Cryptocurrency trading apps represent applications that can be installed on your smartphone and be used to manage your crypto portfolio. They are quite helpful since you can buy and sell digital tokens on the go and closely follow your trades.
It can be a daunting task to select the perfect app to aid your trading with so many available. Users need to shortlist and review many apps before finding the one that suits their needs. This guide will list the best cryptocurrency trading apps in 2022 which offer the best features.
Compare the Best Cryptocurrency Trading Apps
Cryptocurrency trading apps are designed as programs that offer users a quick way to enter and monitor the cryptocurrency market. They differ in the range of trading pairs supported, ease of use, and trading instruments allowed. This section will focus on understanding what trading apps are and how to choose one. It will also go over the pros and cons of these applications and offer tips on getting started.
Understanding Cryptocurrency Trading Apps
Cryptocurrency trading apps differ from one another depending on what they offer. Some are good for trading different trading pairs meaning they support plenty of cryptocurrencies. Others are good for beginners since they are easy to access and use. Others are great for earning interest and borrowing, while some are advanced for trading crypto CFDs. Apart from trading, you need apps that will help you track your portfolio by entering your buys and sells; this way, you can track your profits and losses. You will also need apps with two-factor authentication (2FA) since you are dealing with money.
Most top cryptocurrency exchanges and brokers have apps that their customer base can download and use for their trading. In most cases, they will offer the same functionalities as the program’s web version, with the only difference being the ability to trade and monitor your portfolio on the move.
A standard app should at least be supported on Apple’s App Store and Google Play Store, ensuring whichever operating system you use on your device, you have access to the trading application. Once you choose the cryptocurrency app that best suits your needs, visit the necessary app store to download and install the smartphone application.
Be sure to check the app ratings as it’s possible to download an imitation, leading to loss of money. A higher rating means the app received positive reviews from users. Also, pay attention to what past users have to say about the application. This can help influence your decision and inform you of what to expect once you install the app on your phone.
Once you have the trading app installed on your phone, it’s time to register a new account or sign in if you already have an existing account with the platform. The registration process will require entering your name, email address, and setting a strong password. A standard app will require you to secure your account before using it.
This is done through a 2-step verification process, which requires your phone number and assurance never to call or use your number without your permission. Input the phone number and then enter the authentication code sent via a message to the phone.
Most apps will ask you to verify your identity before trading. The platform has to abide by financial regulators and also ensure no other person creates an account in your name. You can either upload a photo of your official ID or passport; once the verification process is done, it’s time to fund the account.
You will see various tokens like Bitcoin and Ethereum supported. Choose the coin of your choice, and it will generate a wallet address that you can copy and use to transfer funds to the account. Or scan the QR code and get the funds transferred to the cryptocurrency trading app. Sending crypto to the app from another wallet is one popular way to fund your account if you are based in a country where bank transfers or use of credit/debit cards, e-wallets, and third-party payments are not supported.
With funds in your account, you can buy and sell any supported coin. Withdrawals can be made by clicking on the “Withdraw” tab, and the funds will be sent to a linked account. If the app doesn’t support direct withdrawals, you can consider sending the coin you hold to another wallet where you can cash out.
Advantages & Disadvantages of Using a Cryptocurrency Trading App
How to Choose a Cryptocurrency Trading App
When choosing the perfect cryptocurrency trading app, you have to consider many factors. Your decision will highly rely on whether you want to deal with the actual crypto assets or you want to trade financial instruments linked to those assets. You will find cryptocurrency apps that offer plenty of both options.
There are a few other questions you need to ask yourself, such as how easy to use and efficient the app is? The crypto market moves at fast speeds, and you need an app that will allow you to react to the market in real time.
Other questions to ask include what kind of payment methods are supported? How do you fund and withdraw from the app? What are the trading fees charged on the app, and how do they compare to competing apps? How fast are transactions processed on the platform? The time taken to verify your identity and the design of the app should also be considered. Is it easy to use the app? And how safe are your funds on the app?
3 Steps to Using a Cryptocurrency Trading App
Step 1: Choose a Cryptocurrency Trading App
The first step is choosing a trading app you would like to try. You should invest some time to research which app offers the kind of features you are looking for and once you have decided, it’s time to visit the respective app store to download the smartphone application.
Step 2: Signing up on a Trading App
After the app is installed on your phone, it’s time to sign up. Click on “Get Started” and enter personal details, including name, email address and set a strong password. A verification code will be sent to your email inbox that you should click to access the application.
Step 3: Deposit initial amount and start using Cryptocurrency Trading App
Various cryptocurrency trading apps will support different methods to fund your account. Some will allow you to link to your bank, and you can make a direct transfer. Others will allow you to use credit/debit cards, PayPal, e-wallets, crypto, or third-party payment methods. Choose the one that suits you best and start trading once funds hit your account.
Cryptocurrency trading apps are easy to use and allow users the freedom to trade from anywhere. You don’t have to be next to your computer to make trades, which is incredible since you can react to the market in real-time. Most apps are built with straightforward interfaces, which makes them easy to use, even for beginners. However, your choice of the best app to install on your phone will lie in the overall goal you are trying to achieve. You will also have to consider the type of trading supported, payment modes, tradable coins, and any fees before you start using an app.
Frequently Asked Questions
No. Different apps will charge various fees, and this one of the main factors to consider before settling for a given platform.
Different payment modes such as PayPal, bank transfers, credit cards, and crypto are widely supported on most apps.
It will depend on the payment mode you opt to use. For example, bank transfers are usually processed within 24-48 hours, while third-party payments may take longer.
Cryptocurrency trading apps allow a user to trade, monitor, and manage cryptocurrency trading from anywhere.
As long as you are dealing with a reputable application, the process is safe, private and secure. Most apps will communicate the transaction using Secure Socket Layer (SSL) technology, ensuring that your personal information is kept safe.
Most apps will impose limits on how much you can deposit and withdraw within a given period.
Tradable coins, market charts, market news, educational resources, etc.
By setting a strong password. You can also set a pin from the settings and add 2FA.