Nowadays there is a whole range of investment apps and Crypto trading apps available on the mobile market. This easy way to make money on the go allows people to profit from the time that would otherwise be lost such as the commute to work. But, with so much selection and very few reviews, what makes a good mobile trading app and which one is best for Bitcoin trading
The Best Mobile Trading Apps are Partnered with Exchanges
There is a selection of mobile trading apps that offer Crypto investment as well as other investment strategies. These apps are often set up by individual traders and brokers who are looking to increase their profits by expanding their investment clientele. Some of these investment platforms are very good, however, it is difficult to distinguish a good one from a bad one because the app will only be as good as the traders that run it.
These apps tend to be called investment fund apps and although they may market Crypto trading (especially Bitcoin) they trade the currency for you and use their preferred exchanges. Because Crypto is such a niche market, if the trader is using the wrong exchange, it can damage the prospect of making any return from Crypto.
There are many instances where a trader may sell off stock to limit risk to the overall fund where a trader with specific Crypto knowledge would hold onto the coin a little longer.
Avoid Fund Apps and Look for Exchange Apps
Since it is difficult to know which investment fund apps are going to be best for your goals, it is likely best to seek out apps that afford you complete control of your Crypto trading. Moreover, since you’re reading this, most likely you are keeping up to date with Cryptocurrency news.
There are a few Crypto exchanges that have mobile apps and is also one major exchange that has a wonderful cross-platform trading app. More of that in a bit.
There are 10 specific things you should look for when using a mobile exchange app.
Check Your Mobile App Is Using a Regulated Exchange
There are many unregulated exchanges in the world and these operate in their own sphere of rules. More commonly they do what they like when they like and have no repercussions if the user is detrimentally affected. Choose an app that uses a regulated exchange as it will offer you more protection when trading.
Check Your App Has Competitive Rates
Crypto trading is not free and it goes without saying that an exchange will charge for the privilege of using their app. Make sure you are looking for an app with competitive rates. Be wary of cheap rates as this often means that the app isn’t very secure.
Make Sure the App is Secure
When browsing online it is quite easy to check if things are secure as you can see the encryption padlock in the corner of your web address bar. Mobile apps don’t have that luxury so make sure you read what features (such as an end to end encryption measures) they offer to keep your data secure.
Never Trust a Mobile Exchange App that Requests Private Keys
Tech isn’t that hard to make nowadays and for hackers, apps are a very simple way of phishing details from new victims. Some exchange apps are designed with the express purpose of robbing you. An exchange should never ask for private key information. Likewise, any app that has only been available for a short time with no reviews is a clue that it could be a scam.
Check What Users Say
We have become a world of critics and everyone loves to voice and share their opinion. That is great when looking at mobile apps as users will point out the good bits and bad bits (probably more the bad bits). Look for apps that have high reviews and if there is negative feedback, look to see if the developer cared enough to respond.
Check When the App Was Last Updated
Sometimes developers are too busy running their exchange to respond to every bit of feedback. They will likely be working hard to fix bugs and improve functionality. If this is the case the app should be updated regularly so check when the app was last updated. Apps that are updated over 3 months ago tend not to be very functional. After all, Facebook fixes bugs regularly, why wouldn’t an exchange?
Look for apps that want to actively protect your data and information. Apps often need two-step verification to register but some will even require it on trades. Especially if the trade is over a certain value. Two-step verification in an app is a great sign that the company cares about protecting your data.
Range of Features
Most probably you want to use an app that gives you as much control over your investment and trades as possible. Providing you with in-app data is important so pay attention to the screenshots of graphs in the app store. Are they easy to read? Do they tell you all you need to know?
Also, look at other features and functions to make sure you have plenty to keep you occupied and plenty to help you get more leverage.
Range of Cryptocurrencies
The larger the number of Cryptocurrencies you have to choose from the more you can diversify your portfolio and spread risk. Look for exchanges with plenty of Crypto selection.
Check for Cross-Platform Trading
Last but not least, exchanges like CEX.IO allow you to diversify your portfolio by giving you cross-platform functionality. You can mitigate risk by investing in a combination of stock and crypto and benefit from all of the great security and fantastic app features you get normally from CEX.IO.