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Factors to consider while choosing a cryptocurrency App

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There was a time when people were confused about whether to get involved in cryptocurrency or not, but things have changed now. The recent crypto stats claim, that more than 100 million people use cryptocurrencies. Such statistical facts show, that the virtual currency business has become a mainstream financial investment opportunity. Bitcoin and Ether are the two most common and profitable digital currencies that have been operating in the digital market for a very long time.

What is a crypto App?

Crypto App refers to an application on the cellphone that enables users to experience a virtual currency trading environment. Traders can manage their virtual currency portfolios through apps that get installed on smartphones. Apps have some special features that provide ease to users while reaching the cryptocurrency portfolio via Apps. There are some amazing cryptocurrency apps like Coinbase and bitqs that are popular in the market.

The purpose of the App is almost the same as desktop platforms, but Apps provide ease to users in handling trading activities via cellphone. According to recent statistics, there are more than 5 billion mobile users in the world, and hence the significance of Apps is non-negligible.

List of best cryptocurrency Apps

  1. BlockFi
  2. Kraken
  3. Robinhood
  4. Binance
  5. eToro
  6. Gemini
  7. Coinbase
  8. Wirex
  9. Delta
  10. Hodlnaut

Types of cryptocurrency Apps

Exchange is the most common type of virtual currency application that enables users to trade different digital currencies by opening up an account via debit or credit card. There are popular exchanges that do not provide the facility to buy the cryptocurrency, instead allow exchanges between currencies only.

Tracker is a type of an App that provides real-time information regarding cryptocurrency prices and keeps the user updated about the ups and downs in the crypto market. This type of feature is also provided by trading platforms as well, but it is considered more beneficial to use a tracker app.

NEWS apps enable users to stay updated about the current cryptocurrency news. There is no weekend off time in the cryptocurrency market like the stock and forex market. The market operates 24 hours, 7 days a week. A good news app keeps the users updated about the significant news regarding emerging virtual currencies, with the main focus on bitcoin and Ethereum.

Wallet apps enable users to secure their cryptocurrency in a crypto wallet. Like exchange apps, wallet apps do not provide the facility of buying or selling virtual currencies. The purpose of such apps is to provide storage for cryptocurrencies. Crypto wallets help users to secure their virtual currencies by enabling high-level security features. 

There are certain things that you need to analyze before getting into any type of cryptocurrency application. 

High-level security 

It is a fact, that it is almost impossible to find out the people involved in transactions due to blockchain decentralized nature. Transactions between bitcoin and other cryptocurrencies are very difficult to trace. Once the transaction process initiates it is not possible to cancel or retrieve the money back.

The smartest way to choose the cryptocurrency app is to make sure that the good safety features are good enough because one unauthorized transaction could cost losing coins in a crypto wallet. Make sure that the app has a two-factor authentication feature and back-end encryption.

Real-time data

The cryptocurrency market is highly volatile and diverse as there are more than 4000 cryptocurrencies. Prices change is most of the time unpredictable. You left the market today with everything stabilized and the next day you woke up with news of a cryptocurrency lost half of its worth or skyrockets by 30%.

Before finalizing the decision of installing a crypto app, make sure that it provides simple tracker services to keep you updated about your favorite coins and other crypto-related news.

Availability in your area

If you are interested in using news apps, then availability is not much of an issue, but if you are interested in buying or selling cryptocurrency then it is recommended to check that whether the app is available in your area or not.

Governments of several countries have strict restrictions for cryptocurrencies, do not forget to go through the regulations regarding crypto in your area.

Conclusion:

It would be better to select one of those crypto apps that are well-reputed. Try to avoid newly built crypto apps that do not have a solid background. Among all the factors, the security aspect is the most crucial one.

Categories: News Reader

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Vulcan Post aims to be the knowledge hub of Singapore and Malaysia.

© 2021 GRVTY Media Pte. Ltd.
(UEN 201431998C.)

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