The crypto world may be intricate and full of unexpected twists and turns, as Binance data shows, but from a purely practical perspective, things couldn’t be any simpler. Once the preserve of tech-minded individuals, cryptocurrencies have become an asset class that’s both popular and readily available to the masses. The rise of crypto trading apps combined with the ubiquity of mobile devices has made crypto trading easier and more accessible than ever before.
According to the latest statistics, over 85% of the world’s population owns a smartphone and many use these mobile devices as a trading tool. Basically, a functional smartphone and good internet connectivity are all one requires to start buying or selling crypto assets. We’re just a few taps away from investing in Bitcoin or learning how to buy Ethereum and becoming an active member of the expanding crypto community.
The ease and convenience that crypto platforms provide have lowered the barriers to crypto trading, allowing new users to jump on board and start trading crypto immediately. Whether it’s the desire to earn passive income, the prospect of earning high returns and getting rich quickly, a way to ensure portfolio diversification or the infamous fear of missing out, trading crypto on mobile devices has become a common practice nowadays.
However, with so many crypto trading apps available at the moment both on Android and iOS devices, it can be rather confusing for users to figure out which option to choose, especially for those who are new to the crypto space and don’t have much knowledge in this area.
Choosing the best crypto trading apps
There are several considerations to focus on when vetting different crypto trading apps to make sure you’re making the right choice and enjoying a smooth and hassle-free trading experience.
First of all, you have to check if the app is available on the devices you intend to use for trading purposes. This is going to make trading easier if you have multiple devices with different operating systems as you’ll be able to switch between them and conduct your trading without any inconveniences.
UX and UI also play a crucial role in assessing the usability and functionality of different crypto trading apps. The last thing you want is to get lost in a maze of settings, features and functionalities that confuse you and get in the way of your trading endeavors. Before you commit to using a trading app, take your time to explore it thoroughly and test it out. You’ll want to look for a platform with an intuitive interface and a clear and logical navigation menu that can ensure a positive interaction and a seamless trading experience.
Liquidity is another aspect you want to keep in mind while evaluating crypto trading apps. There’s less price fluctuation on platforms that provide access to pairs with high liquidity. Since the crypto market is characterized by high volatility, any aspect that can diminish the uncertainty and ensure a greater level of stability is welcome.
As expected, the asset range supported by the platform should be one of your main concerns. There are over 20,000 digital coins available in the market, and although the vast majority are worthless or irrelevant, it’s good to know you have access to a wider selection of coins. Make sure the app you’re choosing offers a diverse range of crypto assets apart from the already famous Bitcoin (BTC) and Ethereum (ETH) duo, so you can have access to multiple trading options.
Safety is paramount when trading crypto or any other asset type. Therefore, you should inquire about the apps’ security policies and practices to ensure that your personal information doesn’t fall into the wrong hands and that your funds are going to be kept safe. Apps that employ two-factor authentication (2FA) add an extra layer of protection to your account to provide peace of mind.
It’s also worth mentioning that trading fees vary from one app to another and that can also impact your trading experience. You should take the time to read up on each app’s fee structure and understand how withdrawals work to avoid unpleasant surprises later on.
Some crypto trading platforms also feature educational resources like blogs or courses that can help you stay up to date with the latest developments in the industry and expand your crypto knowledge. This can serve as a nice bonus if you’re new to the crypto space, so don’t forget to check for these features.
Tips for trading crypto on the go
Having a trading tool with you at all times provides comfort and convenience but it can also lead to unhealthy habits. A lot of users get so wrapped up in crypto trading that they feel the need to check prices and notifications every five minutes. While staying on top of market fluctuations is important, you shouldn’t turn crypto trading into an obsession. You need to set boundaries so you can maintain a healthy perspective and enjoy your life beyond crypto trading.
It’s equally important to learn how to trade responsibly. Just because smart devices have brought crypto trading to our fingertips and you can now buy and sell assets at any time of day and night wherever you may be doesn’t mean you should throw caution to the wind and trade based on instinct and impulses. Research is always necessary as is having a clear trading strategy and a plan to help you minimize risks and ensure safe and successful trading.
Enjoy your mobile trading journey
Thanks to mobile devices and trading apps, you can start your mobile crypto trading journey whenever you feel ready, but don’t forget to do your due diligence and choose a reliable trading platform before you jump into it.