As cryptocurrencies continue to draw attention and support across the globe, more and more enthusiasts around the world are showing an interest in ways to buy, sell and hold cryptos. The growing demand has led to smart solutions on the supply side, and it is thus easier today than ever before to engage into crypto trading, from the comfort of your own smartphone. Whether you use an Android phone or an iPhone there are now plenty of dedicated apps which you can use as a fast, easy and convenient mobile solution for your crypto trading needs on the go. Let us find out which are the best cryptocurrency apps out there and most importantly what you should be looking for when searching for the best crypto apps for you to use.
What are Crypto Apps?
A cryptocurrency app is an application that can be used through your smart mobile phone allowing you to manage your cryptocurrency portfolio. Since a lot of our time nowadays is spent on the go, being able to control your cryptos from your phone is massively convenient, therefore, investing some phone space into a crypto app is perhaps the first and most sensible investment an aspiring crypto investor should make. Crypto apps, like all apps, are far easier and less complicated than desktop platforms, especially in terms of setup and login procedures. This makes them more easily accessible and convenient and much less intimidating for rookies, thus many crypto novices begin their crypto journey through a crypto app.
Being an umbrella term, cryptocurrency apps actually refers to a variety of application types, each serving different aspects of your crypto endeavour. Find out which are these types and decide which ones are most useful, appropriate and necessary for your own crypto needs.
Exchanges, where you can buy and sell cryptocurrencies are the most popular and widely used type of cryptocurrency app. By connecting your bank account or credit card you can easily buy your first crypto coins through such apps. The ease depends on which coins specifically you are seeking to buy or hold, as some exchanges don’t allow the actual buying of crypto but only offer trading on different crypto pairs. Thus, your selection of crypto exchange app must depend on your specific needs.
A crypto wallet app, unlike an exchange app, does not allow you to buy or sell crypto, but is instead a safe storage for your crypto coins, especially if you intend to hold them for a long time. Crypto wallet apps offer enhanced security features, far superior than when keeping your cryptos in your account with an exchange, thus it is much safer and wiser to have such a wallet app for the safest, long-term storage of your digital assets.
When choosing a wallet app take into account that every wallet is designed to work with specific types or kinds of cryptocurrencies, so verify if those match the coins in your existing or intended portfolio.
Cryptocurrency news apps are a crucial tool for crypto investors, since unlike the stock or forex market, cryptocurrency exchanges are open 24 hours a day, 7 days a week, including holidays. As the crypto market is always open and also very volatile it is absolutely imperative to be able to always keep up and be up-to-date and in the know with all crypto related news. Such an app will help you react fast to developments and ease your way towards crypto trading success.
Through a cryptocurrency tracker app you will be able to receive real-time information on cryptocurrency prices. Though most exchange apps do feature this information, having a separate, dedicated app installed may also be very useful and more convenient. If you are more into buying crypto to hold a tracker app will allow you to keep up with price movements without having to sign up for an exchange or having to long into the exchange to access the information.
What to Look for in a Cryptocurrency App
Irrespective of the type of cryptocurrency app you decide that you need, there are a few things you should look for when you compare all of your options and paying particular attention to those may well lead you into making the right choice and taking a wise decision when selecting your crypto app or apps to download and use:
One of the primary characteristics of any Bitcoin or other cryptocurrency transaction, is that they are very difficult to trace. Once a transaction between crypto wallets is initiated it’s almost impossible to cancel it or get your money back. Moreover, due to the decentralized nature of the blockchain, the ownership of each crypto wallet is also almost impossible to determine. As cryptos are often plagued by hackers and scammers, and are also often used by criminals for various dark purposes, your first and foremost concern when picking a crypto app is the level of security it offers you. Make sure you only consider apps that employ 2-factor authentication and back-end encryption, so that your personal information, your transactions and your crypto coins will be as safe as possible.
Because the cryptocurrency markets are always open, unlike stocks or forex, in order to keep up with the pulse of the market and take timely and wise trading decisions you are in dire need of real time data and up to date information. There have been instances where the price of a crypto has skyrocketed or plunged into the abyss, resulting in great gains or great losses in just a few hours. Thus, it is important to ensure that any crypto app you use offers you real time data and information, because when you base your decisions on outdated information when trading cryptos, this is the perfect recipe for disaster.
Availability in Your Area
The type of crypto apps that are mostly for informational purposes, such as news apps or tracker apps are freely available everywhere and access to them does not depend on where you live. When it comes to apps that enable you to buy, sell and trade crypto however, might not all be available everywhere and thus you should check if an app you are considering is actually available and can serve your specific country or location. Many watchdogs and governments have bans imposed on all cryptos, while others may have bans on specific coins or specific exchanges, as the unregulated and decentralized nature of cryptos means there is no uniform approach across the world as regard their trading and taxation.
Before you get started in crypto
There perhaps has never been an easier time to begin investing in cryptocurrency and the investment potential of cryptos increases as they become more mainstream, rendering them attractive to the eyes of potential investors across the world, from simple people to institutional big players. Dazzled by the earning potential and encouraged by the ease of access, especially that ensured through crypto apps, many delve right in without taking into account the extreme volatility of the crypto landscape and cryptos themselves as assets. This, coupled with decentralization, since only a handful of crypto coins are actually under some sort of overseeing authority or body, mean that suffering huge losses very quickly is not at all rare when trading and investing in cryptocurrencies. Thus, before making your first crypto investment, remember to very commit funds that you cannot afford to lose and also ensure that you adequately diversify your portfolio so that risk is dispensed across several coins.
Crypto Apps FAQs
What is a Crypto app?
A Crypto app is an application that can be used through your smart mobile phone and is related to cryptocurrencies.