Trading Cryptocurrency on the Go? A Quick Guide to Exchange Apps
Whether you conduct an active way of life, spent a lot of time on the go, or practice business traveling, most probably you can’t be nearby your computer all the time. For most people, it is not a problem, but crypto-traders really need to have 24/7 access to their accounts on exchanges. Luckily, most probably you have already thought about the most obvious solution to this problem – exchange apps. Further, we will discuss trading on the go more closely, so read on!
As time goes by, we are using our smartphones at a more and more advanced level. Nowadays is not a problem to see btc price via your mobile phone or even to practice any type of trading. There is now a full range of cryptocurrency apps that offer mobile functionality, allowing you to trade on your commute to work, during your lunch break and for those inclined to... on the toilet. In other words, providing you with the possibility to make money anywhere you find an internet connection. But what should you look for in an app and what apps are the best?
What to look for in a Cryptocurrency App?
There are three core things you really need to check before committing to a cryptocurrency app. By looking carefully at these three things you will be able to discern which apps are best for you and to stay as safe as possible while trading cryptocurrency on the go.
The first on our list of three is functionality. You want to make sure that the app you’re downloading is well-reviewed by other users. If a platform is hard to use or full of bugs then it will likely lead to very poor trading experience. Even worse, buggy or complicated exchange apps could cost you a fortune in lost investment.
Make sure the app has 360-degree functionality and allows you to manage your investment portfolio easily and confidently. You want easy-to-understand features, lots of investment and trading tools, and complete transparency with prices and fees. If an exchange app has all of this it is a fairly good indicator that they have spent a lot of time and money developing their platform which means they prioritize the platform as much as their profit margins.
After making sure your app has the necessary tools and features, you should make sure that an exchange app supports the payment method you wish to use when transacting on the go. Many apps are mobile versions of desktop exchanges and that means many of them have limited payment options.
Most desktop (and in turn mobile) exchanges only trade using credit card payments or PayPal. This isn’t necessarily great because credit cards and PayPal have transaction fees. Coupled with the exchange’s fees it could be a long time before you’re actually in the green and making a profit. Exchanges like CEX.IO support faster payments in the UK as well as have full bank transfer functionality in the EU and US.
The more payment methods available to you, the more you’re able to limit the expense of trading cryptocurrency and make a profit faster.
Last but definitely not least is security. Trading on the go adds another layer of exposure to hacking risk and it shouldn’t be taken irresponsibly. Make sure that you’re choosing secure exchanges that make use of basic security procedures like transaction limits and two-step authentication. Also, make sure that you have the functionality to easily transfer your funds on the go from your exchange wallet to your personal wallet.
Never sacrifice security just to avoid dealing with hardware wallets. Trading is not a game and a thief of funds kept online is a real threat. Therefore you must make sure you are protecting your investment while trading on the go.
Security protocols are vital for any crypto exchange platform whether it be on desktop or mobile, don’t take security any lighter because of the streamlined nature of trading on the move.
Which Exchange App is Best?
Different apps appeal to different trading styles however our personal pick is the CEX.IO app as it has full cryptocurrency functionality, high security and the best payment facilities available to their users. They are also a longstanding, trustworthy crypto brand that works hand in hand with regulators to help safeguard your money further.
This level of responsibility is rarely seen in the cryptocurrency market and it is something that goes a long way in building investor confidence, especially when the market as a whole is volatile and relatively new.
CEX.IO also has a very diverse range of cryptocurrencies to buy and trade which is a rarity, especially in the mobile app format that tends to focus only on a small handful of cryptocurrencies. It is wonderful to be able to mitigate risk further by backing up investments with trades in smaller less well-known cryptos. One last added benefit of using the CEX.IO app is that it functions fully across all platforms making it one of the few crypto exchanges with truly universal functionality.
One Last Bit of Trading on the Go Advice
Cryptocurrency trading apps are simplifying trading, but they do not make it a game. Moreover, the universal rule “Trust but verify” shouldn’t be forgiven in this regard as well. This article is only a guide, but not a truth of the highest instance, therefore make additional research and compare your needs as a trader with a pack of functions, provided by each app. Even after making a decision on which app to use, keep security measures in mind and be attentive. Remember about the importance of security of personal data and select an app for trading based on it.
Don’t fall for a scam crypto exchange app as there are many which are designed simply to rob you. Trade safely and check forums like Reddit to check the veracity of any crypto exchange you come across.
By doing this you will protect your investment as well as your personal banking information.
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