Are you an active Bitcoin trader who constantly wonders whether it’s better to use your smartphone or desktop to transact deals? You are not alone because millions of cryptocurrency trades are done every day on each type of device.
In fact, most Bitcoin trading platforms don’t care what type of device you use, as long as you do business with them. From their point of view, whether you use your phone, or your computer it makes no difference. Bitcoin trading providers get their commission either way. From your perspective, however, there are pros and cons for each method. Some Bitcoin enthusiasts never make a move unless they’re in front of their desktop screen and have assessed every transaction. Others are happier using their mobile devices to make faster judgements and trade quickly. So, what are the unique pros and cons of using a smartphone to do the same deals?
The Emotional Trap
When you use your smartphone as a trading tool, it’s easy to fall into the trap of emotional decision-making. If you act on your impulses just because you have a device in hand that lets you place orders for cryptocurrency or sell it, your accounts will dwindle down to zero pretty fast. Avoid this common pitfall by adhering to your rules no matter where you are when you place orders. If, for example, you never place a buy order until price crosses the 10-day average line, stick to your guns and don’t be tempted to jump in when you see your favorite currency approaching, but not crossing, your designated thresholds.
Catching Rapid Movements
Professionals know how to use their handheld devices as backups and supplements. That means you should carry a phone and monitor the market when you leave your desktop station. Then, if things start going crazy in either direction, you’ll be able to respond. It’s important to catch huge moves if you can, no matter how you end up placing an order.
Having the Right Apps
Fortunately, there are dozens of apps out there that work well on smartphones. It’s wise to test drive a few of them to see which ones are best suited to your style and which ones work best with your device. Spend time reading product reviews before committing to a particular app and get in a few hours of practice with all the functions before relying on it as your primary electronic assistant.
No Big Screen Analysis
One of the advantages of desktop computer setups is screen size. Mobiles just can’t compete with all the visual real estate you get with a standard PC monitor. Even if you find the perfect app that lets you review dozens of mathematical trends and analyze hundreds of market scenarios, it’s difficult to see all the data on a small device. That also means it’s much easier to make a mistake and enter erroneous order data on a handheld device.
Lots of Distractions
At home, it’s easy enough to seclude yourself in a room and work with zero distractions. When you attempt to trade fast-moving Bitcoin cryptocurrency on a smartphone, chances are you’ll be in line at the drive-thru, talking with a friend, or putting gasoline in your car. The distraction factor is high with small devices. So even if you’re trading on mobile, take care to minimize any factors that might distract your concentration.