The Top Three Cryptocurrency Exchange Apps: Which One to Use for Trading?
Accessing the web via a portable computing device has become the preferred way of doing business. Today, almost everyone – no matter their geographic location or socio-economic status – seems to own a smartphone. While cryptocurrency and blockchain applications have so far been the domain of power-hungry desktops, cryptocurrency traders and enthusiasts are increasingly using mobile apps for their day-to-day transactions. It is surprising then to see that exchanges that carry weight in the cryptocurrency community, such as Bitmex, Bittrex and Bitfinex, do not have mobile apps for trading. Since the real value of any app in the contemporary world is how mobile-focused it is, let’s take a look at crypto exchanges that do have mobile apps that traders can use as a wallet and as a trading tool.
Binance is probably the most famous cryptocurrency exchange around, and the world’s largest by trade volume. Founded in China and later moved to Japan, Binance gained in importance during the historic crypto market-wide bull run in 2017 by supporting a wide range of cryptocurrencies – more than 100. It remains one of the fastest and most reliable trading platforms in the space and has apps for both iOS and Android. However, the iOS app does not seem reliable: multiple users tweeted at the end of July that the app did not work for them, prompting Binance customer support to apologize and promise to fix issues. In contrast, the Android app has been successfully used by many. The app has a handy button called “markets.” By clicking it, users get an overview of all pairs against BNB, BTC, Alts and stablecoins on Binance. It is possible to bookmark one’s favorites to be able to find them right away.
It is easy to trade using the Binance mobile app after logging into one’s account. Clicking on the coin from the coin overview allows you to buy or sell it almost instantaneously. Users can also see the currency chart on the buy and sell screen. It is also possible to view the books and log of all past trades. Would you like to be notified when a coin reaches a certain price? That is easy – just set up alerts for each coin in question. That way you will never miss an ideal entry- or exit-point of your trade.
Coinbase, founded in 2012 and headquartered in San Francisco, California, is one of the oldest exchanges, where many cryptocurrency traders and investors started. As a result, it has a large following and number of users. Coinbase brokers exchanges of Bitcoin Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin with fiat currencies. The Coinbase app is available both for iOS and for Android. It appears that it is the only well-known app still available on iOS in the cryptocurrency ecosystem. The app has a wallet and allows users to trade with it. The trading itself is easy and convenient, while user interface is very straightforward. The wallet is clearly the app’s strength. It is because it allows to effortlessly send money from one’s bank account to Coinbase and vice versa. Coinbase app’s weakness is the limited number of coins that can be traded.
Changelly, which was founded in 2013 and is based in Prague, Czech Republic, is a less well-known cryptocurrency exchange. What makes its app quite unique is that the platform offers users the opportunity to trace cryptocurrencies without depositing their coins on the exchange. Users can choose a pair from the long list offered by Changelly. The app shows the rate that users can get for their coins. Exchanging one’s currency for another one is incredibly easy – all you have to do is click on “swap” and then send your coin to a specific address provided by Changelly. You will shortly receive your new coin, right in your wallet. The process is very straightforward. And yet, the app has its shortcomings. One is that it is only available on Google Play and not iOS for iPhones users.
Although it may seem strange that so few mobile exchange apps have become available in the cryptocurrency space, there are reasons behind it. Difficulties associated with maintaining apps’ security and legal considerations that are becoming key to the survival of blockchain related businesses have digital currency exchanges focused on other priorities, including listing more coins and improving the speed and convenience of trading. Fortunately, Binance, Coinbase and Changelly offer plenty of trading options, so give them a try, and let us know what you think.
Text by Contributor @LordCatoshi