In 2020, we saw many new investors looking for ways to purchase bitcoin through their mobile devices. The trend keeps increasing steadily, as hardware wallets and other types of storage solutions are rather hard to understand.

Towards the end of last year, we checked the number of downloads for different cryptocurrency portfolio management apps and discovered a list with the most popular options in the market.

In the next few sections, we will briefly discuss each option, the benefits, and drawbacks, as well as our personal favorite option. Let’s get started.

In the second place, we see Crypto.com. The platform, which is relatively new hosted some of the most aggressive marketing campaigns on a global scale, which resulted in a large number of downloads for their app. Additionally, they also offer referral bonuses, which increase the reasons to download.

That being said, the userbase of Crypto.com is relatively small, which could have a negative impact on the liquidity of cryptocurrencies on their platform. This issue is also reflected upon the price of their native cryptocurrencies, MCO and CRO, which have been decreasing in value over the past few months, even though we are currently in a bull market.

The third-place goes to Binance. Binance app is probably the one with the most functionalities of all other app options. Users can stake, earn, trade, vote, even participate in digital tournaments, all from the comfort of their devices. The app is great for experienced investors and traders but can be rather hard to use for beginners. The interface is rather complex as there are many different options when it comes to wallet types, trading functionalities, and other factors that may hinder the user experience.

Additionally, another thing we dislike about Binance app is the relatively low level of security, as the app does not even require a pin to access. This means that, if a device is lost or stolen, the funds of a user are at serious risk. Maybe this is the reason behind the lower number of downloads when compared with less popular platforms like Crypto.com, which require a 6-digit pin code to access the app’s dashboard.

Finally, in the fourth place, we have eToro. We will not even go in-depth for this one as eToro recently announced a shortage of Bitcoin on their platform due to the high demand of users. With low levels of liquidity it is nearly impossible to maximize what you can get from a cryptocurrency app, and this, in turn, hinders the profit-making potential of users that use the app.

That being said, in time, we expect other apps to also reach a point of BTC shortage. This of course would be good for the BTC price, but it would not mean much when no one can acquire it any longer.