If you’ve been paying attention lately, you surely noticed that cryptocurrencies are on the rise. Everyone seems to be talking about this new, digital form of currency.
Only time will tell if they’ll replace the fiat currencies altogether, but for now, they allow us to do much of what „traditional“ currency does – and yes, that includes trading, too.
So, let’s find you the best cryptocurrency mobile trading app to get you started!
A Beginner’s Guide To Cryptocurrency Trading
If you’re thinking of starting trading cryptocurrencies, here’s what you need to know.
Scam Or Not: Pick Your Battles – And Your Cryptocurrencies – Wisely
Successful trading is all about making informed decisions – relying on pure luck works better in gambling.
Now, while blockchain technology stands behind every cryptocurrency out there, that doesn’t mean they’re all created equal. There are some significant differences you need to keep in mind before you invest in a particular project.
Better safe than sorry, right?
Start by asking yourself the following questions:
- What’s the transaction processing speed for this cryptocurrency?
- What’s the total currently available supply?
- Will the supply of currency be unlimited, or will there be an upper limit for available currency?
- Does the currency have a real-world purpose?
- Are there any big investors involved in the project?
- What do you know about the founder’s background?
Where Do You Store Cryptocurrencies?
Managing the good old US dollar is a pretty straightforward business – either you’ll keep your money in a bank, or you can keep it on you.
But how does storing digital currencies work?
Don’t worry; it’s not that complicated – the idea is somewhat similar, once you wrap your mind around blockchains, private keys, and „wallets“ that don’t quite fit in your back pocket but exist in the form of a software program.
I promise it’s not as confusing as it sounds.
- Paper Wallet – I can already tell that the old-school folks will trust this hacker-proof method for storing money. You know who you are.
- Online Wallet – We do the majority of stuff online, so why shouldn’t storing cryptocurrencies be one of them? After all, it’s the most convenient option out there. Sadly, it doesn’t come with a security level to match, making it a less-than-ideal storage solution in the long run.
- Desktop And Mobile Wallets – The two follow a pretty much same principle, with the difference being the device you use to store your money. Mobile apps do offer the advantage of portability, but losing your phone means you can say goodbye to your money, too.
- Hardware Device Wallet – These hardware devices are built to serve as a wallet for your cryptocurrency, and they’re one of the safest options for storing private keys. That said, you have to take into the account the fact that it’s still an electronic device, meaning it’s susceptible to fatal damage that will cost you your money.
Trading: What Affects The Price Of A Cryptocurrency?
There are a lot of things that can – and will – affect cryptocurrency prices, and it may often seem like the shift happened overnight. That’s because, in some cases, it did.
That said, pay attention to the following factors:
Exchange Listing Is A Big Factor
I figured it would be best to start with the big one – listings.
Whenever a bigtime exchange adds a new cryptocurrency to their listing, it gets further exposure. I think you know where I’m going with this, but to be clear, new exposure to the exchange’s user base means a price boost, too.
There’s more than one real-life example of a well-known exchange launching a cryptocurrency, and causing its price to skyrocket.
So, make it a habit of yours to keep an eye on all the large exchanges so that you don’t miss out on new listing announcements – and a chance to boost your profit.
Hype Moves Markets
When something is new and exciting, internet communities start talking – and when people are talking, it means it’s getting lots of attention from the general public.
Why does that matter in cryptocurrency trading, you ask?
Because of this Internet popularity – hype, if you will – is capable of moving markets. All that attention ultimately affects the value of a specific cryptocurrency, which you can use to your advantage.
If you do go down the path of hype, make sure all your trades are closed well before everyone cools off and moves over to the next best thing.
Updates, Upgrades, And Upped Prices
When you’re dealing with digital currencies, changes are bound to happen – it’s just a matter of time. The trick is to keep up with them and know what they mean for you, as a trader.
You never know when a much-needed fix or a software upgrade can launch a cryptocurrency into new heights.
