Cryptocurrency trading apps versus cryptocurrency trading sites
A cryptocurrency trading app and cryptocurrency trading sites offer different experiences. These are the main pros and cons to remember.
A cryptocurrency trading app can deliver instant access to assets directly from your phone. But in terms of features, are they better than cryptocurrency trading sites? Here, we’re going to set apart the differences between the two.
How a cryptocurrency market app works
In some cases, the BTC app on your phone might be a straightforward wallet that allows you to send and receive crypto payments. This is great for consumers, but investors embarking on advanced trading strategies often need something more.
Many cryptocurrency exchange sites offer dedicated apps for iOS and Android devices that serve as an extension to the web-based accounts someone may have. That way, users can immediately access the broad range of they’re accustomed to. Crypto markets are fast-moving and in operation 24 hours a day, seven days a week – and mobile-driven services can free you from the shackles of having to stay close to a PC at all times.
That said, there are certain things that a cryptocurrency trading app can struggle to offer. When you visit cryptocurrency trading sites, it’s often easy to perform in-depth technical analysis complete with charts and detailed figures. Smaller phone screens mean that it’s often impractical to embark on this research effectively. When you’re exploring Bitcoin trading sites, it’s worth seeing how their features compare with their app offering. Kicking the tyres of the user interface is also essential. Cryptocurrency trading sites are often beautifully designed and easy to navigate, but this doesn’t always translate to the apps they release.
Things to look for in the best Bitcoin trading app
When on the lookout for a cryptocurrency trading app, there’s one thing that should be at the forefront of your mind: security. It’s well documented that Bitcoin exchange sites can be vulnerable to cyberattacks that put consumer funds at risk – and using these services on your smartphone is no different.
Back in November 2017, High-Tech Bridge performed an audit of 30 apps that had been installed on devices at least 100,000 times. The company’s research found that, at the time, 93 per cent of apps had at least three medium-risk vulnerabilities – and 90 per cent had at least two high-risk vulnerabilities. Insufficient levels of cryptography and inadequate data storage were among the most common concerns.
This isn’t the only danger. Last May, ESET warned of the risk that a cryptocurrency trading app can be loaded with malware. Its researchers uncovered software on the Google Play store that pretended to be affiliated with trusted brands such as Trezor, which offer hardware wallets for cryptocurrency. Although these fraudulent apps claimed to allow users to create digital wallets for their coins and tokens, their main objective was to dupe victims into transferring their assets to cybercriminals.
Concerningly, these apps often appeared prominently in search results for major names in the crypto world – and in some cases, the developer’s name listed on the landing page for the software matched the official company. Although many of these dangerous apps were swiftly removed, some had been downloaded hundreds of times.
ESET’s advice may seem straightforward, but for new crypto users, it’s essential. First off, you shouldn’t necessarily trust mainstream app stores to verify whether or not software is genuine. Second, best practice is to always go to an official exchange’s website and find the link for downloading software from there. You should only type in login credentials when you’re certain that the form is secure and legitimate, and it’s vital to get into the habit of downloading security updates to your smartphone on a regular basis. Adding extra hurdles to the login process, such as a fingerprint or facial recognition, isn’t necessarily a bad idea either.
A cryptocurrency trading app and full-blown cryptocurrency trading sites have different use cases. One is ideal for receiving timely alerts whenever there are high levels of volatility in the market, and for completing basic trades and transactions. The other might come in handy whenever you want to build intricate strategies that can be executed with precision.
FURTHER READING: Security on cryptocurrency platforms: are exchanges safe?
FURTHER READING: Navigating the wild west of crypto trading platforms