What is the Best App to Buy Crypto? A Guide to Navigating Top Platforms

Cryptocurrencies have come a long way from a niche techy realm dominated by geeks to a mainstream investment vehicle. Do you remember how “buying crypto” sounded like a cryptic puzzle just a few years back? Well, now the tables have turned. Buying cryptocurrencies nowadays is easier than ever before. Any newcomer can pick a platform to their liking and get hold of their desired tokens in seconds.

However, choosing where to buy crypto is still important. Not all platforms are made the same – some are beginner-friendly, but lack anonymity. Others are, on the contrary, completely anonymous but a bit overwhelming for the newcomer. We will shed light on what types of platforms are out there. The choice of the best app to buy crypto depends entirely on your needs and preferences.

When choosing where to buy crypto, you’d be fluctuating between Centralized Exchanges (CEXes), Decentralized Exchanges (DEXes), or Crypto Wallet Apps. DEXes and wallets work alike and are completely decentralized. CEXes, being centralized, are compliant to regulations. Crypto wallets are probably the most convenient, but put all responsibility for their safety on you. Each type of platform has its own ups and downs when it comes to buying crypto, and your choice had better be conscious. Naturally, there are other types of platforms, such as P2P platforms for direct, peer-to-peer trading and OTC desks for large-scale operations; but here, we’ll only cover these basic ones so that you know where to start.

Centralized Exchanges (CEXes): Where to Buy Crypto Officially

If you’re new to crypto, chances are you’ve heard about platforms like Binance, Kraken, ByBit, KuCoin, Gemini, OKX, Crypto.com, and so on. All of these are called Centralized crypto Exchanges (CEXes) – they are where most people start. For the newcomer, they work just like a familiar stock broker app. So, a CEX app may prove the best app to buy crypto for those accustomed to traditional markets.

CEXes are built to make things easy: you don’t have to learn much about how blockchain works, fearing losing your private keys or your seed phrases. You just sign up, complete KYC (Know Your Customer) if it’s required, connect your bank card, and you’re off buying Bitcoin or whatever other crypto catches your eye. You can think of CEXes as the Apple Store of crypto. They’re designed to provide ease and convenience to investors and traders alike. Payment options are aplenty, almost definitely including your preferred bank or payment service.

The backend is handled by the broker, and your funds are kept in custody on your behalf, until withdrawn. Should your account be breached, the exchange can be held accountable (provided it was its fault). On most centralized platforms, there’s round-the-clock tech support that can help you figure out anything related to your account.

The fees on CEXes are mostly affordable and usually have a flexible schedule. Depending on the exchange, you’d be paying somewhere in the range of 0.1% to 1% per spot transaction. Almost all CEXes these days have a flexible fee discount structure – you can pay incrementally smaller fees if you trade larger volumes or if you hold the platform’s native token (provided it has one).

Most CEXes have mobile apps, so you can sign up and get buying crypto without touching the desktop. Thus, a Centralized Exchange is the best app to buy crypto if you want to get started with zero headaches. Just sign up and complete KYC, and you get unfettered access to a bunch of coins, easy deposits, and withdrawals.

That said, using a CEX isn’t all sunshine and rainbows. One obvious tradeoff is the whole KYC business. You’ve got to hand over your ID, a selfie, and sometimes even proof of address before you can use the platform’s basic features. The idea of jumping through hoops and proving “I’m me” may feel like a bit much if you’re just trying to dabble in crypto on the side without committing. So, CEXes are usually preferred by users who see themselves using the platform in the long run.

As mentioned before, CEXes are regulated, and regulation comes with both guarantees and serious headaches. Depending on where you live, services can suddenly change, or you might find yourself locked out and your funds frozen because of some new regional law. So, before choosing where to buy crypto on a CEX platform, consider how friendly it is to your region first, and then see if you agree with its KYC requirements.

Another potential tradeoff is the discrepancy in fees. Some CEXes target active, short-term traders – think Binance, OKX, and ByBit – and usually charge the smallest trading and withdrawal fees. Others, like Kraken and Gemini, are meant for large and long-term investors, and their fees can be prohibitive for smaller-scale users. So before choosing a CEX to buy crypto on, consider your trading style and whether or not the platform’s fees go in line with it.

