An overview of crypto trading apps: Buy and sell Bitcoin & Co. via app

Grandparents have already invested their money with a current account, fixed-term deposit or building loan agreement and parents are on the move with shares. Those who want to invest their money in a modern way today have other options: cryptocurrencies are fascinating more and more people. Suitable crypto trading apps want to make buying and selling as easy as online shopping. We show an overview of 5 apps.

Cryptocurrencies like Bitcoin are no longer new, but their potential is far from being exhausted. Technically interested and courageous financial experts have been investing for a long time, but normal people are still hesitant and have concerns. They cannot be dismissed out of hand. Complex blockchain technology, the vulnerability of Bitcoin exchanges and strong price fluctuations give potential investors a queasy feeling.

On the other hand, there is still hope for mega profits , which is what makes crypto currencies so fascinating. But be careful: investing in crypto currencies involves high risks, which even the best app cannot change. As always: only invest money that you could lose if in doubt.

Buy cryptocurrencies with apps

The strong interest in crypto money want to use trading apps that bring trading as easily as possible directly to the smartphone. We introduce you to the five apps Bison, Coinbase, Etoro, Justtrade and Trade Republic.

Name Bison Coinbase Etoro Justtrade Trade Republic Headquarters Germany USA Cyprus Germany Germany Number of crypto currencies 7 70 42 13 7 Trading fee 0.75% 0.5% (additional 1.49% order fee plus variable transaction costs) 0.75 to 2.9% (each according to cryptocurrency) variable from 0.3% variable by 2% (additional 1 euro order fee) Payment options SEPA transfer SEPA transfer, credit card SEPA transfer, Klarna, credit card, PayPal SEPA transfer, SEPA transfer, credit cards, Apple Pay, Google Pay test account available? yes no yes no no Info & Download bisonapp.com coinbase.com/mobile etoro.com justtrade.com traderepublic.com

Bison: For crypto newbies

Bison (to the provider) is a good choice for anyone who is afraid of being ripped off by dubious Bitcoin apps. Behind the Büffel app is the Stuttgart Stock Exchange - and it advertises not only with Germany as a location , but also with the seriousness of a stock exchange. Bison's trading partner is Euwax AG, a subsidiary of Boerse Stuttgart GmbH. Sounds good and is also easy to use, you can register on the website or directly in the app.

The password strength is displayed, but users can also use weak passwords. The account can be activated via a confirmation link. After logging in for the first time, you will end up in a demo mode, which you can use to test the app with a fictitious depot . If you want to really get started, you have to switch to real money mode. This then requires a video identification procedure, for which you either need a valid identity card or a passport including an invoice made out in your name. You can activate new devices for trading, such as your PC at home, with the account plus an additional SMS code.

The range of crypto currencies at Bison is still manageable, but is growing steadily. Currently you can buy and sell Bitcoin, Bitcoin Cash, Ethereum or Litecoin, among others. There are no fixed fees for transactions at Bison , money is earned via the spread, i.e. via the difference between the purchase and sale price. Bison grabs 0.75 percent. To trade, you need to link a SEPA-enabled bank account to the Bison app. You can then transfer money from this - as soon as it has arrived at the provider, trading can begin. Disadvantage: It can take a few days and doesn't really fit into a dynamic crypto trading app. Faster payment options via PayPal or credit card would be desirable here.

There are a few interesting convenience functions, such as the crypto radar, which uses AI to evaluate tweets from the crypto community. This is how you know about current trends. Price alerts, automatic savings plans and limit orders are also of interest. So you can elegantly let the app work for you.

Coinbase: For crypto professionals

The name Coinbase (to the provider) is known to many, at least since the IPO. One or the other hack has made headlines in the past, but solid partnerships speak for the provider today, for example with Adidas or acquisitions of other crypto companies. Although Coinbase is headquartered in the US, there is a solidly made German website that advertises being licensed in Germany . It's also true that BaFin allowed Coinbase Germany GmbH to conduct crypto custody business in mid-2021. What stands out: As soon as you go into detail, you always end up with English descriptions or the English-language support. A wallet is now available.

At Coinbase you can trade everything that is not on the tree at three, around 70 cryptocurrencies are offered. You can deposit money by SEPA transfer, cryptocurrencies can also be bought by credit card, which is more expensive. Your name and email address are required to register; the account is activated via a confirmation link. Before that, you have to set up a 2-factor authentication. Then nationality and place of birth will be asked and you will end up with the identity verification. A non-binding test is therefore not possible.

The fees are higher than those of the competition : Coinbase grabs 0.5% as a trading fee, but also 1.49% of the invested amount when buying. If you buy by credit card, it is as much as 3.99%. Withdrawals from the Coinbase account are charged $ 0.18. In addition to the spread, a variable transaction fee is charged, which differs depending on the amount. All in all, this is not only mighty complicated, but also expensive. A subscription model is currently being tested that may soon solve the problem with the high costs.

Etoro: social trading

Two things are immediately noticeable at Etoro (to the provider): First, not only cryptocurrencies are traded on the platform, but also stocks and ETFs. Second, the provider particularly emphasizes the topic of social trading . Behind this is the possibility of using other users' investment strategies yourself. The registration is kept very simple, verification is not necessary at first if you do not deposit more than 2,000 euros.

You can try out a demo account via "switch to virtual". There you will receive $ 100,000 in play money to try out the app . If you really want to get started, there are various options available to fill the docked account, such as credit card, Klarna, PayPal or bank transfer. The fee is a variable spread, around 0.75% for Bitcoin. With Ethereum it is 1.90%.

