Most people think that crypto is a digital currency which is very complicated and volatile, and trading crypto is not possible by a trader with nominal technical knowledge. But it is a wrong concept, and you can trade crypto anytime without any technical knowledge. But you need to know the process of buying such digital assets and you must keep your eyes on the recent trends of this market. For more information about crypto trading apps you can click here.
To trade bitcoin and other crypto assets, one must have an exchange account. Through an exchange, you can convert your coins to another digital asset. For example, it is easy for you to convert your bitcoin to Ether or Stablecoins. Apart from that, you can buy such digital currencies with fiat currency through an exchange. Exchanges are the trading platforms where you can trade such currencies and you can withdraw your digital currency into cash. A link between your exchange account and bank account needs to be made for that.
There are many crypto exchanges available, and you need to choose the best one which is safe and secured. Apart from that, you must choose an exchange which has an app for their customers. Most of these exchanges have their own mobile applications and wallets, and you can use their wallet and apps at free of cost.
A complete guide to choose the best crypto exchange app:
Before you choose a crypto exchange app, you need to check their security and safety features. These are the digital platforms which can be hacked and you can lose your funds overnight. There are many instances, where traders have lost billions of dollars through such platforms, which are scams. Exchanges should maintain a security protocol and they must have a two-step verification process for their customers. They should keep the data of their customers safe. So, do some research online and choose an app which is secured.
- There are various types of payment gateways available on these crypto exchanges. For example, you can find some apps which are supported by PayPal and you can use your PayPal account for buying and selling crypto currencies. On the other part, some exchanges can accept credit and debit cards, and you can use your cards to trade bitcoin. As a beginner, you need to choose an exchange from where you can buy such coins with fiat currency. So, you must check the payment gateways available on such exchanges before you choose.
- It is not a wise idea to invest your entire funds on bitcoin and you must diversify your portfolio by adding other crypto assets to your investment plan. When you have a crypto account for purchasing multiple cryptos such as ETH, stablecoin, and Bitcoin there is no need to have different accounts in different exchanges. You must choose an exchange where such digital assets are available.
- Crypto exchanges are similar to stock exchanges, where you need to pay a transaction fee for trading crypto coins and tokens. You need to pay a transaction fee while you sell your coins through an exchange and some of them can charge you a fee for buying such coins also. Apart from that, there are some hidden fees that will be charged on your crypto account. So, you must check their charges before you choose a crypto exchange app. Apart from that, you must choose an exchange that is flexible and user-friendly because you might find it difficult to use complicated interfaces as a beginner.
- There are some exchanges available which have two versions such as for pro trades and for beginners. So, you must choose an exchange app which has a user-friendly interface. Apart from that, you must check the reviews of such exchanges before you choose, and if you find any hacking activity logged on an exchange previously then you must choose their services.
Make sure, you must choose a crypto exchange which is legal in your country or state because they have some restrictions. You must choose a two-step verification process to keep your crypto account safe and you must use such apps on your mobile if you want to trade crypto on a daily basis.