Crypto trading is not a new phenomenon, but it has seen more adoption worldwide in recent years and has increased in popularity over time. To substitute government-issued ones, the cryptocurrency was created to serve as a worldwide currency. It functions the same as gold; if needs one can buy assets or cash easily. For long as well as short time gains, its high liquidity value makes it a great investment. Bitcoins can be bought and held until their market value is high, and they can be quickly liquidated using secure crypto trading apps when that happens.
The prices of currency have been driven high by various factors, including increased acceptance during the pandemic. Most workplaces are shut; therefore, people are moving towards online investments and businesses.
Trading or investing in cryptocurrencies like Bitcoins, Ethereum, Ripple, etc., takes some courage as the news about fake and spam sites are usually all over the news. But with the growing popularity of crypto trading, security has also increased, which has allured more people to invest and take advantage.
Factors to consider before investing in cryptocurrency
People are new to cryptocurrency and think of it as something complex; therefore, they have a hard time investing in it. They are just stuck to their older tradition of buying gold and keeping it until the market price increases and then liquefy it later.
Cryptocurrencies can serve as both short-term and long-term investments, and one should consider the following factors before proceeding with crypto trading.
- Secure: select the ones which are the least vulnerable to the cyber attack.
- Trustworthy: opt for those sites that have proven their metal, and have proof of payments.
- Legitimate: one should always look for the sites that are registered as legit by the law.
Investing in cryptocurrency may seem fun at first. But there is a constant threat of scams and frauds occurring. In this blog, we have curated a checklist of all the features a secure crypto trading apps should have. Keeping these features in mind, you can now invest in any multi-million market without any tension.
The first thing that any person would look for before investing is if cryptocurrency is secure and safe. Only in the year 2017, cryptocurrency was declared to be legal in Australia. Whether you are willing to purchase cryptocurrency and hold it for the long term, want to trade it and earn frequent profits, or simply want the ease of use can be seen after all the following features are checked.
Following are the features a crypto trading app should offer-
1. Growth investment
The rapid increase in the value of cryptocurrency gives investors a huge opportunity. The crypto market has a strong bedrock and is a solid potential growth investment.
In 2017, its value touched 20000 USD and was the best investment of all the time, and no one knows when it is going to touch the same benchmark again. Now, as the rush towards crypto trading has increased, the day won’t be too far.
2. 24/7 market availability
The market is available 24 hours a day all week because there is no centralized governance of the market. Cryptocurrency purchases occur in crypto exchange worldwide, directly amongst individuals. It doesn’t have geographic boundaries. That being said, as the market is adapting with infrastructural upgrades, there may be slowdown times. A secure crypto trading app should make sure the customer is unaffected.
3. Improved liquidity
Liquidity implies the simplicity in which it is possible to turn capital into capital. Liquidity is important mostly when you are looking for a long term investment.
The cryptocurrency has high liquidity, but the cryptocurrency market itself is considered illiquid because the transactions are dispersed across multiple exchanges, which means that comparatively small trades can have a huge impact on market prices.
4. No barriers to payment
Cryptocurrency is a digital currency that makes it possible to send and receive money anywhere around the world, and you don’t have to worry about limitations for transferring money, such as crossing borders or bank holidays. Therefore, a reliable crypto trading app should have unlimited access to payment methods.
5. Faster opening accounts
When you buy cryptocurrencies, you’ll need to buy and sell via an exchange, which requires you to create an exchange account and store the cryptocurrency in your digital wallet. This process can be restrictive and time-consuming. Hence an efficient and user-friendly crypto trading app should be able to provide a secure account.
Above mentioned features should be kept in mind before accessing any crypto trading app. If you feel that the trading app is secure and good to use, do remember to read up and understand the internal working of the cryptocurrency market.