The World’s Most Popular Cryptocurrency Portfolio Management Apps
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.
Most popular app for crypto purchases - Coinbase
Coinbase is by far the most popular cryptocurrency exchange in the Western world. The brokerage service, which was first developed in 2011, recently introduced an app to improve the transaction process and improve the UX/UI of their platform for users that struggle to understand the steps involved with the buying process.
Benefits of Coinbase:
- Minimalistic design.
- Allows exchange to FIAT currencies without withdrawal.
- Supports most locations globally.
- Easy to use by beginners.
Drawbacks of Coinbase:
- Cryptocurrency prices are usually inflated due to the fees that the platform charges for purchases.
- Verification can take longer than expected.
- The platform can close your account at any time without an official explanation.
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.
About the Author:
Being in love with communications and human relations, Judy Smith found herself in Journalism. Another passion of hers is crypto world and she believes in crypto's future. She spent the past 8 years studying as much as she can and shares her own experiences with people. She is writing now about new trends - how crypto keeps changing the world, businesses and the future.