Best Cryptocurrency For May 2022
Cryptocurrencies have become far more accessible for the average American after their recent rise in popularity. Several brokerage firms now allow investors to buy and sell cryptocurrency right alongside their stocks, mutual funds, and other investments. Some of the top cryptocurrency exchanges have made the process more user-friendly than ever, especially those with the best cryptocurrency trading apps.
Investing in cryptocurrencies may not be right for everyone, as they’re still a somewhat speculative investment. Whether or not they make money in the long term, investors can expect a roller coaster ride. That said, if you believe in the long-term potential of cryptocurrencies and have a fairly high-risk tolerance, there’s nothing wrong with holding some digital currency as a long-term investment.
With that in mind, here are some of the best crypto exchanges for May 2022. These include brokers, exchanges, and apps you can use to start building your cryptocurrency portfolio today.
6. Cash App
Offers a nice range of cryptocurrencies and a simple-to-use app experience. The Gemini Earn feature is also a standout perk and pays interest on idle cryptocurrencies at high rates.
Coinbase shines with its vast array of cryptocurrencies available. There’s also an advanced trading platform for serious cryptocurrency enthusiasts. Plus, you can earn some free cryptocurrencies if you’re willing to take some educational courses.
SoFi Active Investing has a well-rounded financial ecosystem. SoFi Members can buy and sell five different cryptocurrencies. They can take out loans, save, and trade stocks. SoFi does charge a markup, but the all-in-one convenience of the platform could still make it worth a look.
Among the best apps to buy cryptocurrencies and traditional investments like stocks and options under one roof. It has a wide array of popular cryptocurrencies and gives immediate access to deposits. Plus, cryptocurrency trading on Robinhood is 100% commission-free.
eToro has a good selection of cryptocurrencies on its platform. It also offers some unique offerings, such as social network-like commentating capabilities and the ability to follow and match the investments of other cryptocurrency traders.
Square’s Cash App only offers bitcoin. But it could be a smart choice for people who only want to buy, sell, and hold the leading cryptocurrency. Plus, the popular finance app has some other great features, such as stock trading and person-to-person payments.
Where can you buy cryptocurrency?
If you’re wondering where to buy cryptocurrency, you have several options. The best places to buy cryptocurrency can generally be separated into two main baskets:
1. Brokerages. A brokerage is a company that facilitates the purchase and sale of investments, such as stocks, bonds, and mutual funds. Several of the best stock brokers now offer cryptocurrency trading through their platforms. These can be desktop-based, app-based, or both.
2. Exchanges. A cryptocurrency exchange facilitates the buying and selling of digital currencies. The biggest difference is that brokerages offer other investment vehicles. Cryptocurrency exchanges don’t.
Whether you go with a broker or an exchange, make sure it has the functionality you need. For example, if you want to buy cryptocurrency on your mobile, look for the best cryptocurrency app.
It’s also possible to buy cryptocurrencies directly from other people. This used to be far more popular in the early days of Bitcoin. However, that can get a little complicated and is beyond the scope of this discussion.