Top 3 Cryptocurrency Applications for public trading

By Joy Dumasia

A cryptocurrency (or “crypto”) is a digital currency used to buy goods and services but uses an online ledger with solid cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.

Cryptocurrencies work using a technology called the blockchain. Blockchain is a decentralized technology spread across many computers that manage and records transactions. A blockchain is a public digital ledger of transactions that records information to make it difficult to hack or alter. The technology allows a secure way for individuals to deal directly with each other, without an intermediary like a government, bank or another third party.

Cryptocurrency exchanges are persons or entities who offer exchange services to cryptocurrency users, usually against paying a certain fee (i.e. a commission). They allow cryptocurrency users to sell their coins for fiat currency or buy new coins with fiat currency. They usually function both as a bourse and as a form of the exchange office.

In addition to cryptocurrency exchanges, so-called “trading platforms” also play an essential role in the business of cryptocurrencies (and, most notably, allow cryptocurrency users to buy coins with cash). Trading platforms are marketplaces that bring together different cryptocurrency users looking to buy or sell currencies, providing them with a platform on which they can directly trade with each other (i.e. an “eBay” for cryptocurrencies).

Trading platforms are sometimes referred to as “P2P exchanges” or “decentralized exchanges”. They differ from cryptocurrency exchanges in several ways. First and foremost, they do not buy or sell coins themselves. Secondly, they are not run by an entity or company that oversees and processes all trades. Still, they are operated exclusively by software (i.e. there is no central point of authority).

Cryptocurrency has been noticed as a fragile market; however, it is a digital revolution of the future. There have been more users accessing digital currency, which has led to competition in the sector of crypto trading apps; the following are the Top 3 Crypto Applications for public trading:

• COINBASE

Customers around the world discover and begin their journeys with crypto through Coinbase. Approximately 56 million verified users, 8,000 institutions, and 134,000 ecosystem partners in over 100 countries trust Coinbase to quickly and securely invest, spend, save, earn, and use crypto.

Although the platform charges slightly higher fees than some competitors (ranging from $0.99 to $2.99), the extra payment is worth it. Coinbase provides an easy-to-use exchange across currencies, which is often a barrier to new users.

Coinbase provides an upgrade for their clients who have (or gain) more experience through using their app. Coinbase Pro offers more chart and indicator options for their fee structure at no extra charge.

Recently, IBS Intelligence reported that Coinbase has recently published their Quarterly Crypto Market report Q2 2021, of the UK and Europe. The Q2 cryptocurrency market report was commissioned by Coinbase and produced by Apex: E3.

• CASH APP

Cash App is the easiest way to buy, sell, deposit, and withdraw Bitcoin. Track the BTC price in real-time in the app and get started by buying as little as $1 of Bitcoin. You can then decide to keep it safe in Cash App or withdraw it to a different wallet. Users can buy as little as $1 of stock in top US companies.

It is the only peer-to-peer (P2P) crypto app that allows users to invest in cryptocurrency and withdraw cryptocurrency. This sets Cash App apart from other P2P apps like Venmo or investment apps like Robinhood, the latter not allowing users to withdraw.

Cash App cannot offer as many avenues for those wanting to invest in numerous cryptocurrencies. Its aesthetically pleasing and easy-to-use interface makes it a user-friendly app.

IBS Intelligence reported that Square, building simple tools to help people participate and thrive in the economy, has entered into a definitive agreement to acquire Credit Karma Tax, Credit Karma’s tax business, on behalf of Cash App.

• ETORO

A globally recognized competitor with over 17 million users from around 100 countries worldwide. This large client base offers an excellent social trading platform and an opportunity for more inexperienced users to observe and imitate advanced investors.

eToro requires a minimum purchase of $25 for each cryptocurrency, meaning investors may find it difficult to spread their cryptocurrency around if they only want to dabble in the industry.

One of eToro’s main goals is to remove barriers and make online trading and investing more accessible to the everyday user. On eToro, users can interact and gain from each other’s experience; the platform is intuitive and user-friendly, turning even the most complicated actions, like stock trading, into a simple and interactive experience.

Recently, IBS Intelligence reported that eToro, a global leader of social trading, has announced entering into a definitive business combination agreement with FinTech Acquisition Corp.V, a publicly-traded particular purpose acquisition company.

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