Is it Possible to trade Crypto Securely on the go? Of course it is!
Mobile devices have seen a rapid increase in popularity and usage in recent years as people are more focused on being ‘connected’ anytime and anywhere. Thus, even the most basic activity has come to be performed on the phone. And when it comes to cryptocurrency, users are no strangers to trading from their mobiles.
But a common question has arisen – is it safe to trade digital currency from a mobile device? Learn that trading, in general, is debatable; sometimes, it doesn’t even matter whether you transact from a smartphone or computer. All that counts is to adopt the right security measures and be serious about any move you make in the market. It’s essential to know that with the comfort of digital life comes a wild west where you have to watch for scams or any pitfalls that might go unnoticed.
Millennials and Gen Xs, in particular, have to pay attention to the security aspect of mobile scrolling, as data shows that about 68 percent, respectively 67 percent of them use their smartphones to get breaking news notifications. These people are also more and more interested in trading crypto on mobile. Many of them check the current Bitcoin price using their mobile apps and then proceed with the purchase. But in order to safely perform this action, several safeguarding practices are required.
Here is what we have collected so far:
Research digital currencies before trading
First things first. You can’t start your mobile trading journey if you have no idea or barely know something about the coins that are to be purchased. This requires serious research, which depends on several things, including crypto value, market capitalization, trading volume, worldwide adoption, or the liquidity of the exchange you’re buying crypto from.
It’s critical to read the report of the coins in question, whether it’s about established cryptocurrencies such as Bitcoin, Ethereum, or Litecoin or newly released ones such as RobotEra, Dash 2 Trade, or FightOut. Also, it would be helpful to consider the type of cryptocurrency you want to trade, as it might tell whether it’s suitable for you. Are you going to choose transactional tokens like Bitcoin or go for stablecoins like Tether and USD Coin? Or perhaps utility tokens like BNB Coin and Smooth Love Potion are your things. Whatever your pick, think it wise!
Research the exchange you want to trade with
You can’t trade virtual currency without an account with an exchange. But since there are more than 500 platforms to choose from, you might find it hard to decide. Well, learn that some are more reputable and reliable than others, and these are the ones you should direct your attention toward. It’s important to choose an exchange that aligns with your needs and addresses common issues investors and traders sometimes face.
Read also: What is Litecoin?
Binance is a leading player in this regard, so you may want to consider this exchange, especially if you’re a newbie to trading. The ease of use is also a significant criterion to keep in mind when looking for an exchange. Furthermore, ensure that the platform you will be trading with has robust security features so that your holdings are safe and sound from hackers in case the unexpected happens. This is, of course, not recommended – the safest method to safeguard your digital assets is to store them in a wallet.
Harbor your crypto in a digital wallet
You can keep your coins on an exchange, but this is not the most advisable, especially when handling large amounts of crypto. Digital wallets come thus into play, providing robust security features and ease of use. These wallets are, in fact, nothing but software apps on mobile or computer devices, and they don’t store coins per se but rather the passkeys associated with them. There are two main types of wallets to keep an eye on, i.e., hot and cold. You should choose the one that best aligns with your needs.
If trading is your main concern, you may want to consider a hot wallet, which will store your coins in the short term and allow you to transact with no hassle. But a hardware ‘cold’ wallet would be more suitable if you’re more interested in holding cryptocurrency long-term. This kind of wallet is also more secure, as it doesn’t involve an Internet connection, so your coins are stored offline, usually on a USB-like device. However, when keeping your digital treasures in a cold wallet, it’s essential to take care of the private key associated with your crypto, preferably write it down on paper and lock the document in a safe box.