Things You Need to Know Before Trading Crypto on Your Phone
Nowadays, we do everything on our smartphones. Think about it, how often do you need a computer? Over half of the world’s internet traffic comes through smartphones and in developing countries that number is even higher. So when it comes to the exciting world of cryptocurrency, you’ll most likely want to be able to do some trading on your phone. The bottom line is that phone-based trading is not as safe as the one on a desktop. However, the convenience of accessing your wallet anytime and anywhere is worth the trade-off. Follow these essential tips, and you’ll be trading crypto on your phone like a pro in no time.
Before You Get Started
People often underestimate their smartphones. It’s not just a phone anymore. When was the last time you made a regular call? It’s a pocket computer with a dazzling array of functions and features. With that in mind, it’s important to realize that with your phone you have a lot of power at your fingertips. The most important question you’ll need to ask yourself is: how serious of a trader am I?
There are countless apps and mobile-based platforms you can access from your phone. If you are new to crypto and are just testing the waters, you can do almost everything you need in one simple app like Binance and KuCoin. They are both simple apps that allow you to track and exchange currency. They feature very low fees and pride themselves on user-friendliness.
Doing More Serious Trading
Think of cryptocurrency like the stock market. If you have a few stocks, you probably have some alerts sent to your phone or some related apps that track futures, trends, and so on. If you are a more serious trader, you’ll want to have these kinds of apps for the crypto market as well. For those who are just looking to track single coins and do research, Blockfolio is one of the best. It’s super easy to use and absolutely free, and you can track up to 3000 different coins. It also doesn’t overly push ads and has a solid RSS feed so you can stay on top of industry news.
However, if you are getting even deeper into crypto, then you’ll definitely want to check out Blockfolio’s chief competitor, Delta. Since Blockfolio is completely free, there’s no reason not to use both and see which experience you prefer. But with Delta, you have many more features. Delta allows you to track multi-portfolios, trading fees and features a desktop version which syncs with the phone app. Having access to the trading fees is critical because you can get a more accurate understanding of the real cost of each transaction.
Cryptocurrency has sometimes been compared to the Wild Wild West. There are some similarities. You do have gold rushes and the occasional outlaw looking to do rob coins from those new to the scene. But that’s where the comparison should end. Crypto in its very nature is designed to be secure for its users. And although the market may be volatile so is the stock market. If you have done your homework and invested in coins that are backed by solid teams and the latest technology, you are likely to see a return on your investment.
With that said, you’ll want to take some safety precautions when trading crypto on your phone. To begin with, consider your phone and mobile wallet the same way you think about your real wallet. You wouldn’t carry around all your money in it, would you? If you have started to invest heavily in coins, then you’ll definitely want a hardware wallet where you can store the majority of your coin. Only carry around about the same amount in your crypto wallet you would feel comfortable carrying in your physical wallet.
You do have options here. You can either do your primary trading on the desktop with a cold, hardware wallet. This is better for less serious traders who have a little extra time to react to changes in the market. Those more serious ones will want to invest in a hardware wallet which can be paired with a mobile device. Starting at around $100, TREZOR One is a basic wallet which is a good device for the beginning. TREZOR is one of the leading brands on the market, but there are several other competitors out there. Overall, this is the direction you’ll want to go once you get into heavier investments.
Use a VPN
The VPN market has grown considerably in the last few years. And it’s no surprise, as more and more internet users understand the need to stay safe online. Crypto trading is one of the areas where using a VPN is seen as a must by must.
A VPN functions as a strong layer of security. It hides a user’s IP, encrypts all data sent online, and helps to overcome geoblocking. Mind the fact, that you should never trust a free VPN service as those may do more harm than good, especially when it comes to such serious matters as cryptocurrencies. NordVPN offers all the security crypto trader could ever need.
The Right Way to Trade Crypto on Your Phone
There’s no better way to take advantage of the wonders of crypto than by trading on your phone. If you are sure to follow these steps, you can do it safely and become an active member of the crypto community.
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February 6, 2021 at 11:46 am