Cryptocurrency is all the rage these days, and with good reason: People are making fortunes off of it. It is an investment medium – and a highly volatile one – but also a massive one, with an overall market capitalization of more than $1.57 trillion dollars. Of course, cryptocurrency is highly confusing. If you are looking to buy cryptocurrencies, you should do so with caution. A general rule of thumb is that you should never invest money that you can’t afford to lose. However, if you have a high tolerance for risk, cryptocurrency may appeal to you. As noted by the financial experts at SoFi, “Cryptocurrency, often abbreviated to ‘crypto,’ is a new type of digital currency. Crypto is decentralized, meaning that it is not controlled by a central authority like a bank or government and instead is exchanged person-to-person.” This means that the medium has plenty of opportunities for you.
Buying cryptocurrency is as easy as finding the right app for you to make a purchase on. There are many platforms out there, and all come with various positives and negatives. As such, here’s an overview of three of the most prominent forms of cryptocurrency.
SoFi is one of the better apps out there. It allows for users to conduct research, securely buy and sell a variety of financial instruments, and earn a bonus when they first open an account and meet a few pieces of criteria. The app allows for crypto to be purchased at any point, and you can use it to purchase numerous types of crypto.
Coinbase is another app that can be used for the purchase of crypto. It offers a variety of resources and methods by which users can purchase numerous types of cryptocurrency, and has been found to be useful by many users. The challenge with Coinbase is that it is limited to crypto only. If you want to purchase stocks, ETFs, or mutual funds, you will need to find another app.
Robinhood is a very popular app that offers users commission-free ways to trade a variety of financial instruments, including stocks, bonds, and cryptocurrencies. You may have seen Robinhood in the news lately, and not for a good reason. During the GameStop short squeeze, the company temporarily restricted users from purchasing certain stocks, citing concerns over liquidity. However, some have stated that they believe the stoppage was a result of Robinhood’s ties to equity firms that were getting squeezed. A class-action lawsuit has been filed against the firm.
There is no question about it: A dedicated buyer can find an appropriate platform of cryptocurrency that best meets their needs. However, users should do extensive research before making a final commitment to a platform. There are many out there, and it is best for a user to find the program that best fits their needs.