How to compare crypto exchange apps before you deposit
To compare crypto exchange mobile apps, check security, licensing, supported coins and deposit methods first, then keep trade records for taxes.
Vahe HakobyanEditor-in-chief
Updated Oct 6, 20263 min readFact-checked
On this page
- Ratings do not prove licensing.
- Registration does not insure coins.
- Old reviews can mislead.
- Withdrawal locks protect a lost phone.
To compare crypto exchange mobile apps, check the company behind the app before you install it or fund an account. Most of the work is on the legal page, the coin list, and the support channel.
What should I compare first?
Start with security, supported coins, and deposit methods. For a custodial exchange, the app is only the front end; the company holds the licenses, sets security rules, and picks the coins and networks. Non-custodial apps may not have those controls.
How do I check safety and licensing?
In the United States, the company behind a custodial exchange usually must register with FinCEN as a money services business and hold a money transmitter license in the states where it does business. The legal page inside the app usually names those registrations.
- Find the FinCEN registration.
- Check for a state license.
- Turn on biometric login.
- Turn on a withdrawal address lock.
- Store recovery codes off the phone.
How do I compare apps step by step?
Work through these checks inside the app before you deposit money. Supported coins, networks, and features change, so an old review may mislead.
- 1Open the coin listConfirm which coins the app supports and which network each deposit uses. Write the network down before you send.
- 2Check deposit and withdrawal rulesSee which funding methods the app accepts and whether you can move coins to your own wallet.
- 3Ask support a questionSend a real question before you deposit and note how quickly a person answers.
- 4Test account recoveryFind out how you sign in from a new phone and whether withdrawal locks apply to a new device.
What should I do after choosing an app?
Keep your own records from the first day you use the app. The IRS treats crypto as property, so selling, swapping one coin for another, or paying with crypto can be taxable, while buying crypto with dollars is not.
Frequently asked questions
Yes, if the exchange serves US customers and is registered. Offshore or decentralized apps may not be.
Crypto on an exchange is usually not insured, and recovery after a hack or bankruptcy is not guaranteed. Mt. Gox failed after thieves drained its hot wallet starting in late 2011.
A regulated US exchange usually asks for your name, date of birth, address, and a government ID. Apps that do not hold your coins may not ask.
Yes. You can read the legal page, check the coin list, and ask support before you deposit.
