Trading cryptocurrency can be a fairly profitable hobby if you know what you are doing, but you need some kind of platform to work with. The crypto exchange covers a huge amount of different sites and services, and choosing just one can be tough, especially for a brand new crypto owner.
Should you use a cryptocurrency trading app on your mobile device, and is it actually safe to trade that way? More importantly, how are you supposed to find an app that suits your needs?
What Are Trading Apps Used For?
Exchanging and trading cryptocurrency requires some sort of platform, which usually means either a website or an app. These platforms are individual companies, businesses, or services that have set up their own marketplace for crypto users, allowing them to buy and sell their various currencies. Users can take the crypto they have bought and use it on other markets or for personal purposes.
Usually, crypto owners buy and sell their currencies for cash, although there are also times where two types of crypto could be traded directly. Either way, the platform acts as a way to track, buy, sell, and trade various cryptocurrencies, from popular names to smaller and lesser-known coins.
Why Should I Use An App?
One of the biggest risks involved in cryptocurrency is having your investment suddenly tank. If you plan to make money from a certain type of crypto, you need to sell it when its value is higher than the purchase price. This means that tracking the current value is essential, especially for volatile cryptocurrencies that can rise and fall multiple times per second.
Cryptocurrency trading apps are a great solution to this because they allow the user to track each cryptocurrency, as well as compare the prices of two different cryptocurrencies. They can do it from the comfort of their own phone as long as they have an internet or data connection, which allows them to quickly check the current prices without needing access to a bulky computer or laptop.
On top of that, buying from a proper marketplace is usually far better than making person-to-person deals. The risk of being scammed is far lower, and many trading apps will work to try and fix anything that goes wrong. If you are buying crypto anyway, there is no reason to avoid a trading app since most of them are going to make the experience easier.
Does It Matter Which Trading App I Choose?
Every app is functionally different in some way. This could be a small change like a different interface design or some completely new functions that other apps do not generally have. Some of these changes are major reworks or new features. Others are just visual differences or things that you will choose based on preference.
The bigger things to consider are safety and consistency. Not all crypto apps are equally safe, and there will always be some with better security than others. If you are really worried about something happening to your crypto wallet, then getting better protection can be comforting. It also means that you can’t have your cryptocurrency transferred or spent by an account thief.
Consistency is also important. Some services will have their own quirks, like an internal market that changes the prices of certain currencies based on how often users buy them. Others might only update the prices of popular cryptocurrencies regularly and will leave unpopular ones with a slower update speed.
Should I Use A Trading App?
If you are serious about trading cryptocurrency more than once (especially if you want to make money by doing it), then using an app is almost necessary. It puts a lot of data in the palm of your hand and lets you quickly buy or sell crypto at a moment’s notice. The only downside can be the price of entry.
Remember that some of these apps will be paid, and some of those will be more expensive than others. This price can cover all kinds of different features and benefits, so it is a good idea to look up your chosen app before you commit to it. Paying an extra $10 a month for features that you will not use becomes a waste of money in the long term.