If you want to apply leverage or short-sell cryptocurrencies, this is facilitated via CFDs.As such, they will remain on the eToro platform until you decide to cash them out. You can’t, however, withdraw the coins to a private wallet. If you want to invest in cryptocurrencies, you can do this at eToro and retain 100% ownership.
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The latter is available on iOS and Android devices.ĮToro offers traditional assets as well as CFDs, which gives you ample flexibility. You will have the option of trading via its main desktop site, or through a fully-fledged mobile app. Launched in 2007, eToro is home to over 12 million traders around the world. So now that you know what factors you should be looking out for when selecting a crypto trading app, I am now going to discuss my number one pick – eToro. You should consider whether you can afford to take the high risk of losing your money.Ĭryptoassets are highly volatile unregulated investment products. eToro – Best All-Round Crypto Trading AppĦ7% of retail investor accounts lose money when trading CFDs with this provider. If you’re a seasoned crypto trader looking to take things to the next level, then you’ll want to look out for things like margin trading, leverage, and short-selling facilities. These are currency pairs that contain two digital assets. For example, if you’re looking to trade cryptocurrencies against the US dollar, you need to ensure your chosen app supports fiat-to-crypto pairs.Īlternatively, you might be looking to trade crypto-cross pairs. The term ‘Cryptocurrency Trading’ is somewhat of a broad one, not least because it can refer to several financial products. Supported Pairs and Financial Instruments
However, I would argue that Binance is still worth considering, as it has industry-leading security practices.
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Read more: How to buy exposure to Bitcoin through a regular stock broker This is somewhat surprising when you consider the billions of dollars worth of trading activity that goes through its books each and every day.
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Other reputable license issuers include the Cyprus Securities and Exchange Commission (CySEC) and the Monetary Authority of Singapore (MAS).Īt the other end of the spectrum, conventional cryptocurrency trading exchanges like Binance still operate largely unregulated. If using a CFD provider, then it is all-but-certain that the platform will be heavily regulated.įor example, the likes of eToro, IG, and Plus500 all hold licenses with the UK’s Financial Conduct Authority (FCA) and the Australian Securities and Investments Commission (ASIC). Regulation is a bit of a grey area in the cryptocurrency trading space. Instead, you are speculating on the future price of the cryptocurrency. This allows you to speculate on cryptocurrencies without you owning the coins.
Note: CFDs (Contracts-for-Differences) track the market price of an asset. As such, it’s only the spread that you need to take into account.
This is because CFD providers typically allow you to trade cryptocurrencies without paying any commissions. For example, are you looking to buy leading cryptocurrencies such as Bitcoin or Ethereum, and then hold on to the coins for several months or years? If so, you might be better suited for a cryptocurrency broker that accepts everyday payment methods.Īlternatively, if you are looking to actively trade cryptocurrencies to make frequent profits from every-changing price movements, you might be more suited for a CFD trading platform.
In my view, the most important metrics are as follows: Ownership or CFDs?įirst and foremost, you need to assess what your short or long-term objective is. Choosing a Suitable Platformīefore I delve into the best crypto trading apps of 2021, it is worth me quickly outlining what you need to look out for when searching for a broker/exchange that meets your needs. On top of this, I also explain some of the key metrics that you need to look out for prior to selecting a provider. To help point you in the right direction, here I discuss my top-rated cryptocurrency apps of 2021. My article on the best crypto debit cards in Europe.My article on the best crypto trading botsīuy Gift Cards, Vouchers and Top Up Airtime.BlockFi – Best app for earning interest and borrowing – read my review.CoinSmart – Another good option for beginners.Coinbase – Best crypto trading app for beginners.eToro – Best all-round crypto trading app.