A Fully Functional Compatible Wallet
You can’t store cryptocurrency in a bank, or in your back pocket – you’ll need a compatible wallet for that. If it doesn’t have one, that can prevent a good portion of the investors from buying that particular cryptocurrency. As a result, it can be undervalued.
More often than not, as soon as a compatible wallet gets launched, you’ll notice the cryptocurrency itself will experience an increase in value.
Because it became accessible to a much more significant number of investors – and that right there is your opportunity for profit!
When a cryptocurrency platform hosts other applications, and one of the said decentralized apps (DApps for short) performs well, that success can have a positive impact on the platform currency, too.
And yes, the two should be independent, but not everyone got that memo. Use that to your advantage by keeping a close eye on promising platform apps that could drive the price of the cryptocurrency at play.
Government Has A Say In It, Too
Here’s a scenario (not one that’s highly likely to occur, but one that’s still a possibility):
You invest your time and money into a specific cryptocurrency, and then, some time down the line, the government agencies decide to red-flag it and get it banned. All miners will either go underground or switch to an entirely different cryptocurrency, which will inevitably affect its value. Remember that whole Venezuela situation?
So, try to keep up with all the latest laws and regulations, or it will turn into a costly lesson.
Best Cryptocurrency Mobile Trading App For iOS & Android: Start Trading Today
Here’s the best cryptocurrency mobile trading app – well, actually, five of them – that will make checking and trading cryptocurrencies a breeze.
1. Coinbase – The Go-To App For Newcomers
I figured what better way to begin this round-up, than with arguably the most popular cryptocurrency trading app today! They’re the safe-proclaimed no. 1 place for trading cryptocurrencies, and I have to admit that’s not that far off the mark.
One of the reasons why everyone seems to love and trust Coinbase as their go-to app for trading cryptocurrencies has to be the simple, user-friendly user interface. Getting into cryptocurrency can be a tricky business, so it’s nice to have something as straightforward as this app, which will help you avoid feeling overwhelmed. Plus, it’s available for both iOS and Android.
Besides that, you’ll appreciate the fact that it allows you to use your credit or debit card as a payment method. Coinbase enables you to link your PayPal account to their platform, too, but it’s meant to be used for selling only, so keep that in mind.
Coinbase does seem like the best cryptocurrency mobile trading app out there, doesn’t it? And for the most part, that’s true, but there’s one downside to it – the number of listed cryptocurrencies is somewhat limited right now.
Maybe that will change in the future, though.
- The most popular trading app to date
- App has an Android and an iOS version
- It serves as a wallet for storing your cryptocurrencies
- Accepts credit and debit cards as payment methods
- Option to connect to your PayPal account
- Modified alerts help you track changes
- A limited number of listed cryptocurrencies
2. Binance – Rapidly Growing To Keep Up With Cryptocurrencies
One way or the other, the market for digital trading currencies is growing every hour of every day, and having an app that’s able to grow as fast as the market does is always a pleasant surprise.
Now, if you wanted a reason why Binance is a candidate for the title of the best cryptocurrency mobile trading app, I have a few coming your way.
First off, the list of cryptocurrencies that Binance supports is beyond extensive – BTC, NEO, ETH, GAS, XVG, XRP, WTC, to name a few. It doesn’t end there, though. Every few days, a new cryptocurrency pops up on their listing, making it the fastest growing cryptocurrency exchange out there.
Lastly, not only is the app available on mobile devices, it’s available on desktop, too.
I didn’t have any issues with Binance so far, other than the fact that the color palette used in the UI design started hurting my eyes pretty quickly. Anyway, I’m not sure if this counts as a downside, but I thought I’d mention it, nonetheless.
Go check it out – it’s available on both Google Play and iTunes store – and let me know if you notice it, too!
- Lists a wide array of cryptocurrencies
- New cryptocurrencies are listed every few days
- Offers apps suitable for Android and iOS
- Has an impressive, full fledge desktop app, too
- Native BNB tokens allow you to save 50 percent on trading fees
- Strange-looking color palette
3. Cex.io – Limited Listing, Top-Notch Service
The next app on my list comes from CEX – a reputable exchange, one you’ve probably heard of if you’re not entirely new to the whole cryptocurrency hype.
