Buying Bitcoin (BTC), or any other cryptocurrency for that matter, can be done whenever and wherever you like. Thanks to mobile technology, you can now access some of the best cryptocurrency exchanges via your smartphone.
Types of Bitcoin Mobile Apps
There are basically five types of mobile app that are available to cryptocurrency enthusiasts.
- Wallet apps – These are mobile applications that allow you to store your bitcoin or other coins. They will be an additional extra from prominent wallets. One of our preferred wallet app is the Wirex app.
- Exchange apps – These are apps that you can actually exchange one cryptocurrency for another or in some instance for fiat currencies. By far our favourite app to trade bitcoin is the eToro however if you are looking for an actual exchange rather than a CFD provider, then we would recommend the binance app.
- Two Factor Authentication (2FA) – These are apps that let you sign into your exchange platform, it is a security measure that nearly all exchanges now offer. The two most popular apps that offer 2FA are the Google Authenticator and Authy.
- Price apps – These will simply show you the live price of the coins, very useful if you have a portfolio of cryptocurrency want to keep an eye on the price. Coinmarketcap continues to dominate when offering live coin prices and there is no difference when it comes to the app market, Coinmarketcap wins here as well.
- News apps – Similar to mainstream apps like the BBC or Bloomberg, will post the most recent stories that are breaking in the cryptocurrency industry. Cointelegraph is the domininant app for mobile cryptocurrency news.
The Best Bitcoin Apps
Two Factor Authentication
What You Need to Trade Bitcoin via Your Mobile
The obvious answer to that statement is an exchange app. Without the ability to buy and sell the likes of Ethereum (ETH) and Ripple (XRP), trading simply cannot occur, obvious really. As the industry has evolved, many top exchanges have launched smartphone apps. Coinbase was one of the first to trial an app, as noted in our Coinbase review, they now have web-based and mobile trading software for iOS and Android.
Another type of app required is one that offers two-factor authentication (2FA). By downloading and using these apps, you’ll be adding an extra layer of security to your exchange and wallet accounts.
Each time you log into an exchange, you’ll be asked for your password and then a unique code. The 2FA app is used to get this unique code, a new code is generated every few seconds, Google Authenticator is the most popular version and is recommended to keep your trading account safe.
The final app you need for trading cryptocurrency on the move is a wallet. Although these apps are technically online crypto wallets, there have been some unique innovations in recent years. For example, BTC.com is known as a hybrid wallet because you access funds online, but the secure keys are stored offline (i.e., on your device). Therefore, when you use the iOS or Android app, you can store digital coins securely and access them at will.
Pros and Cons of Trading Bitcoin on a Mobile
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Pro: It is easy to access. You can simply buy, trade or exchange wherever you are, as long as you are connected to the internet. Therefore easy to buy when the market hits a level you wanted to buy at.
Con: Whilst it is easy to access, actually analysing the market is more difficult and so could see you making decisions you might not if you at a desktop computer.
Summary: Mobiles should only be used to buy or sell once you have already done your analysis. The analysis should give you a level you want to buy or sell and so once you’re on the go, all you need to know is that you will buy at that price (or sell).
Pro: The fact that 2FA is a ‘thing’ automatically make exchanges safer places. This coupled with touchID lots of smart phones now offer do add an extra layer of security.
Con: Unfortunately these features don’t make exchanges or wallets bullet proof. Hackers still continue to pollute the exchange industry and it is down to the exchange in question about their levels of security to decide if they’ll be hacked.
Summary: Mobile apps are a welcome addition to the cryptocurrency space and do make life easier and more secure however it is not a solution to all the security issues that criminals pose.
Bitcoin Mobile Apps Conclusion
So, should you use an app for your cryptocurrency needs?
Yes. More and more people use their phone more than their computers, so the market will only continue to grow. The apps make everything crypto easily accessible. You should use 2FA apps, cryptocurrency news apps will keep you updated on breaking news and the exchange and wallet apps are basically the same as the desktop versions.
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