Although there are many cryptocurrencies out there, none are as popular as Bitcoin.
Bitcoin effectively gained popularity as the first digital currency that offered privacy to those who owned it via its decentralised network. Attracted by its features, many individual investors raced to pocket the enigmatic currency, not sure what incentive it would bring to them. However, their bet paid off. As of today, 1 Bitcoin is worth more than $50,000.
Many jumped on the crypto bandwagon out of sheer curiosity, but now, institutional investors are taking an interest as well. That’s where the real money is. Even the famous electric car manufacturer, Tesla, made more money on Bitcoin than selling cars, spiking interest in many people who are now looking to earn money via trading in this illustrious currency. But, with all its highs and lows, traders need to pay attention to Bitcoin prices religiously – what better way to do that than with a smartphone?
Considering most smartphone users prefer the Android operating system, here are some essential features you need in Bitcoin trading apps for adequate monitoring.
Live Price Monitoring
Trading is all about the timing. The reason you got an Android trading app for Bitcoin was to track price changes quickly and easily; hence, you’ll want little to no delays when it comes to receiving information about spikes and dips in prices. This feature is essential for traders who wish to profit from Bitcoin as it tells them the perfect time to buy or sell the currency.
Currently, Bitcoin is very volatile, meaning it has dramatic shifts in its prices over short durations, leading many traders to employ a strategy where they trade over short price gaps more frequently. This technique has the added advantage of mitigating the risk associated with trading as they can quickly sell if prices don’t go their way, only sustaining minimal losses. However, it requires one to be unrealistically glued to their trading app. Good Android trading apps come with an alarm notification that tells the user if the price has reached a pre-defined level. They can then make the trade as per their wish.
You can’t trade Bitcoin without an exchange. Most Android trading apps interface with exchanges via APIs to allow traders to make transactions seamlessly with the help of software. The software protocols essentially act as a broker, facilitating trades. However, every exchange is different, having its API governing its function. Also, Bitcoin prices may vary among other exchanges. So make sure the Android trading app interfaces with popular APIs like the website Bitcoin Evolution.
Say you purchased a new Android trading app for Bitcoin. You converted a large sum of your money into digital currency and started trading. Over time, you successfully traded to amass a fortune, but when it came time to cash in on your profits, the app didn’t allow it. You were forced to leave your precious Bitcoins in the hands of your trading app. Experienced crypto enthusiasts will tell you to never leave your Bitcoin in a hot wallet due to potential hacking threats. Instead, one should keep them in cold wallets, away from external networks. Hence, ensure that your trading app lets you export your Bitcoins at will so you can secure your investment correctly.
A word to the wise
Trading is an excellent way to get into the Bitcoin craze and earn huge profits, but it comes with inherent risks. Make sure that you acquire a sound investment and trading knowledge before going forward with any financial venture. It’s considered best practice to invest with the money you’re comfortable with losing. Otherwise, you` may bite off more than you can chew.