Summing up, a CEX is a great place to start if you don’t mind doing KYC in exchange a streamlined experience with third-party protection.

Where to Buy Crypto Without KYC: Decentralized Exchanges (DEXes)

Decentralized Exchanges (DEX swaps or just swaps) are the ‘dark side’ of the crypto Moon. Running entirely on blockchain, they let you trade directly from your non-custodial crypto wallet.

DEXes imply zero KYC, zero custodial risks, and no handing over of your data. Transactions are handled entirely by smart contracts, i.e. automated scripts (unlike with centralized broker entities). This autonomy comes at a cost – you are your own bodyguard.

In recent years, many DEXes have integrated fiat on-ramps, which allow you to buy crypto directly with your bank card. This blurs the line between the ‘deep web’ of crypto and your familiar banking landscape. So, nowadays, if you only have a bank card and don’t want to bother with KYC, the best app for buying crypto might be a DEX.

Why Go for a DEX?

DEX swaps are perfect for those who value privacy and control. The onboarding is zero time and zero effort. Just connect your crypto wallet, and you’re good to go – it’s that simple. Obviously, you need to have a crypto wallet first, and that will be covered in the next part. Unlike CEX platforms, DEXes have no multi-layered sign-ups. Everything happens literally no time, with no oversight or verification delays. You’re the only one in control, and your’re the only one who’s responsible. It’s a dream for those who want the freedom to explore the full spectrum of Decentralized Finance (DeFi) without a gatekeeper.

What’s more, DEXes allows you to tap into exclusive DeFi projects – you can trade a wider array of tokens than what you’d normally meet on a centralized platform. So, if you’re wondering where to buy crypto that’s not hyped or massively listed – it’s most likely going to be a DEX.

The Catch: DIY Security and Tech Hurdles

However, DEXes are certainly not everyone’s pick. As we’ve found out, there is no custodian protecting your funds, no support line to call, no password reset, and no reversing transactions. Every mistake here is permanent, so tread carefully.

Every transaction on a DEX comes at a gas fee – aka network fee, paid directly to the blockchain. Unlike in CEXes, where broker fees are set in stone, network commissions on DEXes may vary by the minute. On busy networks like Ethereum, gas fees can skyrocket during peak times. So DEX regulars often have to wait for a quieter moment to make their move – or pay up (sometimes through the nose) to get it if they want to get it done right away.

Then, there are the smart contracts – self-executing scripts that drive all decentralized transactions. Smart contracts are no-brain and no-soul, all-code. Like any code, they can have bugs, security gaps, or simply be exploited by hackers. If a contract goes rogue or gets attacked, your funds can be drained, and there’s no cancel button or customer service to call for help.

To sum up, DEX swaps are a playground for tech-savvy traders who enjoy tinkering with their wallets and don’t want any gatekeepers. So, if you think that a DEX might be the best app for you to buy crypto, pay extra attention. You’ll need to double-check wallet addresses before sending funds, keep tabs on gas fees, and check the reliability of your chosen platform.

Top DEXes to Know and What Sets Them Apart

Uniswap is the poster child of DEXes. Native to the Ethereum network, it’s known for its user-friendly setup and overall smooth user experience.

It boasts a massive array of ERC-20 tokens but also has those heavy-hitting Ethereum gas fees. Fiat transactions are enabled by services like Stripe, Transak, Banxa, MoonPay, and the Coinbase Card, which may vary from region to region. So, if you’re wondering where to buy crypto in the DeFi Wild West, Uniswap might be your go-to choice.

PancakeSwap is another alpha beast in the pack. Unlike Uniswap, it’s native to Binance Smart Chain, which is known for cheaper transactions.

The overall feel is pretty similar to Uniswap – it even supports Ethereum — but with notably lower fees. Also, the BSC blockchain has a distinct selection of tokens that are often not found elsewhere. Fiat transactions are also present and facilitated by providers like Topper, Mercuryo, Transak, and MoonPay. However, BSC isn’t as decentralized as Ethereum. It’s been known to be more vulnerable to security issues, so tread carefully.

