Did you know that Americans spend 5.4 hours a day (on average) on their mobile phones? The only exercise you need to do to verify this fact is to calculate how long you go without looking at your phones
first. For most people, the seven to eight hours of sleep they get is the only time they are genuinely away from their phones, but apart from it, we are all glued to our phones. We socialize, order food, work, and even bank using our phones, so it only makes sense that we invest via phones as well. But not all android apps for trading bitcoin might be the perfect fit for you.
Features To Look For In A Good Android App For Trading Bitcoin
It’s important to understand that the characteristics of a good bitcoin trading app and the features you want to look for are two very different things. Every bitcoin app needs to be reliable, fast, easy-to-use, regulated, and offer a decent range of cryptocurrencies, but they can differ a lot based on the features they offer.
In order to find your perfect match, you need to understand the different features bitcoin trading apps offer and choose an app based on features that are most important to you.
Practice Account
Investing in a practice trading account with virtual dollars is not as potent to “teach you a lesson” since your skin is not in the game. But it is still a great feature to have. You can learn a lot faster if you apply the strategies and techniques you’ve only read about in a practice trading account and see what works for you. It would allow you to refine your strategy and gain some real-world knowledge about bitcoin trading.
Real-Time Price Tracking And Alarms
The core benefit of using an android app for trading bitcoin is that it’s almost always with you. You can make trades whenever and wherever you are. So the app has to offer real-time price tracking with little to no latency. And the feature to set the alarm can be highly beneficial. You don’t have to watch your phone every five minutes to see where your bitcoin price is going, your alarm will tell you when the price has reached down or up a certain level, and you can make the trade accordingly.
Educational Resources
Unlike what’s on the web, the educational resources an android app for bitcoin trading might offer you would be more on point and timely. You might also learn about new cryptocurrencies, their background, and the team behind them. Since new currencies are typically dirt-cheap, they can be your ideal long-term bet (albeit with long odds).
Portfolio Management And Tracking
Some users are very particular about their portfolio’s privacy. There are apps that don’t track your investment portfolio (associated with your crypto account). They might be a good fit for you if you want your investments and trades to stay relatively private, though you may have to sacrifice a bit of functionality or ease-of-use for that.
Exchange APIs
Not all apps integrate with all exchange APIs. The app that offers you more options when it comes to bitcoin exchanges is usually a better choice because it allows you to get the best rate. But even if an app doesn’t connect with all APIs, it should connect with the most reputable ones like Coinbase, Binance, etc.
Wallets
Whether or not an android app for trading bitcoin allows you to move your crypto directly to a hot or cold wallet is an important feature. Not all apps allow it, and you might be forced to leave your bitcoin at the mercy of your trading account and app’s own security.
Conclusion
These are just some of the important features you need to look for when you are looking for an android app for trading bitcoin. Not all apps will have all the good features, but if one app has most of the things you are looking for, choosing that instead of experiment with many at a time will give you more peace of mind. You might even find great free to use android apps for bitcoin trading like https://bitcoinaussiesystems.com/ that might be the right fit for you.