Connect with us

Hi, what are you looking for?

Cryptocurrency

5 Benefits and Risks of Mobile Cryptocurrency Trading – 2020 Guide

The cryptocurrency business has never been more diverse and full of opportunities that it is right now. The reasons for this are many, but it mostly has to do with the fact that a larger number of average people looking to diversify their investments are actively looking at digital currencies as a viable option. Gone are the times when people had no idea what cryptocurrencies are, how they work, and what they are used for. We have finally entered the age in which virtual currencies like bitcoin are mainstream.

However, despite all the positives that took place in this market, there are still things that could greatly improve it. This mainly has to do with the technology and the platforms we use in order to buy, sell, and trade cryptocurrency. Back in the early days of the industry all of the work was done through personal desktop and laptop computers. Crypto miners used the same devices that made them money to actually use it. In the modern age, however, like everything else, going mobile is the way to go and the place to be.

In the article in front of you, we wanted to talk about the most important benefits as well as potential risks of mobile cryptocurrency trading. While doing so in the comfort of your home at your desk is an optimal way of carrying out the business, having the opportunity to do it on the go is invaluable to many businesspeople. Therefore, we decided to explore this great option. If you are interested in finding out more about mobile cryptocurrency trading in general and trying out one of the best applications to do so, make sure to check out GoodCrypto.

1. Traveling and Commuting

Source: unsplash.com

As of right now, there are not many people in the world who can afford cryptocurrency to be their primary source of income. This means they are often busy with their main job to which they have to commute every day and come back home at the end of their shift. For those people, having the chance to actively follow and keep up with the changes and news on the market is of the utmost importance. Remember that digital currencies are highly volatile in their spikes. They often skyrocket rapidly out of nowhere, only to drop in value and hit the all-time low the next day. To combat this and react as rapidly as possible, a mobile platform that allows you to carry out your daily obligations is a must. The same goes for when you travel. No matter the vacation and family time you took to enjoy, a great opportunity may be only a few moves away. With a phone in your hand on which you have access to your whole portfolio, it is made possible.

2. Increased Security

Source: unsplash.com

An overlooked feature of anything mobile is that it adds another layer of security to the whole account and everything that is connected to it. Not only that, but you always have the means to check upon the current state of your affairs and make sure everything is operating at optimal levels. When you open an account on a mobile device, there is usually a two-factor authentication enabled. Moreover, when or if someone tries to log into your account, you will get double the amount of messages and your number or an additional password will block them from accessing your cryptocurrency accounts and wallets. If you wish to increase the overall security of your cryptocurrency market presence and add another layer to the defense of your valuable assets, what you really need is the security your mobile device allows. Do not forget that modern flagship phones have a number of security options that eliminate the need for traditional passwords and security questions, all in an effort to repel hackers and cybercriminals.

3. Staying Connected 24/7

Source: unsplash.com

With a mobile device you use to view your currency data, the overall reachability and accessibility you possess are on a completely new level. You can stay on top of things at all times and there is no matter urgent enough you cannot cover. Moreover, through one app you can be present at all your favorite crypto exchanges, including top names like Coinbase and Binance. Last but not least, the alerts you will get will help you stay in the game even when you did not plan to work. They will go off when something of importance took place so that you can make the move you have been waiting for.

4. Online Risks

Source: unsplash.com

Where there are benefits there may also be some risks involved, especially with modern technology and people looking to take advantage of everyone constantly lurking from the shadows. Perhaps the biggest risk there is in using mobiles for cryptocurrency trading is the same as the one on computers, those being the scammers who run illegitimate exchanges and offer fake deals to unsuspecting users. On mobile phones it may be easier for them to hack into your accounts, but only if you fail to realize what kind of a platform you are running or whose internet connection you are using. If you go out of your way and make sure that you are using trusty and secure sites, services, apps, and software, there is nothing to worry about here.

5. Losing the Phone

Source: unsplash.com

Last but not least, we simply have to mention the worst scenario possible, that being the case of a lost or a stolen phone. If you forget it somewhere and end up losing your phone, it can be quite troublesome if you did not set up some kind of a mechanism to protect you on such an occasion. If the thief or someone who found your device wants to access your apps, there is no saying what they may do to hurt your business and strip you away from your valuable crypto assets. This is the biggest fear of most people when technology is concerned because all of us use it to store valuable and dear information and data. Always triple check if your phone is on your body when you enter and leave some space and use software dedicated to tracking and locking lost devices.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

  +  31  =  38

You May Also Like

Food & Drinks

Seltzer – the name may sound very German to you and get you a bit confused, but you shouldn’t be puzzled at all since...

Food & Drinks

Some people use fasting as a type of diet – and they aim to lose weight. As fasting is not and should not be...

Finance

Becoming a professional trader in today’s world is not easy. The competition is tough, and you will have to invest a lot of effort...

Finance

When day trading, traders often use stock charts to look for price changes and movements that can signal when it’s time to buy or...

Gambling

With the recent news of Bitcoin hitting $40,000, speculations emerged as to what we can do with it. Partly for the success of the...

Cryptocurrency

Cryptocurrency is the equivalent of digital money. Cryptocurrencies are cryptographic mechanisms that create and label transactions through private and public keys. Each transaction contains...

Finance

You intend to start trading in the financial markets, but you are not sure what would be the most appropriate to start with. There...