SushiSwap brings a whole suite of DeFi tools to the table. Being a versatile multichain swap, it also offers a load of investment products like staking, lending, and yield farming.

For newcomers, there’s also a wide selection of fiat providers – from bank cards to Skrill to direct bank transfers/SEPA, depending on your choice of currency. However, sushi is pretty dense with features, which may overwhelm those completely new to the crypto scene.

Should You Use a DEX?

Let’s sum up. DEXes offer unmatched autonomy, but they also demand a high level of awareness and caution. If you want full control over your assets and don’t mind a bit of DIY, a DEX could be the best app to buy crypto for you. The big pro is access to a world of tokens and DeFi projects without the need to disclose your data. But this freedom comes with a big caveat: mistakes on blockchain are irreversible, and security is entirely on you.

Crypto Wallet: What is the Best App to Buy Crypto on Mobile

Crypto wallet apps the baseline tools for buying, storing, and managing crypto directly on the blockchain. A wallet is the best app to buy crypto if you prefer mobile apps and/or browser extensions. Crypto wallets are non-custodial, which, once again, means that you’re the one controlling your funds.

Like CEXes and DEXes, crypto wallet apps come equipped with built-in fiat buying options. We’re talking standard debit cards or various fiat gateways, depending on the selected currency. Crypto wallets are also native to the blockchain, so there is no KYC or custody there. All transactions run on smart contracts, and the responsibility for your actions is on you.

Like DEX swaps, crypto wallets pull their liquidity directly from smart contracts. So, there is no brokerage or custodian there. Unlike DEX swaps, wallets allow you to buy crypto without connecting anything. You just create a new wallet in seconds, and right away, you’re off buying crypto with 0 hassle.

Trust Wallet supports a vast range of coins (including Bitcoin), and quick fiat ramps through Apple Pay, Google Pay, etc. Its interface is extremely user-friendly, and you can become fluent in it in no time. Keep in mind, however, that Trust works only on mobile, so you’d have to stick to your phone to use it.

MetaMask is the number one wallet for anything Ethereum. For those looking to explore DeFi, MetaMask is the go-to choice. Keep in mind, however, that MetaMask only supports Ethereum networks, so no Bitcoin there. So, if you’re going to navigate only the Ethereum waters, MetaMask may be the best app for buying crypto.

Phantom is built for the Solana crowd, with a slick interface for managing Solana-based assets. It’s expanding to include more blockchains, such as Bitcoin, but Solana remains its main game. Phantom makes staking and interacting with Solana DApps a breeze, and it supports hardware wallets for added security.

To sum up: just about any crypto wallet may prove the best app to buy crypto if you seek ease and convenience and don’t want any onboarding hassle. In the end, it boils down to your choice of network and token, fiat currency, and overall user experience preferences.

Tips for Keeping Your Crypto Safe in Wallet Apps

“Where to buy crypto” is but one part of the puzzle. The other part is – how do you keep your cryptos safe?

Here are some tips to make the most of it:

Backup Your Seed Phrase Your seed phrase is the master key to your wallet. Write it down, keep it offline, and store it in secure locations. Never share it, no matter what.

Enable Security Features Use two-factor authentication (2FA) when available, and consider a hardware wallet for extra protection.

Stay Updated Always have the latest version of your wallet app installed. This way, you can avoid vulnerabilities that could put your funds at risk.

Test Small, Go Big Later When using a new wallet or dApp, start with small transactions. This lets you get familiar with the process and limits potential losses if something goes wrong.

Keep an Eye on Fees Fees can vary widely, so check before you hit the buy button. Some networks charge more during busy times – waiting a few minutes can save you money.

Remember that if you’re going decentralized – say, with a DEX or wallet app – you take on full responsibility for your funds and actions.

Wrapping Up: How to Choose the Right Platform

So, now that you know all this, what do you think is the best app to buy crypto for you? The answer lies in what you value most. Centralized exchanges are about ease of use and liquidity but come with custodial and regulatory strings. Decentralized exchanges put you in the driver’s seat but require more know-how, as do crypto wallets. Which is your best pick depends on your needs and purposes.