Is the State of Crypto Apps Shattering in the European Market

Crypto trading apps have become highly popular in today’s world due to the simple fact that smartphones are the most frequently used devices. So, it was necessary to establish a convenient trading environment for them in order to give people the possibility to execute trades anytime without having to sit at a desk. Trading apps provide pretty much every essential service you need in order to enjoy successful trading; thus, you can use them without any worries. 

Crypto Trading Apps in Europe

Considering the above-mentioned facts, it should come as no surprise that trading apps are very popular in all parts of the world. However, the recent statistic showcased that the state of crypto apps is shattering in the European Market. This has been a subject of major concern among investors nowadays, and they are trying to find out the real reasons behind such a drastic fall. 

The bull market of 2021 induced growth in crypto trading apps, but the whole situation changed in the upcoming year when the market experienced bearish trends. In fact, the statistics showed that the number of downloaded trading apps was reduced by half this year in the European market. The data accumulated a total of 10 trading apps that had garnered millions of downloads, and compared to the data of the previous year, we have seen a 50% decrease. 

To state the exact numbers, there was a total of 7.5 million downloads of these 10 crypto apps in 2021. This number was reduced to 4.1 million downloads in 2022, which is a pretty dramatic fall in such a short period of time. This data was collected from these cryptocurrency trading applications located on the Google App Store, such as  BRD, Bitpanda, Bitstamp, Nexo, Kriptomat, Luno, Change, Coinmetro, Wirex, and Blockchain.com. The reason is that all these apps are highly popular among European investors. 

Some apps have experienced enormous drops compared to others. For instance, the largest hit was reported for BRD, which has seen a fall of 97% starting from the first half of the 2021 year. The second spot was taken by the Bitpanda app, which was down 65% in the same time period. As for BlockchainCom, it has experienced one of the most negative results after the recent bear market trend since it had to fire a lot of employees and the download number of the app is down 51% in 2022. As for the other trading apps, they have drawn relatively smaller numbers in terms of downloads, but the overall impact was immense in the whole of Europe. 

Crypto App Trends in Europe

Despite the fact that the situation of trading apps is pretty bad in Europe at the moment, we have to say that there is still hope that several trends will grow in the upcoming months. Some fastest-growing crypto trading apps are KuCoin and MetaMask since leading countries such as Russia, Turkey, and France have actively started adopting them. The increase of MetaMask has been tremendous in 2022 as it reached six positions after last year and became the third-biggest crypto app in Europe. It was initially established as a browser extension, and the developers provided an app only in 2020.

However, despite such an immense growth of these two apps, we have to note that Binance and CryptoCom remain the leading trading apps in the European mobile crypto space. According to statistics, both of these apps have recorded more than three million cumulative first-time installations, which was by far the highest number in the whole region. 

What’s more, we have to mention that when it comes to user engagement, Binance was a leader in the European mobile crypto space as well. It has reached a 40 percent DAU/MAU ratio which was the largest number among every other trading app. In terms of returning users in 2022, we have to note that Ukraine and Turkey were among the leaders in Europe as they have drawn the highest numbers. 

CoinMarketCap, which is used for tracking crypto prices, was the second-largest trading app in terms of customer engagement as it has managed to reach a 30% engagement ratio. As for the third place, it was taken by eToro according to DAU/MAU, and the fourth spot was held by Coinbase. 

Even though these crypto apps have risen in popularity over the last few months, keep in mind that Crypto wallets have drawn relatively low numbers in terms of app engagement ratios during this year. However, we are still hoping that the future will be much better for trading apps in Europe since these emerging trends have enormous prospects in the long run!