Bitcoin news

Although modern multifunctional smartphones don’t constitute any new for us now, earlier no one couldn’t realize how it is to keep a camera, a TV, audio player, and phone in one pocket. Now the number of possibilities of modern smartphones is unlimited and always updated, which lets users do anything, even lying on the bed or driving a car and trading at the same time. 

Despite our smartphones being used for amusement, modern models act as full-fledged portable computers that can deal with any task, from taking high-resolution pictures to automatically calling “911” in exceptional cases previously predicted and configured. 

Also, we can use our mobiles for making money, trading assets, only being connected to the internet. According to the high popularity of the crypto trading activity, exchange platforms are adapted for many operating systems and devices, letting everyone try them out. 

What comes to your mind when you imagine cryptocurrency trading activity? Professional traders sitting behind the computer with a lot of monitors, isn’t it? Without any doubt, advanced cryptocurrency trading requires the availability of a PC or laptop to do the technical analysis properly, use automated trading software, and trace different coin charts with two or more screens. 

Let’s discover if you should trade only with your mobile or not, by learning its advantages and disadvantages. Check out the information below to stay aware and updated. 

Advantages of mobile cryptocurrency trading

cryptocurrency exchange
  • Mobility

With the newest gadget, you don’t need to take your laptop with you; you can trace your cryptocurrency exchange platform from your mobile phone. It doesn’t matter where you are – in bed, in a car, or at the party, you can check out Bitcoin price wherever the internet connection available. 

  • Be always aware and updated

Imagine the situation that left your workplace and computer, and suddenly your friend calls you to tell you about the trend reversal and asks you to action. If you forget to place limit orders, you can do it with your smartphone at the cryptocurrency exchange app, available for iOS and Android devices. 

Also, you can always be aware of cryptocurrency news by setting notifications of the cryptocurrency exchange about market changes, or tweets, related to the crypto world. 

  • Easy access without entering a password every time

With a modern smartphone, you can unblock it with Touch ID or Face ID, which seems to be a great feature to open a cryptocurrency exchange many times every day. But on the other hand, with this feature security of your assets become reduced. 

Disadvantages of mobile cryptocurrency trading 

cryptocurrency trading
  • Small screen

According to the mobility of crypto trading from your phone, you have limited opportunities because of a small screen, which can be uncomfortable for technical analysis. When watching the chart clearly with mobile, you can see only a small pattern, which won’t let you make an accurate analysis. 

  • No opportunity to trace different coins at the same time 

While trading on the Binance app, or other exchange, it will be uncomfortable to trace Bitcoin and XRP prices simultaneously, while on PC, you can trace them on different monitors with many browser tabs. 

  • Easier to make a mistake

In many cases, the touch screen is a solution, which made a revolution when it came on the market. Touch screens changed our life, allowing us to manage everything on our screen without special equipment like a computer mouse or touchpad. We understand that it sounds strange, but sometimes our fingers can be bigger than the touch button, leading to undesired mistakes. 

By the way, we strongly recommend being careful with entering a cryptocurrency value while setting the S/L and T/P orders. You should realize that the cryptocurrency exchange platform doesn’t forgive any mistakes, and after placing the T/P order at $4000 when the Bitcoin price is $40000, your assets will be sold. We understand how terrible it can sound, but stuff happens. 

In summary, we want to say that mobile cryptocurrency trading alone is a bad idea, after all. It is recommended to use a PC with a big screen and smartphone to boost your productivity and improve trading performance. 

Is it safe to trade crypto on your phone?

So when it comes to the world of cryptocurrency, you won’t realize your routine without monitoring charts 24/7, which is impossible without mobile. The bottom line is that phone-based trading is not as secure as the one on a PC. However, the convenience of accessing your wallet anytime and anywhere is worth the trade-off.

Cybersecurity tips in mobile crypto trading:

  • Don’t connect to public WI-FI to prevent cyberattacks. 
  • 2FA is binding to boost the security of your assets. 
  • Generate a strong password. 
  • Be careful with received files and links.
  • Remember that your phone is a key to your wallet, connected to your telephone number. 

Similar crypto articles