There is a belief that cryptocurrencies are the next game changer in the financial marketplace due to their decentralized nature.
However, this notion has been regarded as a fallacy for the better part of a half a decade after the first virtual currency, Bitcoin, was launched. Interestingly, it seems that the cryptos are here to stay, having immensely experienced growth to the point of being traded on different exchanges.
Investors can now capitalize on their gains from crypto trading ventures right from their different Android and iOS-powered mobile phones, courtesy of secure cryptocurrency trading mobile apps. Some of the ways that you could leverage these apps and maximize or protect your gains include:
1 – Acquaint yourself with the technicalities behind trading on the app
The cryptocurrency environment is sporadic in nature, hence the rigorous technicalities involved in coming up with profit yielding decisions.
Before you begin trading your virtual currencies on a given mobile application, ensure that you are well-versed with the trading tools provided such as charting analysis, indicators of price growth or surges, when to initiate stop-loss orders, and much more.
Excellent technical analysis skills are what makes a successful cryptocurrencies trader.
2 – Know when to quit
Having various trading platforms right at your disposal regardless of your location can definitely catalyze your appetite for risks as a result of the wide swings in prices which have made many a fortune.
Trading on a mobile app simply means that you are flexible enough to execute orders anywhere at any given time. Since the volatile cryptocurrency market is equally characterized by catastrophic losses, it is essential that you learn when to implement the stop-loss orders especially when the market is not playing to your advantage.
3 – Where tasks and rewards are involved, let your app run in the background
The blockchain ecosystem, which powers various cryptocurrencies, are tagged along with rewards for performing various tasks such as verification of transactions in a given cryptocurrency network.
For example, at https://path.network/path-mobile-app/, each node can perform a task and get rewarded with PATH tokens upon completion of the task. Under such circumstances, letting your app perform tasks in the background as you go about your different daily chores means more rewards for you.
4 – Harbour in the app only the cryptocurrencies that you are actively trading
As a safety precaution, it is advisable that you always hold the amount of cryptocurrencies you are actively trading or spending on a platform that can readily access the internet.
Anything extra or saved for trading on another day, especially if significant in value can be best secured in cold storage, offered by hardware wallets.
5 – Keep up to date with the latest cryptocurrencies news
Finally, despite nailing the basics around how to interpret market behavior, it is important that you couple your skills up with the latest crypto-related news.
For example, the Ban on Bitcoins by China in September 2017 caused the cryptocurrency to depreciate in value by 10%. The latest crypto-related news though always not crucial can heavily impact on the next decision that you were just about to make.
Have you traded Cryptocurrency on mobile? Kindly share your experience in the comment box