Simple steps to using a cryptocurrency trading app
The cryptocurrency market has exploded in popularity in the last few years, but not everyone is yet comfortable trading these digital tokens. Yet, the emergence of easy to use cryptocurrency trading app options makes it easier to get started now, so what do you need to know before you get started?
Crypto investing, crypto CFD trading and crypto exchange apps: what's the difference?
The range of different cryptocurrency apps now available can help you to carry out the type of investing or trading that you’re interested in. But what are the key differences between the various crypto app options to be aware of?
- Crypto investing apps will generally let you see an overview of the market, as well as allow you to buy and sell digital tokens. These apps are designed for people who want to own cryptocurrencies and may offer other investment types like stocks.
- Crypto CFD trading apps are based on contracts for difference (CFDs) where you don’t own the tokens. Therefore, they give you the tools needed to trade effectively in this way, potentially using leverage to increase the potential return. Although using leverage is tempting to investors, it also comes with a significant level of risk.
- Crypto exchange apps focus on letting you buy, sell and store these digital currencies and may lack investment tools or information.
What features should a cryptocurrency trading app have?
To start trading effectively, you’ll want an app that has a good range of the most relevant tools and features. To get started, look for a research area where you can add filters to focus on the market that interests you. This is where your trading journey begins and the time spent researching the market will be time well spent.
As you progress, a range of technical indicators and tools are necessary, as they help you to understand the current market trends. Next, a trial option on the trading platform with dummy cash is extremely useful for newcomers who want to see how it all works before trading with their own money. This lets you see how easy to use the trading platform is.
A fast order execution process is also a key part of any crypto trading platform, as this market can be volatile and you need your transactions to go through right away to catch the moment. Any delay can lower your profits or even turn a profit into a loss.
A selection of safe, popular payments methods are other indispensable elements that any crypto trading app needs to have. This allows you to confidently move money in and out without any hassles or delays. Finally, good customer support will put your mind at ease, as you’ll know that you can seek help if you need to resolve any issues.
How to trade crypto CFDs with a mobile app
Trading cryptocurrency CFDs with a mobile app is easier than you might think. The following steps will take you through the process smoothly:
- Download the crypto CFD app of your choice to your mobile device from the Play Store or App Store.
- Sign up as a new trader by completing the short registration process and providing some basic details.
- Analyse the markets, to understand what crypto CFD trading moves you want to make. This is likely to be the lengthiest part of the process, as you look to understand everything that you need to know to start trading.
- Use the trial option if you want to feel more comfortable before trading with real funds. This gives you a limited amount of dummy funds to use.
- Add funds to your account using any of the accepted payment methods.
- You’re now ready to make real-money trades on the mobile trading platform, based on the research that you carry out in the app and the strategies that you believe will work.
Why you should trade crypto CFDs with Skilling’s app
Choosing the right app to start crypto trading is a crucial part of the process, and you’ll get off to a strong start if you choose the Skilling app to do this. There are several good reasons for this being your best choice of mobile crypto trading platform.
The first one is that it offers a large variety of trading opportunities on a selection of CFDs. This means that you aren’t forced to choose something you aren’t convinced by, so you can take your time and look for something that you feel is just right.
Another benefit is that it’s a flexible way of trading, which can fit in with your lifestyle as well your individual trading approach. The fact that the app offers a lower spread than other cryptocurrency trading apps is another positive worth bearing in mind.
How secure are cryptocurrency trading apps?
While cryptocurrencies themselves aren’t yet regulated, trading them using a regulated instrument such as CFDs adds an important layer of regulation and means that you’re protected under the app's terms and conditions.
Does the volatility of crypto affect trading strategies?
The volatility that has been seen to date in cryptocurrencies can prove to be beneficial but also very risky to traders, who can adopt strategies to earn regardless of whether the underlying asset gains or loses value.
What future trends can we expect to see in cryptocurrencies?
Opinion is divided over the future of these currencies, but there is little doubt that they’re now firmly established as serious financial assets that are popular with different types of investors and traders. So, expect to see an ever-greater range of trading options.
Why should I trade crypto CFDs?
This is a way of trading Bitcoin and other popular digital currencies without actually owning them. The use of leverage means that the returns may be higher, although you should be aware of the risks of trading CFDs before you get started.
Not investment advice. Trading cryptocurrency may not be available depending on your country of residence.