There are numerous charts and analysis tools so that users can follow all trends in fast-moving business. For a better overview, you can create your own watchlists to keep an eye on the cryptocurrencies that are of interest to you. Conveniently, there is a separate wallet in which the purchased coins can be secured.

Justtrade: stocks and crypto in one

At Justtrade (to the provider to the provider) you can not only buy crypto currencies, but also trade stocks , which may be interesting for some users who are looking for an app that can do more. Unfortunately, you will be guided through the complete verification when you open the depot. So you don't get a simple test environment for playing around here.

The focus is on trading stocks, but you can also buy cryptocurrencies. Real money is deposited via SEPA transfer, PayPal or credit card, which is not an option. 13 crypto currencies are currently on offer , which is not too abundant, but the well-known players are there, such as Bitcoin or Ethereum.

There are no transaction or network fees, but Justtrade grabs a variable spread, currently at least 0.3 percent . This value depends on the order volume (50 to 50,000 euros) and market events. Justtrade is not itself a crypto exchange, trading takes place via the Hamburg-based Sutor Bank. Exporting to your own wallet is not possible; the crypto values ​​are stored in a docked wallet via the von der Heydt bank.

Trade Republic

At Trade Republic (to the provider) you can mainly trade stocks and ETFs, but crypto money has also been represented for a few months. So far, cryptocurrencies are currently available, including the popular classics Bitcoin, Bitcoin Cash, Litecoin and Ethereum .

Unfortunately, there is no test mode here either with which you can simply try out the app. Users are immediately channeled through the entire onboarding process, including the video identification process. You can pay in in different ways: SEPA transfer, credit cards, Apple Pay or Google Pay are available to top up the account. BitGo Deutschland GmbH stores cryptocurrencies free of charge.

The comfort functions could be more luxurious. For example, there are no savings plans. Also important: Bitcoins and other cryptos cannot be paid out directly or transferred to another wallet.

What do crypto trading apps do?

With crypto trading apps, you can easily buy and sell crypto currencies such as Bitcoin or Ethereum from your smartphone. The offer differs significantly in the apps, some only have a handful of currencies at the start, others ten times as much. But the most important currencies are everywhere.

Since you have to shell out a lot of money for a whole Bitcoin, you can also buy fractions of crypto coins. In addition to current exchange rates, the apps also contain additional information that comes from social networks, for example, and is prepared for users. The apps also give tips on when to buy . With social trading apps like etoro, you can even copy the investment strategies of other users.

Crypto Trading Apps: Get Started in 3 Steps

The operation of the crypto trading apps is not difficult, it usually starts in three steps:

Install apps: All providers supply Android and iOS users, and there is usually also the option of trading in the browser. Verification: The legislator has made various requirements so that trading in crypto currencies is not misused for money laundering. Therefore you have to verify yourself with the apps. Some personal data is collected beforehand, then there is a video identification procedure for which you need a valid ID. Top up your account: In order to actually be able to buy crypto currencies via the apps, you have to transfer money to an attached account. Once the money has arrived there, you can start buying crypto.

This is how crypto trading apps work

The crypto trading apps are based on shopping apps. This means you choose which currency you want to buy, enter the amount and press the buy button. In fact, buying Bitcoin & Co. is so easy. The same game is played when selling. Select how much of your inventory you want to sell, confirm the sale, done.

Bison and Etoro offer a test account in which you can simply invest with play money. This is practical, because you can deal with the apps and the unpredictability of crypto currencies. You can use convenient functions such as watchlists to keep an eye on cryptocurrencies and stocks, if the apps support it.

Are Crypto Trading Apps Safe?

The apps presented above use the security technology common in the financial sector. This includes encrypted connections and 2-factor authentication . In contrast to online banking, not every transaction has to be explicitly approved again. Coinbase sends normal SMS for 2-factor authentication. You can do it, but there are safer ways to do it.

Etoro complains about passwords that are too long when setting up; 32 characters are over. That should be enough in practice, but a maximum seems superfluous to us at this point. If you don't trust the providers, you should pay attention to the support of wallets. Bison, Coinbase and Etoro offer corresponding export functions for cryptos.

How reputable are bitcoin trading apps?

The apps presented above come from reputable providers. You can get in here without hesitation. Caution is advised with apps that do not collect personal data and do not perform authentication, as this is required for trading.

When examining the Android apps, trends that we see with other apps are unfortunately confirmed. Too many trackers are built into the code and too many authorizations are required. Justtrade is an exception here, there is not a single tracker in this app, Etoro has integrated a whopping eight. Justtrade is also the most frugal when it comes to authorizations, at 13, while Coinbase grabs 37.

Which app is the best for Bitcoin?

Regardless of whether it is Bitcoin or another crypto currency, there is no such thing as the best app. Bison and Coinbase concentrate purely on crypto money, the others also have securities at the start. If it is just a matter of sniffing around with "play money" and / or investing a few euros in Bitcoin, then Bison is worth a second look. Here you can easily follow how your capital of 50,000 euros develops over a few weeks or months. Etoro, Justtrade and Trade Republic also have crypto currencies at the start, but also support classic stock trading.

My conclusion: cryptocurrencies should never be your only investment. In addition, you should expect with Bitcoin & Co. that you can destroy all the money you have invested. The risk is very high and a total loss shouldn't get you into financial difficulties. If you know that, you can easily get started with the apps presented above.

Bison is particularly good for beginners and the costs are manageable. The app is clear and there is a demo mode to try out. Coinbase is quite expensive in comparison, but offers a lot of cryptocurrencies and a huge user base, but is aimed more at advanced users. Etoro is cool because laypersons can benefit from the strategies of experienced users in social trading. As with Justtrade and Trade Republic, you are not restricted to cryptocurrencies.