by the cryptocurrency service providers associated with the platform.

According to Interactive Brokers, deposits are free of charge. Interactive Brokers offers one free crypto withdrawal per month; subsequent withdrawals in the same month are charged. Fees on traded assets could be as high as 0.18% of the total trading value. Commissions are also charged for trades. Interactive Brokers only offer limit order trades for listed crypto assets and futures contracts for Bitcoin; extra services like crypto staking are not available on the platform at the time of writing. A learning platform and 24/7 support are also available for users of the platform. 

Pros

• Trading application for crypto and traditional assets.

• Low trading fees and zero account minimum.

• Low commissions on trades.

• Users can access crypto ETPs from their Interactive Brokers accounts where supported.

• 24/7 customer support, education, and research facilities.

Cons

• Only 4 crypto assets are listed on the platform.

FBS – Brokerage, Analytics, and Trading Tools for Traditional Assets and Crypto

FBS offers professional guidance to traders through its brokerage platform, ranging from trading analytics, expert suggestions, and tools for forex traders. FBS platform and tools can also be used by crypto traders to trade cryptocurrencies including Bitcoin and Ethereum. 

On FBS, crypto assets are paired with precious metals, fiat, and other cryptocurrencies. FBS claims to offer up to 100 crypto pairs.  Trading tools developed by FBS include the MetaTrader application and other extra tools like VPS-server, Swap Free, and Fixed rate. FBS is available in over 150 countries, including nations in Africa, Europe, and Asia. According to FBS, over 23 million traders use its platform and tools and generate over $500 million annually in profits.

Crypto deposits and withdrawals are available on FBS. Deposits must be above the specified threshold, and no fees are charged for deposits. However, up to $12 in fees can be charged for cryptocurrency trades. FBS also charges a 10% commission for crypto trades. FBS also offers 24/7 customer support and a learning platform for users.

Pros

• Handy analytics and trading tools for forex and crypto traders.

• Diverse pairing for cryptocurrencies.

• 24/7 customer support facility and educational services.

• Demo trading accounts for practice.

• Available in over 150 countries.

Cons

• No spot trading for crypto.

• High commission fees. 

Summary Table for Crypto Trading Apps

Final Thoughts

As a technology, blockchain networks and crypto assets are accessible to everyone, anywhere in the world. However, it is different for cryptocurrencies, which are speculative assets and subject to regional regulatory requirements.

On the other hand, the overall outlook of the crypto space makes a case for platforms that offer more guidance and protection for investors, especially newcomers. Regardless of their expertise in other investment spaces, the crypto space can be complicated. 

Crypto trading apps as featured in this article play two main roles for investors. First, they expose investors to a newer asset class, one which has shown a relatively stronger market performance over the last decade. Cryptocurrencies are an emerging asset class and most investors are still oblivious to the financial opportunities they offer. 

The crypto trading arms of online brokerages introduce their investors to crypto by selecting the ‘most reputable’ assets, allowing them the opportunity to explore the new asset class.

Having said this, it is important to understand the provisions of any crypto trading app you intend to use. This includes user policies and a knowledge of how they manage your funds. Also, note that this article only educates users about crypto trading apps and is not financial advice.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

Copy Trading does not amount to investment advice. The value of your investments may go up or down.  Your capital is at risk.

Other fees apply.

51% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

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