Now, what makes the CEX app worth stand out? Apart from a beautiful, sleek UI design, and the fact that they run smoothly on both Android and iOS, you mean?
First off, it gives you the option of buying cryptocurrency using your credit or debit card. On top of that, the app allows you to deposit or withdraw funds directly from it, which is perfect for trading on the go.
There’s one thing about the app – or the exchange, to be precise – that could be considered a disadvantage. The number of cryptocurrencies available for trading on CEX is somewhat limited. I’m not sure when, or if, this is going to change in the future, so I thought it’s worth mentioning.
Now, I choose to look at it as an advantage, and I’m sure I’m not the only one – it helped them focus on improving the service for the cryptocurrencies they do offer. Their listing might contain only six currencies, but they’re covered with top-notch service, and that’s what matters.
- Android and iOS versions of the app are available
- Allows you to buy cryptocurrency with a credit or debit card
- Sleek user interface design
- An app from a reputable exchange
- A real pleasure to use
- Offers a limited number of cryptocurrencies
4. KuCoin – The Up-And-Coming Trading App
Did you know the KuCoin development team got together last year? Yes, you read that right – last year! KuCoin is like the smart, cool younger brother of the bunch.
Now, you’re probably wondering what makes this new addition to the world of cryptocurrency trading a solid candidate for the title of the best cryptocurrency mobile trading app. Here’s what:
They’re not afraid of listing currencies that are „less known,“ and that many other exchanges aren’t interested in registering. That’s a good thing, though. If you trust your instincts – and you should, it’s a huge part of trading – you’ll get the exclusive opportunity to invest in the up-and-coming cryptocurrencies before they reach a wider audience.
You get the upper hand here!
Oh, and one more thing – they offer GAS for holding NEO, and not a lot of trading apps can say that for themselves.
However, some areas do make it somewhat apparent that the exchange – and the app in particular – are young. Compared to some other reputable trading apps on the list, it’s clear KuCoin has room for improvement.
I’m confident these improvements will come with time, though, and KuCoin is going to give other exchanges a run for their money.
- Features plenty of less-known currencies
- Plenty of early-access listings
- Young, but fast-growing exchange
- Lost of unique features
- They offer GAS for holding NEO
- Apps suitable for Android and iOS
- There’s room for improvements
5. Bibox – A Mysterious Alternative To Binance
I know you thought there couldn’t possibly be a younger exchange app than KuCoin, but BiBox is here to prove you wrong – this China-based exchange launched in late 2017!
The idea behind it was to give traders an alternative to bigtime exchanges. Even at first glance, you can see that there’s a resemblance between BiBox and Binance UIs – it’s almost as if the same founding team was behind them.
That said, if you had the chance to use Binance in the past, I strongly suggest you download the Bibox mobile app and give it a try.
Oh, and not only does the website offer mobile apps for Android and iOS, but it has downloadable Windows and Mac desktop clients, too, making it super easy to track the market on all your devices.
However, I have to say there is one thing I didn’t like about Bibox in general, not just the app – the overall lack of information. I’m not only talking about a lack of info on the founding team but a lack of transparency, in general.
Despite its many advantages, BiBox is not fully transparent and openly compliant, which always seemed to rub me the wrong way.
- An alternative to Binance
- Native BIX tokens give you a 50 percent discount on trading fees
- Overall low trading fees
- Mobile apps for Android and iOS
- Downloadable Mac and PC desktop clients
- It’s not a fully transparent exchange
- Lacks info about the founding team
Trading On The Go Made Easy: Final Thoughts
Remember that the cryptocurrency market is growing fast – new currencies and exchanges are popping up all the time, and so are their apps, so it’s impossible to gather all of them in one place. That said, I did try to stick to the best of the best.
To those that already have some experience with cryptocurrencies, what’s the best cryptocurrency mobile trading app in your opinion? Let us know in the comments below!