Bitcoin trading apps are mobile applications that allow users to buy and sell Bitcoin on their smartphones. As the cryptocurrency market has grown in popularity, trading apps have also become popular. These apps offer users an alternative way to access the cryptocurrency market.
Trading apps help the user to access the market from any location and monitor their trades on the move. An increase in the number of apps available in the market has made choosing the perfect app quite challenging. This guide will shortlist some of the best Bitcoin Trading apps in 2021.
Compare the Best Bitcoin Trading Apps
Bitcoin trading apps offer a fast way to access the Bitcoin market and monitor trades. They differ depending on their functionalities and markets supported. Some apps will have more trading pairs; others will support access to the Bitcoin asset itself, while others will offer access to Bitcoin CFDs. The section below will list some Bitcoin trading apps and also cover the advantages and disadvantages of using these apps.
Understanding Bitcoin Trading Apps
Bitcoin is the most traded cryptocurrency, given its prominence within the cryptocurrency market. To help interested individuals access Bitcoin easily, many trading applications have been developed. Some belong to already existing platforms like exchanges and brokers.
Bitcoin trading apps differ from one another depending on what they offer. Some support many trading pairs, while others have a limited number of coins. Additionally, there are those that are beginner-friendly, offering a simple user interface while others cater to experienced traders and support advanced trading such as CFDs. Other than trading, some apps will help you track how your trades are performing efficiently by entering your buys and sells.
When choosing the ideal Bitcoin trading app, you are better off selecting one from a reputable company. You will realise most top exchanges and brokers have their own apps, which are quite similar to their web trading platforms with only minor differences.
Most of these apps are supported on Apple's App Store and Google Play Store to cater to iOS and Android users. Once you identify the app you feel will meet your overall objective, visit the necessary store, download and install the application on your smartphone.
As you download, you can check the rating and what past users have to say about the app. It's not uncommon to find imitations that are likely to steal your money. Also, seeing past user reviews will help you understand what problems you are likely to encounter using the app, and they can inform your decision to download the app or not.
After the app is installed, it's time to register a new account if you don't have one on the platform. Click on "Get Started" and enter the necessary personal details, including name, email address, and set a strong password. A verification email will be sent to your inbox. Then ensure you secure your account before funding it.
To be allowed to trade, you have to verify your identity by providing your real name, residence address, occupation, and uploading photos of your government issued ID or passport. Once the account is verified, you can proceed to fund it.
Different apps will support various modes of payment. Some will allow you to link to your bank account and make direct transfers. Others will support the use of credit/debit cards, PayPal, e-wallets, and third-party payment options.
Most will also allow for crypto deposits, especially Bitcoin, which you can send to the account from an outside wallet.
Once you have funds in your account, you can access tradable assets and begin buying and selling BTC. A standard app should show you how the asset has been performing within a given period, complete with charts and any other technical details you need to make informed trades.
You can access the "Withdrawal" tab to make withdrawals, and funds will be sent to your linked account. Some apps will have limits on the amount you can deposit and withdraw within a given period. If the app doesn't offer you many options, you can consider sending your BTC to another wallet where you can cash out easily.
Advantages & Disadvantages of Using a Bitcoin Trading App
How to Choose a Bitcoin Trading App
When selecting the perfect Bitcoin trading app, there are a few key factors you have to consider. These include whether you want to deal with the actual asset or trade financial instruments linked to BTC. Some apps allow the user to purchase Bitcoin, hold for a while and then sell for a profit. The user can even opt to send the BTC to their own wallet and keep it for as long as they like. These kinds of apps are ideal for long term investors looking for an easy way to purchase BTC. However, some users are looking to profit from the volatile price movements of the cryptocurrency. Ideally, they don't really care about holding the actual asset and would like to capitalise on making the most of slight price movements. This type of user will look for an app that allows them to deal with Bitcoin CFDs.
Another thing to consider is how easy and efficient the app is. The crypto market is fast-moving, and you need to react to the market instantly. A buggy app will end up frustrating you. Other than that, you need to consider the payment modes supported. How do you fund and withdraw from the app? What are the kind of fees charged on the app, and how do they compare to competing apps? How fast are transactions processed on the platform? How long does it take to verify your identity? How is the design? How easy is it to use the app? And how safe are your funds on the app?
All these questions must be answered before selecting the most suitable Bitcoin trading app that serves your needs. Assuming you will be running through a checklist, the app that ticks the most boxes should be selected.
3 Steps to Using a Bitcoin Trading App
Step 1: Choose a Bitcoin Trading App
After you have come up with a shortlist, it's time to select what you deem as the perfect Bitcoin trading app that serves your needs. Visit the app store and download the application to your smartphone. It will install automatically.
Step 2: Signing up on a Bitcoin Trading App
After the app is installed, it's time to register an account by clicking on "Get Started." Enter your personal details, including user name; email address, and set a strong password. Click on the verification code sent to your email inbox to login.
Step 3: Deposit initial amount and start using Bitcoin Trading Apps
Visit the deposit tab or fund the account tab to make the initial deposit. Some apps will allow different payment methods to achieve this goal, including bank transfers, credit/debit cards, crypto, third party payments, and e-wallets. Once the funds are in your account, go to account verification, complete the process, and now you can start trading.
Bitcoin trading apps come in handy, especially at a time when there are so many people looking to explore the Bitcoin market. They allow users to buy and sell BTC easily from their smartphones. Since the device is portable, you can buy/sell and monitor your trades on the move. When selecting the perfect app, you need a checklist to see if it meets all your goals. It's not an easy task given the market's proliferation with so many apps but you should check if the app meets all your requirements before installing it.
Frequently Asked Questions
By setting a strong password. You can also set a pin from the settings and add 2FA.
Some popular methods include PayPal, bank transfers, credit cards and crypto deposits.
It allows for easy access to the Bitcoin market and you can easily track your trades.
Yes, it's possible to withdraw the Bitcoin to a private wallet by selecting "send" and entering your address.
As long as you are dealing with a reputable trading app. Also, ensure you implement additional security measures.
Most apps provide regular updates to their users.
Most apps will impose limits on how much you can deposit and withdraw within a given period.
Market charts, market news, educational resources, and more.