With today’s technology, buying crypto is easier than ever, especially on an Iphone. In most cases, it is as simple as downloading an app through the app store, beginning an account, depositing your money and beginning to exchange this for digital currency. That being said, all platforms are not created equal, and an app that may be easy to navigate and preferable for one person may not have the same effect with another. It depends on what aspects are important to you, and what kind of trading you are looking to do, whether casual or serious.
Getting Started In Cryptocurrency
Cryptocurrency is digital money that uses blockchain technology. This closely resembles old school bookkeepers’ ledgers. In this case, the ledger is electronic and anyone can be the bookkeeper if they can get to the ledger. Not only can you directly buy crypto, but you can also invest in crypto funds and companies. Crypto is a highly volatile market, so ensure you are not investing money that you aren’t prepared to lose. For someone who does not know what they are doing, it is easy to lose a bunch of money as a crypto comes crashing down for seemingly little to no reason.
The Basics of Crypto In 2023
There are plenty of different cryptocurrencies in the market, with new ones frequently being introduced. What sets this currency apart is that neither the government or banks are involved in this process, allowing anyone to buy. When it is purchased, it is done so near immediately at any time of the day, unlike the stock market.
You can buy crypto through platforms that hold stocks as well, but the crypto will remain in that platform, whereas other exchanges will allow you to transfer it into your own personal crypto “wallet”. A crypto wallet is the equivalent to a set of keys. These keys keep your crypto safe so only you can access them and store them all in one place. They can be kept in an online wallet (using an app or software) or a hardware wallet (almost like using a USB stick), allowing you to have control at all times.
When keeping your crypto inside these exchanges, it is seen as them “holding the keys to your kingdom”, meaning they technically have control with what happens with your cryptocurrencies. If you are a beginner or looking for casual trading, it is usually fine to allow these platforms to hold your crypto.
Top 5 Best Crypto Apps & Exchanges for IOS Users
Crypto can be bought on either brokerage accounts or on exclusive crypto exchanges. When buying crypto on run of the mill brokerage accounts, it can give beginners a peace of mind knowing that they are getting what they paid for. These are the type of accounts, though, that require you to keep the crypto on the platform as opposed to transferring it to your wallet.
When looking to purchase digital money, review these top 5 exchanges perfect for cryptocurrency buyers: Binance US, Uphold, Coinbase, Robinhood and Webull.
1. Binance US
Binance US is well known for having low trading fees at 0.1%, making it lower than a plethora of other U.S. exchanges. It also has a reputation of having a high speed trade execution. There are over 60 plus cryptocurrencies available for purchase on this site, which is not as much as its parent site, but still a more vast selection than plenty of other U.S. exchanges. You can get started on Binance US here.
- Low Trading Fees
- App Is Great For Charting
- Over 60 Plus Cryptocurrencies Available
- Not Available In All States
When using Uphold, there is a clear and concise structure when it comes to their fees. You will be able to purchase not only crypto, but U.S. equities and precious metals as well. There is no minimum amount when it comes to investing, you can buy your assets in fractions. This app is easy to navigate and master within minutes, making it user friendly. There are around 70 cryptos available on this app. Not as many as other platforms, but still offers a nice selection. You can get started on Uphold here.
- Certain Coins Available for Staking
- Low Trading Fees
- App Is Easy To Use
- Not The Best For Active Traders
Coinbase offers nearly 100 different cryptocurrencies to choose from. You only need a minimum of $2 to fund your account. In the chance that Coinbase experiences a hack of their system, your crypto is insured. With their educational resources, they offer the chance to “earn as you learn”, where some of the courses you take to learn about trading will provide you with certain cryptocurrencies. This is a great way to not only become familiar with the process, but earn some free crypto as well. The app is highly rated in being easy to navigate among its users. You can get started on Coinbase here.
- Reputable & Trusted Brand Name
- Over 100 Plus Crypto
- Great for Beginners
- High Trading Fees
Robinhood is a platform that supports the buying and trading of stocks, ETF’s and crypto, offering plenty of diversity to portfolio’s. You will be able to enjoy commission free trading. There is also a 2-step verification process as well as insurance against hacking of cryptocurrency. This is an easy app for beginners, as it shows most of the common functions in one spot as opposed to hiding them in multiple different tabs. You can get started on Robinhood here.
- Zero Commission Trading Fees
- Stock Trading Also Available
- Clean Looking Interface
- Limited Number of Cryptocurrencies
Webull offers $0 commission options trades and free stock trades, making them highly preferable in this aspect. It is user friendly, but also offers advanced tools for more experienced traders. Webull offers ETF’s, stocks, and cryptos, allowing you to diversify your portfolio. You can get started on Webull here.
- Zero Commission Trading
- Stock Trading Also Available
- Great Charting for Traders
- Coin selection could be better
Buying, holding and selling cryptocurrency is something that has exploded in the last decade, and still a relatively new concept. Crypto is a highly volatile market, and can change at the drop of a hat, and can stun even the most experienced trader. In order to succeed, it is important to do your research before diving head first into the world of exchanging crypto. That being said, any of these apps for the Iphone are great for new users looking to begin their journey in the buying of cryptocurrency.