With the rising popularity of cryptocurrencies like Bitcoin and Ethereum, more investors are looking to enter the crypto market. However, the decentralized and unregulated nature of crypto makes it ripe for scams and frauds. Choosing a verified and trusted crypto investing app is crucial for safely buying, selling and managing your crypto assets. This article explores the key factors to consider when selecting a legit crypto app for seamless investing experience.
Look for regulatory compliance and licenses
The crypto market lacks oversight from government regulators. Hence, opt for a crypto app that follows Know Your Customer (KYC) and Anti-Money Laundering (AML) protocols. Platforms registered as Money Service Businesses with FinCEN and complying with state laws inspire greater trust. Check if the app has necessary licenses to operate in your state and country.
Select an app with robust security
As crypto apps store sensitive user data and keys to your funds, robust security is a must. Go for platforms using encrypted SSL connections, offline cold storage of assets, two-factor authentication and other measures. Reputed apps get audits done by third-parties to verify their security infrastructure.
Check user reviews and reputation
Do some research to gauge user experiences and satisfaction with the crypto app’s services. An app with overwhelmingly negative feedback and complaints of account freezes, missing funds etc. is best avoided. However, balanced feedback with some negative reviews is expected for any service.
Compare fees and payment methods
Crypto apps make money through fees like trading commissions, deposit/withdrawal charges, spreads etc. Compare fee structures across shortlisted apps to find one that best suits your usage and budget. Also check which payment methods like bank transfers, debit/credit cards, PayPal etc. are supported for smooth onboarding.
Evaluate availability of coins
The number of coins supported on a crypto app influences your ability to diversify holdings. While Bitcoin and Ethereum are commonly available, niche altcoins may not be. Based on your interests, see if the app offers the coins you wish to invest in.
By selecting a legal, secure and reputable crypto investing app that meets your needs, you can seamlessly manage your portfolio and capitalize on crypto market opportunities. However, conduct thorough research instead of choosing apps in a rush.