My best platforms for trading crypto

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Are you a seasoned crypto trader? Are you an equity investor ready to diversify with your risk tolerant capital into the wild world of digital currencies? No matter where you are from, there is a universal truth when it comes to choosing a cryptocurrency platform: there is no such thing as a ‘one size fits all’ solution.

You may very well have only one brokerage for your entire equity portfolio, but there are too many crypto platforms with unique strengths to settle on one solution. A smooth trading interface may not offer the best rates or the ideal way to generate interest income on your cryptocurrency or digital currencies by generating interest income.

Ascent’s list of the best cryptocurrency apps and exchanges offers some great ideas to start your journey. Let’s go over some of my top recommendations for new and experienced crypto investors.

Image source: Getty Images.

1. Coinbase

We might as well start with the best dog, Coinbase (NASDAQ: COIN). With 7.4 million monthly trading users and $ 255 billion in platform assets as of the end of September, it is the largest and most well-known marketplace. There is a lot to love when it comes to Coinbase. It has an intuitive user interface that is easy to navigate through a browser or its namesake application.

Coinbase offers a wide range of around 120 digital currencies to trade, more than most of the major exchanges. There is also the Learn Win-Win promotional program where accounts can earn $ 3 to $ 10 in crypto of certain denominations in exchange for watching short video tutorials. There is also a Coinbase debit card that allows users to earn up to 4% in Stellar Lumens on purchases.

Coinbase isn’t perfect, but the same can be said of all exchanges. Its trading rates are high and it offers interest on just six of the digital currencies on its platform.

Coinbase offers more competitive prices on its Coinbase Pro platform, but it is difficult for newbies to navigate. Coinbase Pro also does not offer Learn or interest-generating rewards, and funds or crypto must be transferred from one Coinbase exchange to another.

2. Gemini

Gemini is another exchange with a sleek interface that works well on browsers and as an app. Started by Tyler and Cameron Winklevoss – yes, those Winklevoss twins of Facebook fame – Gemini is a solid entry with slightly better rates than you would typically find on Coinbase.

Gemini currently only has 56 digital currencies available for trading, but it allows users to earn interest on 42 of them through the Gemini Earn program. The earning rates are competitive with other interest-generating programs that pay you for the right to lend, pledge, or use your crypto. Its proprietary stablecoin – the Gemini Dollar (CRYPTO: GUSD) – which is pegged to the US Dollar by Gemini on an individual basis, currently pays 8.05% annualized interest.

It also has a simpler trading interface called Gemini Active Trader with lower rates than Coinbase Pro. Another advantage is that assets do not need to be transferred from one platform to another like traders on Coinbase do. Traders can switch from Gemini to Gemini Active Trader in the Settings drop-down menu, and all of their assets will follow.

3. Celsius network

Celsius Network is a fast growing application which is not in itself an exchange. It is a platform where crypto investors can transfer their digital currencies to earn up to 14% annual interest. There are now over a million users with over $ 28 billion in assets on the platform. It will also allow you to put your crypto as collateral for loans with interest rates as low as 1%.

Celsius Network covers all network and gas charges when it is time to transfer your crypto to the market of your choice, but you will need to pay these same fees when you transfer the crypto to the platform. Some exchanges, like Gemini and BlockFi, offer a limited number of free monthly transfers from their apps, but most (like Coinbase) pass the cost on to the user.

High rates are the call to Celsius. The Gemini dollar which can earn 8.05% on its home exchange is currently gaining 10.02% on Celsius Network.

Stay agile

There will always be new platforms and promotions that will attract you to new or old possibilities. Apps tend to offer one-time signup bonuses, so it can be financially worthwhile to join some of the platforms that best meet your needs over time. Ascent’s list of the best cryptocurrency apps and exchanges is updated monthly with some of the latest promotions, so it’s a great place to start.

Once you get started, you probably won’t stop. There are apparently as many platforms as there are types of cryptocurrency, and time is always on your side in the expanding world of digital currencies.

This article represents the opinion of the author, who may disagree with the “official” recommendation position of a premium Motley Fool consulting service. We are heterogeneous! Questioning an investment thesis – even one of our own – helps us all to think critically about investing and make decisions that help us become smarter, happier, and richer.

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